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Akin Gump Strauss Hauer & Feld LLP’s energy sector expertise secured significant matters in the wave of energy exploration and production (E&P) related bankruptcies. In recent highlights, the group is advising ad hoc bondholders of Seadrill Group on the company’s $13.1bn restructuring, which includes $2.3bn of bond debt, and is also acting for the steering committee of second lien lenders and noteholders of SunEdison as well as an ad hoc group of noteholders of Stone Energy Corporation in the companies’ Chapter 11 cases. On the company side, the team assisted FirstEnergy Solutions with out-of-court restructuring negotiations of $4bn of debt. In the Chapter 11 bankruptcy of CHC Helicopter (CHC) - a company which largely serves offshore oil and gas companies - Michael Stamer, bankruptcy litigator Abid Qureshi and Washington DC-based James Savin advised an informal group of secured noteholders on restructuring agreements and related contentious matters. Beyond the E&P industry, Ira Dizengoff, Phil Dublin and Qureshi represented an ad hoc group of first lien lenders, including over 75 hedge funds, in Avaya‘s Chapter 11 bankruptcy. Daniel Golden jointly heads the global team, and Qureshi and Dublin are the co-administrative US financial restructuring partners. Jason Rubin, who assisted with the CHC matter, made partner. The lawyers mentioned are based in New York, except where otherwise stated. In October 2018, a team of attorneys joined from Morgan, Lewis & Bockius LLP to set up the firm's new Hartford, Connecticut office, including Renée Dailey.

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As a key player in many of the high-profile matters following the influx of E&P filings, Davis Polk & Wardwell LLP is particularly recognised for representing financial institutions in energy sector filings, including in Pacific Exploration & Production Corporation’s $5.3bn cross-border restructuring and $362m financing, as well as in Peabody Energy Corporation’s Chapter 11. In addition to the sucessful restructuring of Arch Coal at the end of 2016 - with the company emerging from Chapter 11 in less than ten months - and the advice rendered to independent directors of SunEdison in connection with the company’s bankruptcy, the practice has been engaged on further debtor-side representations in the energy sector, including the $1bn restructuring of Bonanza Creek Energy and Basic Energy Services’ prepackaged Chapter 11 filing. Also on the company side, the practice advised TerraVia Holdings on its Chapter 11 proceedings, asset sale and entry into a debtor-in-possession (DIP) financing facility. And in one of the biggest retail restructurings of 2017, it is assisting a leading financial institution with the $2.3bn DIP financing facility for Toys "R" Us Delaware. Donald Bernstein and Brian Resnick led advice to Bonistas del Patio in relation to $15bn bondholder debt instruments issued by Puerto Rico in mediation proceedings. Marshall Huebner leads the restructuring team which is based in New York.

Jones Day’s breadth of experience in both company- and creditor-side representations gives the practice ‘the ability to provide workable solutions’ to complex restructuring issues. As debtor’s counsel in Peabody Energy Corporation’s Chapter 11 a team led by Heather Lennox, who works across both the Cleveland and New York offices, reduced the company’s debt by over $5.2bn and saw it emerge from bankruptcy in less than a year. Scott Greenberg, in the New York office, is advising M&G Chemicals on its Chapter 11 bankruptcy seeking to obtain $100m debtor-in-possession finance. On the creditor-side, the group was engaged by the official committee of second priority noteholders of Caesars Entertainment Operating Company; in this significant representation practice head Bruce Bennett - who splits his time between the New York and Los Angeles office - negotiated alongside New York-based Sidney Levinson and Los Angeles-based Joshua Mester to achieve a 65.5% recovery for the noteholder committee. In addition, the team is advising Nissan Motor Company, as creditor and customer, in the Chapter 11 bankruptcy of TK Holdings and in the Chapter 15 case of Takata Corporation. In the retail sector, the practice assisted a group of term loan lenders of rue21 and Wilmington Savings Fund Society and other lenders with J. Crew’s $1.5bn term loan.

