The Legal 500

Kirkland & Ellis LLP’s over 100-strong international team has the critical mass and ‘restructuring expertise’ to handle many of the largest national and cross-border mandates in the market and is ‘among the best debtor-side lawyers in the country’. As well as standalone instructions, the practice generates a significant amount of its predominantly debtor-side workload from its impressive array of corporates and private equity clients. As a full-service powerhouse, the firm is able to provide deep industry specific expertise in areas such as gaming, media, real estate, manufacturing and transportation, as well as complementary expertise in corporate, tax, litigation and finance. This overarching excellence has seen the practice involved in a slew of some of the country’s largest debtor mandates in recent years, including work for Pierre Foods, Solutia, Hines Horticulture, Tropicana Entertainment, Sea Containers and Eddie Bauer Holdings. Recent major assignments include successfully guiding Charter Communications out of Chapter 11 protection, in ‘one of the largest and most complex pre-arranged bankruptcies ever’; the ‘fantastic’ Richard Cieri and ‘great strategist’ Paul Basta both had an integral role. Other notable matters included successfully guiding Chemtura and General Growth Properties out of Chapter 11 protection, and the team’s current representation of Innkeepers USA Trust, the owner and operator of an extensive portfolio of extended-stay and select-service hotels, in its $1.4bn restructuring. Able to tap into strong international restructuring teams particularly out of London, another sweet spot for the team is its ability to handle complex multi-jurisdictional instructions, successfully guiding the Reader’s Digest Association out of its pre-arranged Chapter 11. As well as informing a significant amount of its debtor practice, the firm’s private equity clients also provide a pipeline of work in relation to distressed M&A assignments, recently acting for Oaktree Capital Management on its acquisition of Regent Communications. ‘Great strategist’ Marc Kieselstein, the ‘immensely talented and experienced’ James Sprayregen and ‘very good negotiator’ Anup Sathy are pivotal members of a team which also acts for FGIC, Flying J, Neff, Visteon and Japan Airlines.

Spearheaded out of its New York and Chicago offices and also aided by lawyers in Los Angeles, Wilmington and an impressive international network, Skadden, Arps, Slate, Meagher & Flom LLP provides a strong all-round service to an eclectic array of clients including companies, boards of directors, lenders and investors. While some have pointed to a diminishing debtor franchise – partly as a result of a number of high-profile departures in recent years – a glance at the firm’s deal list proves that it still commands a great amount of respect. Led by ‘excellent’ Chicago-based co-head Jack Butler, the firm successfully guided automotive giant Delphi out of Chapter 11 protection, after divesting several of its businesses as part of its re-organization, with its core business now owned by a group of investors that include Delphi’s former DIP lenders. Other debtor-side highlights included advising financial services firm CIT Group on its pre-packaged bankruptcy. Emerging from bankruptcy only 40 days after filing, with one-third of its $3bn in unsecured debt slashed and maturities extended, the matter involved complex negotiations with regulators, management and customer communications to ensure there was no run on the bank. Described as ‘the best choice if something other than formal bankruptcy is an option’, the firm excels at providing ‘business-oriented’ solutions, as demonstrated by its pioneering use of the pre-pack. Similarly, using Section 363 of the Bankruptcy Code to sell or acquire a troubled company’s assets quickly has been an area in which the firm’s M&A capability has helped mould the industry standard. An impressive roster of funds regularly instruct the firm to handle their investments, such as Black Diamond Capital Management which it represented on its $145m acquisition of the US operations of the steel manufacturer PTC Alliance. A recent recruit from Simpson Thacher & Bartlett LLP, New York-based Ken Ziman has a strong track-record for representing senior secured lenders and recently represented JPMorgan, as agent for secured lenders and as lead arranger for exit financing in Six Flag’s Chapter 11. Other clients include Churchill Downs, Primus Telecomm Group, Bank of America, Silver Point Capital and Ziff Brothers Investments.

The ‘best-known debtor-side practice in the country’, Weil, Gotshal & Manges LLP has built up tremendous expertise in this niche and has represented the company in the five largest US bankruptcies ever. With attorneys including the impressive Stephen Karotkin spread out across the firm’s New York, Washington DC and Texas offices, the department has the critical mass and the geographical diversity to handle mandates irrespective of size and location. Allied to the firm’s ‘superb bankruptcy knowledge’ is its ability to provide an excellent service in the concomitant areas of law such as tax, corporate, employment and finance – an essential facet in handling major debtor cases. Led by the ‘amazingly good’ Marcia Goldstein, the team is praised for its ‘excellent business sense and responsiveness’, as well as its ability to ‘know when to fight and when not to’. Such strategic nous was recently brought to the fore in its representation of General Growth Properties – one of the largest real estate bankruptcies in US history. Led by Goldstein and the ‘excellent’ Gary Holtzer, the team restructured $15bn in property-related mortgage loans. Aided in part by equity commitments of $6.8bn from various funds (one of the largest equity infusions ever in a Chapter 11 case), the firm successfully negotiated the company out of Chapter 11. Notably, the company’s stock was also relisted on the NYSE during the Chapter 11 cases. As well as the group’s much vaunted ongoing representation of Lehman Brothers, other notable debtor mandates included its recent successful reorganizations on behalf of both Extended Stay and Pilgrim’s Pride. The relatively recent return of ‘doyen of the debtor’s bar’ Harvey Miller was a tremendous fillip for the team and was seen by many as the catalyst behind achieving the much sought after Lehman Brothers mandate. ‘Probably the best restructuring attorney I have ever met’, according to one client, up-and-coming Houston-based Lydia Protopapas has a varied debtor and creditor practice that recently saw her advising Anadarko E&P Company on its $310m acquisition with Newfield Exploration Company of assets in bankrupt TXCO Resources, a gas exploration and production company. Also based in Houston, Alfredo Perez is ‘particularly effective at assisting with business decisions and advising on how they will affect, or be affected by bankruptcy’. Along with the ‘accomplished’ New York-based Joseph Smolinsky, Perez recently represented BearingPoint in the filing of its pre-arranged Chapter 11 case with approximately $2.23bn of debt. Although the practice is best-known for its debtor expertise, a glance at its client roster indicates that it is more than a “one-trick-pony”, with clients including lenders such as Credit Suisse and Citigroup, as well as funds including GE Capital and Washington Mutual.

Utilising lawyers in London, Paris and Hong Kong, in addition to its capable East and West Coast offering, Davis Polk & Wardwell LLP’s 62-strong team has the critical mass and geographical diversity to handle sophisticated domestic and cross-border mandates, on either the creditor or debtor side. At the cutting-edge of many of the highest-profile roles for organisations at the very eye of the financial storm, the team has been one of the principal beneficiaries of TARP-related restructuring programs. Led by the ‘excellent’ Marshall Huebner, the team continues to represent the Federal Reserve Bank of New York and the US Department of Treasury on the $180bn restructuring of AIG. Reflective of the firm’s deeply entrenched relationships with a number of key Wall Street banks, including Citibank, JPMorgan and Bank of America, Huebner has also handled a number of more traditional creditor-side mandates. Having represented Citibank on its $8.5bn DIP financing of Lyondell Chemical, along with Timothy Graulich, he put into place the $11.1bn exit financing, ensuring that the company successfully emerged out of Chapter 11 protection. Co-head Donald Bernstein also has a fantastic reputation in the market, a fact that is underscored by his role as chair of the prestigious National Bankruptcy Conference. In addition to orchestrating the restructuring of Ambac Assurance for 14 global financial institutions, notably, Bernstein is involved on behalf of JPMorgan as agent under Chapter 11 debtor Tribune’s $8.5bn prepetition senior credit facility. Karen Wagner, Benjamin Kaminetzky and Damian Schaible are also recommended partners of a team whose clients include Barclays, San Antonio Internacional, Lehman Brothers International (Europe), Goldman Sachs, Morgan Stanley and Technicolor.

