Carl E.Black

Partner

Cleveland + 1.216.586.7035

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Carl Black has played a leading role in Jones Day's representations of debtors and potential debtors, creditors' committees, contract counterparties, equity sponsors, and other significant creditors in many of the nation's largest in-court and out-of-court corporate restructurings. He has substantial experience counseling clients in corporate governance, fraudulent conveyance, illegal dividend, fiduciary duty, piercing the corporate veil, and mass tort, environmental, and legacy liability issues. He also has represented a number of entities in the structuring and consummation of spin-offs, secured financings, distressed sales and acquisitions, and ring-fencing transactions.

Representative chapter 11 debtor cases include: Alpha Natural Resources, American Apparel, Burlington Industries, Chrysler LLC, Dana Corporation, Lehman Brothers (special counsel to the debtors), LTV Steel Company, M&G Chemicals, Inc., NII Holdings, Oglebay Norton Company, St. Mary's of the Woods, and Transtar Industries. Other representations include Hilite International in its cross-border out-of-court restructuring and secured creditors of Syncreon International Group in an English scheme of arrangement.

Carl is a member of the American Bankruptcy Institute, the American Bar Association, the Ohio State Bar Association, and the Cleveland Metropolitan Bar Association. He also serves as a director of the Cleveland Zoo Society.

Experiencia

  • Vintage Wine Estates enters Chapter 11 with plans to sell substantially all assetsJones Day is representing Vintage Wine Estates, Inc. and 11 of its direct and indirect subsidiaries (collectively, the "Debtors") in their chapter 11 cases pending in the United States Bankruptcy Court for the District of Delaware (the Chapter 11 Cases").
  • Receivables financier provides AU$100 million debtor finance facility to Slade Health SPVJones Day advised a receivables financier in connection with a AU$100 million secured debtor finance facility to a special purpose subsidiary of Slade Health, a supplier of pharmaceutical compounding services.
  • Leading financial services company provides $425 million syndicated senior secured credit facility to healthcare companyJones Day represented a leading financial services company, as left lead arranger and administrative agent, in connection with a $425 million syndicated senior secured credit facility, consisting of a $275 million term loan and a $150 million revolving credit facility, provided to a healthcare company.
  • McLaren Health Care sells McLaren St. Luke's HospitalJones Day advised McLaren Health Care, a fully-integrated health care delivery system headquartered in Grand Blanc, Michigan, with respect to the closure and discontinuation of operations of McLaren St. Luke’s Hospital located in Maumee, Ohio, as well as the sale of its facilities, land, and physical assets to another major midwest-based hospital system.
  • ProMedica exits skilled nursing joint ventureJones Day advised ProMedica in the sale of the real estate and management of all of its skilled nursing facilities to joint venture partner, Welltower.
  • Nine Point Energy secures trial victory clearing path for successful reorganization through sale of its assetsJones Day is representing an oil and gas exploration and production company, Nine Point Energy, that is the Debtor in a chapter 11 bankruptcy case, leading to the successful ruling from the bench concluding that at least $150 million of the $157 million in liens asserted by Caliber were invalid, thus, clearing the path for the successful reorganization of Nine Point through a sale of its assets.
  • Cortec Group acquires Enthusiast Auto HoldingsJones Day advised the Cortec Group in connection with the acquisition and related financing of Ohio-based Enthusiast Auto Holdings, LLC and its subsidiaries, an e-commerce distributor of automobile aftermarket and performance parts, including for Audi, BMW, Mercedes, Porsche, and Volkswagen.
  • Ad hoc group of senior secured lenders advised in landmark restructuring of the syncreon groupJones Day acted for the ad hoc group of senior secured lenders in the landmark restructuring of the global logistics syncreon group which was implemented via English Schemes of arrangement, with chapter 15 recognition in the U.S. and CCAA recognition in Canada.
  • Air Medical Group Holdings acquires Seven Bar Aviation, LLCJones Day advised Air Medical Group Holdings (AMGH) in its acquisition of Seven Bar Aviation, LLC (SBA), a privately-held air medical operator offering fixed and rotor wing services to a broad array of leading healthcare organizations throughout the nation.
  • M&G debtors confirm chapter 11 plan of liquidation and close sale of Corpus Christi plant for $1 billionOn December 17, 2018, the United States Bankruptcy Court for the District of Delaware entered an order confirming the Third Amended Plan of Liquidation (the "Plan") of Jones Day client M&G USA Corporation and eight of its affiliates (the "M&G Debtors"), which prior to the chapter 11 filing, were, along with their affiliates in Mexico, Brazil and Europe, one of the largest producers of polyethylene terephthalate resin – used for packaging applications – in the world. On December 28, 2018, after receiving antitrust approval, the M&G Debtors closed the sale of their partially constructed manufacturing facility in Corpus Christi, Texas, (the "Corpus Christi Plant") with a deal value in excess of $1 billion.
  • ProMedica Health and Welltower complete acquisition of HCR ManorCare and Quality Care properties for $4.4 billionJones Day served as lead antitrust counsel for both ProMedica Health Systems, Inc. and HCR ManorCare, Inc., and co-counsel for ProMedica on other complex corporate, bankruptcy, and regulatory issues, in this first of its kind partnership and acquisition.
  • PHH Corporation sells remaining MSR portfolio for $912 million and enters subservicing agreement for 480,000 mortgage loans with New Residential Investment Corp.Jones Day advised PHH Corporation in its $912 million sale of all of its remaining MSR portfolio and related servicing advances to New Residential Investment Corp.
  • Bedrock Industries acquires US Steel CanadaJones Day acted as U.S. counsel to Bedrock Industries LLC, a privately funded holding company focused on owning and operating metals, mining, and natural resources assets, in connection with its acquisition of US Steel Canada, a producer of high quality steel that is used primarily in the North American automotive, construction, infrastructure, appliance manufacturing, and the pipe and tube industries.
  • Owens Corning acquires Pittsburgh Corning for approximately $560 millionJones Day advised Owens Corning in its approximately $560 million acquisition of Pittsburgh Corning, the world’s leading producer of cellular glass insulation systems for commercial and industrial markets.
  • American Apparel sells IP rights to Gildan ActivewearJones Day represented American Apparel, LLC ("AA") in its second chapter 11 case, which was filed on November 14, 2016.
  • PHH Corporation sells GNMA MSR portfolio for $122 million and exit from private label servicing businessJones Day advised PHH Corporation regarding the sale of substantially all of its GNMA MSR portfolio to Lakeview Loan Servicing for $122 million.
  • Foresight Reserves' affiliate completes global debt restructuring of more than $1.4 billion of indebtednessJones Day advised Foresight Reserves LP ("Reserves") in connection with the out-of-court restructuring of Foresight Energy LP's ("Foresight Energy") capital structure.
  • Alpha Natural Resources plan confirmed by U.S. Bankruptcy CourtOn July 12, 2016, the United States Bankruptcy Court for the Eastern District of Virginia entered an order confirming the Second Amended Joint Plan of Reorganization of Alpha Natural Resources, Inc. and 148 of its debtor affiliates, less than one year after Alpha, one of the largest coal companies in the United States, entered chapter 11 with liabilities of approximately $7.1 billion amidst the most challenging economic environment for coal producers in decades.
  • Alpha Natural Resources plan goes effective; Sale of certain assets to Contura Energy Inc. closesJones Day represented Alpha Natural Resources Inc., which emerged from bankruptcy on July 26, 2016, less than one year after the commencement of its chapter 11 cases.
  • Alpha Natural Resources sells Pennsylvania Land ResourcesJones Day assisted Alpha Natural Resources in the $339.5 million sale of certain oil and natural gas assets in Southwest Pennsylvania to Vantage Energy Appalachia II, LLC in connection with Alpha's chapter 11 cases.
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    May 2021 Newsletters

