Secured Parties
Aaron frequently represents senior secured lenders, bondholders, indenture and collateral trustees, private equity funds and aircraft and equipment lessors in some of the country’s largest and most complex chapter 11 cases, including:
- In re United Airlines, Inc. (Bankr. N.D. Ill.). In the largest airline restructuring under chapter 11 in U.S. history, Aaron represented the single largest aircraft lessor to United Airlines, Inc. with both leveraged and securitized leases involving more than $500 million in total indebtedness. Employing an aggressive litigation strategy in the bankruptcy case, Aaron helped the client obtain more favorable restructured lease terms for its aircraft than any other lessor and ultimately helped facilitate United’s successful emergence from chapter 11.
- In re AMERCO, Inc. (Bankr. D. Nev.). In this complex chapter 11 case, Aaron successfully represented the single largest equipment lessor to AMERCO, Inc., U-HAUL’s parent company, in its chapter 11 cases on leveraged leases exceeding $100 million in total value.
- In re Atlas Air, Inc. (Bankr. S.D. Fla.). Atlas Air, Inc. was the largest chapter 11 case of an air cargo carrier in U.S. history with annual consolidated sales exceeding $1.2 billion when it filed for bankruptcy in 2002. In this case, Aaron successfully represented aircraft lease investors with roughly $150 million in secured leverage lease debt, culminating in the execution of restructured leases for both Atlas Air and affiliate Polar Air Cargo.
- In re Cranston II, LLC (Bankr. S.D.N.Y.). Aaron successfully represented senior secured and DIP lenders on roughly $80 million in indebtedness in this broadcasting company’s chapter 11 cases.
- In re Loewen Group, Inc. (Bankr. D. Del.). The Loewen Group, Inc. was the largest funeral service corporation in Canada and the second largest such firm in North America. In this bankruptcy, Aaron represented the administrative agent, under a $700 million senior secured credit facility to the debtors in the successful restructuring of that facility, resulting in a 100% payout to the lenders.
- Bank of America, N.A. v. 203 N. LaSalle Street Partnership (U.S.). Aaron was a member of the team that successfully represented Bank of America, N.A. before the U.S. Supreme Court in Bank of America v. 203 N. LaSalle Street Partnership, which resulted in a seminal decision concerning the ability of pre-bankruptcy equity holders to acquire equity in the reorganized entity. In this matter, Bank of America was the debtor’s sole senior secured lender and successfully opposed the debtor’s cramdown plan through extensive appellate litigation, culminating in the U.S. Supreme Court case.