Erica Richards is of counsel in the Business Restructuring & Insolvency Group in the New York office of Morrison & Foerster. Ms. Richards has assisted in a broad range of matters, including in the representation of debtors, creditors and creditors' committees, and court-appointed examiners.
Prior to joining Morrison & Foerster, Ms. Richards was an associate with a New York-based financial services law firm, where her practice focused on structured finance transactions including whole-company securitizations, CLO's, and CAT bond offerings.
Ms. Richards received her J.D., magna cum laude, from Washington and Lee University School of Law, where she was the Lead Articles Editor for the Washington and Lee Law Review. She received her B.A. from Boston University.
In re Tops Holding II Corporation(Bankr. S.D.N.Y.) Counsel to the official committee of unsecured creditors of supermarket retailer Tops Holding II Corporation and affiliates in their chapter 11 cases. The company filed for chapter 11 in February 2018 with over $748 million in funded indebtedness and substantial pension liabilities.
In re Avaya Inc., et al.(Bankr. S.D.N.Y.) Counsel to the official committee of unsecured creditors for international telecom company Avaya Inc. and its affiliated debtors. Avaya had more than $6 billion of secured debt at the time of its filing and was saddled with significant pension underfunding liabilities for its domestic and certain foreign affiliates.
In re Sungevity, Inc., et al.(Bankr. D. Del.) Counsel to Sungevity, Inc. and its affiliates in their chapter 11 cases. Prior to its 363 sale, Sungevity was one of the largest private residential solar installation companies in the United States. Sungevity filed for chapter 11 with approximately $185 million in prepetition debt, including funded debt, trade debt, and potential employee related claims.
In re UCI International, LLC, et al.(Bankr. Del.) Counsel to the official committee of unsecured creditors of UCI International, one of North America's largest manufacturers of automotive replacement parts.
In re Republic Airways Holdings Inc., et al.(Bankr. S.D.N.Y.) Counsel to the official committee of unsecured creditors of Republic Airways Holdings Inc. and its affiliated debtors in their chapter 11 cases. Republic provides regional passenger services through its wholly owned subsidiaries, Shuttle America and Republic Airlines, which operate approximately 1,000 daily flights through codeshare agreements with United Continental Holdings, Inc., Delta Air Lines, Inc., and American Group, Inc.
In re Walter Energy Inc., et al.(Bankr. N.D. Ala.) Counsel to the official committee of unsecured creditors of Walter Energy, Inc. and its affiliates. Walter, a major producer of metallurgical coal, struggled as a result of the precipitous fall in the price of metallurgical coal in recent years and eventually was forced to seek bankruptcy protection in July 2015 in an effort to restructure its more than $3.1 billion in debt.
In re Energy Future Holdings Corp., et al.(Bankr. D. Del.) Counsel to the official committee of TCEH unsecured creditors in the chapter 11 cases of Texas power company Energy Future Holdings Corp. and its affiliates, which filed for bankruptcy in April 2014. This is the 10th largest bankruptcy in U.S. history with the debtors holding approximately $40 billion in debt.
In re Residential Capital, LLC, et al.(Bankr. S.D.N.Y.) Acted as counsel to Residential Capital and its affiliates, comprising one of the largest residential real estate finance companies at the time of its chapter 11 filing, with assets and liabilities each in excess of $15 billion. The debtors’ business was comprised primarily of loan servicing and origination. Residential Capital was the largest bankruptcy filing of 2012 and the case represents the first time ever that a mortgage servicer was able to successfully continue servicing and originating mortgages in bankruptcy and be sold as a going concern.
In re Global Aviation Holdings Inc., et al.Representation of the official committee of unsecured creditors in the chapter 11 cases of In re Global Aviation Holdings Inc., et al.
In re Pinnacle Airlines Corp., et al.(Bankr. S.D.N.Y.) Representation of the official committee of unsecured creditors in the chapter 11 cases of Pinnacle Airlines Corp., et al. Pinnacle Airlines operates as Delta Connection for Delta Airlines, the Debtors’ largest customer and post-petition lender. At the time of filing of their bankruptcy petitions on April 1, 2012, the Debtors had 8,000 employees, over $1 billion in annual revenue and operated over 800 flights a day.
In re Los Angeles Dodgers LLC, et al.(Bankr. D. Del.) Representation of the official committee of unsecured creditors of the Los Angeles Dodgers in its chapter 11 bankruptcy. A plan of reorganization was confirmed by the bankruptcy court on April 13, 2012, pursuant to which the baseball team was sold for a record $2 billion. Unsecured creditors received a 100% cash recovery under the plan, in what is the largest and most successful restructuring of a sports franchise in U.S. history.
In re Hawaiian Telcom Communications, Inc., et al.(Bankr. D. Haw.) Represented the official committee of unsecured creditors of Hawaiian Telcom, the leading provider of telecommunications services in the State of Hawaii.
In re Mesa Air Group, Inc., et al.(Bankr. S.D.N.Y.) Represented the official committee of unsecured creditors of Mesa Air Group, Inc.. in its chapter 11 bankruptcy proceedings.
The Resolution Committees of Glitnir Bank hf. and Landsbanki Islands hf.Represented Glitnir Bank hg. and Landsbanki Islands hf., two of the largest banks in Iceland, in chapter 15 proceedings.
In re South Edge, LLC(Bankr. D. Nev.) Representation of JPMorgan Chase Bank, N.A. as administrative agent for a syndicate of lenders, which provided approximately $585 million in secured financing for a planned multibillion-dollar real estate project in Las Vegas. MoFo filed and successfully defended the involuntary Chapter 11 bankruptcy petition against South Edge, LLC, the developer of the 2,000-acre master planned community, and then negotiated and implemented a reorganization plan, together with a majority of the homebuilder equityholders, which provided the lending syndicate with a par-plus recovery of $335 million.
In re Innkeepers USA Trust(Bankr. S.D.N.Y.) Representation of the official committee of unsecured creditors of Innkeepers USA Trust in its Chapter 11 bankruptcy. This is one of the largest national cases, by debt size, filed in 2010 with $1.29 billion in prepetition secured debt, which culminated with the sale of 64 of Innkeepers' hotels to affiliates of Cerberus Capital Management for $1.02 billion. Unsecured creditors are estimated to recover approximately 80–90% on their allowed claims, with many to be paid in full.
RadLAX Gateway Hotel, LLC v. Amalgamated BankRepresented Amalgamated Bank as secured lender in the RadLax Gateway Hotel, LLC bankruptcy. Successfully defeated, before the Seventh Circuit and United States Supreme Court, the debtors’ attempts to restrict the ability of the secured lender to credit bid in a proposed sale of the hotels pursuant to a reorganization plan.
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