A stalwart on the creditor side, both in relation to senior secured lending engagements and distressed M&A mandates, the ‘top-notch’ Latham & Watkins LLP underscored its intentions to bolster its debtor practice with the recent arrival of the ‘wise and experienced’ Jan Baker from Skadden, Arps, Slate, Meagher & Flom LLP. Baker’s arrival has already started to pay dividends and has seen the firm pick up some impressive company mandates. Notably, along with fellow New York-based co-chair Robert Rosenberg, Baker represented Boston Generating in its $2bn Chapter 11 proceedings. A complex matter, in addition to a Section 363 $1.1bn sale of five power plants to Constellation Energy, the mandate also involved litigation as the junior creditors attempted to prevent the sale of assets. West Coast debtor engagements also continue to tick over, with Los Angeles-based Greg Lunt and Michael Lurey representing Spansion on its $3bn Chapter 11 proceedings. While these debtor mandates illustrate the firm’s broadening scope, it remains its creditor work that is undoubtedly the driving force behind the practice. Able to tap into an institutional client base that includes some of the great and the good of Wall Street, including the likes of Goldman Sachs, JPMorgan, Morgan Stanley and Credit Suisse, the firm regularly represents the senior secured lenders’ interests in some of the largest nationwide and cross-border insolvencies in the market. Led by ‘outstanding’ Chicago-based Rick Levy, the firm represented a group of lenders which included JPMorgan and Merrill Lynch, in a $600m exit financing for Almatis, a producer of premium speciality alumina materials, in connection with its Chapter 11 proceedings. Levy receives plaudits for his ‘ability to bring a divergent group of stakeholders together to work on a solution and build consensus’. ‘Highly intelligent and capable’ global chair of the firm’s finance department David Heller has an excellent pedigree for advising senior and junior creditors, while Josef Athanas has a reputation as a rising star. Other notable bank-side mandates included advising Credit Suisse as agent bank for the secured lenders in Bosque Power’s Chapter 11. Aided by the firm’s corporate team, the group also handles a raft of distressed M&A matters for an impressive roster of funds that includes Angelo Gordon, Bayside Capital, Black Diamond and Centerbridge. Involved in numerous distressed acquisitions stemming from the Nortel bankruptcy, amongst others, the team represented One Equity Partners and GENBAND on the $282m acquisition of most of Nortel’s carrier VoIP and Application Systems (CVAS) business.

A ‘go-to-firm in this area’, Paul, Weiss, Rifkind, Wharton & Garrison LLP’s lean 31-lawyer team is ‘very knowledgeable about business-focused solutions and is intimately familiar with bankruptcy and procedural law’. A dominant force on the creditor side, the firm handles work for both bondholders and banks. ‘Particularly strong in committee representation’, the team recently represented the unsecured creditors’ committee in Tronox’s restructuring, as well as the ad-hoc committee of bondholders on GM’s Chapter 11 case. ‘Very accomplished at handling important, complex projects’, led by the ‘very knowledgeable, insightful, practical and focused’ Alan Kornberg, the team assisted the bondholders of the CIT Group in structuring $3bn in emergency financing, negotiating a pre-packaged reorganization plan to provide $4.5bn in Chapter 11 financing and restructuring approximately $33bn in debt. The firm’s ‘smart, creative, hardworking and dedicated’ lawyers also handle some fairly esoteric matters as demonstrated by its representation of Stuyvesant Town – Peter Cooper Village Tenants Association, in the financial restructuring of the ownership of Stuyvesant Town – Peter Cooper Village. Frequently working seamlessly with other practice groups at the firm, most importantly the tax team, the firm can also lay claim to an increasingly robust company-side offering. As well as its recent work on behalf on AbitibiBowater in its $8bn restructuring, the team is acting for Houghton Mifflin Harcourt Publishing on its restructuring. Led by Kornberg and Jeffrey Saferstein, this complex restructuring involved senior secured lenders converting more than half of their $4bn debt into equity and mezzanine lenders with $2.1bn of secured debt converting it all to equity. Stephen Shimshak is also a highly valued member of the team – particularly in cases likely to litigate – and is praised for his ‘technical excellence and excellent business acumen’.

Headed by the ‘phenomenal’ Peter Pantaleo, New York-based white-shoe powerhouse Simpson Thacher & Bartlett LLP effectively knits together its market leading capital markets and ‘unbelievable’ banking expertise with its restructuring prowess to provide an ‘efficient and first-class service’ to a predominantly creditor-facing client base. Particularly accomplished advising senior secured creditors, the firm has recently handled work for both JPMorgan and Citicorp, as senior creditors in the Chrysler and GM insolvencies. In another high-profile mandate, the team handled further work for JPMorgan in its role as agent for MGM Studio’s $4bn senior secured credit facility. Led by the ‘very effective’ Sandeep Qusba, the firm also represented Deutsche Bank, as agent under a $900m senior secured facility, in connection with Station Casino’s Chapter 11 case. Leveraging off its impeccable private equity credentials that include close ties with KKR and Blackstone, the team also handles a raft of work advising on out-of-court work for troubled portfolio companies. The firm’s private equity ties also sees the practice involved in numerous distressed acquisition, such as for a Blackstone-led joint venture on a $1.3bn acquisition of a majority interest in a portfolio of 149 senior living properties. Mark Thompson provides ‘timely and prudent legal advice’ to both banks and funds acquiring troubled companies. In addition to its corporate capabilities, the firm also includes a strong bankruptcy litigation capability both for creditors and debtors across the gamut of matters including disputes over DIP financing facilities, plan confirmation and allegations of fraudulent conveyances. In the firm’s long-running representation of Wachovia in Adelphia’s bankruptcy proceedings, it has been involved in a raft of litigation including representing the bank as a defendant in the subsequent breach of duty fiduciary duty litigation. William Russell was at the forefront of the aforementioned matter and is a highly regarded member of the litigation practice.

While it may be smaller than other competitor firms, Wachtell, Lipton, Rosen & Katz’s ‘outstanding’ team punches well above its weight and is regularly involved in many of the highest-profile national and international bankruptcy cases for a predominantly creditor client base. At the heart of activity at the cusp of the financial meltdown, the team is praised for its ability to handle ‘high-profile, sophisticated and politically sensitive’ cases, as evidenced by its recent representation of the US Department of Treasury on its rescue investment in the conservatorship of Freddie Mac and Fannie Mae. Other notable mandates include its representation for bank groups in both Masonite and Spectrum Brands’ Chapter 11 cases. The group also regularly works in tandem with its corporate and finance group on distressed M&A transactions, as exemplified by its representation of Man Financial on its acquisition of Refco’s futures business in a contested auction. The practice also benefits from a strong litigation presence. This contentious expertise was recently brought into play in relation to its defense of JPMorgan in a multibillion-dollar avoidance and damage claim lawsuit brought by Lehman and its creditor committee. The undoubted star is the ‘peerless’ Harold Novikoff, who also heads the team. Praised for his ‘sheer excellence and intellectual rigor’, Novikoff is at the heart of the majority of the marquee mandates handled by the firm, including its representation of JPMorgan, one of the largest creditors of Lehman. Other recommended individuals include distressed M&A specialists, the ‘very high quality’ Scott Charles and the ‘very strong’ Eric Rosof, as well as Richard Mason, who has a robust practice with a bias towards representing bank and bondholder groups. All the recommended lawyers are based in New York.

Driven out of New York, Akin Gump Strauss Hauer & Feld LLP’s approximately 40-strong national restructuring practice provides a ‘very robust service’ to clients across a range of industry sectors. Keenly focused on the creditor side – particularly advising bondholders and creditors’ committees, where it is viewed as ‘one of the best in the market’ – the practice has handled a raft of high-visibility mandates. It is representing the official committee of unsecured creditors of Nortel and advising the creditors’ committee of WCI Communities in Chapter 11 proceedings. Praised for its willingness to ‘work well with other constituent groups’, the firm’s ability to co-ordinate and harmonize the interests of diverse creditor interests, as well as its ability to draw on the expertise of several complementary disciplines including tax and litigation is appreciated by clients. While the firm’s involvement for the official or ad-hoc committee in over 140 major restructurings since 1999 is clearly illustrative of its core strength, its bandwidth is wider than that, as demonstrated by its recent involvement for Hawaiian Airlines, and Scott Cable Communications in their respective restructurings. Another area of strength is the team’s expertise in the real estate secured lending market. Fred Hodara leads the practice and is spearheading the Nortel effort, a testament to his ability to deal with committees comprised of diverse creditor constituencies. Hodara has also been involved in restructurings relating to failed entities within the financial services industry, and is currently representing the liquidators of two Bear Stearns-managed subprime hedge funds. Daniel Golden heads the financial restructuring group in New York and is recognized for his bondholder and creditor committee prowess and, amongst other matters, recently led on the aforementioned WCI Communities mandate. The ‘very knowledgeable and experienced’ Michael Stamer, Stephen Kuhn and Abid Qureshi are also recommended.

