Joseph A. Shifer

FirstEnergy Solutions Corp. – Representation of an ad hoc group of bondholders holding over $2 billion of pollution control bonds and corporate bonds of FirstEnergy Solutions Corp. and its subsidiaries. FirstEnergy Solutions Corp. is a leading energy supplier in the Northeast, Midwest and Mid-Atlantic region, owning and operating a number of nuclear and coal-fired power plants.

Seadrill Ltd. - Representation of the Official Committee of Unsecured Creditors of Seadrill Ltd., one of the world's largest offshore drilling companies. The company entered chapter 11 burdened by more than $8 billion of financial debt. As part of the representation, Joe led a multi-jurisdictional team in an investigation of the company’s secured credit facilities that covered more than a dozen individual facilities totaling more than $5.5 billion.

Arch Coal Inc. – Representation of the Official Committee of Unsecured Creditors in the bankruptcy cases of Arch Coal Inc. and its direct and indirect debtor subsidiaries, the second largest holder of coal reserves in the United States.

Peabody Energy Corp. – Representation of Elliott Management Corp. and another investment firm, as holders of more than $1 billion of secured and unsecured claims, in the Chapter 11 case of Peabody, the world’s largest publicly traded, private-sector coal company.

MBIA Insurance Corp. – Representation of MBIA’s surplus noteholders and the purchasers of $328.25 million senior secured notes, issued by MZ Funding LLC, a special-purpose entity affiliate of MBIA. The proceeds of the MZ Funding notes were loaned to MBIA to pay claims on its policy insuring notes issued by the Zohar II collateralized loan obligation. MBIA issued financial guaranty insurance policies covering interest and principal on the MZ Funding notes.

Residential Capital – Representation of the Official Committee of Unsecured Creditors in the bankruptcy of Residential Capital, a wholly owned subsidiary of Ally Financial Inc. The filing was the largest bankruptcy of 2012. The committee played a key role in the process of selling ResCap’s residential mortgage servicing and origination business and its loan portfolio for approximately $4.5 billion, and also led the negotiation of a $2.1 billion settlement between AFI, ResCap and ResCap’s major creditor constituencies. ResCap’s Chapter 11 plan, which was co-proposed by the committee, was ultimately confirmed after a two-phase trial that lasted more than ten days. Following confirmation of the plan, Joe represents the ResCap Liquidating Trust in connection with the resolution of thousands of disputed claims and general corporate matters.

Caesars Entertainment – Representation of an ad hoc group of institutions holding more than $4 billion in first-lien bonds issued by Caesars Entertainment Operating Co. (owner and operator of Caesars Palace and 30 other casinos and resorts under the Bally’s, Harrah’s and Horseshoe brands, among others) in connection with a restructuring of the company, including the use of the ad hoc group’s cash collateral.

Neways – Representation of American Capital Ltd. as agent and lender, in connection with an out-of-court restructuring of approximately $34 million in first-lien loans and approximately $111 million in second-lien loans to Neways, a Utah-based international multilevel marketer of beauty and nutritional products.

Wolverine Tube Inc. – Representation of a first-lien lender in the restructuring of a global manufacturer of copper and copper alloy tube and metal-joining products.

Capmark Financial Group Inc. – Representation of the Official Committee of Unsecured Creditors.

Magna Entertainment Corp. – Representation of the Official Committee of Unsecured Creditors and ad hoc group of noteholders.

Dana Corp. – Representation of the Official Committee of Unsecured Creditors.

Constellation Enterprises – Representation of Constellation Enterprises LLC and its subsidiary companies, including Columbus Castings Co., Jorgensen Forge Co., Commercial Metal Forming and Zero Manufacturing, the manufacturers of military, aerospace, rail and industrial specialty metal and molded plastic products, in the successful disposition of their assets. Following the initiation of Chapter 11 cases before the U.S. Bankruptcy Court for the District of Delaware, the firm assisted the companies in a comprehensive marketing process that culminated in a three-day auction. The sales enabled the companies to transfer their businesses as ongoing concerns, and repay post-petition financing and significant portions of their prepetition secured debt. Joe had primary responsibility in assisting in the companies in obtaining post-petition financing and negotiating the terms of the sales.

General Maritime Corp. – Representation of one of the largest shipping companies in the world in one of the largest Chapter 11 filings in 2011. Ultimately, an agreement was reached on the terms of a fully consensual plan of reorganization allowing General Maritime to emerge from bankruptcy, including a $175 million new capital infusion and the elimination of approximately $600 million of financial debt.

Saint Vincent Catholic Medical Centers – Representation of a prominent health care system with operations throughout New York City and surrounding counties in its Chapter 11 case. Joe advised the health care system on the disposition of numerous going-concern businesses, including three skilled nursing facilities, two home health care agencies, a hospice center and a cancer treatment center, as well as valuable Manhattan real estate.

Bally Total Fitness Holding Corp. – Assist in the representation of one of the largest operators of fitness centers in North America in its reorganization, pursuant to which the company eliminated more than $700 million in structured financial debt.

Ascendia Brands Co. Inc. – Assist in the representation of Ascendia, the manufacturer of numerous well-known consumer brands such as Binaca and Mr. Bubble, in the orderly disposition of its assets.