Prior Work Experience

Representative Experience

• Represented a leading business to business media provider and trade show operator with significant operations in both the United States and overseas. The company sought to sell substantially all of its assets pursuant to Section 363 of the Bankruptcy Code. Mr. Chalut had a lead role in negotiating the asset purchase agreement, the sale and bid procedures, the DIP agreement, and cash collateral order with the company's key constituents. To preserve enterprise value, the company sought an expedited process to obtain an order authorizing the sale in less than 50 days after filing for chapter 11. Over the creditors' committee's objection and after a contested hearing conducted by Mr. Chalut, the company secured the timeline it sought, the order was entered 50 days from the filing of the bankruptcy, and the assets were sold.
  
• Represented an enterprise that had interests in eleven casinos across five states, including in Las Vegas, Nevada and Atlantic City, New Jersey. The company confirmed two separate plans of reorganization on a consensual basis by restructuring liabilities of more than $3.3 billion. Mr. Chalut assisted in all aspects of this case. Among other things, he played a lead role in negotiating the plan and associated documents, in leading the "first day" prep team, and in litigation involving the former equity holder of the company.
  
• Represented United Air Lines, Inc. in the largest airline Chapter 11 restructuring in history. Mr. Chalut assisted in all aspects of this case. Among other things, he played a key role in the negotiation of the plan and disclosure statement, the restructuring of United's pension and special facility bond obligations, the development and implementation of United's cross-border strategy, the development and implementation of a worldwide communications strategy, and the development and implementation of the strategy and reconciliation of the claims filed against United including the litigation of related claims objections. In addition, Mr. Chalut also represented United in various matters in which United's debtors filed for Chapter 11.
  
• Represented a leading manufacturer of precision components primarily for the automotive industry and also for the medical device industry in a comprehensive out-of-court restructuring. Pursuant to the restructuring, the holders of senior subordinated notes issued by the company exchanged their notes for 93.5 percent of the shares of new common stock. In addition, those holders of notes who elected to participate could purchase preferred stock in the company. The purchase price received for the new preferred stock was used, in part, to pay the balance of the debt under the company's second lien credit facility. Working with senior management and the company's key constituents, Mr. Chalut helped to negotiate and draft the restructuring agreement, post-restructuring financing agreement, shareholder agreements, preferred stock agreements, and related agreements.
  
• Represented the world's largest company dedicated solely to the sale of medical in vitro diagnostics products, systems and services. These negotiations culminated in an agreed upon debt to equity conversion of the company's bond indebtedness and a substantial portion of its secured bank debt. Mr. Chalut assisted in all aspects of this matter.
  
• Representing creditors committee in connection with the Gamma Medica, Inc. bankruptcy case. Mr. Chalut also represented Honeywell in the U.S. Airways bankruptcy case, which included representation of the Company in its service on the U.S. Air Creditors Committee.
  
• Representing senior lender in connection with the Metro Fuel Oil Co. Chapter 11 bankruptcy case.
  
• Representing Fortune 150 Company in review of its cross-border licensing agreements.
  

Publications/Speeches

• Speaker, China: Legal, Tax & Accounting Update (March 18-19, 2013)
• Speaker, China: Legal, Tax & Accounting Update (March 19-20, 2012)
• Co-author, River Road: The Right Road for Selling a Secured Lender’s Collateral Under a Chapter 11 Plan of Reorganization, The Banking Law Journal (February 2012)
• Co-author, Current Developments in Intellectual Property Issues in Bankruptcy, Practising Law Institute
• Co-author, Current Developments in Allowance and Priority of Claims; Expenses of Administration; Late Claims, CERCLA Claims; Equitable Subordination, Practising Law Institute

Media Mentions

• Looking at Laterals in the Wake of Dewey & LeBoeuf's Collapse By Roy Strom, Chicago Lawyer

Affiliations

• Co-chair, Turnaround Management Association Breakfast Committee (2013)
• Member, American Bankruptcy Institute
• Member, Turnaround Management Association
• Member, University of Michigan Alumni Association
• Member, Spartan Leaders

Distinctions

• Recommended “Top Lawyers in Illinois” in Bankruptcy & Workout Law, Leading Lawyers Network, a division of Law Bulletin Publishing Company (2012)