Predominantly driven out of the firm’s New York and Boston offices, but also benefitting from a significant West Coast capability, Bingham McCutchen LLP’s ‘great team’ is recognized for its ability ‘to work on a myriad complicated situations’. While the firm lacks the diversity of many of its peers in the market, for bondholder mandates – particularly those involving an international element – the ‘team is hard to beat’. Reflecting this multi-jurisdictional expertise, the firm has been representing the bondholders of Mexico’s third largest retail group, Controladora Comercial Mexicana. ‘Excellent’ department head Michael Reilly led on this matter and also recently had a leading role in relation to the representation of the private noteholder group in the out-of-court restructuring of one of the country’s largest radio sports content networks Westwood One. ‘Easy to work with, responsive and knowledgeable’, the team is also praised for its ability to ‘know when and how to draw expertise from others when necessary’. In particular, the firm is able to tap into the expertise of its investment management lawyers. This ability to call upon the services of other practice areas is also highlighted in relation to the firm’s distressed M&A capability. In this capacity, the ‘sharp, thorough and pleasant’ Jonathan Alter represented Laurence Group on the acquisition in bankruptcy of substantially all of the operating business of Ultimate Escapes, a destination travel company. The ‘experienced and highly capable’ Edwin Smith has an excellent pedigree in the market and has handled a slew of work on creditors’ rights issues arising out of the Lehman Brothers bankruptcy, for amongst others State Street Bank & Trust. Smith has also participated in drafting a number of recent revisions to the Uniform Commercial Code (UCC) and ‘probably knows more than anyone in the country at matters at the interface between the UCC and bankruptcy’. Able to call upon a ‘consistent pool of talent’, other standout individuals include co-head Jeffrey Sabin and the ‘responsive and knowledgeable’ Anna Boelitz.

Cadwalader, Wickersham & Taft LLP’s investment in the restructuring team continues to pay dividends, and although the team recently lost Bruce Zirinsky to Greenberg Traurig LLP, the ‘exceptionally capable’ team continues to go from strength-to-strength and picked up some high-profile mandates in 2010; its work for LyondellBasell was particularly noteworthy. Indeed, the global chemical company emerged from bankruptcy in 15 months, having successfully secured the largest DIP financing in the history of Chapter 11 (at a time when the credit markets were frozen). Other notable debtor work included successfully guiding Xerium Technologies through its pre-packaged Chapter 11 which involved an $80m DIP loan, and the team is also advising Caribbean Petroleum on its restructuring. The firm’s position as a perennial favourite among the US Department of Treasury has led to a vast flow of work relating to the various investments it made into the private sector. As well as representing the Treasury in connection with CIT’s $29bn debt exchange, the team also acted for it in connection with both Chrysler and General Motor’s restructurings. The practice also has a robust banking client base that includes JPMorgan and Bank of America, the latter which it represented in its capacity as administrative agent on behalf of first-lien lenders under a $420m secured credit facility issued to troubled company BLB Worldwide Holdings. Co-chair Deryck Palmer is a ‘very effective litigator especially when he is required to argue a difficult issue’ and regularly handles restructuring issues affecting municipalities and the healthcare industry. The ‘extremely capable, effective and creative’ Andrew Troop’s broad practice includes the representation of both creditors and debtors from a raft of industries, as well as having a niche representing non-profit making organizations. Other notable partners include ‘superb and fantastic’ co-chair John Rapisardi and George Davis.

Cleary Gottlieb Steen & Hamilton LLP’s ‘facile and flexible’ core team of 11 partners provide expertise in ‘complex matters’ that frequently involve a myriad legal issues, ranging from M&A to derivatives and similar complex structures. Imbued with the firm’s overall generalist approach, the team’s lawyers are well-suited to the increasingly sophisticated and often transactional nature of restructuring, and are adept at providing a one-stop-shop at handling restructuring mandates that require corporate, capital markets, litigation and financial products input. Although it is traditionally better known for its creditor work, more recently the firm has handled some big-ticket debtor mandates including its role for the company in the global Nortel bankruptcy. Led by James Bromley, this has required constant interaction between the firm’s New York, Paris and London offices as the debtor has commenced proceedings in the UK and France, as well as the US, Canada and Israel. In another major cross-border debtor mandate, up-and-coming partner Sean O’Neal is representing Truvo Group, a European directories company, on its $1.9bn global restructuring through a pre-negotiated Chapter 11 proceeding. On the creditor side, following on from its high-profile representation of Barclays Capital on the $1.75bn acquisition of Lehman Brothers’ North American investment banking and capital markets businesses, the firm underscored its transactional excellence with its involvement for Goldman Sachs as a lead investor in the $1.25bn rights offering in Visteon’s Chapter 11 case. Spearheaded by Richard Cooper, the group remains a firm favorite for clients involved in Latin American restructurings and is currently representing the ad-hoc committee of international bank creditors of Controladora Comercial Mexicana, one of Mexico’s largest retailers, in its restructuring. Lindsee Granfield, Lisa Schweitzer and Lee Buchheit are also recommended.

‘Excellent in all respects’, Dechert LLP’s 30-strong New York-based team continues to make in-roads in the market as a result of recent investment in the area and has picked up some high-profile mandates predominantly on the creditor side. Well integrated with a number of the firm’s core practice areas including structured finance and M&A, this manifests itself most visibly in relation to its ability to tap into the firm’s ‘superb’ funds practice. Indeed, the group picks up a pipeline of instructions from funds in a number of guises, either as debtor, bondholder or seeking to acquire assets out of bankruptcy. Co-chair Allan Brilliant and Craig Druehl advised Oaktree Capital Management, Fidelity Management and Research Company, and Serengeti Asset Management, as bondholders in Station Casino’s Chapter 11. As part of the confirmation plan, the bondholders committed to acquiring up to $100m of equity interests in connection with a rights offering. ‘Outstanding along all dimensions and very commercial’, Brilliant has had a major impact on the practice since his recruitment from Goodwin Procter LLP in February 2010 and has also picked up work for, amongst others, Wilmington Trust in relation to negotiating an amendment to its second lien credit agreement with recruitment agency Koosharem and the first lien lenders, pursuant to which the parties agreed to a short-term recapitalization of the borrower in exchange for a warrant structure that could result in the lenders gaining majority ownership of Koosharem. Recently promoted to partner, the ‘highly knowledgeable, very practical, efficient and timely’ Brian Greer has a broad ranging practice that encompasses all facets of in and out-of-court restructuring matters including debtor mandates and distressed M&A. Greer is representing the outside directors of Lehman Brothers Holdings in connection with Lehman’s Chapter 11 cases. Other clients include Angelo, Gordon & Co, Bank of New York Mellon, BlackRock, DDJ Capital Management, Mendocino Redwood, OppenheimerFunds and PNC Bank.

