Karen B. Dine

Karen B. Dine

Partner
New York
p / 212.940.8772
f / 212.940.8776
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Karen B. Dine practices in the areas of financial restructuring, bankruptcy, insolvency and related corporate law. Ms. Dine represents institutional lenders, secured lenders, indenture trustees, investment and private equity funds, debtors in possession, equity, creditors' and bondholders' committees, distressed debt investors, trade creditors, real property and equipment lessors and troubled companies in Chapter 11 bankruptcy reorganization proceedings and out-of-court restructurings. She 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.

Representative Matters

Ms. Dine has represented the following:
  • Collateral and indenture trustee in the restructure of $143 million in mortgage notes issued by the Circus and Eldorado Joint Venture and secured by Silver Legacy Resort Casino in Reno, Nevada. Silver Legacy is an 87,300 square foot casino and 37-story hotel tower with 1,711 guest rooms. The Chapter 11 case is pending in Reno, Nevada.
  • 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.
  • 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.
  • Institutional lender as administrative agent in restructure of defaulted $100 million loan to Las Vegas-based nonprofit specialty oncology hospital.
  • The 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.
  • Institutional lender as administrative agent for second lien lenders in restructure of $266 million credit in the Penton Media Business Holdings 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. The plan was confirmed less than one month after petition date.
  • 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.
  • MAXjet Airways, Inc. as debtor’s counsel in its Chapter 11 case. MAXjet is a specialty airline offering business class-only service to London.
  • Basis Yield Alpha Fund as debtor’s counsel in connection with its Chapter 15 case.
  • Regus Business Centers et al. as debtor’s counsel in connection with their Chapter 11 cases.
  • Agent bank with respect to a $450 million secured loan to PennCorp Financial Group, prior to and during PennCorp’s Chapter 11 case.
  • Collateral trustee on behalf of $1.2 billion worth of debt in the Loewen Group International, Inc. Chapter 11 case.
  • Holt Group, Inc. as debtor’s counsel in the debt restructuring of the largest commercial stevedoring operation in the eastern United States.
  • Smith Corona Corporation, as debtor in possession in Chapter 11 proceedings.
  • Numerous other parties with the purchase of assets of financially troubled companies or companies in bankruptcy.

Awards and Recognition
  • Turnaround Atlas Award, Gaming & Hospitality Turnaround of the Year, Global M&A Network (2012)
  • Turnaround Atlas Award, Basic Resources Category, Global M&A Network (2011)

Related Practices



Background

Education

  • JD, Harvard Law School, cum laude
  • BA, Barnard College, Columbia University, summa cum laude

Bar Admissions

  • New York