Leonard Klingbaum

Partner

New York
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019-6099
T 212 728 8290
F 212 728 9290
lklingbaumwillkie.com

Leonard Klingbaum is a partner in the Corporate & Financial Services Department and Chair of the Finance Practice Group.  Leonard represents clients in sophisticated financing matters including in distressed and insolvency matters.  He has represented companies and lenders in many of the country’s most significant chapter 11 and restructuring matters, and he routinely represents participants in all aspects of distressed investing, strategic lending, loan-to-own and restructuring matters. 

Leonard has handled lending-related transactions including senior bank, high-yield and mezzanine, both secured and unsecured, that have ranged in size from tens of millions of dollars to several billion dollars.  He also acts on behalf of private equity firms and corporate clients as general finance counsel.

Leonard repeatedly has been recognized by The Legal 500 (United States) for his work in finance, noting that clients call him “diligent and hardworking" as well as "adept at locating problems and finding solutions.” Additionally, he is listed in IFLR 1000 as “highly regarded,” and was one of the lawyers recognized by the Turnaround Management Association with its Transaction of the Year: Large Company award for the restructuring of Aquilex Holdings LLC.

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Leonard Klingbaum is a partner in the Corporate & Financial Services Department and Chair of the Finance Practice Group.  Leonard represents clients in sophisticated financing matters including in distressed and insolvency matters.  He has represented companies and lenders in many of the country’s most significant chapter 11 and restructuring matters, and he routinely represents participants in all aspects of distressed investing, strategic lending, loan-to-own and restructuring matters. 

Selected Significant Matters

Leonard's representative matters* include:

  • Bybrook Capital and Morgan Stanley in debt restructuring transactions for DEMA SpA, an Italian aeronautics parts manufacturer, which included Bybrook Capital’s acquisition of a substantial majority of DEMA’s share capital, and in conjunction with Morgan Stanley, funding a new secured €60 million bond
  • Encompass Aviation in its sublease of all 12 of Surf Air’s PC-12NG aircraft and assumption of the company’s aircraft operations and management in California
  • Tronox Limited -- $2.15 billion term loan; $550 million asset-based revolving credit facility; $450 million 5.75% Senior Notes due 2025; $1.5 billion global term loan; $300 million global ABL; $900 million bond offering; $100 million Rand-denominated working capital facility
  • LSB Industries, Inc. – successful consent solicitation to effect certain amendments to its 7.75% Senior Secured Notes due 2019 following the company’s $364 million sale of its climate control business
  • Morgan Stanley Senior Funding – $90 million senior secured term loan facility and $33 million senior secured term loan facility to firearms manufacturer Colt Defense LLC (named “Distressed M&A Deal of the Year ($250M to $500M)” at the 2017 M&A Advisor Turnaround Awards and “Upper Mid-Market Turnaround of the Year” at the 2016 Turnaround Atlas Awards)
  • Morgan Stanley Senior Funding – $85 million first lien exit facility to seismic data provider Global Geophysical Services, Inc.; a $60 million term loan and a $25 million revolver (named “Middle Markets Chapter 11 Restructuring of the Year” at the 2016 Turnaround Atlas Awards)
  • Beechcraft Inc. (f/k/a Hawker Beechcraft) in its bridge “rescue” $120 million loan secured by unencumbered assets, chapter 11 financing and $600 million exit ABL
  • Charter Communications Inc. in its bid to utilize lenders’ cash collateral and subsequently reinstate its multi-billion dollar credit facilities
  • An investment firm in (a) Rural/Metro in connection with its chapter 11 filing and related financing matters, (b) its providing Unitek with a rescue financing arrangement and (c) Sbarro in connection with certain financing and related matters
  • Revel Resort and Casino in its initial chapter 11 and exit financing matters
  • An investment firm in (a) Aquilex LLC ($120 million acquisition financing; $300 million bolt-on acquisition financing), (b) loan-to-own to KV Pharmaceuticals, (c) strategic advice relating to certain bond issuances by American Airlines, (d) attempted acquisition (via loan-to-own and bankruptcy financing) of Artic Glacier
  • An investment firm in (a) its acquisition through bank debt of Bowe Bell & Howell and subsequent financing matters and (b) Avantair in its attempt to effect a loan-to-own
  • Hawaiian Telcom in its $300 million term loan refinancing and $30 million cash flow revolver
  • Innkeepers USA Trust in its pre-chapter 11 and chapter 11 financing matters including unprecedented multiple chapter 11 financing facilities, and cash collateral use stipulation with mortgage lenders and servicers across nine tranches of debt
  • An investment firm in its loan-to-own strategy to acquire Groeb Farms, including acquiring existing debt facility and providing chapter 11 and exit financing
  • The Great Atlantic & Pacific Tea Company (A&P supermarkets) in its $800 million chapter 11 financing
  • MSR Resort Golf Course LLC in its $30 million junior chapter 11 financing arrangements and cash collateral use stipulation with mortgage loan servicer
  • GTCR in ServiceNet in its acquisition and subsequent financing matters
  • The Reader's Digest Association, Inc. in its chapter 11 financing (both as counsel to the company in its first chapter 11 and then as counsel to its largest stakeholder and financing source in its second chapter 11)
  • An investment firm in (a) workout of defaulted debt provided to American Bancard and (b) Bristol Compressors in its acquisition and subsequent financing matters
  • Lear Corporation in its $500 million chapter 11 financing with embedded exit loan conversion feature
  • Tropicana Resort and Casino in its chapter 11 financing matters
  • TOUSA in its chapter 11 financing matters
  • A venture capital firm in PRWireless (d/b/a Open Mobile) in its workout and refinancing efforts
  • JPMorgan Chase, as lead arranger and lender to (a) Tower Automotive in its $725 million chapter 11 financing, (b) United Air Lines Inc. in its $1.3 billion chapter 11 financing, (c) Kmart Corporation in its $2 billion chapter 11 financing, (d) Oneida Ltd. In its $40 million chapter 11 financing, (e) O-Cedar Brands, Inc. in its $25 million chapter 11 financing and (f) Sleepmaster L.L.C. (a Serta brand licensee) in its $135 million Chapter 11 financing
  • Macquarie Bank in its prepetition, chapter 11 and exit financing to Reddy Ice
  • Abu Dhabi Investment Authority in its $30 million mortgage construction loan of a New York City hotel
  • KTR Capital in its loan-to-own (outside of a chapter 11) of a significant amount of class A commercial space in suburbs of Chicago
  • An investment firm in (a) its bid to acquire a controlling stake in the CMBS and other debt of Harrahs and (b) its bid to acquire a stake in the debt of Hard Rock (Las Vegas)
  • Sun Capital Partners in (a) Mark IV financing matters, (b) Friendlys restaurant in its restructuring and bankruptcy financing matters, (c) Berkline/Benchcraft in its financing matters, (d) Perfect Timing in acquisition and subsequent financing matters and (e) Boston Market in connection with acquisition and subsequent financing matters
  • US Steel in its derivatives program
  • Metalmark in its acquisition of Melissa & Doug and related financing matters
  • RJ O’Brien in its workout of troubled loans
  • Bain Capital in its bid to acquire a global vehicle rental company ($1BN+ financing papers fully negotiated)
  • ABRY Partners in (a) Gould & Lamb in its acquisition and subsequent financing matters and (b) Orion Health in the restructuring of sponsor’s structurally subordinated loan facilities

Prior Experience

Prior to joining Willkie, Leonard was a partner at Kirkland & Ellis LLP and at McDermott Will & Emery LLP. 

* Leonard advised on some of these matters at prior firms.

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