Although it is small in comparison with many of its peers, Fried, Frank, Harris, Shriver & Jacobson LLP’s six-partner New York-based practice has successfully been able to furrow a very nice niche in the market as a result of its ability to provide ‘pragmatic, business sensitive and solutions-orientated advice’ to clients. Regularly leveraging off the expertise of other relevant practice areas including litigation, corporate and capital markets, the firm has a very transactional approach to restructuring work and will only look to formal Chapter 11 as a last resort in an effort to best maximize value for the client. This approach was recently illustrated in the firm’s representation of a consortium of private equity sponsors, led by Centerbridge Partners, in the $3.93bn acquisition of Extended Stay Hotels out of Chapter 11. ‘Superb’ team head Brad Scheler led on this matter and is central to many of the firm’s most sophisticated transactions including its representation of Fidelity Management & Research Company as a bondholder in the Six Flags restructuring. The team was bolstered by the arrival in March 2010 of Shannon Lowry Nagle from O’Melveny & Myers LLP. Specializing in creditor mandates, Nagle recently represented numerous hedge funds, including Appaloosa Management, as major creditors of failed bank Washington Mutual. Gary Kaplan also has a strong reputation and along with the ‘excellent’ Alan Resnick recently helped Cooper-Standard Automotive Holdings successfully emerge from Chapter 11 protection.

A traditional debtor powerhouse, Jones Day has successfully diversified its practice over recent years in line with the ever evolving and sophisticated nature of the insolvency market. Led by New York-based Paul Leake, as well as now advising a number of distressed funds such as Patriarch Partners, Wilbur Ross and Aurora Resurgence, the firm has picked up some significant work for creditors, including the ad-hoc committee of bondholders on Chemtura’s Chapter 11 bankruptcy cases. Holding debt of over $740m, notably, the team successfully had its global settlement approved by the court in spite of opposition from the equity holders. Able to call upon the services of 24 dedicated insolvency partners in the US and aided by a strong international presence, the firm has the critical mass and geographical diversity to handle big-ticket debtor mandates regardless of location. Praised for its ‘responsiveness, superb knowledge of the bankruptcy process and very insightful strategy planning’, hot on the heels of its high-profile work for Chrysler, the group is representing automotive parts supplier Metaldyne on its Chapter 11 proceedings. Following on from the auction sale of substantial business units to a new company formed by secured creditors, a wind-down and liquidation of the assets that were not sold has now largely been completed. The practice also continues to be involved in a slew of work in its capacity as special counsel to Lehman Brothers in the US and Asia. It advised Lehman Brothers in an investigation relating to the sale of substantial assets to Barclays Capital. The ‘exceptional’ Corinne Ball has a tremendous reputation in the market and was a pivotal figure of both the Chrysler and Metaldyne work. Other notable practitioners include the ‘insightful, strategic, proactive and efficient’ Rick Wynne, the ‘terrific’ Heather Lennox and the ‘effective and knowledgeable’ Carl Black.

‘Among the top for creditors work’, Kramer Levin Naftalis & Frankel LLP’s 14-partner New York-based team specializes in ‘very high-impact, high-value work’ and is praised for its ability to achieve a ‘balance between technical/academic knowledge of bankruptcy law and creativity and tenacity’. ‘At the top of the list for creditors’ committee work’, the firm has recently handled matters for the official creditors’ committees of Capmark Financial Group, Smurfit-Stone Container, Magna Entertainment, and the official equity committee in WR Grace. ‘Appropriately inclusive of experts from within the firm when special knowledge and experience is required’, this manifests itself particularly starkly in relation to the firm’s involvement for clients seeking to make distressed investments. Working alongside the firm’s M&A team, the practice is regularly involved in sales and purchases pursuant to Section 363 of the Bankruptcy Act. Led by Thomas Janover, the firm also has a sub-group specializing in claims trading that is widely regarded as one of the best in the market. Instructed by investment banks, commercial banks and hedge funds, this sub-group handles on aggregate more than 2,500 transactions and in excess of a billion dollars of distressed transactions each year. ‘Very intellectual in his approach, tenacious and vastly experienced’, co-head Kenneth Eckstein has been involved for either creditor or debtor interests in many of the largest restructurings over the past 30 years. Praised for his ‘ability to apply the law and develop practical solutions that allow the team to build consensus with other constituencies’, Eckstein is currently representing Saint Vincent Catholic Medical Centers as Chapter 11 debtors in a high-profile, complex hospital and healthcare restructuring. The ‘creative and forceful’ Adam Rogoff and ‘technically strong’ co-head Thomas Moers Mayer are also recommended, while on the contentious side, the ‘high-quality’ Jeffrey Trachtman is an integral part of a cadre of bankruptcy litigators that also includes Philip Kaufman.

‘Very good indeed’, Milbank, Tweed, Hadley & McCloy LLP’s ‘terrific’ 43-strong team provides ‘very commercial advice’ to a largely creditor client roster from its New York, Washington DC and Los Angeles offices. ‘Attuned to creditors’ rights and needs’, the firm is ‘one of the best in the market’ for ensuring that bondholders maximize their value in restructurings. A go-to-firm for committee work in many of the highest-profile mandates around, as well as its continued role for the creditors’ committee in the Lehman Brothers restructuring, the team is also representing an ad-hoc committee of bondholders in the Nortel bankruptcy. By no means limited to bondholder matters, the team also picked up work for an ad-hoc group of approximately 50% of the senior secured lenders owed in excess of $12bn in Lyondell Chemical’s bankruptcy. Given its standalone resources, as well as its ability to incorporate the resources of many complementary practice groups, it is perhaps not surprising that the firm is also picking up a considerable pipeline of debtor work including its involvement for Station Casinos as debtor-in-possession in a Chapter 11 restructuring involving more than $5.7bn of debt. The ‘superb’ Los Angeles-based Paul Aronzon continues to thrive since his return in September 2008 to private practice, having key roles in the Lehman Brothers and Station Casinos mandates. ‘Very balanced and knowledgeable’ practice group leader Dennis Dunne has a wealth of experience both on the debtor and creditor side and is a pivotal member of a team which also includes the ‘very strong’ Gregory Bray and Robert Moore.

White & Case LLP represents a balanced mix of creditors and debtors – including corporates, banks and hedge funds – across all facets of in and out-of-court bankruptcy process. Led out of Miami and New York respectively by the ‘superb’ Thomas Lauria and Gerard Uzzi, the firm receives accolades for its ‘highly impressive’ distressed/hedge fund practice. Recent work in this arena includes representing the largest, organized group of bondholders (with holdings of over $15bn of debt) in opposing Lehman Brothers Holdings’ on-going plan efforts in its Chapter 11. The team is also representing a group of bondholders (holding over $4bn) in connection with the negotiation and development of an amended Chapter 11 plan that will provide for the full payment of all senior notes in relation to the bankruptcy of Washington Mutual. The firm is also noted for its ability to provide clients with an innovative and sophisticated approach to problems and this was particularly well illustrated in relation to its recent work in the Six Flags restructuring. Headed by John Cunningham, the practice successfully ensured that the original junior lenders of the troubled amusement park operator achieved 95% of the equity in the company. Having objected to an initial plan, which would have wiped out its clients’ claims, the firm brought in new finance that won more time to come up with the successful reorganization plan. With 23 lawyers in the US and able to call upon the services of restructuring lawyers in 23 countries, unsurprisingly the firm also excels at cross-border mandates. It represented international auto parts manufacturer Global Safety Textiles on its recent Chapter 11. Successfully able to leverage its tremendous international network, the team succeeded in restructuring the company’s debt without the need to commence formal in any of the other jurisdictions where the company does business. Other clients include Blackstone, Boyne Capital, Credit Agricole, Deutsche Bank, Focus Property Group, Global Safety Textiles and HIG Capital Management.

Now numbering 16 partners following the recent arrival of Mary Warren and Joseph Minias from Linklaters and Quinn Emanuel Urquhart & Sullivan, LLP respectively, Willkie Farr & Gallagher LLP’s New York-based business reorganization and restructuring team provides expertise for debtor and creditor clients across the waterfront of matters, from distressed M&A mandates to representing corporates in Chapter 11 proceedings. Able to tap into the complementary services of strong corporate, tax, litigation and employee benefits teams, the firm remains a ‘strong candidate’ for handling significant debtor mandates and recently successfully guided RathGibson and EnviroSolutions out of Chapter 11. Although its debtor mandates may grab the headlines, the firm has successfully managed to diversify its practice and in line with the increased transactional nature of the bankruptcy market has targeted investor side and distressed M&A matters as an area of focus. In this regard, the team recently represented a Brookfield Asset Management-led consortium on the $6.5bn acquisition of a major equity stake in General Growth Properties, and acted for Centerbridge Capital Partners on the acquisition of GMAC’s resort finance business. Co-head Marc Abrams is a particularly accomplished debtor-side lawyer, although his recent work for clients such as Brookfield Asset Management point to an increasingly diverse practice in keeping with the firm’s overall strategy. Co-chair Matthew Feldman has an excellent reputation, both on the debtor and creditor side, and is regularly the architect of many of the firm’s most innovative strategies, while the presence of ‘wise head’ Myron Trepper as senior counsel affords the team even greater gravitas.