    Business Restructuring Review | May–June 2021

    May 2021 Newsletters

    In Brief: "Failing" Delaware Corporation Can Transfer Assets to Creditors in Lieu of Foreclosure Without Shareholder Consent

    June 2020 External Publications

    Creditors at the Gate: How Good Are Your Indemnities and D&O Insurance?, Pratt's Journal of Bankruptcy Law, LexisNexis, Vol. 16 | No. 4

    November 2019 Commentary

    Cross-Border Restructuring Case Study: syncreon

    September 2013 Alert

    Expansion by the Acquisition of Financially Distressed Health Care Facilities and Companies: Opportunities and Challenges

    January 2012 External Publications

    The Expansion of Bankruptcy Code Section 546(e)'s Application to Leveraged Buyouts Involving Privately Held Securities, Pratt's Journal of Bankruptcy Law

    Publicaciones adicionales

    • December 2019
      Overview of Limitations on Employee Compensation in Bankruptcy, The Bankruptcy Strategist
    • November/December 2019
      An Overview of the Fiduciary Duties of Directors and Officers of Financially Distressed Corporations, Pratt's Journal Bankruptcy Law

    • 2020
      Managing Crisis from the C-Suite
    • 2019
      In-House Counsel – Conflict and Privilege Issues
    • May 7, 2009
      Distressed Asset Transactions: What Strategic Buyers Need to Know
    • December 11, 2008
      Protecting Your Human Capital: Indemnities and D&O Insurance in Troubled Times, Jones Day CLE Academy
    • November 3, 2008
      Third Circuit Update
    • September 20, 2005
      The Significant Business Provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
    • October 5, 1999
      Issues in Debtor in Possession Financing, Jones Day CLE Program

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