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MoFo Represents Aleon Metals in $188 Million Financing and Restructuring

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Morrison Foerster represents Aleon Metals, Inc., together with its affiliated debtors Gladieux Metals Recycling LLC and Aleon...

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Morrison Foerster represents Aleon Metals, Inc., together with its affiliated debtors Gladieux Metals Recycling LLC and Aleon Renewable Metals LLC and its affiliated entities, in its restructuring. Aleon, a global leader in critical mineral recovery and renewable energy innovation, filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas on August 17, 2025. The proposed restructuring addresses over $380 million in funded debt, in addition to other liabilities, and is designed to position the Company for long-term growth, operational stability and to continue its mission of delivering responsibly sourced, high-purity critical minerals essential to U.S. industries, national security, and clean energy. A group of the debtors’ bondholders has committed to finance the Chapter 11 cases through a $187.5 million DIP facility, which includes $62.5 million in new-money DIP loans and a $125 million rollup of existing senior bond claims. The DIP lenders are also designated to act as the stalking horse bidder for nearly all of the debtors’ assets. “This is a pivotal step in Aleon’s journey,” said Roy Gallagher, Chief Restructuring Officer. “With fresh capital, strong stakeholder support, and a competitive process underway, Aleon is positioned to enhance its Freeport operations and continue providing critical minerals that are essential to America’s future.” New York restructuring partner Jennifer Marines leads the MoFo restructuring team, which includes partner Benjamin Butterfield, of counsel Andrew Kissner, and associates Joseph Murphy, Ilayna Guevrekian and Helen Yan. Additional team members included for corporate matters Denver partner Erik Knudsen and Boston associate Patricia Perez Elias, for finance matters San Francisco partner Michael Vernace, for environmental litigation matters San Diego partner Krista deBoer, and for tax matters New York partner Richard Nugent.

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Jennifer Marines serves as global vice chair of Morrison Foerster, co-chair of the firm’s global Business Restructuring + Insolvency Group, a member of the Woman’s Strategy Committee, and a member of the Firm’s Finance and Benefits Committee. She has extensive experience in representing chapter 11 debtors, creditors, investors, and other parties in interest in all aspects of complex corporate restructurings, including chapter 11 cases, out-of-court restructurings, and distressed acquisitions.Jennifer has built a highly successful and peer-recognized practice in the restructuring and work-outs space, routinely representing companies and their boards in navigating complex distressed situations. Jennifer also has extensive experience advising official committees of creditors, negotiating and structuring financings and other commercial transactions, and representing clients seeking to purchase businesses and related assets out of chapter 11 proceedings. Jennifer is recognized by Chambers USA and The Legal 500 US in the area of corporate restructuring. She has recently been recognized as one of “Top Women in Dealmaking” by The Deal and a “Top Woman Dealmaker” by Global M&A Network. She has also been named an “Outstanding Young Restructuring Lawyer” for 2016–2020 by Turnarounds & Workouts and a “Bankruptcy Rising Star” for 2016 and 2017 by Law360. The American Bankruptcy Institute also honored Jennifer in 2018 as one of their “40 Under 40,” a list recognizing emerging leaders in insolvency practice.

Jennifer Marines

Vice Chair

Ben Butterfield is a partner in the Business Restructuring + Insolvency Group in the New York office of Morrison Foerster.Ben has represented debtors, secured creditors, unsecured creditors, official creditors’ committees, and directors and officers in complex restructuring transactions, including both out-of-court financial restructurings and chapter 11 proceedings. Ben has also represented clients in connection with international insolvency-related matters, including litigation-oriented matters as well as transactional work. He is also a member of our global Sustainability + Corporate Responsibility steering committee.Prior to joining Morrison Foerster, Ben was an associate in the New York office of another large law firm. He earned his J.D. from the New York University School of Law.Ben is admitted to practice in New York.

