Pryor Cashman has been retained as co-counsel to Wilmington Trust, National Association, as indenture trustee, in a litigation filed on November 28, 2017 in the Supreme Court of the State of New York, New York County against Global Marine Inc. Seth H. Lieberman, Patrick Sibley and Matthew W. Silverman, members of the firm’s Corporate Trust Practice and Bankruptcy, Reorganization + Creditors’ Rights Group, are leading the representation on Pryor Cashman’s behalf.
In 1998, Global Marine Inc. issued approximately $300 million of debt securities for which Wilmington acts as indenture trustee. As indenture trustee, Wilmington alleges that beginning in 2004, Global Marine pursued a strategy of selling off its operating assets. That strategy culminated in 2016 when Global Marine allegedly breached various provisions of the indenture by completing the sale of substantially all of its assets. Wilmington seeks a declaration that Global Marine’s asset sales violated the terms of the indenture and a judgment for all amounts due and owing under the indenture and debt securities as a result of Global Marine’s alleged breach.
For Lieberman and Sibley, this engagement is the latest in a long line of work on behalf of indenture trustees. In the last year alone, Pryor Cashman has represented indenture trustees and agents in the bankruptcies of rue21, inc., 21st Century Oncology Holdings, Inc., Payless Holdings LLC, Vanguard Natural Resources, LLC, and Caesars Entertainment Operating Company, Inc.
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