Meet The Attys Tapped To Deliver On STG Logistics’ Ch. 11

Freight company STG Logistics Inc. has assembled a team of lawyers from Kirkland & Ellis LLP and Cole Schotz PC to see it through a bankruptcy it hopes will address more than 90% of its debt before the year is half over.

STG and several affiliates filed for Chapter 11 protection in New Jersey bankruptcy court on Jan. 12 with up to $10 billion in liabilities and an agreement with lenders to significantly trim the company’s debt load. STG, which provides freight and logistics services, said in a statement it has signed a restructuring support agreement with its lenders and equity sponsors that will provide the company with $150 million in new funding and help it cut about 91% of debt.

The company, which is backed by Oaktree Capital Management and Wind Point Partners, said it planned to use the $150 million in financing offered by its lenders to support its business during the Chapter 11 case.

The court entered an interim order on Wednesday allowing the debtor to access DIP financing.

STG’s bankruptcy filing comes roughly one year after certain lenders sued the company over a liability management transaction, or LMT, that excluded them. In a complaint filed in January 2025 in New York state court, the lender group alleged the deal stripped its collateral and subordinated its debt to competing lenders’ new loans.

The company transferred collateral assets backing the excluded lenders’ loans to a so-called unrestricted subsidiary that did not guarantee their debt under STG’s credit agreement, according to the complaint. STG then repaid the debt of the favored lenders, who extended new loans to the unrestricted subsidiary backed by the transferred collateral and STG’s remaining assets.

New York Supreme Court Justice Anar Rathod Patel mostly rejected motions to dismiss the claims asserted by the excluded lenders.

The debtor is aiming to exit Chapter 11 in about five months. Here are the attorneys aiming to help it do that:

Michael D. Sirota

A member in his firm’s office in Hackensack, New Jersey, Sirota is the co-chair of the bankruptcy department and has helped clients including WeWork and Bed Bath & Beyond in their Chapter 11s. He graduated from Syracuse University College of Law with his law degree, his firm profile says.

Felice R. Yudkin

Also a member based in Hackensack, Yudkin has taken on work for clients including David’s Bridal in its Chapter 11, and also assisted BlockFi and WeWork in their respective bankruptcies. She received her bachelor’s degree from Emory University and her law degree from Fordham University School of Law, her firm profile says.

Daniel J. Harris

Another member in the Hackensack office, Harris has helped clients including National Realty Investment Advisors LLC and, like his colleagues Yudkin and Sirota, WeWork in their respective Chapter 11 cases. He graduated from George Washington University with a bachelor’s degree and from Pace University’s Elisabeth Haub School of Law with a J.D., according to his firm biography.

Warren A. Usatine

A Boca Raton-based member, Usatine is a co-chair in the litigation department and has assisted clients including Rite Aid Corporation in its bankruptcy, while also having taken part in the bankruptcies of BlockFi and WeWork. He received his bachelor’s degree from the University of Virginia and his J.D. from the University of Pennsylvania Law School, his firm website says.

Click here to read the full article.