Darren Azman

Overview

Darren Azman is a member of the firm-wide Management Committee and a partner in the Business Restructuring group. Darren’s practice focuses on corporate restructurings, creditors’ rights and distressed acquisitions. His clients include troubled companies, official creditors’ committees, private equity sponsors, financial and strategic purchasers of distressed assets and others in connection with in-court and out-of-court restructurings.

Darren is a recognized leader in the cryptocurrency space, having led the representation of the official committee of unsecured creditors in the first-ever crypto chapter 11 case, Cred. Inc. His efforts in Cred have led to the development of novel case law that has generated millions of dollars of recoveries for creditors, including obtaining a court order requiring Cred’s former chief capital officer to return more than $6m of stolen cryptocurrency within 30 minutes after the court hearing concluded. Darren is now leading the representation of the official committee of unsecured creditors in the chapter 11 case of Voyager Digital, a crypto exchange with more than 1 million customers. He is also now representing the official committee of unsecured creditors in the first crypto mining chapter 11 case, Compute North. Darren is frequently asked to speak around the country on the intersection of bankruptcy and cryptocurrency, and regularly publishes articles on that topic, including in the American Bankruptcy Institute Journal, the Journal of Corporate Renewal, and Law360.

Darren also has distinct restructuring experience in the fields of energy, manufacturing, healthcare, technology, maritime and transportation, and cross-border restructurings, including insolvency proceedings involving Canada, British Virgin Islands, Brazil, Germany, Japan, South Korea and other countries. He routinely litigates matters in US Bankruptcy Courts.

Results

Creditor Committees in Chapter 11 Cases

Official Committee of Unsecured Creditors in the Chapter 11 Cases of crypto exchange platform Voyager Digital, Inc.
Official Committee of Unsecured Creditors in the Chapter 11 Cases of cryptocurrency financial services platform Cred Inc.
Official Committee of Unsecured Creditors in the Chapter 11 Case of Compute North, a leading data center for cryptocurrency miners with facilities in South Dakota, Texas, and Nebraska

Official Committee of Unsecured Creditors in the Chapter 11 Case of PhaseBio Pharmaceuticals, a publicly traded biopharmaceutical company that develops novel therapies for cardiovascular diseases
Official Committee of Unsecured Creditors in the Chapter 11 Cases of retail energy provider Entrust Energy, Inc.
Official Committee of Unsecured Creditors in the Chapter 11 Case of retail energy provider Griddy Energy LLC
Official Committee of Unsecured Creditors in the Chapter 11 Cases of specialty metals supplier Energy Alloys Holdings, LLC
Official Committee of Unsecured Creditors in the Chapter 11 Cases of restaurant chain Perkins & Marie Callender’s, Inc.
Ad hoc bondholder group holding $300 million in principal amount in connection with the reorganization of Brazilian oil and gas company OGX Petroleo & Gas Participacoes SA

Distressed Companies in Chapter 11 Cases and Out-of-Court Restructurings

Represented Volunteer Energy Services, a retail supplier of electricity and natural gas, in its Chapter 11 bankruptcy proceedings ($200mm revenue; $70mm debt)
Represented medical device manufacturer NinePoint Medical Inc. in its Chapter 11 bankruptcy proceedings
Represented an international apparel manufacturer and retailer with approximately 1,000 store locations in connection with a potential Chapter 11 bankruptcy filing
Represented upstream oil & gas company operating Furie Operating Alaska in its Chapter 11 bankruptcy proceedings ($25mm revenue; $450mm debt)
Represented firearms distributor United Sporting Companies in its Chapter 11 bankruptcy proceedings ($550mm revenue; $300mm debt)
Represented Agera Energy, a retail supplier of electricity and natural gas, in its Chapter 11 bankruptcy proceedings ($750mm revenue; $375mm debt)
Represented Borgers S.A., a Germany-based automotive parts manufacturer with facilities in Europe and the US, in an out-of-court restructuring (€900mm revenue; €350mm debt)
Represented international fuel bunker supplier O.W. Bunker Germany GmbH in its Chapter 15 bankruptcy proceedings and in connection with litigation in New York and Texas regarding unpaid fuel bunker receivables
Represented Japanese real estate portfolio companies in connection with an out-of-court restructuring ($400mm debt)
Represented publicly traded insurance company Affirmative Insurance Holdings, Inc. in its Chapter 11 bankruptcy proceedings ($100mm debt)
Represented intraoperative neuro physiological monitoring company ProNerve Holdings, LLC in its Chapter 11 bankruptcy proceedings ($30mm revenue; $50mm debt)
Represented cable and broadband equipment repair company Contec Holdings, Ltd. in its Chapter 11 bankruptcy proceedings ($150mm revenue; $360mm debt)

Financial Sponsors and Strategics in Acquiring Distressed Companies

In re: GBG Sean John LLC (Bankr. S.D.N.Y) – Sean John fashion and lifestyle brand
In re: Vitality Health Plan of California (Bankr. C.D. Cal.) – HMO Health Insurance Plan in California
In re: Imerys Talc America, Inc. (Bankr D. Delaware) – Talc mines and operations located in Vermont, Montana, Texas, and Canada
In re: IntegraMed Holding Corp. (Bankr. D. Delaware) – Management company for nationwide group of fertility practices
In re: Texas Pellets Inc. (Bankr. S.D. Texas) – Wood pellet production facility
In re: Willowood USA Holdings, LLC (Bankr. D. Colorado) – Crop protection products and related EPA registrations
In re: Real Industry, Inc. (Bankr. D. Delaware) – Aluminum recycling facilities
In re: BTH Quitman Hickory LLC (Bankr. D. Nevada) – Wood pellet production facility
In re: WonderWork, Inc. (Bankr. S.D.N.Y.) – Charitable assets including restricted donations
In re: SEGA Biofuels, LLC (Bankr. S.D. Georgia) – Wood pellet production facility
In re: SunEdison, Inc. (Bankr. S.D.N.Y.) – Solar energy assets
In re: Revel AC, Inc. (Bankr. D. New Jersey) – Casino
In re: Potomac Supply Corporation (Bankr. E.D. Virginia) – Forest products company
In re: Arctic Glacier (Bankr. D. Delaware) – Ice manufacturer

Directors & Officers and Other Parties in Bankruptcy Court Litigation

Represented former officer of ITT Educational Services, Inc. in connection with the ITT Chapter 7 bankruptcy proceedings
Represented four of the world’s five largest intermodal shipping container lessors in the Chapter 15 case of Hanjin Shipping Co., Ltd. and related insolvency proceedings worldwide, including Korea
Represented indenture trustees and administrative agents in connection with Chapter 11 proceedings
Represented trade creditors and other parties in defending fraudulent conveyance and preference actions in Chapter 7 and Chapter 11 proceedings

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Recognitions

Best Lawyers (Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law), 2023
The M&A Advisor, Chapter 11 Reorganization of the Year – Cred Inc., 2022
The M&A Advisor, Restructuring Deal of the Year – Vitality Health Plan of California, 2022