Craig A. Barbarosh

Craig A. Barbarosh handles major creditor and debtor engagements throughout the country, and clients describe him as “a truly amazing and effective attorney” and as “a talented, creative lawyer who is attentive to the needs of his clients, and incredibly effective.”—Chambers USA.

Mr. Barbarosh practices in the areas of financial restructuring, bankruptcy, insolvency and related corporate law. He serves on the firm’s Board of Directors and is a member of the firm’s management team. He manages his nationwide practice from Katten’s Orange County and New York offices.

Mr. Barbarosh’s clients include institutional lenders, investment and private equity funds, indenture trustees and bondholders, official and unofficial creditors’ and equity committees, distressed debt investors, trade creditors, real property and equipment lessors involving commercial, real estate and intellectual property collateral and debtors in and out of insolvency proceedings. He has represented clients in financial and operational restructurings throughout the United States in a variety of industries including real estate, oil and gas, retail, manufacturing, gaming and hospitality, aviation, life sciences, food and beverage, chemical and mortgage lending. In addition, Mr. Barbarosh has extensive experience representing corporate entities in business acquisitions in bankruptcy and receivership proceedings throughout the United States.

Mr. Barbarosh is a frequent speaker at seminars discussing insolvency-related issues and is the author of several published articles addressing current business topics. Prior to joining Katten, Mr. Barbarosh was a partner at Pillsbury Winthrop Shaw Pittman LLP, where he held a number of leadership positions. He also served as an extern law clerk to the Honorable James N. Barr, US Bankruptcy Court, Central District of California.

Mr. Barbarosh also serves as an independent director on the boards of Quality Systems, Inc. (NASDAQ: QSII) where he is the chair of the Nominating and Governance Committee and a member of the Transaction and Compensation Committees, and Sabra Healthcare REIT, Inc. (NASDAQ: SBRA) where he is the chair of the Audit Committee and a member of the Compensation Committee.

