About Karen B. Dine

In more than 20 years of practice, Karen Dine has seen high-stakes bankruptcies from every angle. Whether advising creditors, investors or borrowers, she has the perspective to understand the motivations of all parties involved, and the experience to maximize her clients' recoveries. She has represented financial institutions successfully in multiple multi-billion-dollar restructurings.

Advancing the unique interests of indenture trustees

Karen helps lenders in large restructurings, often representing financial institutions acting as indenture trustees in the restructuring of bond offerings that reach into the billions of dollars. She understands the unique and sometimes competing interests of these trustees, which must maximize value for stakeholders while protecting their own interests. She has represented parties in high-profile Chapter 11 filings by as Caesars Entertainment Corp, Nortel and others, often recovering far more for her clients than originally anticipated.

Karen advises on both financial and operational restructurings throughout the United States. She also routinely helps borrowers in distressed situations, as well as clients purchasing the assets of financially troubled companies. Her work extends across a wide range of industries – from oil and gas to food and beverage – and the entire capital structure in bankruptcy-related matters.

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Practice Focus

  • Advise a broad range of stakeholders on Chapter 11 bankruptcy proceedings and out-of-court restructurings
  • Representing indenture trustees and large financial institutions in the restructuring of bond offerings
  • Assisting clients in purchasing assets from financially troubled companies or companies in bankruptcy

Representative Experience

  • Represent 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 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).
  • Represent 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 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.
  • Debtor’s counsel to a fund in its Chapter 15 case.
  • Represented official committee of equity security holders of multinational manufacturer of high-performance chemical-based materials for industrial and consumer use in Chapter 11 case before the US Bankruptcy Court for the Southern District of New York. *
  • Represent administrative and collateral agent for the $275 million second-lien credit facility secured by a casino in Atlantic City in a Chapter 11 case in the US District Court for the District of New Jersey.
  • Represent indenture trustee for $250 million secured bonds in Chapter 11 bankruptcy of Green Field Energy Services in Wilmington, Delaware.
  • 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. Silver Legacy is an 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.
  • Represented 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.
  • Represent administrative agent for $600 million exit financing facility as part of phone directory publisher Dex Media’s Chapter 11 prepackaged plan.
  • Defended indenture trustee in “bet-the-company” case against a putative class action related to company’s role as indenture trustee to a $40 million bond issuance, indenture trustee’s alleged breach of fiduciary duties, and contractual obligations, after issuer of notes declared bankruptcy and purportedly engaged in a massive Ponzi Scheme.
  • Represented institutional lender as administrative agent on behalf of multiple lenders in restructure of defaulted $160 million credit facility owned by Las Vegas-based operator of four casinos (one with adjacent hotel), 40 gaming "taverns" and 154-location slot-route operation.
  • Represented institutional lender as successor administrative agent in restructure of defaulted $550 million senior notes issued by Green Valley Ranch Gaming, LLC in its Chapter 11 case in Reno, Nevada. *
  • Debtor’s counsel to operatory of temporary office space in its Chapter 11 cases.
  • Represent collateral trustee on behalf of $1.2 billion worth of debt in the Loewen Group International, Inc. Chapter 11 case.
  • Debtor’s counsel in the debt restructuring of one of the largest commercial stevedoring operations in the Eastern United States.
* Experience prior to Katten