Scott Talmadge

Scott D. Talmadge

Partner

Scott D. Talmadge has practiced in the areas of bankruptcy, finance and commercial litigation for more than 25 years.

Mr. Talmadge focuses on creditors’ rights, commercial litigation and secured and unsecured lending transactions, with particular emphasis on restructuring and bankruptcy issues. He has represented creditors in both state and federal court proceedings, including actions to collect outstanding debt, enforce and foreclose upon collateral, and to seize collateral at the outset of a proceeding. Mr. Talmadge has represented syndicate agents, ad hoc lender groups and individual lenders in secured and unsecured transactions, participants in leveraged lease structures, commercial landlords, official creditors’ committees and Chapter 7 trustees.

Mr. Talmadge has been involved in matters encompassing a broad range of industries including aviation, energy, insurance, various manufacturers, media companies, national retailers, apparel companies, motion picture theatre chains, telecom companies, cable companies and commercial real estate property.

Experience

  • Term lenders and syndicate agent in Paragon Offshore, Inc. Chapter 11 proceeding involving total term, revolver and noteholder claims of approximately $2.4 billion. During the course of two separate multi-day trials, on behalf of Cortland Capital and the term loan lenders that are owed in excess of $642 million, successfully defeated confirmation of the debtors' plan of reorganization which sought to reinstate the term loan debt. As per its press reports, the Debtor is now attempting to pursue a consensual plan of reorganization process with all stakeholders.
  • Ad hoc group of term lenders in the restructuring of a $1.9 billion credit facility extended to Arch Coal, Inc. Our attorneys devised a strategy to oppose an exchange offer proposed by Arch Coal with its senior noteholders that would have resulted in significant dilution of the term lenders' position. The company and the term lenders subsequently entered into a plan support agreement and the company commenced a Chapter 11 proceeding. Arch successfully emerged from Chapter 11 as the term lenders received over 90% of the post-reorganization equity and achieved a more than par recovery following emergence.
  • Administrative agent for the ABL lenders in the RadioShack Chapter 11 case involving the sale of the collateral, payment in full to the ABL lenders and ensuing intercreditor litigation.
  • Syndicate agent and steering committee in the consensual restructuring of a $795 million credit facility extended to a global outsourcing and data management company. Following the restructuring, the entity was de-leveraged by approximately $500 million.
  • Syndicate agent and steering committee in the restructuring and ultimate payment in full of a $555 million credit facility extended to Preferred Proppants, LLC, a North American mining company. The case was recognized by Turnaround & Workouts as a 2014 Top Restructuring.

  • Multiple financial institutions with over 80 aircraft in leveraged lease transactions and secured loans to American Airlines in the AMR Corporation Chapter 11 case.
  • Controlling holder of CMBS trust certificates in the Extended Stay Hotel Chapter 11 case.
  • Administrative agent and steering committee in the restructuring of $825 million of first and second lien loans extended to Natural Products Group (NPG). Through a pre-packaged bankruptcy, the first lien pre-petition lenders acquired a majority of the equity of the reorganized entity. NPG was voted Restructuring Deal of the Year (Large Middle Market) in 2011.
  • Administrative agent and lender in the Adelphia Communications Chapter 11 case and related litigation.
  • Major financial institution with over $1 billion of exposure in the Enron Corp. Chapter 11 case and in related litigation.

Recognition

Chambers USA
New York: Bankruptcy/Restructuring (2015)

Credentials

Education
  • JD, Hofstra University School of Law, 1989, with distinction, Benjamin Weintraub and Alan Resnick Bankruptcy Law Prize
  • Bachelor of Accountancy, George Washington University, 1986
Admissions
  • New York
Overview

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