Bingham

Bingham

F. Mark Fucci

Partner

Focusing on cross-border matters from the firm’s Hong Kong office, Mark has substantial experience in restructurings, insolvencies and complex financial transactions. Mark currently represents a noteholder group in respect of Suntech, an international solar company, and the ad hoc group of bondholders in Elpida Memory’s corporate reorganization. He has also represented an informal investor group advising on Tokyo Electric Power Company, the operator of the Fukushima reactor, and creditor clients in a number of major cross-border insolvencies, including Takefuji and Spansion. Before moving to Asia, Mark advised on a number of high-profile restructurings including representing the ad hoc committee of senior secured lenders in the Delta Air Lines Chapter 11 case. Mark is named as a leading individual by Chambers Asia and IFLR 1000 and is recommended by The Legal 500 Asia-Pacific for restructuring and insolvency.

Experience

Asia

  • Representing an ad hoc group of convertible noteholders in connection with one of the world’s largest panel manufacturers with operations in the PRC, Europe, the U.S. and elsewhere around the globe
  • Represented an ad hoc committee of bondholders in the Corporate Reorganization of Elpida Memory Inc. and its affiliate Akita Elpida Inc. This is the largest bankruptcy filing in Japan in several years and involves one of the world’s largest DRAM chip makers
  • Represented an informal committee of international investors with respect to Tokyo Electric Power Company (TEPCO), the nation’s largest electric utility and operator of the Fukushima reactors
  • Represented an ad hoc group of bondholders in the corporate reorganisation of Takefuji Corporation
  • Represented a secured lender group in the cross border insolvency of Spansion, the world’s third largest provider of semi-conductor flash memory

Other Financial Restructuring Experience

  • Represented Deutsche Bank, as administrative agent for a group of banks, hedge funds and other institutional lenders, in liquidation of the CS Aviation A300 cargo fleet. Transactions included the consensual foreclosure of ownership interests of private equity sponsor; repossession, sale and leases of aircraft in the US, Europe and Asia; enforcement of judgment against Latin American carrier; litigation against defaulting lessee and its parent company; ownership structuring; and general corporate matters
  • Represented Deutsche Bank, as administrative agent, for a 50-lender syndicate in ongoing restructuring negotiations relating to a US$675 million A tranche and B tranche secured credit facility to IAP Worldwide Services Inc. IAP is a Cerberus Capital Management L.P. portfolio company and one of the leading providers of facilities management, contingency operations, professional services and technical services to U.S. military and civilian agencies
  • Represented the ad hoc committee of senior secured lenders, a group of 60 investment firms, insurance companies, hedge funds and other institutional lenders that control the major portion of the mainline jet fleet of Delta Air Lines. This representation included the renegotiation and implementation of new lease terms involving more than US$1.6 billion of lease debt, foreclosure of owner participant interests, prosecution of administrative claims, repossession and sale of rejected aircraft, pursuit of US$1.9 billion of unsecured deficiency claims, defeat of antitrust litigation brought by the unsecured creditors committee against the ad hoc committee, and litigation with Delta and owner participants over entitlement to unsecured deficiency claims
  • Represented well-known aircraft creditor in negotiations with BCI Leasing
  • Represented a leading, privately held aircraft engine and parts supplier
  • Represented UBS in aircraft restructuring in the Northwest Airlines Chapter 11 bankruptcy
  • Represented Class A EETC certificate holders in restructuring and Chapter 11 bankruptcy of Atlas Air, one of the world’s leading air cargo carriers. The EETCs were restructured as part of an overall restructuring of Atlas’ debt and lease obligations. This restructuring was completed within six months of the filing date. The total amount of EETC obligations exceeded US$1 billion
  • Represented numerous private equipment trust certificate holders in 2003 restructuring of American Airlines lease and debt obligations involving multiple aircrafts
  • Represented aircraft certificate holder groups in lease restructurings in the United Air Lines Chapter 11 bankruptcy
  • Represented a syndicate of U.S. insurance company noteholders in workout of investment grade notes secured by a fleet of oil tankers
  • Represented noteholders of Birmingham Steel Corporation in prenegotiated Chapter 11 and sale of the company for US$615 million
  • Represented convertible noteholders of Kellstrom Industries, a major aviation company
  • Represented noteholders in the bankruptcy of Fine Air Services, an international cargo air carrier
  • Represented public noteholders of Cone Mills Corporation
  • Represented the purchaser of US$400 million of spare aircraft parts from Delta Air Lines in one of the largest transactions of its kind in the aviation industry

Events

  • Speaker, ASIFMA Asia Restructuring Conference, Hong Kong (November 2013)
  • Speaker, Nikkei Distressed M&A Seminar, Japan, Business Opportunities in Distressed M&A (December 2009)
  • Speaker, Distressed & Troubled Asset Investing Summit, Tokyo, Key Lessons from Japanese Restructurings (November 2009)
  • Speaker, Euromoney’s Distressed Debt Asia Conference, Hong Kong, Will there be Distressed Debt Opportunities in the Asian Aviation Sector? (June 2009)
  • Speaker, Euromoney’s Distressed Debt Symposium, Hong Kong, Japan’s Restructuring and Insolvency System in Global Context (May 2008)

Publications

Memberships

  • American Bar Association
  • American Bar Association, Aircraft Financing Subcommittee
  • Association of Commercial Finance Attorneys
  • Executive Committee, Commercial Law and Bankruptcy Section of the Connecticut Bar Association
  • INSOL International
  • New York Bar Association

Awards & Honors

  • IFLR 1000, Restructuring and Insolvency (2012-2014)
  • Legal 500, Restructuring and Insolvency (2013-2014)
  • Chambers Asia, Restructuring and Insolvency (2013)

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