As ‘one of the most pre-eminent law firms’ for US restructuring Kirkland & Ellis LLP has been viewed as ‘dominating the debtor side of the practice’ with representations in some of the largest bankruptcies of recent years. Notably, it is engaged as debtor counsel by Avaya, Seadrill and Payless ShoeSource in the companies’ Chapter 11 filings and negotiations. As well as being considered ‘at the very top of its practice nationally’, the team has cross-border abilities and advised fashion retailer BCBG Max Azria Global Holdings on the restructuring of operations across the US, Canada, Europe and Japan. In a further testament to its company-side expertise, the group, which includes Chicago-based ‘big picture strategistJames Sprayregen and the ‘tireless and superbrightJoshua Sussberg in New York, is acting for Toys"R"Us and several of its direct and indirect subsidiaries in Chapter 11 cases. The practice also handles lender-side engagements, with clients including an ad hoc committee of senior secured lenders to CGG and an ad hoc second lien committee of Breitburn Energy Partners in the companies’ restructurings. ‘As experienced and savvy as they come’ Sprayregen is sole head of the group following the departure of the previous head of the New York office Paul Basta to Paul, Weiss, Rifkind, Wharton & Garrison LLP. Other key names to note are Nicole Greenblatt in New York and the ‘extraordinarily creative and fierce litigatorAdam Paul in Chicago.

Milbank, Tweed, Hadley & McCloy LLP’s New York-based financial restructuring group has recently been particularly busy with high-profile financial institution representations: a team led by Dennis Dunne, Abhilash Raval and Tyson Lomazow is advising the official committee of unsecured creditors of TK Holdings and its affiliates in Chapter 11 bankruptcy proceedings and the group was also engaged by an ad hoc committee of unsecured creditors in Ultra Resources’ Chapter 11 with litigation resulting in 100% cash payment of the client’s allowed claims. In the retail sector, Dunne and Samuel Khalil advised an ad hoc committee of financial institutions in relation to J. Crew Group’s $2bn restructuring. The pair, alongside Andrew Leblanc and investment partner Albert Pisa, also led advice to the equity sponsors of Toys"R"Us in the company‘s high-profile Chapter 11 case. With strength in cross-border bankruptcy, the group advised term lenders on interrelated Cayman Islands schemes of arrangements and US Chapter 15 proceedings in Ocean Rig UDW’s $3.7bn restructuring. On the company side, the team is assisting Boart Longyear with its recapitalization and Chapter 15 filing in connection with an Australian scheme of arrangement. The practice, led by Dunne in New York and Paul Aronzon in Los Angeles, also includes newly promoted partners Lauren Doyle and Eric Stodola.

The New York-based bankruptcy and corporate reorganization practice at Paul, Weiss, Rifkind, Wharton & Garrison LLP regularly represents clients on both sides: highlighting its creditor-side expertise, the team was engaged by an ad hoc group of senior unsecured creditors and later appointed by the official committee of unsecured creditors in Paragon Offshore’s $2bn Chapter 11. It also advised Apollo Capital Management on an $800m DIP financing facility to Westinghouse Electric Company. In the Commonwealth of Puerto Rico’s unprecedented restructuring of $18bn of debt, Andrew Rosenberg is acting for an ad hoc group of Puerto Rico general obligation bondholders. The group has also increased the prominence of its debtor practice, where Alan Kornberg and Brian Hermann recently led the representation of subsidiaries of CGG, which included dual track US Chapter 11 and French sauvegarde proceedings in addition to US Chapter 15 proceedings. In another highlight, the group advised Foresight Energy on its $2bn out-of-court restructuring and subsequent $1.3bn refinancing. The company-side practice was further strengthened by the addition of Paul Basta, previously at Kirkland & Ellis LLP, as co-chair of the department alongside Kornberg. Stephen Shimshak now acts as of counsel and Kyle Kimpler made partner.

