Mark A. McDermott

Mark A. McDermott

Partner, Corporate Restructuring
Mark McDermott represents public and private businesses and their principal stakeholders in troubled company M&A, restructuring and financing transactions. He also counsels clients on the bankruptcy aspects of derivatives and structured and similar products; advises officers and directors on corporate governance and fiduciary duties; and serves on Skadden’s Opinion Committee and the board of the Skadden Foundation.

Bio

 Selected representations

  • Noble Corporation plc and its subsidiaries, operators of a fleet of offshore drilling rigs, in their Chapter 11 cases that restructured $8 billion of secured and unsecured bond debt, and in defending them against, and settling, pre-bankruptcy fraudulent transfer litigation;
  • L’Occitane Internationale S.A., a worldwide retailer of high-end cosmetic and related products, in the pending Chapter 11 proceedings of its U.S. subsidiary that sought Chapter 11 protection to right-size its store footprint;
  • PSAV, a leading event planning and technology provider whose operations were severely impacted by the COVID-19 pandemic, in its successful out-of-court new money balance sheet restructuring;
  • several large public and private mortgage REITs in the successful new money recapitalizations of their businesses, which had been negatively impacted by the COVID-19 pandemic;
  • the Official Equity Committee of VIVUS, Inc., a biopharmaceutical company, in negotiating a consensual Chapter 11 restructuring that obtained materially enhanced recoveries for shareholders;
  • Kirwan, S.A.R.L., a Luxembourg corporation that became embroiled in litigation in the Netherlands over its acquisition of a troubled Russian oil and gas concern, in its successful Chapter 11 reorganization proceedings;
  • Barclays Bank plc as warehouse and debtor-in-possession lender to Ditech, Inc., a large mortgage company, in its successful Chapter 11 proceedings. The case was the first-ever that utilized a warehouse, debtor-in-possession financing facility;
  • Stearns Lending, Inc., a mortgage origination company, in its successful Chapter 11 proceedings that restructured $250 million of bond debt;
  • New Cotai Holdings, a partial owner of a Macau casino, in its successful Chapter 11 balance sheet restructuring that resolved over $800 million of outstanding bond debt;
  • WeWork in its development of various structuring alternatives and in its subsequent consideration and implementation of an $8 billion out-of-court financing transaction;
  • Roust Corporation, one of the world’s largest vodka producers and successor to Central European Distribution Corporation, in its prepackaged Chapter 11 restructuring. The company’s plan of reorganization was confirmed in only seven days from the filing date;
  • Barclays Bank plc as warehouse lender to Walter Management Corporation, a large mortgage originator and server, in its Chapter 11 balance restructuring case;
  • Central European Distribution Corporation, one of the world’s largest vodka producers, in the first-ever prepackaged Chapter 11 restructuring of Hungarian, Polish, Russian and Ukrainian businesses;
  • Blue Bird Bus Company, in a record-setting Chapter 11 reorganization case, with the company’s stay in bankruptcy lasting only 32 hours;
  • Excel Maritime Carriers, Ltd., a Greek shipping business, in the Chapter 11 restructuring of its bank and bond debt;
  • Centro Properties, a REIT that owns and operates strip malls, in the first-ever, out-of-court, cross-border restructuring involving U.S. and Australian entities;
  • Vertis, Inc., in its prepackaged Chapter 11 restructuring, one of the first such restructurings that incorporated a prefiling, private rights offering;
  • Kmart Corporation in the largest retail Chapter 11 restructuring in U.S. history (other retail representations include Friedman’s Jeweler’s, Syms’/Filene’s Basement and Retail Ventures, Inc.);
  • Jackson Hewitt Tax Services, Inc. in one of the only prenegotiated Chapter 11 reorganization cases that also discharged prepetition, consumer class action litigation;
  • Spectrum Brands, Inc., in its prearranged Chapter 11 restructuring, one of the only cases involving litigation over reinstatement of prepetition debt;
  • Refco, Inc., in one of the largest securities and commodities broker liquidations and related litigations in U.S. history;
  • ResCap LLC, one of the largest mortgage lenders and servicers in the U.S., in its out-of-court refinancing and related efforts;
  • RCN Communications, in its prenegotiated Chapter 11 reorganization case that allowed its operating subsidiaries to restructure out of court; and
  • Goldman Sachs as lender in the Movie Gallery Chapter 11 reorganization case, one of the only prenegotiated retail cases in history.

Mr. McDermott’s experience spans several industries, including energy, entertainment, financial institutions, health care, home building, manufacturing, printing, real estate, technology and transportation. He has worked on numerous matters that have received industry awards, has authored several articles on insolvency-related matters and has been recognized in several publications for excellence in the restructuring industry. Mr. McDermott also has been named to Best Lawyers in America.

Credentials

Education

  • J.D., Northwestern University School of Law, 1991 (cum laude)
  • B.S., Iowa State University, 1988 (Phi Beta Kappa)

Admissions

  • Illinois
  • New York

Associations

  • Turnaround Management Association
  • New York City Bar Association
  • Chicago Bar Association

Experience

  • Law Clerk, Hon. Arthur A. McGiverin, Chief Justice of the Iowa Supreme Court (1991-1992)

Mark A. McDermott

Partner, Corporate Restructuring
mark.mcdermott@skadden.com