Benjamin J. Cordiano

Partner

Benjamin J. Cordiano focuses his practice on financial restructuring and insolvency as well as financial services transactions. He represents financial institutions in complex US and cross-border insolvencies and financial transactions, including workouts, creditors’ rights matters, and corporate reorganizations. A significant part of Ben’s practice focuses on insurance, reinsurance, and insurance insolvency matters, including insurance company and insurance brokerage transactions, and financings, both domestically and in cross-border transactions.

selected representations

Connecticut Insurance Commissioner in his capacity as liquidator of HealthyCT, an Affordable Care Act Co-op. The representation included the monetization of HealthyCT’s risk corridors receivable from the US government, in one of the first transactions of its kind, and the litigation of risk corridors claims against the US government, which resulted in a stipulated judgment in favor of HealthyCT.
Multiple investment funds in connection with the purchase from California-based insurers of a significant amount of subrogation claims against Pacific Gas & Electric (PG&E) arising from payments the insurers made to wildfire victims. The transactions were among the first purchases of insurance subrogation claims against PG&E and involved complex state law issues around the insured made-whole rule, as well as insolvency and regulatory issues.
Leading national health insurer in connection with the liquidation proceeding of Arches Mutual Insurance Company, an Affordable Care Act Co-op.
City National Rochdale in connection with the design, formation, and launch of a closed-end interval fund with a focus on insurance-linked securities.
Institutional investors in connection with the amendment and restructuring of over $150 million of secured notes as part of the merger of United Arab Shipping Company and Hapag-Lloyd, a public multinational transportation company registered in Germany. The combined company is the fifth-largest shipping company in the world, with 230 vessels and capacity of 1.6 million TEU.
Nine health insurers, including four of the five largest publicly traded health insurance companies in the United States, in connection with the rehabilitation proceeding of Penn Treaty Network America Insurance Company and its subsidiary American Network Insurance Company. Penn Treaty is the largest health insurance insolvency, and one of the largest insurance insolvencies, in history, with total projected losses in excess of $2 billion.
Secured noteholders in the restructuring of a 55 MW biomass fueled electric generating facility, which was implemented through a state receivership proceeding and included the restructuring of over $180 million of secured notes and the engagement of new operations and maintenance and asset management providers.
WNC Insurance in its leveraged acquisition of Highland Insurance Solutions, a specialty insurance broker for lender-placed insurance programs, and related senior secured debt financing.
Institutional investors in a $300 million private placement of senior notes issued by Corolla Trust and secured by a note issued by a subsidiary of Ambac Financial Group, Inc.
Tokio Marine Kiln Group, Ltd., a UK underwriter, in its strategic acquisition of a 49% interest in NAS Insurance Services, a Los Angeles-based market leading provider of specialty insurance products.
Bondholders in the restructuring of the leveraged lease of the Red Hills Generation Facility, a 440 MW electric generating facility in the southeastern United States. The out-of-court restructuring involved nearly $300 million of secured debt.
Aetna Life Insurance Co. in connection with its acquisition of a Medicare Supplement business from Genworth through co-insurance and stock acquisition.
Secured noteholders in the Lee Enterprises, Inc. Chapter 11 proceeding, in which nearly $1 billion of long-term debt was restructured through a pre-packaged plan of reorganization.
Ad hoc bondholder group in the corporate reorganization of Takefuji Corporation. The ad hoc group was one of the first ever to form and enforce its rights in a Japanese corporate reorganization proceeding.
LFG Liquidation Trust created, under the confirmed Chapter 11 plan of LandAmerica Financial Group. The trust obtained a favorable settlement in litigation against former officers and directors.
Worldwide bondholder group in the restructuring of two major Icelandic banks, Glitnir and Kaupthing. He also advised more than 30 institutions in connection with all aspects of the claims filing process, including filing of more than 1,000 claims.
Noteholders in the restructuring of Technicolor S.A. (formerly Thomson S.A.). The restructuring was implemented through a French Sauvegarde proceeding and concurrent Chapter 15 filing and involved more than 2.8 billion in senior debt.