Benjamin Butterfield

Partner

Andrew’s primary practice is advising clients with respect to novel and complex insolvency issues, with a particular focus on cross-border and governmental restructurings. He has represented debtors, ad hoc groups, official committees, and individual investors in large chapter 11 and chapter 15 filings. He is currently a member of the International Insolvency Institute’s NextGen Leadership Program.Andrew also has an active pro bono practice, including advising numerous tenants in the chapter 11 bankruptcies of their landlords, and has represented ICE detainees in connection with asylum proceedings. He is recognized for his dedication to pro bono and recently received the New York State Bar Association President’s Pro Bono Service Award for the First Judicial District, as well as Morrison Foerster’s Kathi Pugh Pro Bono Service Award.Andrew graduated magna cum laude from Brooklyn Law School, where he served as Articles Editor on the Brooklyn Law Review. As a law student, Andrew worked as a judicial intern to the Honorable Jane Restani, Senior Judge for the United States Court of International Trade.Andrew received an LL.M. in International and European Business Law at the Universidad Pontificia de Comillas in Madrid and graduated magna cum laude from the University at Albany, earning a B.A. in English and Spanish. He is also highly proficient in Spanish.

Andrew Kissner

Of Counsel

Erik Knudsen is a corporate partner and serves as co-chair of the firm's global Mergers & Acquisitions Practice. He is also a member of the Private Equity Buyouts & Investment Group.Erik focuses his practice on complex business transactions, including leveraged buyouts, strategic mergers, acquisitions, investments and joint ventures, reorganizations, growth equity and venture capital investments, and divestitures.With a broad industry reach, Erik has led transactions in diverse sectors such as healthcare, industrial, software, internet, technology, business services, distribution, and manufacturing. His industry‑specific knowledge and comprehensive understanding of the private equity market and corporate counsel requirements position him as a trusted advisor for clients navigating complex business landscapes.

Erik G. Knudsen

Global Co-Chair of M&A Practice

Michael Vernace is a partner in Morrison Foerster’s San Francisco office and member of the firm’s Finance and Private Equity Investments + Buyouts Groups.Mike’s practice focuses on supporting sponsor-borrowers along with additional lender-side representations and borrower-side bankruptcy remote financings. He regularly advises clients through syndicated finance and other commercial lending transactions, including acquisition, leveraged, investment-grade, asset-based, corporate, receivables, net asset value, and hybrid financings. He has extensive experience representing prominent private equity sponsors and their portfolio companies in complex domestic and cross-border financings, including acquisition financings and refinancings. He has led transactions covering a range of industries, including healthcare and life sciences, tech, telecommunications, and media and entertainment, among others.Mike was recently recognized by The Legal 500 Green Guide: United States 2024 for his efforts in promoting environmental, social, and governance (ESG) standards, and he brings a wealth of experience from his previous role in another global law firm’s banking and credit group.Mike received his J.D. from Duke University and his B.S. in business administration, summa cum laude, from Boston University. He is admitted to practice in both California and New York.

Michael Vernace

Richard Nugent is a partner in the firm’s New York office and chair of its Tax practice.Richard has over 25 years of experience advising on the tax aspects of complex transactions including public and private M&A, spin-offs, joint ventures, internal restructurings, and financings and capital markets transactions. He also advises debtors and creditors within and outside of bankruptcy.Richard has been recognized in Chambers USA, where he is praised as “an extremely knowledgeable and dedicated attorney” and “well-versed in communicating complex issues.” The Legal 500 describes Richard as having a “deep understanding of the business, including product supply, marketing, and distribution” which clients describe as “priceless when representing us in deal matters.” Prior to joining Morrison Foerster, Richard was a tax partner at another international law firm in New York. He serves on the Executive Committee of the New York State Bar Association Tax Section and is a member of the Tax Forum. A sought-after speaker, Richard frequently presents on tax topics for Practising Law Institute programs.Richard holds an LL.M. with distinction from Georgetown University, a J.D. with honors from Rutgers School of Law – Newark, and a B.A., summa cum laude, from Saint Peter’s University. He also served as a law clerk to Judge Richard F. Suhrheinrich of the U.S. Court of Appeals, Sixth Circuit and Judge Robert P. Ruwe of the U.S. Tax Court.<h4>Representative Experience</h4><ul><li>Represented Centuri Holdings and parent company Southwest Gas Holdings in $238 million public offering of common stock</li><li>Represented Paine Schwartz Partners, a global leader in sustainable food chain investing, in its investment in Chex Finer Foods, a value-added specialty food distributor</li><li>Represented the board of Continental Disc Corporation, a portfolio company of Tinicum, in connection to its sale to Baker Hughes, an energy technology company</li><li>Represented Hooter’s Inc. and Hoot Owl Restaurants, L.L.C. in the acquisition of over 100 restaurants from Hooters of America LLC, which filed for Chapter 11 protection on March 31st in the U.S. Bankruptcy Court</li><li>Represented Centuri Holdings and parent company Southwest Gas Holdings in $353 million IPO and concurrent private placement</li><li>Represented C2 Capital Partners in its investment in Stella & Chewy’s, a leading North American pet food manufacturer</li></ul>