Weil, Gotshal & Manges LLP fields a very strong company-side practice which recently acted as debtors counsel in the cross-border bankruptcy proceeding of Westinghouse Electric Company, which comprised liabilities of $9bn: a team including Gary Holtzer and Garrett Fail advised on strategic planning, Chapter 11 proceedings as well as on obtaining Westinghouse’s $800m DIP loan. In other work, Marcia Goldstein is leading representation of Takata Corporation‘s $3.9bn restructuring and in the distressed retail sphere, the practice advised J. Crew Group on its out-of-court restructuring and Bain Capital as private equity sponsor on The Gymboree Corp’s Chapter 11. Additionally, the practice takes on notable creditor-side engagements: Matt Barr recently acted for the official committee of unsecured creditors of SunEdison. The team is jointly led by Holtzer, Barr and Ray Schrock and welcomed Ryan Dahl from Kirkland & Ellis LLP’s Chicago office. Other changes to the group include David Griffiths’ promotion to the partnership, Michael Walsh’s retirement and Brian Rosen’s departure to Proskauer Rose LLP. All lawyers referred to herein are based in New York unless otherwise indicated.

The corporate bankruptcy and restructuring team at Kramer Levin Naftalis & Frankel LLP has a busy creditor-side practice. The group is located in New York and recently represented the official committees of unsecured creditors in the high-profile Chapter 11 bankrupties of both Toys "R" Us and Seadrill. Thomas Moers Mayer and Douglas Mannal additionally represented the official committee of unsecured creditors in the restructuring of Arch Coal. Also in the energy sector, the practice represented Elliott Management Corporation and Aurelius Capital Management as bondholders of Peabody Energy Corp. In other work, a team led by Joshua Brody continues to advise second lien bondholders and indenture trustees in Energy Future Intermediate Holdings’ restructuring and in the high-profile Chapter 11 proceedings of Caesars Entertainment Operating Co., and Kenneth Eckstein, who jointly heads the team with Mayer, represented an ad hoc group of first lien bondholders alongside recently promoted partner Daniel Eggermann. The team also secured significant work in the Commonwealth of Puerto Rico’s insolvency, where it is advising a mutual fund group on investments of $10bn and is representing an ad hoc group holding $3bn of PREPA bonds in restructuring proceedings and related litigation.

Based on a ‘good bench and broad experience’, Latham & Watkins LLP’s practice has ‘sharp and astute subject matter expertise’ in high-profile restructuring matters. The ‘very responsive’ and ‘extremely approachable’ team, known primarily for its creditor-side work, represented the official committee of unsecured creditors of Energy XXI in its Chapter 11 filing. The group has also been active on the debtor-side in the energy sector, where it advised Chaparral Energy on its $1.6bn Chapter 11 restructuring and Stone Energy Corporation on its prepackaged plan. Mitchell Seider has particular expertise in cross-border restructuring and alongside colleagues in Paris and London acted for Credit Suisse as agent in the restructuring of the French corporation CGG. In another multijurisdictional matter, the team is acting for General Electrics in Chapter 15 proceedings as well as in the Spanish restructuring of Abengoa, including Abengoa’s divestment of the Norte III power plant in Mexico. Following the retirement of former co-chair Jan Baker, the practice is headed by Peter Gilhuly in Los Angeles, Chicago-based Peter Knight and Seider in New York. George Davis joined the New York office from O'Melveny & Myers LLP, Jeffrey Bjork in Los Angeles joined from Sidley Austin LLP and Chicago-based Matthew Warren made partner.

Skadden, Arps, Slate, Meagher & Flom LLP’s substantial debtor-side practice continues to advise SunEdision on its $15bn Chapter 11 reorganisation and Jay Goffman and Mark McDermott led a team advising Roust Corporation on its prepacked Chapter 11. In other highlights, the practice assisted EMAS Chiyoda Subsea, Triangle USA Petroleum Corp. and Perfumania Holdings with the companies’ respective Chapter 11 cases and in an out-of-court restructuring matter, a team led by Paul Leake, who co-heads the team alongside Godffman, advised a multinational healthcare company on the reorganisation of $3bn of debt. Other significant work included representing Toshiba Corporation in the Chapter 11 filing of its subsidiary Westinghouse Electric Company. Key names to note are Shana Elberg, Lisa Laukitis and Los Angeles-based Van Durrer. All lawyers mentioned in the editorial are based in the firm’s New York office, unless otherwise specified.

