Global law firm White & Case LLP has advised Zachry Holdings, Inc.—a 100-year old, leading engineering and construction business—on its successful restructuring through chapter 11 cases pending in the United States Bankruptcy Court for the Southern District of Texas.
On February 26, 2025, the Bankruptcy Court confirmed Zachry's plan of reorganization. The plan provides that all of Zachry's general unsecured creditors, including its vendors, subcontractors and other suppliers on Zachry's ongoing projects, will be paid the full amount of their claims. It ensures that obligations to Zachry's current employees will continue to be satisfied in the ordinary course. It also amends and restates Zachry's US$1 billion senior secured credit facility on favorable terms for Zachry, including unlocking additional letter of credit capacity that will allow Zachry to continue to win and complete groundbreaking projects for its customers. Finally, the plan completes the implementation of Zachry's global settlement related to the Golden Pass liquefied natural gas export facility project in Sabine Pass, Texas, pursuant to which Zachry exited its role as lead contractor on that project in exchange for the customer's agreement to pay valid claims of the project's vendors and subcontractors.
The plan is a remarkable achievement for Zachry and its stakeholders, and will allow Zachry to emerge from bankruptcy well-capitalized and poised for long-term growth. At the confirmation hearing, the Bankruptcy Court commended Zachry and its professionals, including White & Case, on achieving a plan that preserves Zachry's storied business and pays all stakeholders in full. Zachry is currently working to close the restructuring transactions contemplated by the plan and expects to emerge from chapter 11 in the coming weeks.
The White & Case team was led by Financial Restructuring and Insolvency partners Bojan Guzina, Andrew O'Neill (both in Chicago) and Charles Koster (Houston); and included partners William Guerrieri and Erin Rosenberg (both in Chicago), counsel Fan He (Miami), associates Adam Swingle, Andrew Rudolph, Maria Protic, Reed Rogan, Alonso Aquije, Clint Simkins, Sophia Hurley (all in Chicago), Barrett Lingle, Alex Konstantynovski (both in New York), Samuel Kava, Gabriela Delgado and Zachary Hunt (all in Miami), and staff attorney Stephen Ludovici (New York); Commercial Litigation partners Jason Zakia, Michael Andolina (both in Chicago) and Laura Garr (New York), and associates Andrew Gershenfeld (New York), Callahan Miller and Ennely Medina (both in Chicago); Debt Finance partners Justin Wagstaff and Brett Pallin, and associates Jessy Van Kooten, Mac Hartman, and Christian Meijling (all in New York); Capital Markets partner A.J. Ericksen (Houston), and associates Russell Deutsch and Ryan Sharpstene (both in New York); Employment, Compensation & Benefits partner Tal Marnin and counsel Kenneth Barr (both in New York); and Tax partner David Dreier and associate Nir Fishbien (both in New York).
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