Arent Fox Wins M&A Advisor’s Restructuring Deal of the Year Award for Diesel USA Bankruptcy
Earlier this year, Arent Fox guided Diesel USA through a fully consensual Chapter 11 bankruptcy plan of reorganization in only 38 days. The cross-disciplinary team from Arent Fox included Fashion & Retail leader Anthony V. Lupo, Bankruptcy & Financial Restructuring Partner George P. Angelich, and Associates Phillip Khezri and David Mayo.
The iconic, premium jeans maker cited lower sales, expensive leases, and several instances of cyber fraud and theft in a case that was filed in the US Bankruptcy Court for the District of Delaware. As a result of the quick reorganization, Diesel was able to continue its business operations with minimal interruption, while preserving hundreds of jobs.
In addition, Diesel is now positioned to implement its turnaround plan by opening new stores, starting new marketing initiatives, growing its e-commerce business, and improving online product selection.
Arent Fox’s Bankruptcy & Financial Restructuring practice is at the forefront of the largest and most complex and high profile bankruptcy proceedings and restructuring throughout the United States. The group advises and represents clients in a broad range of industries that include cosmetics, banking and finance, energy, utilities, oil and gas, retail, entertainment, health care and life sciences, hospitality, nursing homes and assisted living, manufacturing, real estate, and telecommunications.
The Arent Fox bankruptcy team regularly counsels creditors committees, indenture trustees, agents, bondholders, lenders, debtors, landlords, trade, suppliers and contract counterparties.