David A. Agay

David represents public and private companies, directors, officers, lenders, committees, shareholders, and strategic and financial investors in a variety of distress situations. He regularly counsels clients in: free-fall, prenegotiated and involuntary chapter 7 and 11 bankruptcies; cross-border matters; out-of-court exchanges and balance sheet restructurings; distress loan and M&A transactions; and other corporate reorganization and insolvency proceedings. David also regularly advises boards and management teams on strategic, corporate and governance matters and regularly litigates in federal and state courts.

David’s industry experience includes media and entertainment, airlines, mining, packaging, real estate and development, equipment rental, plastics, health care, food and restaurants, franchises, technology, telecommunications, energy, and gaming, with several recent engagements in the manufacturing, industrial, automotive, and consumer product sectors.

Prior to joining the firm, David was a partner with Kirkland & Ellis, LLP.

Traditional Chapter 11 Cases and Cross-Border Matters

• Edison Mission Energy – Representing Edison Mission Energy (EME) as conflicts counsel in its chapter 11 restructuring of approximately $3.7 billion of senior unsecured notes and other obligations; representing EME subsidiary, Camino Energy, as primary debtor’s counsel. EME, through its subsidiaries, owns or leases and operates a portfolio of more than 40 electric generating facilities powered by coal, natural gas, wind, and biomass (with aggregate existing project indebtedness of approximately $1.5 billion), as well as an energy marketing and trading operation. The company's Chapter 11 cases are currently pending in Chicago before the United States Bankruptcy Court for the Northern District of Illinois.
• MEGA Brands Inc. – Represented Canadian toy manufacturer in its chapter 15 bankruptcy cases and as U.S. counsel in its recapitalization implemented through a Canadian plan of arrangement.
• Majestic Star Casino – Represented gaming company and multi-jurisdictional operator of casino properties in its chapter 11 bankruptcy cases.
• Norwood Promotional Products – Represented Norwood, a leader in the market of customizable corporate merchandise, including calendars, writing instruments and awards, in its chapter 11 bankruptcy cases and 363 sale of the business as a going concern.
• Sun-Times Media Group, Inc. – Represented publisher, printer, and distributor of newspapers in greater Chicago metropolitan area, including the Chicago Sun-Times, in its chapter 11 bankruptcy cases and 363 sale of the business as a going concern.
• Sea Containers – Represented the Sea Containers group, a leading London-based marine container leasing company, in its chapter 11 bankruptcy cases and global restructuring.
• TOUSA, Inc. – Represented publicly traded homebuilder with substantial operations in Florida, the Mid-Atlantic, Texas, and the West, doing business under trade names, including Newmark, Engle Homes, and Trophy Homes, in its out-of-court restructuring and chapter 11 bankruptcy cases.
• Dura Automotive – Represented leading independent automotive supplier in its chapter 11 bankruptcy cases.
• Calpine Corporation – Assisted in representation of world's largest producer of renewable geothermal energy.
• Musicland Holding Corporation – Represented entertainment retailer in its chapter 11 bankruptcy cases.
• United Air Lines, Inc. – Assisted in all aspects of United’s chapter 11 bankruptcy cases, including aircraft finance, union, retiree, and employee benefit matters, and customer loyalty programs.
• Risk Management Alternatives, Inc. – Represented leading provider of accounts receivable management services in its chapter 11 cases.
• National Equipment Services, Inc. – Represented national equipment leasing corporation in all aspects of its chapter 11 bankruptcy cases and restructuring.

Prepackaged Chapter 11 Cases and Out-of-Court Restructurings

• Awrey Bakeries – Represented Awrey Bakeries, one of the largest privately owned bakeries in the U.S. (producing fresh and frozen pastries, breads, cakes, donuts, biscuits, and muffins), in its Article 9 sale as a going concern to Minnie Marie Bakers.
• Green Valley Ranch & Aliante Station – Represented two Station Casino properties in their pre-negotiated chapter 11 cases resulting in the restructuring of almost $1.0 billion in total debt.
• Fortis Plastics – Represented leading manufacturer of produced thermoplastic injection and extrusion molded plastic parts for manufacturers in several industries, including home appliance, furniture, automotive, building products, medical devices and power tools, in its out-of-court restructuring and wind down.
• Jason, Inc. – Represented private equity sponsor in the out-of-court recapitalization and balance-sheet restructuring of a leading international manufacturer of consumer, automotive, and industrial products.
• HiT Entertainment PLC – Represented HiT Entertainment PLC in connection with an out-of-court amendment of the company's secured indebtedness. HiT is the owner of popular children's entertainment properties such as Bob the Builder, Barney, Thomas & Friends, Pingu, Fireman Sam and Angelina Ballerina.
• Autocam Corporation – Led the out-of-court balance restructuring of a leading manufacturer of precision components for primarily the automotive and medical device industries.
• Source Interlink Companies – Represented leading publisher and wholesaler of magazines and home entertainment products, including CDs and DVDs, in its balance-sheet restructuring and prepackaged chapter 11 bankruptcy cases.
• Portola Packaging, Inc. – Led balance-sheet restructuring and chapter 11 prepackaged bankruptcy cases of leading designer, manufacturer, and marketer of plastic closures, bottles, and related equipment.
• Tekni-Plex – Represented private equity sponsor, in the out-of-court restructuring of Tekni-Plex, a major consumer and industrial packaging manufacturer.
• Euro-Pro – Represented household products company in its involuntary bankruptcy proceedings (eventually dismissed) and out-of-court restructuring.

