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Mark Thomas, the U.S. co-head of the Business Solutions, Governance, Restructuring & Bankruptcy Group, concentrates his practice on complex corporate workouts, restructurings, and bankruptcies. He represents public and private companies and handles cross-border restructurings and insolvency proceedings.

Mark handles matters for clients that include: debtors and borrowers in Chapter 11 bankruptcy cases and in out-of-court workouts and restructurings; private equity sponsors and funds in acquisitions of distressed businesses, assets, and securities; lenders and their agents, official committees, and ad hoc investor and lender groups in restructurings, workouts and bankruptcies; and senior secured lenders and their agents in pre-petition, debtor-in-possession, and exit financing facilities. Mark also represents buyers and sellers of distressed assets in out-of-court transactions, including Uniform Commercial Code public and private sales and assignments for the benefit of creditors. Mark also has testified as an expert witness on insolvency issues before Chancellor Leo Strine, Jr., in the Chancery Court for the State of Delaware.

Significant recent Chapter 11 debtor representations Mark has handled include:

  • Energy Future Holdings Corp. (EFH), co-counsel to the parent debtor in EFH’s Chapter 11 case. EFH is the largest generator, distributor and retail provider of electricity in Texas. EFH and its subsidiary debtors represent one of the largest Chapter 11 cases ever filed.

  • Philadelphia Newspapers, negotiating a global settlement of claims between lenders and the company, negotiating with multi-employer pension funds over withdrawal liability claims, and implementing a Chapter 11 plan sale process that did not allow credit bidding. This case received the "Chapter 11 Reorganization of the Year (Middle Market)" award from The M&A Advisor.

  • TLC Vision (USA) Corporation, including filing the case with a “pre-arranged” Chapter 11 plan, exercising a “fiduciary out” in order to implement a plan providing greater consideration to estate constituents, and obtaining confirmation of the alternative plan within five months of filing the Chapter 11 case. This case received the “Turnaround of the Year (Lower Middle Market)” and the “Turnaround of the Year – Healthcare/Life Sciences Sector” awards from The M&A Advisor.
  • Gas City, Ltd., negotiating, and obtaining Court approval of, a global settlement agreement among 15 secured lenders with competing liens and claims to intertwined assets located at 51 gas station/convenience stores and truck stops. The global settlement enabled Gas City to market its assets on a going concern basis in a consensual manner, to obtain stalking horse bids for all assets supported by all the secured lenders, to receive competing bids from 15 qualified, strategic bidders, and to conduct an Auction that generated numerous topping bids resulting in final bids that “topped” the stalking horse bids by more than 35%. This case received the “Consumer and Retail Products Deal of the Year (over $50 Million)” and the “Real Estate Deal of the Year (Under $500 Million)” awards from The M&A Advisor and received the “Large Transaction of the Year” from the Chicago Chapter of the Turnaround Management Association.
  • Archibald Candy Corporation (Fannie May and Laura Secord), conducting an auction sale as part of a U.S. and Canadian court-approved "stalking horse" procedure that was reported as the first of its kind in a Canadian insolvency proceeding. This case received the "U.S. Middle Market Deal of the Year" award from The M&A Advisor and received the “Transaction of the Year” award from the Chicago Chapter of the Turnaround Management Association.

Mark is a frequent speaker on bankruptcy and restructuring matters. He has spoken at seminars and conferences conducted by: the American Bankruptcy Institute; the Association for Corporate Growth; the Chicago Bar Association; Deal Flow Media; the Delaware State Bar Association; Illinois CPA Society; the RBS High Yield Conference; Renaissance American Management, Inc. and the Beard Group; The Turnaround Management Association; and, University of Chicago, Booth Business School.