Gregory A. Bray

Primary Focus & Experience

His clients have included hedge funds, private equity funds, money center banks, financial institutions, lender syndicates comprised of first and second lien lenders, trustees and receivers, creditors' committees and equity securities holders. He has advised funds making control investments in, and potential purchasers of, financially distressed companies, both in and out of court. He has also advised lenders in the structuring and documentation of high risk loans and debtor-in-possession loans, and the board of directors of public companies in financial distress with respect to corporate governance and fiduciary duty issues. He has also advised the FDIC on certain policy and structuring matters with respect to Title II of the Dodd-Frank Reform Act.

Mr. Bray has more than 35 years’ experience in transactions and litigations related to the restructuring of companies in numerous industries. His clients have often engaged him for matters with unique issues that do not have precedent and require creative thinking, consensus building and good judgment. He has prevailed for his clients in cases leading to published decisions concerning valuation, reinstatement, new value and “loan to own” lender liability. His representative experience includes matters such as:

• GOL Linhas Airlines (Company)
• Intelsat SA (Official Committee of Unsecured Creditors)
• Avianca Airlines (Company)
• Pacific Gas & Electric Company (Official Committee of Unsecured Creditors)
• Verity Health System (Official Committee of Unsecured Creditors)
• Remington Arms Company (Company)
• California Proton Treatment Center (Senior Secured Lenders)
• Walter Industries (Ad Hoc Committee of Senior Noteholders)
• Breitburn Energy Partners LP (Official Committee of Unsecured Creditors)
• Seadrill Partners LLC (Agent and Steering Committee of Senior Secured Lenders)
• Verso Corporation (Informal Committee of First Lien Lenders)
• Haggen Holdings, LLC, et al. (Purchaser)
• The Great Atlantic & Pacific Tea Company, Inc. (A&P) (Purchaser)
• Education Management Company, Inc. (Senior Secured Lenders)
• IAP Worldwide Services (Company)
• Cengage Learning, Inc. (Senior Secured Lenders)
• Evergreen International (Agent and Senior Secured Lenders)
• Contech Construction Products Inc. (Senior Secured Lenders)
• Hawker Beechcraft (Senior Noteholders)
• Heckler & Koch (Senior Noteholders)
• Spansion, Inc. (Plan Investor)
• JL French (Debtors)
• Young Broadcasting (Senior Secured Lenders)
• Midway Games (Official Creditors Committee)
• WL Homes (Agent and Lenders)
• Lehman Brothers (Official Unsecured Creditors Committee)
• America Home Mortgage (Repo Party; Lender)
• Delphi Corporation (Plan Investor)
• General Motors Acceptance Corporation (Investor)
• Nellson Nutraceutical, Inc. (Agent for First and Second Lien Credit Facilities)
• Radnor Holdings (Secured Creditor/Credit Bidder)
• AES Londonderry (Granite Ridge) (Lenders and Investors)
• NEG/Brazos (Agent)
• WorldCom, Inc (Ad Hoc Committee and Creditor)
• Delta Airlines (Aircraft Lender)
• Northwest Airlines (Aircraft Lender)

Recognition & Accomplishments

Mr. Bray’s reputation in the legal marketplace has earned him top rankings from publications and directories, including: The Best Lawyers in America; Guide to the World’s Leading Insolvency and Restructuring Lawyers; IFLR1000; Lawdragon for Global Restructuring & Insolvency and named as a 500 Leading Global Restructuring & Insolvency Lawyer; Chambers USA (restructuring and finance); Law & Politics Magazine as one of the Super Lawyers in Southern California (restructuring); and the Legal 500 USA. He is AV rated by Martindale-Hubbell and has been selected as an “Outstanding Restructuring Lawyer” by Turnarounds & Workouts.

Mr. Bray is a Fellow in the American College of Bankruptcy. He has spoken and written on various restructuring topics, including valuation, reinstatement, distressed investing and “loan to own” lender liability. He has co-authored a chapter entitled “Evaluating strategic debt buybacks: How to pursue effective de-leveraging strategies” in Navigating Today's Environment: The Directors' and Officers’ Guide to Restructuring. He is admitted to practice in the State of California and the State of New York.