Altera Chapter 11
Kanisha Dezarn
UK-based Altera Infrastructure, formerly Teekay Offshore, has emerged from the chapter 11 process in the United States Bankruptcy Court for the Southern District of Texas after consummating its plan of reorganisation.
The restructuring addressed more than $1bn of secured and unsecured holding company debt, $400m of preferred equity, and $550m of secured asset-level bank debt. The Brookfield Asset Management-controlled company said the move comprehensively reprofiled its bank loans to better align cash flow with debt service obligations and equitised more than $1bn in junior debt obligations.
The restructuring also enabled Altera to strike a deal with Equinor for a bareboat charter for the Petrojarl Knarr FPSO vessel, which served as one of the key drivers in the restructuring. The FPSO is set to be deployed for the Rosebank field development project, pending final investment decision and regulatory approvals. The Equinor Contract is firm for nine, with options up to a total of 25 years.
Altera has a fleet of 37 vessels, including FPSO units, shuttle tankers, floating storage and offtake units, long-distance towing and offshore installation vessels and a unit for maintenance and safety. The majority of its fleet is employed on medium-term contracts.
Paul, Weiss advised Brookfield Business Partners L.P. as sponsor in the successful prearranged chapter 11 cases of its portfolio company, Altera Infrastructure, a leading global supplier of infrastructure assets to the offshore energy industry. Altera emerged from bankruptcy on January 9 in the U.S. Bankruptcy Court for the Southern District of Texas after successfully consummating its chapter 11 plan of reorganization.
The Paul, Weiss team included, among others, restructuring partners Jacob Adlerstein, Brian Hermann and Paul Basta; corporate partners Brian Lavin, David Huntington, David Carmona and Gregory Ezring, and counsel Lyudmila Bondarenko; litigation partner Gregory Laufer and Andrew Ehrlich, and counsel Robert Kravitz and Peter Jaffe; tax partner Lindsay Parks and counsel Anne McGinnis; intellectual property partner Charles Googe; and environmental counsel William O'Brien.
In the July 2024 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.
Litigation partner Greg Laufer, restructuring partner Elizabeth McColm and corporate partner Laura Turano were featured in a video blog post in Vault on how to make the most of being an associate at a major law firm.
In the June 2024 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.
In the May 2024 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.
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Birdy is a energetic, quick to anger, self confident young adult who has a strong sense of justice and at times lacks common sense and etiquette, depending on the continuity, Birdy is tactless and very blunt about her feelings and intentions which usually leads to comedic conversations with others around her who are aware of her blunders. Despite these traits, Birdy can also be a very sharp detective and recognize details others cannot partially thanks to her heightened senses, she is very caring, appreciates anyone friendly towards her even those who are only mildly helpful, she will do anything to protect the lives of the innocents including sacrificing her own life if it means saving others. In the reboot manga and its sequel Birdy is also extremely opposed to any sort of killing even if her own life is at risk, this trait is not shared with her other incarnations where she will kill if necessary.
Birdy has multiple appearances throughout the different continuities, however some elements remain similar, her eyes are light blue, she has long hair colored with some combination of white and pink, her uniform is a revealing one piece leotard with long sleeve gloves and stockings and she usually has some form of headpiece, her outfit is generally a shade of blue or purple combined with white elements. In the reboot manga and Decode she also wears heels.
In the 1985 manga and the reboot manga Birdy sometimes wears a long black coat, shades and a hair band without transforming her body. she also disguised herself as an inspector by transforming while infiltrating an Agni lab. Rarely, Birdy wears other human clothes without transforming her appearance, this most commonly happens when she transforms her body from Tsutomu Senkawa's form to hers, retaining the clothes he wore prior to the transformation.
In Decode Birdy had been living on Earth for some time before her first meeting with Tsutomu Senkawa, posing as Shion Arita. As Shion, Birdy works as a model and later an idol, she pretends to be more airheaded than her usual self and changes the color of her hair to brown as well as wearing human clothing.
The seventh chapter of the original manga gives out Birdy's physical data, her height is 170 centimeters, she weighs 52 kilograms, her bust is 88 centimeters, the waist is 60 centimeters and her hips are 86 centimeters. These numbers probably do not apply to other incarnations of of her as her dimensions are quite different in the various continuities.
Birdy is an Ixioran Altan, a bio-engineered super soldier. As a child she was cared for by a marionette named Violin and was trained by the Space Federation Police to become an elite police investigator, in the reboot manga she was also taught to never kill no matter the case and sacrifice herself if needed. Roughly at ten years old, Birdy was caught up in a terrorist attack on the Central Tower where her caretaker Violin was killed by a Berseker type unit, afterwards Birdy went berserk and destroyed the unit, she then fainted and was saved from the collapsing building by Skelezzo. In Decode Birdy was saved by her childhood friend Nataru Shinmoyu who travelled back in time to rescue her and hand her over to nearby Federation officers. Due to this event she received the unofficial moniker "Berserker Killer Birdy", her moniker proceeds her as her adversaries and even colleagues tend to know her first by it before they even meet her, this sometimes causes confusion as others believe she received this moniker due to extremely violent tendencies rather than her ability to defeat the Berserker units, although she does exhibit extreme violence at times, it's a misrepresentation of hers which she generally doesn't like.
In the OVA, Birdy is an Ikus-class Altirrian humanoid, early on in a flashback, Tsutomu experiences Birdy's memories of the Central Tower Attack, Birdy is seen running looking for Violin in redly lit hallways, she runs into a Berserker unit that attempts to attack her however Violin blocks the attack and is killed instead, Birdy sees a figure who taunts her and tells her it is a little gift from Christella Revi.
Durability: combining her attributes as an Ixioran as well as her armor, she is able to effortlessly tolerate most attacks targeted at her including rifle bullets and not feel much pain, however a sufficiently powerful attack will hurt her and it has been shown several times that there are specialized devices and weapons that can destroy her armor and injure her including other Ixiorans.
Transformation: Birdy may transform one part or her entire body's appearance in order to disguise herself or switch clothing. she uses this ability to disguise her body as Tsutomu's, mostly to allow him to live his own life but at times also to gather information using his appearance unbeknownst to others and even him.
Crash: Birdy is able to concentrate her power and unleash it by making physical contact in the form of an electric shock, this ability is given a name in the remake manga however it appears she used this specific ability in the original manga and the OVA too to kill Tsutomu.
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