News
11.16.21
Randall Klein and Eva Gadzheva Co-Author “Injunction Against a Noncomplying Disposition Under Section 9-610”
Experience
- Represented a bank of a duty free goods distributor in the workout of a $25 million senior secured loan facility, which culminated in a Chapter 7 The borrower was heavily impacted by COVID, which resulted in the borrower filing Chapter 7 in order to sell all of its assets and business. Assisted the bank in defending its interest and priority in the collateral against vendors claiming priority to large portion of it, and in particular, against a strong retention of title attack that, if successful, could have had massive negative repercussions for the wider secured lending industry in the United States. Additionally, assisted the bank with the auction process and documentation. The case resulted in the court finding that the bank had a senior lien on all disputed assets and approving the sale of the bank’s collateral.
- Represented a financial company in its capacity as administrative and collateral agent for the senior secured lenders (the Agent) of a plastic injection molding company with operations in different commercial markets in connection with a workout of a $150 million credit facility. The borrower experienced integration and operational changes as a result of a failed acquisition of affiliated U.S. and Canadian entities that resulted in a liquidity crisis. Assisted Agent in exercising remedies to remove and replace the existing board of directors of the loan parties with an independent board of directors by an exercise of pledged equity rights. The workout culminated in a liquidation of the U.S. entities and a change of control transaction to a lender-owned Newco with respect to the business of the Canadian entities.
- Represented a bank in its capacity as administrative and collateral agent for the prepetition senior secured lenders and debtor-in-possession lenders (the Agent) in the Chapter 11 bankruptcy case of a large, national printing company. Assisted Agent with various forbearance arrangements and pre-bankruptcy planning, as well as negotiating, documenting, and consummating the company’s $12 million Chapter 11 DIP financing facility and 363 sale and auction process. The borrower was able to successfully close a going concern sale in bankruptcy that repaid the senior secured loan facility in full.
- Represented a bank in its capacity as administrative and collateral agent for the senior secured working-capital lenders (the Agent) of a multi-national Tier I and Tier II auto supplier in connection with a complicated workout of a $60 million senior secured loan facility and eventually liquidation. While other constituents lost money in the deal, Agent did not. This result was earned through the successful negotiation and completion of two forbearance agreements, two customer exit agreements, multiple loan participation sales, a Canadian receivership, a UCC foreclosure and a state court TRO.
Credentials
Education
- Northwestern University Pritzker School of Law, J.D., 2016
- University at Buffalo, B.A., 2011
– International Studies and Political Science, summa cum laude
Admissions
- Illinois
Professional Activities
- American Bankruptcy Institute, Member
- International Women’s Insolvency & Restructuring Confederation, Member