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Bankruptcy: Southwest
Leading lawyer
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- Zack Clements, Fulbright & Jaworski LLP ‘He presents cogent argument and backs down to no one’
PRACTICE: Baker Botts, L.L.P.’s bankruptcy and restructuring practice numbers 13 partners, ten based in the Dallas office and three in Houston. It has acted in numerous high-value Chapter 11 assignments as well as tricky out-of-court reorganizations. The economic downturn has produced a large number of credit-side instructions from private equity investors and secured lenders.
In a long-running and high-profile assignment, the practice has represented ASARCO, the leading copper and non-ferrous metal producer, in Chapter 11 proceedings which commenced in April 2005. Among the many issues which have to be reconciled are over 74,000 asbestos-related personal injury claims, and allegations of fraudulent transfer of a majority interest in the company by its parent corporation. In September 2008 the US Bankruptcy Court tentatively approved two competing plans for the Chapter 11 reorganization.
CLIENTS: Clients include Pacific Lumber, SemGroup Energy Partners and Yorkville Advisors.
INDIVIDUALS: Jack Kinzie, the bankruptcy section chair, is based in Dallas and has led in the ASARCO bankruptcy since it was first filed.
PRACTICE: Fulbright & Jaworski LLP’s bankruptcy practice is concentrated in the Houston and Dallas offices, with representation in Austin. The members have wide-ranging experience across the discipline which includes the Chapter 11 case of Yukos Oil Company which originally filed in 2005 and has recently closed. Practice lawyers successfully represented Yukos’ non-Russian subsidiaries in opposing Chapter 15 recognition of proceedings in Russia and the appointment of a Russian administrator.
Other high-value ongoing instructions include the restructuring of a major property developer’s credit facilities and, since 2003, representing the lessor of two power plants in the bankruptcy of the lessee power-producing company.
CLIENTS: clients include Bank of New York, Bank of America, International Air Transport Association and the unsecured creditors in the ASARCO bankruptcy.
INDIVIDUALS: In Houston, Evelyn Biery heads the practice, and is advising in the ASARCO bankruptcy. Also in Houston, Zack Clements has 30 years’ experience of businesses in difficulty, ‘presents cogent argument and backs down to no one’, and led in the Yukos matter. William Greendyke, who served as chief judge of the US Bankruptcy Court for Southern Texas before joining the practice, is described as ‘excellent, he brings order out of chaos’, and divides his time between Dallas and Houston. Berry Spears in Austin is ‘knowledgeable, practical and well organized’.
PRACTICE: Haynes and Boone, L.L.P.’s southwestern bankruptcy and business restructuring practice has some 25 partners, with the largest teams based in its Dallas and Houston offices. The practice has wide experience of negotiating and drafting reorganization plans, including pre-packaged Chapter 11 cases, as well as handling complex litigation involving bankruptcy or allegations of fraud. Niche expertise includes the energy sector, real estate, aviation and air transport, and retail distribution.
In recent instructions the practice has acted for NYSE-listed The Bombay Company, a retailer with over 400 outlets, and successfully designed a court-approved liquidation plan which included sale of the brand name for cash and a future royalty. Lawyers represented the creditors’ committee in the successful $2bn refinancing which closed the El Paso Electric hapter 11 case - this was only the second investor-owned public utility to file bankruptcy since the 1930s.
CLIENTS: Clients include Kevco, American Airlines, Bank of New York, MAIR Holdings, Calyon and WCI Communities.
INDIVIDUALS: In Dallas, Robert Albergotti has advised in many complex bankruptcies and reconstructions, representing Bank of America in connection with a $2.65bn credit facility in the WorldCom bankruptcy. Also in Dallas, Trey Monsour has considerable experience of the oil and gas sector. Charles Beckham in Houston is also an expert in insolvencies in the oil and gas and energy sector.
