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Kirkland & Ellis LLP

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Paul Basta

Work +1 212-446-4750
Kirkland & Ellis LLP

Work Department



Partner Paul Basta advises debtors in complex restructurings in and out of court. Representative clients include Linn Energy, Sabine Oil & Gas, Samson Resources, Caesars Entertainment Operating Company, Essar Steel, Barneys New York, Reader's Digest, A&P Supermarkets, MSR Resorts, Charter Communications, Kerzner and Longview Power. He provides restructuring advice to private equity funds, including Silverpeak, and often represents creditors, including Six Flags, Mirant and HealthSouth. Paul also represented the Houston Astros in connection with the involuntary bankruptcy of Houston Regional Sports Network. Paul is an active speaker and is a professorial lecturer for George Washington University Law School.


Member, NY Bar; Fellow, American College of Bankruptcy; Member, American Bankruptcy Institute; Member, Federal Bar Council Litigation Committee; Member, University of Michigan Political Science Advisory Board; Member, Turnaround Management Association.


George Washington University Law School, J.D., 1992; University of Michigan, B.A., 1988.

United States: Finance

Restructuring (including bankruptcy): corporate

Within: Leading lawyers

Paul Basta - Kirkland & Ellis LLP

Within: Restructuring (including bankruptcy): corporate

The premier debtor-side practice at Kirkland & Ellis LLP had a bumper 2016 for work in the E&P sector. The firm acted as debtor’s counsel in the Chapter 11 of Magnum Hunter Resources and also of Sabine Oil & Gas, which was a particular achievement for the team after it was ruled midstream agreements could be rejected in the event of an upstream bankruptcy. The firm also successfully represented Sabine in litigation involving claims by unsecured creditors. Other debtor representations included LINN Energy, Midstates Petroleum and Penn Virginia Corporation - the last of which is notable for the decrease of funded debt obligations from $1.2bn to around $90m. James Sprayregen, who is a ‘great manager of cases and lawyers’ and ‘commands the respect of other law firms’, heads the practice from the Chicago office. Sprayregen leads representations of Energy Futures Holdings and Caesars Entertainment Operating Company alongside the head of the New York team Paul Basta. New York-based Nicole Greenblatt and Chicago-based Adam Paul, who has ‘great intelligence and capability’, are also names to note.

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Restructuring (including bankruptcy): municipal

Within: Restructuring (including bankruptcy): municipal

Kirkland & Ellis LLP continues to represent the Commonwealth of Puerto Rico and governor Alejandro Garcia Padilla in defense of the constitutionality of the Puerto Rico Emergency Moratorium and financial Rehabilitation Act and numerous executive orders, and the applicability of the automatic stay included in PROMESA. This is following on from the defense of the constitutionality of the Puerto Rico Public Sector Debt Enforcement and Recovery Act, which ultimately was ruled by the US Supreme Court to be preempted by US Bankruptcy Code. The team is led by Paul Basta in New York and James Sprayregen, who splits his time between New York and Chicago.

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