Drake Saffell

Drake obtained the following experience while an associate at Kirkland & Ellis.

• Represented Pretium Packaging, L.L.C. and nine of its affiliates in its voluntary prepackaged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of New Jersey, a first-of-its-kind expedited prepackaged case in the District. Pretium is a leading global supplier of sustainable rigid packaging solutions used by a diverse set of end markets. Pretium entered into Chapter 11 to implement a comprehensive restructuring transaction that would eliminate approximately $900 million of the company’s roughly $1.8 billion funded debt obligations with the overwhelming support of its existing lenders and Clearlake, its equity sponsor. Pretium received approval for up to $533.5 million in a debtor-in-possession (DIP) term loan facility and access to a $100 million DIP ABL facility, and commitments to roll the facilities into exit financing to support Pretium’s long-term growth.
• Represented GLAS Trust Company LLC, as agent to a co-operative group of institutional lenders, in the Chapter 11 restructurings of BYJU’s Alpha, Epic! Creations, Neuron Fuel and Tangible Play. Following the discovery of extensive fraud within BYJU’s ed-tech conglomerate, the lenders exercised remedies against BYJU’s Alpha, which commenced Chapter 11 proceedings and successfully obtained summary judgments of more than $540 million each against multiple defendants on account of fraudulent transfers. In addition, the lenders successfully commenced involuntary Chapter 11 proceedings against Epic! Creations and the other U.S. subsidiaries and obtained the appointment of a Chapter 11 trustee, ultimately resulting in $100 million of proceeds from asset sales. Related international proceedings included involuntary insolvency proceedings against Think & Learn in India and receivership proceedings against Great Learning in Singapore, among others.
• Represented Artivo Surfaces, a Transom Capital portfolio company, in its successful acquisition of Walker Zanger, a leading luxury stone and tile distributor, through a section 363 private sale.
• Represented Rite Aid Corporation and 119 of its affiliates in Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Rite Aid entered its Chapter 11 cases with $3.45 billion in debtor-in-possession financing. Following months of negotiations, including court-ordered mediation with all of Rite Aid’s key stakeholders as well as several bet-the-company disputes, and obtaining an additional $75 million in DIP financing later in the cases, Rite Aid was able to deleverage its balance sheet by approximately $2 billion through a recapitalization transaction with its senior secured noteholders and resolve more than $2.5 billion in pending and threatened litigation. Rite Aid emerged from Chapter 11 on August 30, 2024, with $2.97 billion in committed exit financing, a new go-forward supply contract with McKesson (Rite Aid’s largest vendor and the provider of 98% of its just-in-time prescriptions), settlement agreements or controlled substance injunctive terms with the Department of Justice and 15 states in which Rite Aid conducts business, and a leaner, more efficient real estate footprint.
• Represented SunPower Corporation and certain of its subsidiaries in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. SunPower is a leading provider of residential solar energy solutions throughout North America, having fitted over half a million homes with its solar energy systems. At the time of the Chapter 11 filing, the SunPower enterprise had over $2 billion of total indebtedness. Prior to filing its Chapter 11 cases, SunPower entered into a stalking horse purchase agreement that contemplates a going-concern sale of its key businesses.