Trey Rayburn Partner

Trey advises leading financial institutions on corporate workouts, restructurings and bankruptcies. Lenders, lessors and agents benefit from his substantial experience in the restructuring of troubled credits, both in and out of court. For over 17 years, Trey has negotiated and documented loan workout agreements, including amendments to troubled credit facilities, forbearance agreements, debt-for-equity swaps, and master restructuring agreements, as well as post-petition facilities.

Trey frequently represents administrative agents for syndicated credit facilities in the middle and upper-middle markets.  His clients include national banks and other lenders that are creditors at various levels of a distressed company’s capital structure, including senior secured lenders, second-lien lenders, subordinated lenders and unsecured creditors.

Trey’s experience crosses a variety of industries and includes communications, retail, healthcare, restaurant, manufacturing, technology, agriculture and transportation, among others.

Experience

Representation of administrative agent for secured lenders in connection with workout of over $725 million credit facility to a national brand food company, including provision of $80 million super-priority short-term credit facility. Completed out-of-court restructuring involving incurrence of second-lien indebtedness resulting in repayment of over $550 million of senior indebtedness.

Representation of administrative agent for secured lenders in connection with workout of $250 million revolving credit facility to a national trucking company.

Representation of administrative agent for secured lenders in connection with workout of approximately $240 million credit facility to an international direct mail marketing company, including provision of $7 million super-priority short-term credit facility.

Representation of a senior secured lender in connection with restructuring of approximately $107 million owed by a real estate media company, including a debt-to-equity conversion.

Representation of administrative agent for secured lenders in connection with workout of an approximately $82 million senior credit facility extended to a for-profit education company.

Representation of administrative agent for first lien secured lenders in connection with workout of over $65 million revolving credit facility to a national collection company, including comprehensive restructuring involving conversion of over $400 million in second lien secured bond debt to equity.

Representation of administrative agent for secured lenders in connection with workout of over $60 million credit facility to a national restaurant franchisee with over 170 restaurants.

Representation of secured lender in connection with workout of approximately $30 million owed by an automobile dealer.

Representation of senior secured lender in connection with a workout of approximately $22 million owed by a multinational communications services company.

Representation of lender in connection with workout of approximately $20 million owed by marine services company.

Representation of equipment lessor in connection with workout of approximately $18 million owed in connection with a private aircraft lease.

Representation of secured lender in connection with the workout of approximately $12 million owed by a hotel owner/operator.

Representation of a large financial institution in its capacity as administrative agent under a $521 million credit facility extended to LSC Communications, Inc. The representation included bankruptcy preparations, consummation of a $100 million debtor-in-possession credit facility and negotiations regarding a credit bid for a 363 sale transaction that resulted in repayment in full to the client and the other first-lien lenders (S.D.N.Y.).

Representation of secured lender in connection with over $12 million in secured loans to company specializing in the international charter and sale of ocean-going and inland barges and other vessels servicing the oil and gas industries (D. Mass.).

Representation of equipment lessor in connection with guaranty claims against national operator of travel plazas and fuel stations (D. Del.).

Representation of senior secured lender with approximately $28 million of exposure in connection with chapter 11 proceedings of North Carolina furniture retailer, resulting in consensual plan of reorganization (W.D.N.C.).

Representation of equipment lessor in the chapter 7 bankruptcy case of a grading and construction company (E.D.N.C.).

Representation of equipment lessor in connection with various equipment leases to international coal mining company, resulting in assumption of all equipment leases (E.D. Mo.).

Representation of indenture trustee for loan participants that extended over $150 million in leveraged lease equipment financing in connection with lease to semiconductor manufacturer (D. Del.).

Representation of secured lender in connection with approximately $50 million in secured loans among three syndicated credit facilities to international offshore oil and gas drilling company, including a restructuring support agreement with approximately 42 lenders holding approximately $5.7 billion in secured debt for a pre-arranged chapter 11 filing (S.D. Tex.).

Extensive representation of senior secured lenders and administrative agents in connection with the negotiation of a variety of complex intercreditor agreements and associated credit facilities.

  • Duke University School of Law, JD, cum laude; Managing Editor, Alaska Law Review, 2005
  • Davidson College, BA, cum laude, 2002

Member, American Bar Association

Member, American Bankruptcy Institute

Member, North Carolina Bar Association

  • North Carolina
  • U.S. District Court for the Middle District of North Carolina
  • U.S. District Court for the Western District of North Carolina

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Named to "Legal Elite," Bankruptcy, Business North Carolina, 2023

Named to "North Carolina Super Lawyers," Bankruptcy & Creditor/Debtor Rights, 2010-2015, 2017-2023, Super Lawyers, Thomson Reuters

Selected for inclusion in The Best Lawyers in America, Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law, 2013-2023, Woodward/White, Inc.

Selected for inclusion in America's Leading Lawyers for Business, Bankruptcy/Restructuring (Band 1), North Carolina, Chambers USA, 2016-2022

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