PRACTICE: Vinson & Elkins L.L.P.’s restructuring and reorganization practice is deeply embedded in the firm’s wider corporate and commercial practices, with most partners having expertise in another discipline, such as tax or structured finance. The southwestern team of 20 partners is divided between Dallas and Houston. Two Dallas partners spend part of their time in New York.
Lawyers recently represented a large private equity fund in connection with investments in a residential mortgage origination and servicing business, and represented the debtor through a pre-arranged Chapter 11 filing in the case of Integrated Electrical Services.
CLIENTS: Clients include JPMorgan Securities, Action Auto Rental, Gentek, Var-Tec Telecom and Daisytek International.
INDIVIDUALS: Josiah Daniel is a senior practitioner of immense experience in bankruptcies involving fraud and mass tort issues. James Lee’s practice extends to litigation in large and complex bankruptcies, including those where fraudulent transfer or breach of fiduciary trust are alleged. Both are based in Dallas.
PRACTICE: The Greenberg Traurig LLP southwestern business reorganization and bankruptcy practice, with some 15 lawyers in the Dallas and Houston office, does not have such a high profile as the Miami-based southwestern offering, but nonetheless houses some experienced and expert attorneys. The practice includes representation of creditors, equity holders and debtors. Members have acted in numerous significant cases across the US.
CLIENTS: Clients include Sony Corporation and Bank of New York.
INDIVIDUALS: Clifton Jessup has wide-ranging experience. He was appointed as examiner in a multimillion-dollar oil and gas development company case, Tri-Union Development. Bruce White is also a strong practitioner. Both are based in Dallas.
PRACTICE: Thompson & Knight LLP’s nine-partner Texas bankruptcy practice is divided between the Dallas and Houston offices. It has clear strengths in litigious matters - several practice members combine a litigation practice with corporate reorganization and creditors’ rights expertise. The practice is also expert in the oil and gas sector. In a recent instruction, the practice represented hedge funds and private equity firms holding senior convertible notes in Integrated Electrical Services bankruptcy.
CLIENTS: Debtor clients include Gereke Chemicals and creditors’ committees have been represented in cases including Texas Commercial Energy and First Air Express.
INDIVIDUALS: David Bennett brings oil, gas and energy expertise to an expert reorganization practice. John Brannon is a highly experienced litigator in the field.
Akin Gump Strauss Hauer & Feld LLP
PRACTICE: Akin Gump Strauss Hauer & Feld LLP’s Texas financial restructuring practice is centered in Dallas. The practice is best known for creditor committee representation and also represents a range of distressed debtor companies in Chapter 11 proceedings and out-of-court restructurings.
CLIENTS: The practice has represented official creditors’ committees in the Delta Air Lines, WorldCom and Washington Mutual restructurings.
INDIVIDUALS: Dallas-based Charles Gibbs is expert in distressed real estate instructions and also has wide experience of securitized loans in bankruptcies.
PRACTICE: Andrews Kurth LLP’s bankruptcy and restructuring practice in Houston numbers 16 partners, although the majority of these also practice in several other areas including real estate, hospitality, hotels, franchise operations, energy and construction.
The practice continues to act for JPMorgan Chase as administrative agent in numerous syndicated and revolving credit facilities.
CLIENTS: Clients include Frontier Oil & Refining, General Electric Capital, Citicorp and the debtors in Crown Pacific Partners.
INDIVIDUALS: John Sparacino is frequently involved in representation of purchasers and sellers of assets in distressed situations.
PRACTICE: Gardere Wynne Sewell’s bankruptcy and business reorganization practice divides between Dallas and Houston. Members have represented debtors including Senior Management Services of America in successful Chapter 11 proceedings as well as advising in cross-border insolvencies such as MuscleTech Research and Development.
CLIENTS: Clients include Physicians Specialty Hospital of El Paso East, American Pad & Paper and jobs.com.
INDIVIDUALS: Deidre Ruckman heads the practice and has particular expertise in financial restructuring and workouts.