Covia’s $1.6 Billion Bankruptcy

Paul, Weiss and Osler, Hoskin & Harcourt LLP advised an ad hoc group of term loan lenders in the successful restructuring of Covia Holdings Corporation. Ropes & Gray LLP and Nob Hill Law Group P.C. served as legal advisors to Golden Gate Capital.

Covia Holdings Corporation voluntarily filed for chapter 11 on June 29 in U.S. Bankruptcy Court for the Southern District of Texas, and the company emerged from bankruptcy on December 31. Covia restructured approximately $1.6 billion of secured debt, and rejected and restructured its burdensome railcar leases.

Golden Gate Capital and its affiliates are the largest individual shareholder in Covia following its emergence from Ch. 11.

Golden Gate Capital is a San Francisco-based private equity investment firm with over $17 billion of committed capital.

Covia Holdings Corporation is a leading provider of diversified mineral-based and material solutions for the global energy and industrial markets.

The Paul, Weiss team included restructuring partners Brian Hermann (Picture), Andrew Parlen and Kyle Kimpler, counsel Diane Meyers, and of counsel Stephen Shimshak; corporate partners Jeffrey Marell, David Huntington, Austin Witt and Sarah Stasny; litigation partner William Clareman; tax partner Robert Holo; real estate partner Peter Fisch; executive compensation partner Andrew Gaines and counsel Lisa Krausz Eisenberg; intellectual property partner Charles Googe; environmental counsel William O’Brien; and antitrust counsel Marta Kelly.

The Osler team consisted of Joyce Bernasek, Jasmyn Lee, and Timothy Shin (Financial Services).

The Ropes & Gray team advising Golden Gate was led by private equity partners Eric Issadore (San Francisco) and Robb Tretter (New York), asset management partner Isabel Dische (New York) and business restructuring associate Andrew Glantz (New York).

Involved fees earner: Joyce Bernasek – Osler Hoskin & Harcourt; Jasmyn Lee – Osler Hoskin & Harcourt; Timothy Shin – Osler Hoskin & Harcourt; William Clareman – Paul Weiss Rifkind Wharton & Garrison; Peter Fisch – Paul Weiss Rifkind Wharton & Garrison; Andrew Gaines – Paul Weiss Rifkind Wharton & Garrison; Charles Googe – Paul Weiss Rifkind Wharton & Garrison; Brian Hermann – Paul Weiss Rifkind Wharton & Garrison; David Huntington – Paul Weiss Rifkind Wharton & Garrison; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison; Kyle Kimpler – Paul Weiss Rifkind Wharton & Garrison; Lisa Krausz Eisenberg – Paul Weiss Rifkind Wharton & Garrison; Jeffrey Marell – Paul Weiss Rifkind Wharton & Garrison; Diane Meyers – Paul Weiss Rifkind Wharton & Garrison; William O’Brien – Paul Weiss Rifkind Wharton & Garrison; Andrew Parlen – Paul Weiss Rifkind Wharton & Garrison; Stephen Shimshak – Paul Weiss Rifkind Wharton & Garrison; Sarah Stasny – Paul Weiss Rifkind Wharton & Garrison; Austin Witt – Paul Weiss Rifkind Wharton & Garrison; Isabel Dische – Ropes & Gray; Andrew Glantz – Ropes & Gray; Eric Issadore – Ropes & Gray; Robb Tretter – Ropes & Gray; Robert Holo – Simpson Thacher & Bartlett;

Law Firms: Osler Hoskin & Harcourt; Paul Weiss Rifkind Wharton & Garrison; Ropes & Gray; Simpson Thacher & Bartlett;

Clients: Covia Holdings Corporation – ad hoc Group of Term Loan Lenders; Golden Gate Capital;

Author: Ambrogio Visconti