Michael R. Paslay

INTRODUCTION

In reorganization, insolvency, trouble asset and distressed entity matters, Mike Paslay serves the needs of secured lenders, debtors, unsecured creditors’ committees, indenture trustees and third-party purchasers. Over the last decade, Mike has been involved in two of the largest municipal bankruptcies in U.S. history.

AREAS OF PRACTICE

Healthcare lender provides senior secured credit facilities to nationwide nursing home

A specialty healthcare lender provided $114 million asset-based senior secured credit facilities across five silos to a nationwide nursing home provider to refinance distressed debt and help consummate a restructuring of the provider.

Waller represented the specialty healthcare lender in negotiating, documenting and closing the credit facilities. In addition to negotiating loan documents for five unique silos, this included negotiating complex intercreditor arrangements with the landlords and other subordinated creditors of the hundreds of operating subsidiaries of the provider.

Represented indenture trustee in City of Detroit’s Chapter 9 proceeding

In connection with Detroit’s Chapter 9 bankruptcy proceeding, approximately $5.3 billion in special revenue water and sewer bonds were issued by the City of Detroit, Michigan, in the United States Bankruptcy Court for the Eastern District of Michigan. The water and sewer bonds collectively represented one-third of the total estimated $18 billion of indebtedness owed by Detroit. At the time of filing in June 2013, Detroit was the largest municipal bankruptcy on record.

Waller represented the indenture trustee for the water and sewer bonds in Detroit’s Chapter 9 bankruptcy proceeding.