In existence for almost three years, Cravath, Swaine & Moore LLP’s ‘professional and thorough’ New York-based restructuring team has quickly made a significant impression on the market. Led by the ‘superb and vastly experienced’ Richard Levin, the small two-partner team excels in complex creditor mandates. Benefiting from the ethos of the firm as generalists, the team is, however, regularly aided by practitioners from within the banking, capital markets, corporate and litigation groups. It recently represented Credit Suisse on negotiating an out-of-court restructuring of approximately $265m of existing senior secured debt and mezzanine debt of Thomas Nelson, a publisher of religious books and promoter of religious events. The firm has also handled a plethora of distressed M&A mandates. While the firm is much less active on the debtor side, it has begun to pick up some Chapter 9 mandates from municipal bodies and is praised for its ‘deep knowledge in the area’. Led by Levin and Paul Zumbro, the firm is advising the City Council of Harrisburg, on a pro-bono basis, in connection with the city’s parlous financial situation. A particularly high-profile mandate, the work includes an analysis of the filing of a municipal bankruptcy under Chapter 9 and of proceeding as a distressed municipality status under Pennsylvania’s Financially Distressed Municipalities Act. The team is also representing New York City Off-Track Betting, the only Chapter 9 bankruptcy filed in New York State. Other clients include Westbrook Partners, JPMorgan, Time and Optimal Investment Services. One client commented: ‘The team is my favorite because of its depth and breadth of knowledge, its honest and fair assessment of every issue, excellent advice and balance of being aggressive when necessary but accommodating and willing to compromise when advisable’.

The ‘outstanding’ Debevoise & Plimpton provides a ‘wonderful level of service’ to a broad range of clients including debtors, creditors, investors and shareholders. ‘Highly detail-orientated, efficient and responsive’, the seven-partner New York-based team is ‘particularly strong in document analysis’. While it lacks the critical mass to handle a huge volume of debtor-side Chapter 11 mandates, it regularly handles out-of-court restructurings, as well as picking up specialist work, including its relatively recent role as special counsel for Delta Air Lines on its restructuring. Clients do, however, benefit from the attention of a ‘cadre of highly experienced senior attorneys who make themselves accessible to clients instead of solely delegating work to junior attorneys’. Co-head Steven Gross is a ‘wonderful counsellor who can always put a situation in perspective’ and recently advised Eutelsat in contract matters relating to Sea Launch Company’s Chapter 11. The ‘excellent’ George Maguire is particularly accomplished at distressed M&A matters and is recommended, as are My Chi To and co-head Richard Hahn.

Led by the ‘wonderful, dedicated and brilliant’ Martin Bienenstock, Dewey & LeBoeuf LLP’s ‘top-notch’ New York-based team provides ‘incredible insight and depth of understanding’ to an impressive roster of clients within the financial, energy and insurance sectors including Bank of America, Citibank, Deutsche Bank, CNR Properties and Ambac Assurance. Praised for its ‘outstanding professionalism’ and ‘strength in knowledge and resources’, the team combines corporate governance and restructuring expertise with the intention of avoiding liquidations and seeking ‘creative solutions’ in order to maintain shareholder values. Involved in a number of the problems besetting the automotive industry, Bienenstock has recently handled work for GM in the development of its Chapter 11 strategy, as well as the representation of Chrysler Financial during Chrysler’s Chapter 11 proceedings. Peter Ivanick is also a central figure within the team and is pivotal to the firm’s unparalleled expertise at handling insurance restructurings. Indeed, following his recent representation of Scottish Re on its $8bn global restructuring, Ivanick is currently acting for another major insurance company in the restructuring of its global operations. The ‘excellent’ Timothy Karcher is also recommended, in particular for his representation of retail, insurance and financial companies. At the beginning of February 2011, the firm’s West Coast office was given a major fillip by the arrival of the ‘extremely bright’ Bruce Bennett LLP and his nine-strong team from Hennigan Dorman LLP.

Based out of the firm’s Chicago headquarters but also benefitting from a growing New York offering, Jenner & Block LLP’s ‘exceptional’ team handles all facets of restructuring for both creditors and debtors including distressed M&A, debt-for-equity exchanges and insolvency-related litigation. Acclaimed for its ability to provide ‘creative and practical solutions’ and maximize value for the client, this was recently underscored by the team’s successful contested representation of Inland American Real Estate Investment Trust and LIP Holdings in the Lauth Investment Properties Chapter 11 cases. Co-chair of the firm’s bankruptcy litigation practice, Catherine Steege led on this matter and receives fulsome praise for her ‘knowledge of the rules, speed on her feet and aggression when needed’. Indeed, bankruptcy litigation accounts for a significant proportion of the work handled by the wider restructuring group. Other highlights included representing Magnatrax Litigation Trust in connection with fraudulent transfer litigation against Onex, and the team’s high-profile involvement on an investigation of the events that resulted in the commencement of Lehman Brothers’ Chapter 11. ‘Cool under pressure, intimately familiar with the situation and very helpful’, Vincent Lazar is regularly involved in the highest-profile mandates handled by the firm, including the work for the Examiner of Lehman, as well as an ongoing representation of a Chapter 11 trustee of Sentinel Management Group in its $1bn investment adviser fraud case.

Driven out of New York but aided by significant outposts in Boston and Philadelphia, Morgan Lewis’ 36-strong team handles work for a broad client base in bankruptcies and out-of-court restructurings. Leveraging off deeply entrenched ties with a number of major Wall Street banks, the practice has a well-earned reputation as one of the leading firms in the market for DIP financing and exit lending. A longstanding relationship with JPMorgan has seen the team instructed by the bank as DIP agent and arranger in a slew of mandates including Tower Automotive, Kmart, American Commercial Lines, Burlington Industries, Polaroid and Bruno’s. Distressed company transactions are also a staple of the firm. Operating under the banner of a bespoke task force, the team brings together members from several complementary practice groups including M&A, private equity, finance and tax, to advise clients across the full suite of mandates, from debt swaps and loan-to-own transactions to section 363 sales. The firm also has a niche expertise advising creditors’ committees in the entertainment industry. Although the practice was weakened by the recent departure of former co-head Howard Beltzer to Mayer Brown, it still houses a number of well-respected and skilful practitioners including practice head Richard Toder, who as well as his excellent pedigree for advising senior secured lenders such as JPMorgan and Wachovia, also regularly serves as a mediator in the Southern District of New York Bankruptcy Court.

Shearman & Sterling LLP’s six-partner New York-based team provides a ‘responsive, reliable and excellent value-for-money service’ to a broad range of clients including debtors, creditor committees, banks, DIP lenders and buyers and sellers of distressed assets. Able to tap into the firm’s considerable expertise in a number of complementary practice areas including M&A, banking, capital markets and tax, the team excels at handling complex mandates that involve a multi-disciplinary approach. Praised for its ‘attention to detail, great fighting spirit and honesty’, it is perhaps best-known for its representation of senior secured lenders, where it is able to leverage off the firm’s deeply entrenched ties with a number of major lenders. Recent highlights include advising Citibank in its capacity as agent under a $1.5bn senior secured facility for Capmark on its restructuring. The matter also involves the defense of Citibank in relation to a threatened fraudulent conveyance suit. The team’s ‘excellent litigation’ capability was also brought to the fore on its representation of Daimler in the Chapter 11 cases of Old Carco. Following on from the department’s representation of Daimler on its sale of the majority interests in the Chrysler business, the unsecured creditors’ committee in the Old Carco cases alleged that certain of the transactions that were part of Daimler’s divestiture of its majority interest in Old Carco should be avoided as fraudulent conveyances. Aided by the firm’s ‘superb’ M&A platform, the team is also regularly involved in handling distressed M&A transactions for a range of entities including hedge funds and private equity firms. Headed by Frederic Sosnick, the team provides ‘excellent risk evaluation’ and includes recommended partners Douglas Bartner and James Garrity.

