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 has distinct restructuring experience in the fields of energy, manufacturing, healthcare, blockchain and cryptocurrency, 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.
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 subsequently led 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 also represented the official committee of unsecured creditors in the first crypto mining chapter 11 case, Compute North. Darren has also represented Prime Trust, a leader in the crypto space with more than $3.8bn of crypto and fiat under custody at its peak, in its chapter 11 bankruptcy case, the official creditors committee in Terra Form Labs, a crypto company that issued the Terra stablecoin and associated LUNA token, and the official creditors committee in Rhodium Encore, an industrial Bitcoin mining company with 227.5 MW of deployed capacity and more than 53,000 deployed miners. 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.
Results
Distressed Companies in Chapter 11 Cases and Out-of-Court Restructurings
- Represented Prime Trust, a leader in the crypto space with more than $3.8bn of crypto and fiat under custody at its peak, in its chapter 11 bankruptcy proceedings
- 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)
Creditor Committees in Chapter 11 Cases
- Official Committee of Unsecured Creditors in the chapter 11 bankruptcy case of Everstream Solutions, a data provider with more than 34,000 miles of fiber in 13 states and $1 billion of funded debt
- Official Committee of Unsecured Creditors in the chapter 11 bankruptcy case of Harvest Sherwood, the largest independent wholesale food distributor in the US with $4 billion of annual revenue
- Official Committee of Unsecured Creditors in the chapter 11 bankruptcy case of Global Clean Energy, a vertically integrated renewable energy company with $2.1 billion of funded debt
- Official Committee of Unsecured Creditors in the chapter 11 bankruptcy case of DocuData Solutions, a global leader in business process automation with $1.3 billion of funded debt
- Official Committee of Unsecured Creditors in the chapter 11 bankruptcy case of Paragon Industries, Inc., a manufacturer of steel pipes for the oil & gas industry
- Official Committee of Unsecured Creditors in the chapter 11 bankruptcy case of Forever 21, a leader in the “fast fashion” industry with more than 350 retail locations in the US and approximately $1.6 billion of funded debt
- Official Committee of Unsecured Creditors in the chapter 11 bankruptcy case of Plenty Unlimited, an AgTech company with a platform focused on indoor vertical farming
- Official Committee of Unsecured Creditors appointed in the chapter 11 bankruptcy case of TreeSap Farms one of the largest horticulture producers in the US with a network of 15 farms covering 6,700 acres
- Official Committee of Unsecured Creditors in the chapter 11 cases of Rhodium Encore, an industrial Bitcoin mining company with 227.5 MW of deployed capacity and more than 53,000 deployed miners
- Official Committee of Unsecured Creditors in the chapter 11 cases of Hardinge Inc., a manufacturer of metal-cutting machine tool solutions with $330m of annual revenue
- Official Committee of Unsecured Creditors in the chapter 11 cases of Big Lots, a discount retail chain with around 1,400 locations and $5 billion of annual revenue
- Official Committee of Unsecured Creditors in the chapter 11 cases of DRF Logistics, a provider of domestic ecommerce parcel services that facilitates more than 200 million packages annually
- Official Committee of Unsecured Creditors in the chapter 11 cases of Vyaire Medical, a global provider of medical ventilators and respiratory diagnostics, with more than $530m of funded debt
- Official Committee of Unsecured Creditors in the chapter 11 cases of Terraform Labs, a crypto company that issued the Terra stablecoin and associated LUNA token
- Official Committee of Unsecured Creditors in the chapter 11 cases of WOM SA, one of the fastest growing and market-leading Chilean telecommunications providers with more than $1 billion of outstanding debt
- Official Committee of Unsecured Creditors in the chapter 11 cases of Acorda Therapeutics, a biopharmaceutical company that has developed breakthrough treatments for neurological disorders, with more than $200m of outstanding debt
- Official Committee of Unsecured Creditors in the chapter 11 cases of Casa Systems, a global communications company with more than $180m of outstanding debt