Richard Nugent

Chair of the Tax Practice

Joseph Murphy is an associate in Morrison Foerster’s Business Restructuring + Insolvency Group in the New York office.Joseph has experience representing and advising debtors, creditors, trustees, and other parties-in-interest in complex chapter 7, chapter 11, and chapter 15 bankruptcy proceedings and corporate restructurings.Prior to joining Morrison Foerster, Joseph worked as an associate at a boutique New York bankruptcy firm.Joseph graduated cum laude from Brooklyn Law School. As a law student, he served as notes editor for the Brooklyn Law Review and was awarded the American Bankruptcy Law Journal student prize.

Joseph Murphy

Associate

Ilayna Guevrekian is an associate in the Business Restructuring + Insolvency Group in the New York office of Morrison Foerster.Ilayna has experience in bankruptcy and corporate restructuring proceedings involving chapter 11 trustee, debtor, and creditor representations. Prior to joining Morrison Foerster, Ilayna served as a judicial law clerk for the Honorable Lisa G. Beckerman of the United States Bankruptcy Court for the Southern District of New York. She also served as a judicial intern for the Honorable Conrad D. Singer of the New York State Supreme Court and held several internships and jobs with New York law firms, including working as a summer associate.Ilayna earned her J.D. from St. John’s University School of Law and a B.A. in psychology and political science from Stony Brook University. During law school, Ilayna served as the executive research editor of the American Bankruptcy Institute Law Review and a senior staff member of the Commercial Division Online Law Report and the Dispute Resolution Society. She also worked as a constitutional law teaching fellow.

Ilayna Guevrekian

Helen Yan is an associate in Morrison Foerster’s Business Restructuring + Insolvency Group in the New York office.Helen has experience in financial restructuring, bankruptcy litigation, and business reorganization, with a focus on Chapter 11 bankruptcies.Prior to joining Morrison Foerster, Helen practiced as an associate in the New York office of another global law firm. She also worked as a judicial intern for Hon. Lorna G. Schofield of the United States District Court for the Southern District of New York.Helen earned her J.D. from New York University School of Law, where she was a staff editor of the Annual Survey of American Law and participated in the Civil Litigation – Employment Law Clinic. She holds a B.A., cum laude with departmental honors, in film studies from Columbia University.Helen is a member of the Asian American Bar Association of New York and is fluent in Mandarin.

Donghao Yan

Patricia Perez Elias is a corporate associate in the Boston office of Morrison Foerster.Patricia focuses on public and private mergers and acquisitions, early- and late-stage financings, and general corporate advice.Prior to joining the firm, Patricia was a corporate associate at another major law firm, where she advised on transactions including mergers, acquisitions, and financings.Patricia earned her B.A., magna cum laude, from Boston University. She earned her J.D. at Northeastern University School of Law, where she served as a senior staff member of Northeastern University Law Review.Patricia speaks Spanish with native proficiency.