Distressed Energy

Cadwalader’s Distressed Energy team brings unparalleled synergies to protecting client interests in energy companies and projects. With deep experience across energy, commodities, finance, bankruptcy, litigation, and derivatives, our attorneys tackle complex problems affecting all aspects of energy companies, infrastructure, and privatization projects.

Our exceptional energy expertise and multi-disciplinary approach ensure cost-effective solutions for all issues ranging from development, to construction and operations, to failed financing, to regulatory upheaval, and to counterparty failures. Working as one team, we address the full array of project disciplines and participants – banks, private equity, investment funds, insurance companies, multilateral financing organizations, export credit agencies, developers, sponsors, trustees, and sovereigns. Whether debtors or creditors, in regulatory, bankruptcy and judicial proceedings, we get the best results for clients facing reorganizations, workouts, spin-off transactions, acquisitions or divestitures.

  • AES Eastern Energy, L.P.: Represent an ad hoc group of holders of certain pass-through certificates issued pursuant to a leveraged-lease transaction in the chapter 11 cases of AES, a New York-based electric power company.
  • Dynegy: Represent the indenture trustee for certain notes and pass-through certificates issued as part of several financing transactions in the chapter 11 cases of Dynegy, a Texas-based power generation company.
  • Homer City: Represent an ad hoc group of holders of certain bonds issued by Homer City, a Pennsylvania-based power producer and affiliate of Edison Mission Energy, regarding a restructuring.
  • Marco Polo Seatrade B.V.: Represent The Royal Bank of Scotland plc in its capacities as the single largest prepetition secured lender, and as the postpetition DIP financing lender, in the chapter 11 cases of Marco Polo, an international commercial vessel management company.
  • Reliant Energy: Represented Reliant Energy (now GenOn Energy), a U.S.-based power producer, in various aspects of its non-bankruptcy restructuring.
  • Advised financial institutions considering debt and equity positions in distressed and special situation power generation asset restructuring efforts throughout the U.S., including projects such as MACH Gen, La Paloma, Entegra, Liberty, Lake Road, Boston Gen, Metcalf, Milford, Southaven, Granite Ridge, Desert Power, and Cottonwood Energy.
  • Caribbean Petroleum Corp.: Advised Caribbean Petroleum, a Puerto Rico-based company involved in the import, offloading, storage, distribution, and retailing of petroleum products, in a complex restructuring and voluntary chapter 11 cases.
  • Tronox, Inc.: Represented a lender in the chapter 11 cases of Tronox, the world’s fifth largest producer and marketer of titanium dioxide pigment.
  • LyondellBasell Industries.: Represented LyondellBasell, the world’s third largest petrochemical company, in its highly acclaimed chapter 11 cases, discharging over $24 billion of secured debt against the company (all of which was guaranteed by its non-debtor European affiliates) without the commencement of any foreign restructuring proceedings.
  • American Renewables: Represented American Renewables in the negotiation of a $472 million project financing for the development of a biomass-fired production facility located in Texas.
  • EDF Trading: Represented EDF Trading in the acquisition of Tanner Street Generation.
  • First Energy: Represented Avon's creditors in a negotiated bond repurchase in connection with FirstEnergy Corp.'s sale of Avon Energy Partners Holdings to Aquila, Inc.
  • Macquarie: Represented Macquaire Bank in the acquisition of Constellation's wholesale gas assets and Integry's wholesale power assets.
  • Powergen: Represented an ad hoc committee of UK utility Avon Energy Partners Holdings (AEPH) bondholders in $1.1 billion sale of bonds to Powergen UK plc.
  • Alpha Shipping plc: Represented a major financial institution in connection with the restructuring, foreign bankruptcy, and corresponding U.S. ancillary proceedings of Alpha Shipping, a U.K.-based commercial vessel operator with a fleet including several oil and chemical tankers.
  • Amer Reefer: Advised Amer Reefer, a multinational shipping company, on protecting its £370 million fleet of reefer vessels in the face of potential foreclosure by its bondholders.
  • Cammell Laird Holdings plc: Represented KPMG in its capacity as the Joint Administrators of Cammell Laird Holdings plc., a U.K.-based shipbuilder. Cadwalader was instrumental in establishing the administration on behalf of the holders of the €125 million 12% Senior Notes due 2010 issued by Cammell Laird Holdings plc.
  • Panda Global Energy Co.: Represented Credit Suisse First Boston Corporation, the largest holder of bonds issued by Panda, an electric power generator, in the restructuring of Panda and its corporate parent.
  • Mobile Energy Services Co.: Advised Credit Suisse First Boston Corporation, the largest holder of a series of bonds issued by Mobile, an on-site energy facility that supplies steam and electricity, in the company’s chapter 11 cases.
  • SeaDragon Offshore Limited: Provided specialist restructuring advice to SeaDragon, a mobile oil rig operator, in negotiations with its principal lender, its new construction manager and other stakeholders.
  • Calpine Corp.: Represented similarly situated ad hoc groups of noteholders and successfully restructured leveraged lease financings in connection with the chapter 11 cases of Calpine, an independent wholesale power generation company.
  • Calpine Canada Energy Finance: Represented ad hoc group of bondholders in Calpine Canada’s chapter 11 case and Canadian CCAA proceedings.
  • CalGen Corp.: Represented certain third lien lenders in connection with CalGen’s chapter 11 cases.
  • Mirant Americas Generation: Represented the official committee of unsecured creditors in the U.S.-based power generator’s chapter 11 case.
  • VeraSun Energy: Represented an ad hoc group of secured bondholders and roll-up DIP lenders in connection with the chapter 11 cases of VeraSun, a renewable fuel producer.
  • Enron: Served as counsel to Enron, a U.S.-based energy, commodities, and services company, on energy and derivatives issues before and during its chapter 11 case.
  • British Energy: Advised a creditors committee in connection with a bond restructuring/equitization by British Energy, a U.K.-based power generator.
  • Avon Energy: Represented an ad hoc committee of bondholders for Avon Energy Partners Holdings, the parent company of Midlands Electricity plc, whose principal operating subsidiary is the fourth largest electricity distribution network in England and Wales.
  • Teesside Gas Processing Plant: Acted for the London Branch of Deutsche Bank in connection with its investment in the Teesside Gas Processing Plant.
  • Elektrownia Turow: Advised an ad hoc committee of bondholders in liaising with the Polish Economy and Treasury Ministries and Turow relating to the prospective event of default in their bonds caused by the prospective abolition of long-term power purchase agreements in Poland.

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3 Attorneys

Ellenberg, Mark C. Consulting Attorney Washington
T. +1 202 862 2238
Nevins, Richard Partner London
T. +44 (0) 20 7170 8624
Risell, Adam Z. Associate Washington
T. +1 202 862 2388

Contact(s)

Mark C. Ellenberg
+1 202 862 2238 
mark.ellenberg@cwt.com
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