"Davis Polk Advises on Anchor Glass Container Corporation's Successful Out-of-Court Recapitalization"

"Davis Polk advised a group of lenders in the out-of-court recapitalization of Anchor Glass Container Corporation, resulting in a 60% debt reduction and a $100 million cash injection from lenders. This transaction made the lenders the majority owners of the company, which specializes in premium glass packaging and operates five manufacturing facilities across the U.S. The restructuring team included various partners and associates from Davis Polk's New York and Washington DC offices."

Davis Polk & Wardwell LLP advised an ad hoc group of first-lien and second-lien lenders in the comprehensive out-of-court recapitalization of Anchor Glass Container Corporation. The transaction involved Anchor Glass reducing its debt by approximately 60%, with participating lenders injecting $100 million of new capital into the business. As a result, the lenders in the ad hoc group became the majority owners of the company, which also refinanced its existing revolving credit facility. The Davis Polk restructuring team included partner Damian S. Schaible, counsel Aryeh Ethan Falk and Michael Pera, and associates Amber Leary and Mckenzie K. Whalen. The restructuring finance team comprised partner Christian Fischer and associates Christopher Martin and Carly (Yoona) Cha. Partner Lucy W. Farr provided tax advice, while partner Harold Birnbaum and counsel Jacob S. Kleinman were part of the corporate team. Additionally, partner Adam Kaminsky offered executive compensation advice, and partner Randall Derek Walters provided derivatives advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

"Davis Polk Advises on Anchor Glass Container Corporation's Successful Out-of-Court Recapitalization"

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