Based out of the firm’s Chicago headquarters and aided by strong capabilities on the East and West Coast, Sidley Austin LLP’s 20-partner team provides ‘great expertise and sound judgment’ to a nice balance of creditors and debtors. The practice is co-chaired from Chicago by ‘very prominent debtor-side lawyer’ James Conlan who is noted for his ‘creativity and strong negotiating skills’ and the ‘very strong’ Larry Nyhan. Both Conlan and Nyhan regularly spearhead some of the team’s most significant mandates and are leading on three major Chapter 11 cases for Neenah Enterprises, Pliant and Smurfit-Stone. The latter case is particularly complex as it involves dual bankruptcy proceedings in both the US and Canada. Cross-border work is indeed a staple of the work handled by the group, illustrated also by the firm’s current involvement – with assistance from its London office – for the senior secured lenders on the restructuring of $700m credit facilities issued by TI Automotive and its affiliates through a UK scheme of arrangement. The firm also continues to act for media and entertainment company Tribune on its $13bn restructuring. Matthew Clemente and Dennis Twomey are recommended. Other clients of the group include Merisant Company, Owens Corning, Federal-Mogul, The Flintkote Company and Bank of America.

Although it lacks the size of some of its peers in the market, Allen & Overy LLP more than makes up for it in its ability to handle complex and often cutting-edge mandates. Sitting within the firm’s wider 14-partner banking group, the group provides ‘responsive, efficient and extremely knowledgeable advice’ to a predominantly creditor-focused client base. The firm’s ‘deep experience in derivatives and financial markets’ sees the team regularly engaged in sophisticated and complex mandates for financial institutions such as Barclays, HSBC, JPMorgan and UBS. Indeed, it recently acted for UBS as agent for senior lenders under a $650m senior secured credit facility on Almatis’ restructuring. Able to tap into the firm’s massive international footprint, unsurprisingly the practice is regularly involved in cross-border matters and has stood at the vanguard of the implementation of Chapter 15 in the context of cross-border mandates. It is advising the provisional liquidator of British American Isle of Venice (BVI), a company incorporated under the laws of the British Virgin Islands, with respect to the commencement of Chapter 15 proceedings in Florida. The firm’s close ties with the “Big Four” accountancy firms provides a steady flow of work on the debtor side, including as US counsel to Ernst & Young, as foreign representative of Nortel Networks and certain affiliates in their CCAA proceedings in Toronto. Praised for his ‘excellent bedside manner and good strategic thinking’, department head Ken Coleman ‘can always be relied upon to deliver without a lot of ego or drama’. Other key members of the team include the ‘very detailed and thorough’ Elizabeth Leckie, Stephen Doody, who is praised for his ‘excellent industry knowledge’ in relation to insurance insolvencies, and Daniel Guyder, who ‘possesses a strong practical insight into the workings of the financial markets, and sound commercial judgment’.

Led out of Connecticut by the ‘exceptionally good’ Evan Flaschen, Bracewell & Giuliani LLP’s 13-partner team provides a ‘strong service’ to a broad array of stakeholders, both in and out-of-court restructurings, particularly in the mid-market. Flaschen has a ‘loyal following’ amongst bondholders, and along with fellow Connecticut partner Renee Dailey is currently engaged by a noteholder group holding $13bn of public senior and subordinated bonds in Washington Mutual Bank’s restructuring. Consistent with the core practice areas of the firm as a whole – the energy sector accounts for a significant amount of instructions. Indeed, the Texas office has handled a number of debtor mandates in this sector including its representation of Deep Marine Technology, an owner of off-shore vessels for use in oil and gas transportation. Another particular area of strength for the practice is its ability to handle cross-border mandates, as demonstrated by its involvement in the restructuring of Canadian television provider Canwest Global Communications. Instructed by the Canadian Monitor to obtain Chapter 15 protection in the US, the matter involved sensitive co-ordination with the Canadian proceedings to ensure seamless cross-border restructuring co-operation. Dallas-based partner Samuel Stricklin has an excellent reputation for bankruptcy litigation, while the ‘very good’ Kurt Mayr out of Connecticut is a rising star with a focus on advising ad hoc and official creditors committees. Clients include Monarch Alternative Capital, D E Shaw & Co, Guardian Life Insurance, Metropolitan Life Insurance, JPMorgan, Principal Financial Group and AEGON.

Very much a practice in the ascendancy, Gibson Dunn’s relatively young and entrepreneurial seven-partner team represents an increasingly balanced portfolio of creditor and debtor clients from its New York and Los Angeles offices. Although typically it is the firm’s Los Angeles office which handles the preponderance of debtor mandates – mainly for existing clients of the firm’s strong corporate client base – co-head Michael Rosenthal out of New York recently spearheaded the team’s successful representation of Almatis on its $1bn multi-jurisdictional Chapter 11 debt restructuring. Other debtor mandates include the ongoing representation of housing company Fleetwood Enterprises on its Chapter 11 cases. Led by Orange County-based co-head Craig Millet, the mandate is one of a number of matters within the real estate sector. New York-based co-head David Feldman has an excellent pedigree on the creditor side for a mix of hedge funds and banks, and is currently representing a syndicate of hedge funds led by Farallon Capital Management on providing the $400m DIP financing to General Growth Properties. Benefiting from a broad international network, cross-border mandates are also a sweet-spot for the team, and as well as the aforementioned Almatis mandate, the group recently represented the steering committee of senior lenders of Trident Resources. Notably the firm successfully acquired control of the US/Canadian energy company which had debts in excess of $1.2bn through providing a new capital investment and rights offering pursuant to a Chapter 11 proceeding in Delaware and a CCAA proceeding in Calgary.

Driven out of its New York headquarters and aided by a strong offering in Chicago, as well as an impressive international footprint, Mayer Brown’s nine-partner practice advises a predominantly creditor-focused client base across the spectrum of matters including out-of-court workouts, all aspects of Chapter 11 and Chapter 7 cases, DIP financings and plan formation and confirmation matters. The firm’s real expertise, however, lies in its representation of senior secured lenders, where, as well as being able to tap into the vast substantive knowledge of lawyers, it is also fed a regular pipeline of work from longstanding institutional banking clients of the firm. However, the team is also often called in to represent the lenders on matters where it did not arrange the initial loan. It recently represented Merrill Lynch on Lyondell’s $16bn insolvency. As well as advising it in its capacity as a joint lead arranger of an $8bn DIP loan, the team also represented it in litigation brought by the official unsecured creditors committee alleging claims of constructive fraud, equitable subordination, and aiding and abetting liability. Led by Tom Kiriakos, the team continues to advise Bank of America, as the administrative agent under a $7bn credit facility in relation to MGM Mirage’s $15bn restructuring. Brian Trust heads a team that was recently bolstered by the arrival of Howard Beltzer. Formerly co-head of the restructuring group at Morgan Lewis, Beltzer brings a wealth of experience with him across both debtor and creditor mandates. Other notable practitioners include Frederick Hyman, Sean Scott and Joshua Cohen, who is ‘excellent on derivatives-related insolvency issues’. Clients include Bank of America, Barclays Bank, Citigroup, Deutsche Bank and BNP Paribas.

