Drivetrain and its professionals have been engaged in a number of matters that are both public and private in nature. A representative sample of our publicly disclosed engagements includes:
special committee member
LightSquared, a holder of wireless spectrum owned and controlled by a financial sponsor, filed for chapter 11 in May 2012. In 2013, after the stakeholders were unable to negotiate a mutually acceptable resolution, a Drivetrain professional was appointed to the board as an independent director and member of the Special Committee. The Special Committee was responsible for driving the restructuring process, which included court-mandated mediation, an auction process, multiple alternate chapter 11 plans, over $3.0 billion of new 1st and 2nd lien exit financing commitments, and the negotiation and approval of a plan of reorganization that was acceptable to all major stakeholders and approved by the bankruptcy court
Trustee for Doral Financial
Drivetrain serves as the liquidation trustee for Doral Financial Corporation, a liquidating Puerto Rican bank that holds a substantial claim in the Title 3 proceedings. In this role, Drivetrain serves as the [co-chair] of the Official Committee of Unsecured Creditors in the Puerto Rican restructuring proceedings.
Conflicts committee member
Compensation Committee member
Terraform Global was a profitable public subsidiary of an insolvent parent when a Drivetrain professional was appointed to the board by the parent's management as an independent director. The key tasks for the independent directors were (i) resolving multiple complex litigations; (ii) overseeing the creation of a standalone infrastructure as part of the subsidiary's separation from the parent (e.g., creation of independent accounting, reporting & compliance systems); (iii) keeping the subsidiary from being drawn into the parent's chapter 11 process and out of bankruptcy; and (iv) managing a successful auction process for the sale of the subsidiary.
the weinstein companY
In April 2018, during the bankruptcy of The Weinstein Company, a Drivetrain professional was appointed to the board as an independent director at the request of the Unsecured Creditors Committee to help navigate the bankruptcy process.