White & Case LLP has a strong national and multinational restructuring and insolvency practice known for its high-profile representations of creditors, hedgefunds and bank lenders. During the wave of energy and E&P bankruptcies it has secured several significant matters such as advising the coordinating committee of senior secured lenders, holding over $10bn of indebtedness, on Seadrill’s Chapter 11 proceedings; assisting the official committee of unsecured creditors with Samson Resources Company’s Chapter 11 restructuring; and advising Wilmington Trust as indenture trustees on the cross-border liquidation of Petroplus. With a strength in cross-border engagements and representation of multinational Latin American companies, it also assisted Brazilian telecoms company Oi with its $19bn restructuring proceedings. The team is further advising OAS, a construction and engineering company based in Brazil, on potential out-of-court restructuring options for its $1.7bn bond debt, as well as on its US Chapter 15 proceedings. Thomas Lauria heads the practice which recently welcomed Brian Pfeiffer from Schulte Roth & Zabel LLP; both split time between New York and Miami. Other additions to the team include Philip Abelson from Proskauer Rose LLP and David Turetsky from Skadden, Arps, Slate, Meagher & Flom LLP, both based in the New York office.

Cleary Gottlieb Steen & Hamilton LLP’s New-York based restructuring team has a notable strength in multijurisdictional mandates, particularly involving companies based in Latin America. The practice continues to advise an ad hoc group of bondholders owning bonds of a congregate value of $4bn on Oi’s Chapter 15 proceedings; here, Richard Cooper and Luke Barefoot are advising on New York and English law aspects, as well as acting as coordinated Brazilian and Dutch legal counsel and the group’s financial advisor. In other work, Lisa Schweitzer and Cooper advised Mexican financial institution Grupo Financiero Inbursa as secured lender on the restructuring of Mossi & Ghisolfi in Brazil and Mexico, as well as on the Chapter 11 cases of its US affiliates, and the team also acted for an ad hoc committee of holders of unsecured bonds and secured term loans in Key Energy Services’ Chapter 11 proceedings. On the contentious front, the practice acted for J. Aron & Company in claims related to the Energy Future Holdings’ Chapter 11 bankruptcy and defended Nortel Networks against a damages claim brought by a creditor related to the company’s previous Chapter 11 proceedings. Other key names to note are James Bromley and Sean O’Neal.

The New York-based business restructuring and workouts group at Debevoise & Plimpton LLP has a varied practice advising both debtors and creditors on restructuring and bankruptcy related litigation. In recent highlights on the company side, the team acted as aircraft counsel to CHC Group in its $2bn Chapter 11 proceedings and Natasha Labovitz and litigation partner Mark Goodman assisted Georgia-Pacific LLC and Koch Industries with matters related to the bankruptcy of Georgia-Pacific affiliate Bestwall, which has been subject to ongoing asbestos-related litigation; prior to Bestwall’s Chapter 11 filing, the team also advised on the reorganization of capital structure enabling the client to operate without impact from the proceedings. On the creditor side, the group has significant experience in acting for hedge funds and assisted Gramercy Funds Management as a shareholder and creditor of Banro Corporation with out-of-court recapitalization. The team is also advising Standard General as shareholder and equity holder of General Wireless on the company’s Chapter 11 case. Following the retirement of Richard Hahn, Labovitz is the sole head of the practice which also includes Jasmine Ball and Christopher Updike.

Present on the East and West coast, Gibson, Dunn & Crutcher LLP’s business restructuring and reorganization practice acts for both creditors and debtors. On the company side, the group advised Woodbridge Group of Companies on its Chapter 11 restructuring proceedings and New York-based duo David Feldman and Matthew Kelsey represented SH 130 Concession Company, an operator of the portion of Texas State Highway 130, in its Chapter 11 bankruptcy. In the Los Angeles office, Robert Klyman advised the Chapter 11 debtor Sports Authority and on the contentious front, a team led by New York-based Matt Williams successfully represented bondholder BlueMountain Capital Management in claims before the Supreme Court relating to the restructuring of Puerto Rico Electric Power Authority’s debts. On the creditor-side, the team advised an ad hoc group of noteholders, holding approximately $2bn of bonds issued by iHeart Media, on strategic matters related to the company’s pending restructuring. The group is jointly headed by Feldman and Michael Rosenthal in New York and Klyman and Jeffrey Krause in Los Angeles.