- Official Committee of Unsecured Creditors in the chapter 11 cases of Robertshaw, a global manufacturer of technologies for the commercial and residential appliance and transportation industries, with more than $830m of funded debt
- Crypto Creditors Ad Hoc Group holding more than $300m of Bitcoin and Ethereum in the chapter 11 cases of Genesis Global
- Official Committee of Unsecured Creditors in the chapter 11 cases of AppHarvest, a high-tech sustainable food company with more than $300m of debt outstanding
- Official Committee of Unsecured Creditors in the chapter 11 cases of iMedia Brands, an interactive media company with $450m of annual sales
- Official Committee of Unsecured Creditors in the chapter 11 cases of Benefytt Technologies, a technology-driven distributor of Medicare, health and life insurance products with more than $600 million of funded debt obligations
- Official Committee of Unsecured Creditors in the chapter 11 cases of Wesco Aircraft, the largest independent distribution and supply chain services provider in the global civilian and military aerospace industry, with more than $3 billion of funded debt obligations
- Official Committee of Unsecured Creditors in the chapter 11 cases of Starry Group, a publicly traded fixed wireless broadband internet service provider
- 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
- Ad hoc group of 175 physicians and other healthcare providers in the chapter 11 cases of emergency room and hospitalist management platform American Physician Partners
- Ad hoc group of $200 million of Bitcoin and Ethereum creditors in the chapter 11 cases of crypto exchange Genesis Global
Financial Sponsors and Strategics in Acquiring Distressed Companies
- In re: New Rite Aid, LLC (Bankr. NJ) – Retail and pharmacy chain
- In re: 23andMe Holding Co. (Bankr. E.D. Mo.) – DNA genetic testing company
- In re: Gritstone bio, Inc. (Bankr. D. Delaware) – Oncology vaccines
- In re: Rialto Bioenergy – Bioenergy facility in California
- In re: SafeMoon US, LLC (Bankr. Utah) – Blockchain technology and cryptocurrency
- In re: Invitae (Bankr. N.J.) – Genetic testing assets
- In re: Celsius Network (Bankr. S.D.N.Y.) – Bitcoin mining facilities and operations
- In re: Medly Health Inc. (Bankr. D. Delaware) – Retail and online pharmacy chain
- In re: Cash Cloud, Inc. (Bankr. D. Nevada) – Owner and operator of 4,800 Bitcoin ATMs
- 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
Recognitions
- Chambers Fintech, USA Nationwide: Crypto-Asset Disputes, 2025
- Best Lawyers in America, Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law, 2023-2025, Ones to Watch, 2021-2022
- Chambers USA, Bankruptcy/Restructuring, 2023-2025
- Legal 500 US, Recommended, 2022-2024
- Global M&A Network, Top 50 Restructuring Lawyers, 2024
- Global Restructuring Review GRR 30, Recommended, 2024
- BankruptcyData, H1 2024 Advisory Retentions and Group Activity Report, Ranked in the Top 5 Legal Professionals
- The M&A Advisor, Chapter 11 Reorganization of the Year (Over $1 billion) – Voyager Digital, Ltd., 2023
- The M&A Advisor, Information Technology Restructuring Deal of the Year – iMedia Brands, Inc., 2023
- The M&A Advisor, Consumer Staples Restructuring Deal of the Year – AppHarvest Products, LLC, 2023
- IFLR1000, Restructuring & Insolvency, 2018-2023
- Global Restructuring Review GRR 100, Recommended, 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
- Super Lawyers, New York Metro Rising Star, 2017-2022
- American Bankruptcy Institute, 40 Under 40, 2021
- The American Lawyer, Litigator of the Week (Runner-Up), February 2021
- American Bankruptcy Institute, Asset Sale of the Year (In re: Agera Energy), Lead Debtors’ Counsel, 2020
- Turnarounds & Workouts, Outstanding Young Restructuring Lawyer, 2020
- The M&A Advisor, Emerging Leader Award, 2019
- New York Law Journal, Rising Star, 2019
- The Turnaround Management Association, Non-Profit Transaction of the Year – Wonderwork, Inc., 2019
- The American Lawyer, Honoree, Global Finance Deal of the Year (South America), 2015 (OGX Debt Restructuring)
Credentials
Education
Georgetown University Law Center, cum laude
Bentley University, BS, magna cum laude
Admissions
Massachusetts
New York
Courts / Agencies
US District Court for the Eastern District of New York
US District Court for the Southern District of New York
US Court of Appeals for the Second Circuit
US Court of Appeals for the Third Circuit
US District Court for the District of Massachusetts
US Bankruptcy Court for the Southern District of New York