Recently bolstered by the addition of Anthony Princi from Paul, Hastings, Janofsky & Walker LLP, Morrison & Foerster LLP’s New York-based restructuring team continues to go from strength-to-strength. Now numbering 22 partners in New York and ten on the West Coast, the team provides ‘creative, astute, constructive and proactive advice’ to a broad array of stakeholders including corporates, banks and hedge funds. ‘Both knowledgeable on the law as well as being able to apply that in a business setting’, the firm overlays industry specific expertise with substantive law prowess. Following on from committee representations in the US Airways and North West Airlines bankruptcies, led by ‘safe pair of hands’ Brett Miller and the ‘outstanding’ Lorenzo Marinuzzi, the team is acting for the official committee of unsecured creditors in the Mesa Air Chapter 11. Another area of particular expertise for the group is handling insolvencies within the real estate sector where the team is able to provide a multi-disciplinary team that includes restructuring, corporate and tax lawyers. An example of this approach was recently illustrated in the firm’s representation of Eurohypo, as administrative agent and one of multiple lenders in the restructuring of loans to General Growth Properties. Leveraging off its ‘world-class tech expertise’, the team is also able to add value to clients such as the official committee of unsecured creditors in the Hawaiian Telecom Chapter 11. Benefiting from a wide international footprint, particularly in Europe and Asia, the team also receives plaudits for its ability to handle cross-border mandates. This is underscored by its continued involvement in issues arising out of the fall-out from the Icelandic bank crisis. Jointly headed by the ‘very responsive, commercial and accessible’ Gary Lee and Larren Nashelsky, the team acts for an impressive roster of clients including Landsbanki Islands, Tricom, JPMorgan, Wachovia and Boyd Gaming.

Headed by the ‘excellent’ Luc Despins, Paul, Hastings, Janofsky & Walker LLP’s 32-partner team has the critical mass to handle a range of matters, irrespective of location, size or complexity. A balanced portfolio of creditors and debtors across all stages of the capital structure, ensures that the practice is able to offer ‘very insightful and nuanced advice’. Able to tap into the substantive expertise of lawyers in other practice areas including tax, corporate and litigation, the firm has a particular strength at handling real estate restructurings. For example, it is representing Fairfield Residential, one of the country’s largest multi-family real estate operating companies, on its $1bn restructuring. Other debtor-side mandates include its work on behalf of Vermillion, the developer of a new ovarian cancer test screen, in its Chapter 11 reorganization. Led by Richard Chesley, the firm developed a consensual plan of reorganization, raised in excess of $40m in new equity and ensured that the company emerged from Chapter 11 with unanimous creditor support. Benefiting from a vast international footprint which includes strong offerings in Europe and Asia, a sweet-spot for the practice lies in its ability to handle cross border mandates. Led by Paul Harner, the firm represented Six Flags, an international entertainment company with entertainment parks across the US, Canada and Mexico, in its $2.9bn Chapter 11 proceedings. Benefiting from strong bank ties, the firm is regularly engaged for the senior secured lender on the creditor side. In this capacity, the practice has recently acted for UBS in a number of restructurings, including as agent and lead lender on the restructuring of $450m of senior credit facilities in connection with New Vision Television’s restructuring. Other recommended members of the team include Leslie Plaskon, in particular for complex creditor-side negotiations, and the ‘excellent’ Kevin Fisher for real estate-related restructurings.

Over the past few years, a core group of some four partners at Sullivan & Cromwell LLP have devoted an increasing amount of their attention to handling bankruptcy-related matters for institutional clients of the firm. Fairly evenly spread between debtor and creditor mandates, the group provides a one-stop-shop service to clients seeking business sensitive solutions. Given the firm’s status as one of the leading M&A firms in the market, it is perhaps not surprising that much of the work handled by the group has a transactional bent to it, either for a strategic acquirer or for a fund seeking control of the distressed company. Richard Pollack recently advised Rhone Capital on its debt for equity exchange with troubled company Quicksilver. On the debtor side, although the firm lacks the critical mass to handle in-court restructurings it is a regular presence behind the scenes on some significant mandates. In this capacity it acted as lead counsel to the Weinstein Company, reducing its consolidated indebtedness from approximately $650m to approximately $140m. Andrew Dietderich is the lynchpin of this offering and has had much acclaim heaped upon him for his role in his role as special counsel to commercial lender CIT on its highly original and sophisticated $33bn pre-packaged bankruptcy.

With only four dedicated restructuring partners to call on, Clifford Chance’s US capability is smaller than the majority of rival firms. However, the fact that it regularly appears in some of the largest national and global bankruptcies is testament to the esteem with which it is held with by financial institutions, who see it as a ‘safe pair of hands’ to handle some often very complex work. While the New York team is by no means merely a support service to the firm’s wider global network and does generate a good deal of instructions itself, the immense international footprint possessed by the firm is a tremendous selling point to clients who seek a one-stop-shop service on cross-border mandates. The firm’s work on the Lehman Brothers insolvency is emblematic of this approach, indeed Jennifer DeMarco is representing numerous financial institutions with exposures to the insolvent investment bank, including HSBC and the Dexia Group. DeMarco is an integral member of the department and also recently acted for Bennett Management as a creditor of and potential bidder for the assets of Idearc in its Chapter 11 case. Department head Andrew Brozman is also well regarded in the industry, and as well as continuing to represent Credit Agricole globally in connection with its various exposures to Lehman Brothers, is also advising RBS and JPMorgan in the Chapter 11 cases of Capmark Financial Group. Other clients include BNP Paribas, UBS, KfW Bankengruppe and Pacific Investment Management Company.

DLA Piper LLP’s flourishing practice continues its growth strategy with the recent hiring of former King & Spalding LLP partner George South. Sitting in the New York group, South is an excellent new addition to a 34-strong team which can now boast capabilities in New York, Chicago and on the West Coast. With this enhanced domestic manpower, the US team is increasingly viewed as a credible option for clients engaged in major domestic and cross-border bankruptcy-related matters and was lauded by one client as having ‘an understanding of bankruptcy almost at the level of the best law firms in the market’. Led by ‘excellent’ co-chair Thomas Califano, this level of sophistication was recently underscored by the firm’s much vaunted representation of Erickson Retirement Communities and affiliated debtors in its $365m Chapter 11 proceedings. Having to deal with a complex web of creditors, non-profit partners, property managers and regulators, a plan of re-organization was accepted only seven months after filing for Chapter 11 protection ensuring senior residents did not lose their initial entry deposits. Other highlights included advising troubled company PTC Alliance on the $140m Section 363 sale of most of its assets to Black Diamond. This followed seven months of hotly contested litigation brought by third party secured creditors who objected to the asset sales. Department head Jeffrey Schwartz led on the aforementioned matter and is an integral part of a team which also includes the well-regarded vice-chairs Timothy Walsh and Alan Solow.

Driven out of the firm’s Washington DC headquarters and aided by a fairly significant presence in New York, Arnold & Porter LLP’s 19-partner team represents an eclectic mix of clients including corporate debtors, equity investors, asset purchasers and the officers and directors of distressed companies. Able to draw upon the wider complementary resources of the firm, including securities, corporate, real estate and finance, the team excels at ‘handling sophisticated, multi-layered mandates’. This approach was recently successfully brought to bear in relation to the firm’s involvement for two multibillion-dollar bank subsidiaries of Lehman Brothers Holdings in securing federal and state regulatory approval of the recapitalization of the banks and gaining court approval of global settlements of the banks’ claims exceeding $2.5bn. While the deal was led by financial services expert Brian McCormally, it necessitated significant input from New York-based restructuring partner Michael Canning. Canning is well regarded in the market and in addition to an impressive creditor deal book has also advised numerous high-profile corporates in their reorganization efforts, including the second largest national printing business Quebecor World, on its Chapter 11 reorganization. Washington DC-based Michael Bernstein heads the team and receives plaudits for his ‘versatile practice’ that encompasses creditors and debtors from a broad range of industries including telecoms, energy, healthcare and aviation.

Caplin & Drysdale has an ‘extraordinary and unique capacity’ for representing asbestos creditors’ committees in large Chapter 11 cases. The 15-attorney team has a virtual monopoly in this work and has represented asbestos creditors’ committees in many high-stakes reorganization proceedings, including WR Grace & Co, North American Refractories Company & Global Industrial Technologies, Pittsburgh Corning and Garlock Sealing Technologies. Elihu Inselbuch heads the practice and is praised for his ‘excellent leadership and strategy’. Other notable practitioners include ‘the incredibly smart’ Peter Lockwood, plus Trevor Swett and Ronald Reinsel, both of whom have ‘in-depth knowledge and understanding of all aspects of all of the issues’.