Kasowitz Benson Torres LLP’s restructuring team is recognized for its bankruptcy litigation expertise and continues to represent financial institutions in high-profile restructuring proceedings. Recent highlights include acting for J. Crew Group in litigation related to its Chapter 11 restructuring, which included a claim against Wilmington Savings Fund, as agent for a $1.5bn term loan facility, for a declaration from the court that transactions made by J. Crew Group were permissable under the term loan agreement, preventing the fund from disrupting the debtors overall restructuring. In the Commonwealth of Puerto Rico’s debt crisis, the firm acted for funds managed by Whitebox Advisors in claims for alleged breach of duties against the Bank of New York Mellon as indenture trustee for COFINA noteholders. In significant creditor-side mandates, the firm was engaged by an ad hoc group of SunEdison second lien lenders and the official committee of unsecured creditors of Essar Steel Minnesota in the companies’ respective Chapter 11 cases. In addition, David Rosner is leading the representation of private equity firm TPG Capital in the high-profile bankruptcy proceedings of its portfolio company Caesars Entertainment Operating Company, which also involves multiple state and federal court actions. Rosner heads the practice following the departure of David Friedman to take on the role of US Ambassador to Israel. Daniel Fliman joined Stroock & Stroock & Lavan LLP.

Known primarily for its creditor-side representations, Morrison & Foerster LLP’s business restructuring and insolvency group has secured work in some of the largest bankruptcies of 2017. Lorenzo Marinuzzi and Todd Goren represented the official committee of unsecured creditors in Avaya’s $6.3bn Chapter 11 bankruptcy and the team also acted for the official committee of unsecured creditors of Republic Airways Holdings. The practice further continued to be busy in the energy sector and is acting as co-counsel to the official committee of unsecured creditors in SunEdison’s complex restructuring. In addition it advised the official committee of unsecured creditors of Peabody Energy. On the debtor-side, senior of counsel James Peck and Jennifer Marines led a multidisciplined team which advised Maxus Energy Corporation and four of its affiliates on Chapter 11 proceedings, including environmental and employment related liabilities in addition to related litigation. Marinuzzi and Peck co-chair the department which recently welcomed Dennis Jenkins from WilmerHale.

O'Melveny & Myers LLP’s restructuring practice has continued to show its strength in advising on high-profile bankruptcies and secured a prominent role in the Commonwealth of Puerto Rico’s debt crisis, where it is representing Puerto Rico’s Fiscal Agency and Financial Advisory Authority; a team led by John Rapisardi is acting for all Puerto Rican governmental entities in need of financial restructuring, including several in-court and out-of-court cases. In another highlight, a team including Washington DC-based Peter Friedman and newly promoted partner Daniel Shamah, acted for Apollo Global Management as first lien lenders to Texas Competitive Electric Holdings, a subsidiary of Energy Future Holdings, in the companies Chapter 11 restructuring, which also led to work in two related spin-off litigation proceedings. The group further advised a secured term lender of Peabody Energy, an ad hoc group of second lien noteholders of LINN Energy and ad hoc group of senior secured noteholders of Homer City Generation, on the companies’ respective Chapter 11 proceedings. And beyond the energy sector, Andrew Parlen advised General Motors on the restructuring of Takata. On the debtor-side, a team acted for Hancock Fabrics in its Chapter 11 case and liquidation. All lawyers mentioned are based in the New York office, apart from where otherwise specified. Former co-chair George Davis left the practice to join Latham & Watkins LLP.

