Humayun Khalid
Partner
Humayun Khalid’s practice focuses on bespoke capital solutions, debt finance, private credit, structured credit, and restructuring.
His experience includes providing corporate issuers, sponsors, and investors with bespoke financing solutions and capital structure advice across the credit spectrum from investment grade to high-yield, stressed, and distressed assets. He has pioneered bespoke financing structures combining traditional leveraged finance with asset-backed finance, fund finance, and liability management transactions.
Humayun brings extensive experience from his prior positions as a seasoned investment banker and principal debt investor. Most recently as a Managing Director in the Capital Solutions Group at Goldman Sachs, he led a number of efforts in liability management, restructuring, and bespoke asset-backed finance for companies ranging from distressed to high-grade performing credit. Notably, he was instrumental in launching the airline loyalty financing asset class with a $6.8 billion financing transaction for United Airlines and a $10 billion transaction for American Airlines.
Humayun originally joined the firm in 2007 as an associate where he represented sponsors, borrowers, and debt investors in connection with some of the highest-profile restructurings of the global financial crisis. He moved to a business principal role at Goldman Sachs starting in 2019, initially in principal financing and investing activities and subsequently in investment banking. His prior experience also includes a business analyst role at Sankaty Advisors (Bain Capital) from 2001 to 2003. In May 2025, he rejoined the firm as a partner.
Notable Experience
The DIP Lenders in the Chapter 11 cases of Harvest Sherwood.
A deal-away investor on a dropdown intellectual property (IP) capital raise for Xerox Corporation, comprising a $405 million term loan and $45 million preferred equity investment.
FullBeauty Brands Inc. on its announced agreement to combine with Destination XL Group Inc. (DXL) in a merger of equals transaction and partial equitization of debt.
An equity sponsor on its investment in a middle-market infrastructure development transaction.
The agent for secured creditors of Liberty Communications of Puerto Rico under approximately $3 billion of pre-existing credit facilities in connection with a $250 million dropdown financing transaction and subsequent transactions amending and extending the revolver and adding incremental liquidity facilities.
A middle-market private credit lender on a financing transaction secured by crypto currency and digital infrastructure equipment.
United Airlines’ $6.8 billion financing backed by MileagePlus, the inaugural airline loyalty financing transaction in the U.S.
American Airlines’ $10 billion financing backed by its AAdvantage loyalty program.
WeWork’s $1.75 billion Letter of Credit Facility backed by SoftBank Group.
A $10 billion pre-IPO single-asset back-leverage financing against a sponsor’s equity in a private company.
A single-asset back-leverage financing against an infrastructure sponsor’s equity stake in a structured joint venture with an investment-grade corporate partner.
An ad hoc group of bondholders and bank lenders in the prepackaged restructuring of Key Energy.
An ad hoc group of bondholders of Toys “R” Us in its exchange offer.
An ad hoc group of majority bondholders and DIP lenders of Brazilian oil and gas exploration company OGX in one of Latin America’s largest bankruptcies (named “Global Finance Deal of the Year: Restructuring (South America)” by The American Lawyer).
An international investor in its R$ 1.35 billion stalking horse bid in the Brazilian judicial restructuring of OAS S.A. (shortlisted for “Deal of the Year” by Latin Lawyer).
An affiliate of Goldman Sachs as a major secured creditor and derivative counterparty in the Chapter 11 cases of Energy Future Holdings.
An international infrastructure firm in the acquisition of interests in a natural gas pipeline company.
An affiliate of Fortress Investment Group LLC, as Chapter 11 plan sponsor in the successful prepackaged restructuring of GateHouse Media.
Scandinavian conglomerate Stora Enso in its successful negotiation of a global settlement agreement in the Chapter 11 cases of NewPage Corporation.
Goldman Sachs and other derivative creditors in the filing of a competing Chapter 11 plan in the Lehman Brothers Chapter 11 cases and subsequent negotiation of plan support agreements, a consensual Chapter 11 plan and derivative claims settlements (named “Restructuring Deal of the Year” by International Financial Law Review).
Truvo Group, a European directories company, in its successful cross-border restructuring of $1.9 billion of debt in pre-negotiated Chapter 11 cases (named “EMEA Restructuring of the Year” by International Financing Review).
Selected Activities
triggerFINRA Registered Representative: Series 7 (General Securities), 63 (New York), 79 (Investment Banking), and 24 (Principal)
Member, Board of Directors, Brooklyn Children’s Museum
Publications
“The State of the Convertible Bond Market: Traditional Believers and New Converts,” Cleary Gottlieb Alert Memo, January 2026, republished by Columbia Law School’s Blue Sky Blog.
“Investment-Grade Private Credit: How Blue-Chip Corporates Finance Multi-Billion-Dollar Projects Off Balance Sheet,” Cleary Capital Solutions and Private Credit Insights, January 2026.
“Outlook for Private Credit in 2026,” Cleary Gottlieb Selected Issues for Boards of Directors in 2026, January 2026, republished in Aramar Capital’s Quarterly Deal Market Perspective.
“Sections 13/16: Group Formation & Short-Swing Profit Disgorgement,” Cleary Gottlieb Alert Memo, December 2025, republished by Columbia Law School’s Blue Sky Blog.
“Defense Against the Dark Arts? A Guide to Liability Management Blockers in the US Loan Market,” Cleary Gottlieb Alert Memo, October 2025, republished by The Banking Law Journal.
“SDNY Rules on Scope of Section 560 Safe Harbor in Lehman Bankruptcy,” Cleary Gottlieb Alert Memo, April 2018.
“Supreme Court Holds Section 546(e) Safe Harbor Does Not Apply to All Transfers Made Through Financial Institutions,” Cleary Gottlieb Alert Memo, March 2018, republished by ABA Business Law Today.
“Second Circuit Overturns Expansive Interpretation Of Trust Indenture Act, Facilitating Out-Of-Court Restructurings.” Pratt’s Journal of Bankruptcy Law, June 2017.
“Pitfalls of Post-Confirmation Conversion,” New York Law Journal, October 2013.
“Involuntary Debt Reinstatement,” The National Law Journal, February 2010.
“Retailer Bankruptcies: A Primer,” Pratt’s Journal of Bankruptcy Law, October 2008.
Events
Moderator, Restructuring Panel, Goldman Sachs’ Annual Leveraged Finance Conference (2024)