DIP Financing, Acquisition, and Other Matters

• TSC Global, LLC – Represented company involved in the sale, marketing, and distribution of consumer brand products, including “e-cigarettes,” to top retailers, travel centers, and truck stops, in its out-of-court restructuring, wind down, and two UCC Article 9 sales.
• Cambridge Integrated Services Group, Inc. – Represented assignee in Illinois assignment for the benefit of creditors for national company specializing in risk management, claims services, and specialty loss cost management.
• Hess Industries, Inc. – Represented manufacturer of heavy equipment and metal forming machines in its out-of-court restructuring and eventual chapter 7 filing.
• Raybestos PowerTrain LLC – Represented private equity client in its acquisition of one of the world’s largest manufacturers of transmission and wet-wheel brake friction products, supplying both OEMs and automotive aftermarket customers.
• Hussey Copper, Ltd. – Represented strategic stalking horse purchaser in proposed acquisition of leading producer of copper bar.
• Regent Communications – Represented private equity client as plan sponsor in pre-arranged chapter 11 bankruptcy cases of Regent Communications, and its affiliates, owner and operator of radio stations in mid-sized markets across the United States.
• Lang Holdings Inc. – Represented private equity client, as provider of DIP financing and stalking-horse purchaser of substantially all assets of Lang Holdings, a leading supplier of art and design driven calendars, back-to-school products, greeting carts, stationary, and specialty products.
• Metaldyne Corporation – Represented a secured lender group in its successful credit bid for substantially all assets of Metaldyne, a leading global manufacturer of highly engineered metal components for the global light vehicle market.
• Mother's Cookies – Represented strategic acquiror in its purchase of Mother's Cookies from Archway through a 363 bankruptcy sale.
• Propex Inc. – Represented private equity client as provider of debtor-in-possession financing and stalking-horse purchaser of substantially all assets of the world's largest producer of geosynthetic, concrete, furnishing, and industrial fabrics and fiber.
• InPhonic Inc. – Represented private equity client as provider of debtor-in-possession financing and stalking-horse purchaser of substantially all the assets of InPhonic, Inc., a leading marketer of wireless telephone and satellite television services.
• Global Home Products – Represented private equity client in its section 363 purchase of Anchor Hocking from Global Home Products.
• American Business Financial Services, Inc. – Represented DIP lender to a publicly-traded subprime lender.
• Service Merchandise Company, Inc. – Represented joint venture in purchase of Service Merchandise lease designation rights.

Bondholders and Ad Hoc Committees

• ASARCO LLC – Represented bondholder group in negotiating a complex global settlement eventually incorporated into a confirmed chapter 11 plan, and in formulating a bid for certain assets of ASARCO, a leading U.S. copper producer.
• LyondellBasell Industries – Represented bondholder group in connection with chapter 11 plan and related rights offering of LyondellBasell, the third largest independent chemical company in the world.
• Fargo, S.A. – Represented bondholders in filing of involuntary bankruptcy petition against Compañia de Alimentos Fargo, S.A., an Argentine producer of packaged baked goods.

Representative Pro Bono Matters

• Represented prisoner in his criminal and sentencing appeal before the United States Court of Appeals for the Seventh Circuit.
• Represented political asylum applicant in immigration proceedings.

• Illinois Supreme Court
• U.S. District Court for the Northern District of Illinois 
• U.S. Court of Appeals for the Seventh Circuit 
• Numerous appearances in Bankruptcy Courts across the U.S.

• American Bankruptcy Institute 
• Turnaround Management Association

• "Markets Party Like It's…2007?" Financier Worldwide, March 2010 (co-author)
• "Crossing Borders: International Reorganizations," Daily Bankruptcy Review, February 10, 2010, (co-author)
• "Credit (Bid) Where Credit's Due – Part Two," The Bankruptcy Strategist, February 2010, (co-author)
• "Credit (Bid) Where Credit's Due – Part One," The Bankruptcy Strategist, January 2010, (co-author)
• "International Insolvencies: New Thinking Required," The Lawyer, September 2008

• Distressed Investing in a Jagged Economy, Turnaround Management Association, November 2011
• Great Debates – Credit Bidding Under a Chapter 11 Plan, Philly News vs. River Road, ABI Southwest Conference, September 2011
• Double Dip or Not? – Finding Your Way in Tough Economic Times, McDonald Hopkins Roundtable, September 2011
• 363 Sales, Chicago Bar Association, March 2010
• Lecturer, Loyola University School of Law, 2001-2003

• Selected for inclusion in Illinois Super Lawyers (2013)
• Selected for inclusion in Illinois Rising Stars (2008-2009, 2012)
• Judicial Law Clerk for the Honorable Paul E. Riley, United States District Court for the Southern District of Illinois