Sarah Margolis

关于 Sarah Margolis

Sarah is an associate in our New York office. She concentrates her practice on all aspects of corporate restructuring, bankruptcy, insolvency proceedings, and liability management. 

近期项目经验

Rite Aid Corporation — Representation of Rite Aid Corporation (“Rite Aid”) and 119 of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Rite Aid entered its Chapter 11 cases with $3.45 billion in debtor-in possession financing. Following months of negotiations including court-ordered mediation with all of Rite Aid’s key stakeholders, as well as several bet-the-company disputes and obtaining an additional $75 million in debtor-in-possession financing later in the cases, Rite Aid was able to delever its balance sheet by approximately $2 billion through a recapitalization transaction with its senior secured noteholders and resolve more than $2.5 billion in pending and threatened litigation. Rite Aid emerged from Chapter 11 on August 30, 2024 with $2.975 billion in committed exit financing, a new go-forward supply contract with McKesson (Rite Aid’s largest vendor and the provider of 98% of Rite Aid’s just-in-time prescriptions), settlement agreements or controlled substance injunctive terms with the Department of Justice and 15 states in which Rite Aid conducts business, and a leaner, more efficient real estate footprint.

Prima® Wawona — Representation of Prima® Wawona and certain of its affiliates (“Prima®”), which was, at the time, the largest stone fruit producer in the United States, in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. Prima®, then the largest producer of stone fruit (i.e., peaches, plums, nectarines, and apricots) in the United States, entered Chapter 11 in October 2023 to address its approximately $1 billion total debt load. Pursuant to Prima®’s confirmed Chapter 11 plan, Prima® consummated an equitization transaction that transitioned ownership of Prima®’s real estate owning entity to its “PropCo” secured lenders and the ownership of its operating assets to a liquidating trust for the benefit of its “OpCo” secured lenders, and effectuated a global settlement among Prima®’s lenders, creditors and former equity stakeholders.

Bed Bath & Beyond, Inc. — Representation of Bed Bath & Beyond, Inc. and 73 of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Bed Bath & Beyond is the largest home goods retailer in the United States, offering everything from bed linens to cookware to home organization, baby care, and more. Bed Bath & Beyond operates hundreds of stores and employs approximately 14,000 people across North America. Through its Chapter 11 case, Bed Bath & Beyond will conduct an orderly and value-maximizing wind down of its business, while simultaneously marketing a sale of all or part of the business. Prior to the Chapter 11 filing, advised Bed Bath & Beyond on a series of complex transactions, including an underwritten public offering for up to $1 billion in proceeds and a concurrent significant amendment of its credit agreement to decelerate the debt, waive certain defaults, and upsize the FILO facility by $100 million.

BlockFi — Represented BlockFi Inc. and certain of its subsidiaries (“BlockFi”) in their Chapter 11 cases in the District of New Jersey. BlockFi is an industry-leading provider of cryptocurrency related products and services, allowing its retail and institutional clients access to liquidity, yield, and credit. Following disruption in the cryptocurrency industry, BlockFi commenced Chapter 11 to stabilize its business and provide for the opportunity to consummate a comprehensive restructuring transaction that maximizes value for its clients and stakeholders.

Cineworld Group plc — Representation of Cineworld Group plc and 104 of its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Publicly traded on the London Stock Exchange, Cineworld, the parent company of Regal Entertainment Group, is the second-largest cinema chain in the world, operating over 9,100 screens at nearly 750 cinemas in 10 countries worldwide. Cineworld commenced its Chapter 11 cases with approximately $5.1 billion in funded debt and commitments from an ad hoc group of prepetition lenders to provide nearly $2 billion in debtor-in-possession financing.

Aearo Technologies LLC — Representation of Aearo Technologies LLC and its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Indiana. Aearo Technologies is a market leader in the energy control space, providing custom noise, vibration, thermal, and shock protection solutions to the aerospace, commercial vehicle, heavy equipment, and electronics industries. 

Nordic Aviation Capital — Representation of Nordic Aviation Capital Designated Activity Company and its subsidiaries in connection with their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the Eastern District of Virginia. NAC, an Irish company, is the largest regional aircraft lessor in the world with more than 475 aircraft. With over $7.7 billion of liabilities, NAC was the largest Chapter 11 filing in 2021. 

J. C. Penney Company, Inc. — Representation of J. C. Penney Company, Inc. and 17 of its affiliates in their pre-arranged Chapter 11 cases. JCPenney, an iconic American retail staple tracing its roots back to 1902, includes private brands such as Liz Claiborne, St. John’s Bay, Stafford, and Arizona Jean Co. JCPenney employs more than 85,000 people, manages a massive supply chain with nearly 3,000 vendors and eleven domestic shipping facilities, and operates approximately 850 stores in the United States and Puerto Rico, in addition to a substantial e-commerce business. With approximately $4.9 billion in debt, JCPenney entered bankruptcy with a Restructuring Support Agreement that carries broad first lien stakeholder support and is expected to substantially de-lever the company’s balance sheet.