Milbank LLP successfully guided Incora, a leading provider of comprehensive supply chain management services in the global aerospace industry, through confirmation and consummation of a chapter 11 plan of reorganization. Incora obtained confirmation of its chapter 11 plan on December 27, 2024, paving the way for it to emerge from bankruptcy as a financially healthy company with a strong pipeline of new business prospects.
Incora filed for chapter 11 protection on June 1, 2023, in the US Bankruptcy Court for the Southern District of Texas, facing severe liquidity constraints as the result of Covid-driven supply chain challenges. At that time, Milbank negotiated and obtained $300 million in debtor-in-possession financing that allowed Incora to maintain and develop its operations through the restructuring process. Milbank then assisted Incora in a comprehensive process to harden Incora’s supply chain through payment agreements with hundreds of vendors and to renegotiate dozens of burdensome customer contracts.
In parallel with this operational restructuring, Milbank led efforts to reach a global settlement among Incora, the official committee of unsecured creditors, and five classes of bondholders that had been involved in overlapping legal proceedings following Incora’s March 2022 recapitalization transactions. Following multiple rounds of mediation, Incora obtained global support for an innovative plan of reorganization that allowed Incora to emerge from bankruptcy on January 31, 2025, with $100 million in exit debt financing, while allowing the bondholders to continue their litigation on appeal.
The Milbank team included Financial Restructuring partners Dennis Dunne, Samuel Khalil and Matt Brod, special counsel Benjamin Schak, and associates Dan Porat, James McIntyre, Charlie Fendrych, Michael Scian and Rupsha Basu; Litigation & Arbitration partners Andrew Leblanc and Samir Vora and associates Julie Wolf, Hannah Blazek, Riah Kim and Victoria Colbert; Alternative Investments partners Al Pisa and Maya Grant and associate Nathaniel Bachelis; Global Corporate partners Casey Fleck and Jason Anderson and associate Ryan Aymard; Corporate Finance and Securities partner Paul Denaro and associate Nicholas Kunz; and Tax partner Russ Kestenbaum.
