Alexander Gladstone

PdVSA has retained the law firm to protect its interests in the Citgo sale after U.S. Treasury granted Venezuela permission to hire advisers on Tuesday.

The Clearlake-backed software-as-a-service company saw earnings drop recently after restructuring some $1.8 billion in debt less than two years ago.

Depressed chemicals demand and elevated energy costs from geopolitical tensions tipped Trinseo into chapter 11 after prior debt deals proved insufficient.

The chemical producer and creditors who support its restructuring plan said the prebankruptcy transactions helped improve the company’s health.

The telecom operator has set up a new subsidiary to give it more options, including the ability to raise about $6 billion in new debt financing.

The subprime auto dealer is pursuing strategic alternatives as it anticipates breaching its financial covenants.

Liability management transactions that excluded some creditors have led to contentious prepackaged bankruptcy cases.

James Sprayregen, a longtime restructuring lawyer formerly with Kirkland & Ellis, has joined law firm Paul Weiss Rifkind Wharton & Garrison, while the firm’s current restructuring co-head, Paul Basta, is planning to step down, according to people with knowledge of the matter.

The retailer’s successor sought to claw back short-term trading profits, but a judicial panel upheld that contractual caps kept the hedge fund’s stake under 10%.

The telecom giant is facing a financial hit after helping Dish with the build-out of its botched 5G network.