Particularly strong out of Chicago but also able to tap into the knowledge of partners with bankruptcy experience across many of the firm’s national offices, Foley & Lardner LLP provides ‘knowledgeable and responsive’ advice to secured and unsecured creditors, and debtors, particularly in the mid-market. Active across a range of industry sectors, the team has handled a number of sports-related bankruptcy matters including advising the buyer in relation to the $590m acquisition of Texas Rangers out of bankruptcy. Leader of the firm’s corporate trust and bondholders rights team and a member of the bankruptcy practice, Harold Kaplan is one of the most acclaimed figures in Illinois for representing trustees and bondholders interests, and recently represented Wilmington Trust Company as indenture trustee for $705m in senior notes and $400m in senior subordinated notes in relation to Aleris International’s restructuring.

Led by Louis Strubeck out of Dallas, Fulbright & Jaworski LLP’s 23-partner Texas-based team provides strength and depth to a comprehensive range of clients including investors, bondholders, equity sponsors, banks, trustees and committees across all aspects of in and out-of-court restructurings. Although it is perhaps more parochial in its outlook than other firms, the group is regularly involved in many of Texas’ most significant restructurings. Particularly strong on the transactional side for creditors, led by Strubeck, the team is advising CoBank as agent for 37 lenders in the Pilgrim’s Pride restructuring. Other highlights included advising Idearc on its Chapter 11 case. While the team is active across many industry sectors, it has a particular degree of expertise at handling restructurings within the oil and gas sector – as a consequence of the firm’s ‘overarching energy sector prowess’. Recommended partners include newly appointed head of the Houston restructuring practice Berry Spears, and Toby Gerber, who has particular expertise within the transportation industry; both have been involved in the aforementioned Idearc restructuring.

Greenberg Traurig LLP provides a ‘great service and high-level strategic thinking’ to a broad array of clients including lenders, bondholders and debtors. Co-chaired by New York-based Bruce Zirinsky – following his arrival in 2009 from Cadwalader, Wickersham & Taft LLP – ‘extremely intelligent, capable, articulate and knowledgeable’ Miami-based Mark Bloom and ‘wonderful and supportive’ Chicago-based Keith Shapiro, the 95-attorney plus practice is one of the largest in the country and can handle mandates regardless of location. ‘Top-tier at advising mid-sized clients’, the group is praised for its ‘good business acumen, great out-of-the box thinking and service oriented advice’. As well as continuing to advise Satelites Mexicanos on its $378m restructuring, the group also recently acted for a substantial group of bondholders in the AbitibiBowater bankruptcy. Tapping into the firm’s corporate capabilities, the team has been handling a significant amount of distressed M&A, including representing Barclays Capital in the acquisition of Crescent Real Estate Equities and related entities. Miami-based Paul Keenan (‘under promises and over delivers’); Chicago-based Nancy Peterman (‘responsive and bright’); and Atlanta-based Michael Leveille (‘has great command of his subject and is very accessible’) are recommended.

Headed by the ‘impressive’ James Carr, Kelley Drye & Warren LLP’s New York-based four-partner group represents a strong cadre of top corporates and financial institutions including HSBC, IGI Resources, JPMorgan, Jones Lang LaSalle and Wells Fargo. The team is particularly accomplished at handling creditor mandates for both financial institutions and for unsecured creditors’ committees. Led by Carr and Eric Wilson, the firm is advising Sun Life Assurance Company of Canada as a senior secured creditor of Saint Vincents Catholic Medical Centers of New York. Carr and Wilson have also been representing US Bank as indenture trustee in the bankruptcy proceedings of Trump Entertainment Resorts. The group also has a niche expertise advising on maritime and environmental bankruptcy matters, as exemplified by its recent representation of the official committee of unsecured creditors as the main proponent of a plan of liquidation for Bender Shipbuilding & Repair Company.

Based out of Atlanta under the stewardship of Todd Meyers, Kilpatrick Townsend & Stockton’s seven-partner team’s diverse practice represents debtors, trustees, examiners, lenders, indenture trustees and purchasers. Particularly accomplished on the creditor side, the firm regularly picks up committee work, such as its recent representation of the official committee of unsecured creditors of Amelia Island Company. Other highlights included representing Wilmington Trust Company as indenture trustee for Citadel Broadcasting’s unsecured bond debt. Although it lacks a significant presence in New York, its solitary bankruptcy partner there, Jonathan Polonsky has a vibrant practice that encompasses instructions from bankruptcy trustees, examiners and creditors’ committees.

While McDermott Will & Emery LLP provides ‘in-depth knowledge across a broad spectrum of experiences from different aspects of the restructuring world’, it is best-known for its ‘superlative expertise’ within the healthcare sector. One of the more unique areas within the bankruptcy sphere, given the tax-exempt nature of the debt involved, the firm is currently representing a number of distressed hospitals in Wisconsin, Pennsylvania, Illinois and Indiana. Another more esoteric area of law that the firm excels is in relation to municipal insolvencies. Here, the department is acting for Ambac Assurance, the monoline insurer of bonds issued to finance the construction and operation of a monorail alongside the Las Vegas strip. In its role for Ambac, one of the core creditors, the department is arguing that the monorail company does not qualify as a Chapter 11 debtor as it is a municipality only entitled to Chapter 9 protection. ‘Tremendously experienced and knowledgeable’ Chicago-based practice head William Smith ‘has a wonderful gift of being able to take a complex legal issue and simplifiying it in a way for his non-lawyer clients to understand and make an informed business decision based on it’. Smith is ably supported in Chicago by the ‘very effective’ Jay Kapp and Miles Hughes, who has ‘strong legal research skills’. Geoffrey Raicht heads the team based in New York and has a particular strength advising on distressed acquisitions and mid-market debtor mandates.

Wiley Rein LLP’s four-partner strong team is ‘smart, experienced and possesses the in-depth understanding of the bankruptcy code and its judicial process necessary to prosecute an effective restructuring’. It also benefits from expertise on the contentious side and ‘the ability to accurately predict the litigation process providing the client with the knowledge necessary to confidently make decisions’. Although it lacks a foothold in New York, the firm has a deeply entrenched presence in the mid-Atlantic area and has been involved in virtually every major bankruptcy case filed in the Washington DC region over the past 20 years. Team head Jason Gold has an exceptional reputation and is ‘calm and deliberate in court, but does not back down from an argument or allow himself to be intimidated’. Gold is leading on the firm’s current representation of LG Electronics as a major creditor in Circuit City’s bankruptcy. As part of the work, the team is representing LG in the defense of claims made by City Circuit seeking over $69m in alleged preferential transfers and other alleged obligations. Dylan Trache was also involved in this matter and is praised for his ‘impeccable research skills and his understanding of the court process’. Valerie Morrison is lauded for her ability in a number of sectors, including media, healthcare and automotive bankruptcy issues and ‘combines impeccable research skills with a creative mind to envision ways to succeed that, although unique, are grounded in solid principles of bankruptcy law’.

‘Very knowledgeable of the industries and well-versed in business matters’, Winston & Strawn LLP gives ‘effective and efficient advice’ to a predominantly creditor-focused client base, including banks, creditors’ committees and DIP lenders. Particularly strong out of Chicago and the West Coast, the firm also has a presence in Charlotte and New York, the latter which was strengthened by the recent recruitment of Lawrence Larose, former practice head of Dewey & LeBoeuf LLP’s restructuring team. Led out of Los Angeles by Eric Sagerman and aided by almost 40 attorneys, the team has a ‘very deep bench and is able to deal with a variety of issues in a prompt and efficient manner’, particularly in relation to matters affecting mid-sized businesses. Recent highlights include representing the official committee of unsecured creditors of People’s Choice Home Loan, a subprime lender in Chapter 11. Although the practice is less active on the debtor side, it did act as co-counsel to Legends Gaming in the restructuring of $160m of first-lien debt and $75m of second-lien debt.