Pryor Cashman has been retained to represent indenture trustees in several large, recently-filed bankruptcy cases in venues across the United States.
The firm represents Wilmington Savings Fund Society, FSB, as indenture trustee for certain convertible senior notes issued by Synergy Pharmaceuticals Inc. in connection with its restructuring. A biopharmaceutical company focused on the development and commercialization of novel gastrointestinal therapies, Synergy filed for bankruptcy protection on December 12, 2018. Wilmington Savings has been selected as a member and co-chair of the Official Committee of Unsecured Creditors. The case will be heard by the United States Bankruptcy Court for the Southern District of New York.
Pryor Cashman will also represent Wilmington Trust, National Association in the bankruptcy case of Serviços de Petróleo Constellation S.A, filed in the United States Bankruptcy Court for the Southern District of New York. Constellation, a Brazilian oil-and-gas drilling company, and nine of its affiliated entities filed a cross-border insolvency case under chapter 15 of the United States Bankruptcy Code on December 6, 2018 in an effort to restructure nearly $1.5 billion in debt. Wilmington Trust serves as indenture trustee to over $600 million in senior secured notes.
The firm has also been retained to represent Wilmington Savings Fund Society, FSB, as indenture trustee for certain senior secured notes issued by ERP Iron Ore, LLC. An involuntary bankruptcy proceeding was brought against ERP on May 25, 2018 in the United States Bankruptcy Court for the District of Minnesota.
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