About Craig A. Barbarosh
Craig Barbarosh has steered clients through many of the largest Chapter 11 cases throughout the country, frequently representing lenders in complex debt restructurings and indenture trustees to protect the interests of bondholders. With more than 25 years of experience, Craig finds practical and business-savvy solutions to the complex and unique issues that arise in large Chapter 11 cases and out-of-court debt restructurings.
A skilled negotiator and strategist
An effective insolvency counsel must be both strategic and an exceptional negotiator. Craig's comprehensive understanding of the dynamics of Chapter 11 proceedings allows him to identify the critical issues and leverage the most compelling arguments to advance his clients' interests, often avoiding the need for protracted litigation. Institutional lenders, indenture trustees, investment and private equity funds and creditors' and equity committees regularly rely on Craig for his creative strategies and effective problem-solving approach to obtain optimal recoveries.
Representing indenture trustees requires a combination of finesse, expertise and pragmatism. Craig excels in protecting the interests of the banks and other institutions serving in corporate trust capacities, while delivering exceptional recoveries and outcomes for the underlying noteholders. In some of the largest recent Chapter 11 cases, Craig has represented indenture trustees for investors holding billions of dollars of notes to achieve outstanding outcomes for his clients and their constituencies using creative approaches to resolving complex issues, strategic litigation and skilled negotiation.
Craig also serves on the board of directors for several public companies, which gives him valuable experience understanding the business and practical issues his clients face.
- Chapter 11 proceedings
- Lender and indenture trustee representations
- Out-of-court restructurings
- Insolvency litigation
- Real estate restructurings
- Corporate governance
- Lead counsel to indenture trustee for $6.4 billion first lien notes issued by Caesars Entertainment Operating Company, owner and operator of Caesars Palace Hotel and Casino in Las Vegas and 38 owned or managed gaming and resort properties located in 14 states and five countries, operating primarily under the Caesars, Harrah's and Horseshoe brand names. The Chapter 11 case is pending in the US Bankruptcy Court for the Northern District of Illinois (Chicago).
- Lead counsel to indenture trustee for $200 million notes issued by Nortel Networks Limited (Canada) in the $7 billion Nortel sale proceeds allocation dispute litigation in joint proceedings in the US Bankruptcy Court for the District of Delaware and the Ontario, Canada, Superior Court of Justice.
- Lead counsel to collateral and indenture trustee for $725 million first lien senior secured notes issued by Cengage Learning Acquisition Corporation in its $7 billion debt restructuring. Chapter 11 case filed in the US Bankruptcy Court for the Eastern District of New York.
- Represent collateral and indenture trustee in restructure of $143 million mortgage notes issued by Circus Circus and Eldorado Joint Venture and secured by Silver Legacy Resort Casino in Reno, Nevada, a 87,300-square-foot casino with a 37-story hotel tower with 1,711 guest rooms. The Chapter 11 case was filed in Reno, Nevada.
- Lead counsel to indenture trustee for $250 million secured bonds in the Chapter 11 bankruptcy of Green Field Energy Services in Wilmington, Delaware.
- Lead counsel to institutional lender as administrative agent in the restructure of a defaulted $100 million loan to a Las Vegas-based, nonprofit specialty oncology hospital.
- Lead counsel to institutional lender as administrative agent for second lien lenders in the restructure of $266 million credit in the Penton Media Business Holdings (Penton Media) pre-packaged Chapter 11 case in the US Bankruptcy Court for the Southern District of New York.
- Lead counsel to Official Committee of Equity Security Holders in Chapter 11 case of In re Solutia, Inc. (NYSE: SOA) in the US Bankruptcy Court for the Southern District of New York. Solutia is a multinational manufacturer of high-performance chemical-based materials for industrial and consumer use with more than $2 billion in reported consolidated liabilities as of the petition date. *
- Lead counsel to administrative and collateral agent for the $275 million second lien credit facility issued by Revel AC, Inc. and secured by the Revel Hotel and Casino in Atlantic City in the Chapter 11 case in the US District Court for the District of New Jersey.
- Lead counsel to Official Committee of Equity Security Holders in the Chapter 11 case of Tronox, Inc. in the US Bankruptcy Court for the Southern District of New York. Tronox is an international manufacturer of pigments used in paint and other materials. Tronox filed for bankruptcy protection to address legacy liabilities including environmental remediation and litigation costs it incurred when it was spun off from former parent Kerr McGee, Inc. Total funded debt exceeded $850 million. *
- Lead counsel to Chinese investment group in the $360 million acquisition of a 5,000-unit multifamily real estate project located in Texas and Maryland through the restructure of multi-tranche CMBS debt in Chapter 11 case of prior owner. Transaction was accomplished by discounted purchases of existing debt from certain pre-petition creditors with conversion of debt to equity in the bankruptcy proceeding. Client ultimately assumed remaining CMBS debt at favorable restructured terms.
- Represent indenture trustee/agent for $220 million secured notes issued by Trans World Airlines, Inc. in the third Chapter 11 filing of this international airline.
- Insolvency counsel to primary warehouse lender in Chapter 11 case of In re First Alliance, a subprime mortgage lender with $10 billion in alleged claims against the bankruptcy estate. *
- Lead counsel to indenture trustee for $140 million senior notes issued by Sunterra Corporation in its Chapter 11 case filed in Baltimore. Involved the restructure of $770 million in total debt. Sunterra is one of the largest owners and operators of timeshare units in the world.
- Lead counsel to indenture trustee for $151 million convertible subordinated debentures issued by Fleetwood Enterprises, Inc. in its Chapter 11 case. At the time of its bankruptcy filing, Fleetwood was one of the nation's leading producers of manufactured housing and recreational vehicles.
- Represent indenture trustee for $500 million senior notes issued by Armstrong World Industries, Inc., an international flooring manufacturer, in a Chapter 11 case with substantial asbestos-related claims.
- Lead counsel to indenture trustee for $50 million notes secured by a portfolio of subprime retail automobile installment contracts in the insolvency proceeding of First Lenders Indemnity Corporation, Inc.
- Represent debt trustee for various aircraft collateral in Delta Airlines, Inc. Chapter 11 case.
- Represent participant lender in out-of-court restructure of $3.4 billion revolving credit facility due from Qwest Corporation.
- Represented indenture trustee for senior subordinated notes in In re Westbridge Capital Corporation, an insurance holding company restructuring $100 million of public debt. Resulted in payment in full to the holders of the senior notes, including post-petition interest, on the effective date of the plan.
January 16, 2020
September 24, 2019
June 11, 2019
April 25, 2019
January 30, 2019
December 19, 2018
June 14, 2018
May 3, 2018
April 18, 2018
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January 10, 2019
May 4, 2018
December 18, 2017
Second Circuit Adopts Narrow Interpretation of Trust Indenture Act Provision Intended to Protect BondholdersJanuary 23, 2017
January 19, 2017
No Longer Running With the Land: Sabine Court's Non-Binding Opinion May Alter Playing FieldJune 2016
March 16, 2016
May 5, 2014
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Presentations and Events
NYSE Governance Series Audit Committee Boot Camp, Audit Committee Relations With Internal and External AuditSeptember 2014
Moderator | New Developments in 363 SalesSeptember 4–6, 2014
KPMG's Spring 2014 Audit Committee Roundtable Series – Rethinking Shareholder Engagement in the Age of ActivismPanelistJune 3, 2014
Presenter | What’s New in § 363 Asset SalesDecember 5–7, 2013