Representative Matters

• Represent collateral and indenture trustee in restructure of $143 million mortgage notes issued by Circus and Eldorado Joint Venture and secured by Silver Legacy Resort Casino in Reno, Nevada. Silver Legacy is an 87,300 square foot casino with a 37-story hotel tower with 1,711 guest rooms. Chapter 11 case is pending in Reno, Nevada.
• Lead counsel to institutional lender as administrative agent on behalf of multiple lenders in connection with restructure of defaulted $160 million credit facility owed by a Las Vegas-based operator of four casinos (one with adjacent hotel), 40 gaming “taverns” and 154-location slot-route operation.
• Lead counsel to institutional lender as successor administrative agent in restructure of defaulted $550 million senior notes issued by Green Valley Ranch Gaming, LLC in its Chapter 11 case in Reno, Nevada.
• Lead counsel to institutional lender as administrative agent in restructure of defaulted $100 million loan to Las Vegas-based nonprofit specialty oncology hospital.
• Lead counsel to Official Committee of Equity Security Holders in Chapter 11 case of In re Solutia, Inc. (NYSE: SOA) in the Southern District of New York. Solutia is a multinational manufacturer of high-performance chemical-based materials for industrial and consumer use with over $2 billion in reported consolidated liabilities as of the petition date.
• Lead counsel to Chinese investment group in $360 million acquisition of 5,000-unit multifamily real estate project located in Texas and Maryland through restructure of multi-tranche CMBS debt in Chapter 11 case of prior owner. Transaction was accomplished by discounted purchases of existing debt from certain pre-petition creditors with conversion of debt to equity in the bankruptcy proceeding, with the client ultimately assuming the remaining CMBS debt at favorable restructured terms.
• Lead counsel to institutional lender as administrative agent for second lien lenders in restructure of $266 million credit in the Penton Media Business Holdings (Penton Media) pre-packaged Chapter 11 case in the Southern District of New York. Penton Media publishes 113 business magazines, hosts trade shows, conferences and road shows, and provides various electronic media offerings and other web-based media products. Plan was confirmed in less than one month after petition date.
• Lead counsel to the Official Committee of Equity Security Holders in the Chapter 11 case of Tronox, Inc. in the Southern District of New York. Tronox is an international manufacturer of pigments used in paint and other materials. Tronox filed for bankruptcy protection to address legacy liabilities including environmental remediation and litigation costs it incurred when it was spun off from former parent Kerr McGee, Inc. Total funded debt exceeded $850 million.
• Lead counsel to Official Bondholders’ Committee for $115 million senior subordinated notes in Chapter 11 case of In re TransTexas Gas Corporation (NYSE: TTG) and affiliated debtors in the US Bankruptcy Court in Corpus Christi, Texas, involving the restructure of over $2 billion in debt.
• Representation of trustee/agent for $220 million secured notes issued by Trans World Airlines, Inc. in the third Chapter 11 filing of this international airline.
• Insolvency counsel to primary warehouse lender in Chapter 11 case of In re First Alliance Corporation, a subprime mortgage lender with $10 billion alleged claims against the bankruptcy estate.
• Lead counsel to indenture trustee for $140 million senior notes issued by Sunterra Corporation in its Chapter 11 case filed in Baltimore, which involved the restructure of $770 million in total debt. Sunterra is one of the largest owners and operators of timeshare units in the world.
• Lead counsel to indenture trustee for $151,300 convertible subordinated debentures issued by Fleetwood Enterprises, Inc. in its Chapter 11 case. At the time of its bankruptcy filing, Fleetwood was one of the nation’s leading producers of manufactured housing and recreational vehicles.
• Representation of senior secured creditor in Chapter 11 case of In re Boyd’s Wheels, Inc. (NASDAQ: BYDS), the largest manufacturer in California of specialty automotive wheels and rims.
• Lead counsel to senior lender in In re Peregrine Systems, Inc., the San Diego-based enterprise software developer, in its Chapter 11 case filed in Wilmington, Delaware.
• Representation of indenture trustee for $500 million senior notes issued by Armstrong World Industries, Inc., an international flooring manufacturer, in a Chapter 11 case with substantial asbestos related claims.
• Lead counsel to indenture trustee for $50 million notes secured by portfolio of subprime retail automobile installment contracts in the insolvency proceeding of First Lenders Indemnity Corporation, Inc.
• Representation of debt trustee for various aircraft collateral in Delta Airlines, Inc. Chapter 11 case.
• Representation of $320 million preference defendant in In re Refco, Inc. Chapter 11 bankruptcy case in the Southern District of New York.
• Representation of $265 million trade creditor/equity holder in In re Collins & Aikman, Inc. Chapter 11 case in Chicago.
• Representation of participant lender in out-of-court restructure of $3.4 billion revolving credit facility due from Qwest Corporation.
• Representation of the indenture trustee for senior subordinated notes in In re Westbridge Capital Corporation, an insurance holding company, restructuring $100 million of public debt resulting in payment in full to the holders of the senior notes, including post-petition interest, on the effective date of the plan.
• Lead counsel to trustee/agent for $150 million senior notes issued by Indesco International, Inc., a manufacturer of liquid dispensing devices including trigger sprayers and lotion pumps, in its Chapter 11 case in the Southern District of New York.

Honors & Awards

• Turnaround Atlas Award, Gaming & Hospitality Turnaround of the Year, Global M&A Network (2012)
• BTI Client Service All-Star (2012)
• Best Lawyers in America, Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law (2012, 2013)
• Southern California Super Lawyers (2004–2013)
• Chambers USA, Bankruptcy/Restructuring – California (2010–2012)
• Turnaround Atlas Award, Basic Resources Industry, Global M&A Network (2011)
• Turnaround Atlas Award, Distressed Real Estate Deal of the Year, Global M&A Network (2010)
• 40 Under 40 Business Stars, OC METRO magazine (2007)
• AJC Learned Hand Community Service Award, American Jewish Committee (2007)
• Transactional Attorney of the Year, California Lawyer Attorneys of the Year (CLAY) Award (2001)
• Top 20 Lawyers Under Age 40, Daily Journal’s California Law Business (2000)

Speaking Engagements & Presentations

• Panelist, Distressed Debt & Turnaround Investing Summit (New York, April 2009)
• Featured Speaker, Orange County In-House Real Estate Counsel Seminar (Costa Mesa, California, January 2009)
• Panelist, AIRA Restructuring and Investing Conference (Shanghai, China, September 2008)