With offices in New York and Chicago, the bankruptcy and restructuring team at Proskauer Rose LLP kept busy with representations in some of the biggest and most high-profile bankruptcies. In Puerto Rico’s high-profile fiscal crisis, the team is advising the Financial Oversight and Management Board for Puerto Rico, taking the lead role in restructuring proceedings and in high-value litigation. The well-rounded practice also acted as co-counsel to Energy Future Holdings in its Chapter 11 restructuring. Martin Bienenstock and Timothy Karcher - both based in the New York office - advised Pacific Exploration Company on its $5.3bn restructuring. And on the creditor side, the group acted for the official committee of unsecured creditors of Caesars Entertainment Operating Co in the company’s $20bn Chapter 11 restructuring and represented the official unsecured creditors’ committee in the Chapter 11 case of Westinghouse Electric. Bienenstock heads the New York practice, which recently saw the departure of Philip Abelson to White & Case LLP and the arrival of Brian Rosen from Weil, Gotshal & Manges LLP. Jeff Marwil and Mark Thomas jointly head the Chicago office.

Based in New York, Quinn Emanuel Urquhart & Sullivan, LLP’s bankruptcy and restructuring practice is considered the ‘best in the business’ for bankruptcy litigation and is advising the largest group of senior bondholders with $7.6bn in COFINA bonds on restructuring negotiations before the court and in court-ordered mediation. The group is also particularly busy in the energy sector, where Ben Finestone led the representations of a steering committee of noteholders of GenOn Americas Generation, as well as of an ad hoc group holding approximately 80% of the unsecured debt issued by Berry Petroleum, in the companies’ respective Chapter 11 proceedings; in the latter case, the practice also advised Berry Petroleum, following its emergence from bankruptcy with the bondholders as new owners, in ongoing litigation. The group was further engaged by Amplify to deal with disputes related to its restructuring plan and K John Shaffer took the lead in advising an ad hoc shareholders committee in the Chapter 11 of Stone Energy Corporation. Susheel Kirpalani heads the practice alongside Shaffer and Finestone.

The ‘fantastic’ financial restructuring group at Stroock & Stroock & Lavan LLP has a strong creditor-side practice as well as a good reputation for representing hedge and private equity funds. The team advised an ad hoc group of holders of first and second debt in Avaya’s Chapter 11 proceedings and assisted an ad hoc group of unsecured bondholders of Seadrill with its Chapter 11 proceeding as well as with the considered $1bn of new capital contribution. In another prominent highlight, the practice is acting for Brigade Capital Management in Toys"R"Us’ bankruptcy proceedings and practice head Kristopher Hansen led a team which acted for an ad hoc group of Caesars Entertainment Operating Company’s first lien bank lenders who are owed an aggregate of $5.4bn. The New York-based team recently welcomed Brian Kelly from Milbank, Tweed, Hadley & McCloy LLP and Daniel Fliman from Kasowitz Benson Torres LLP, as well as special counsel Alon Goldberger and Samantha Martin from Dechert LLP and Morrison & Foerster LLP respectively. Frank Merola and Jonathan Canfield are other names to note.

Utilising the firm’s strength in corporate, finance and litigation, Wachtell, Lipton, Rosen & Katz’s New York-based team has secured work in some the largest US bankruptcies such as representing the prepetition term lenders providing a $450m DIP financing facility in Toys"R"US’ high-profile Chapter 11 proceeding. The group also secured mandates in the Chapter 11 proceedings of Payless ShoeSource, Energy Future Holdings, Westinghouse Electric Corporation and retailer Sports Authority as well as advised Scotiabank and other lenders on Puerto Rico Electric Power Authority’s restructuring and related litigation. Richard Mason took over the practice lead from Harold Novikoff, who now acts as of counsel to the firm.

Willkie Farr & Gallagher LLP’s bankruptcy and restructuring practice handles matters for both creditors and debtors and recently acted for the steering committee of high-yield bond holders of CGG in the simultaneous Chapter 11 and Chapter 15 in the US and Sauvegarde proceedings in France: a team led by John Longmire successfully achieved the conversion of $1.6bn high-yield bonds into a majority of equity in CGG as well as a $375m of investment to be backstopped by the steering committee. The group also continues to advise the COFINA Agent on the ongoing effort to reorganize the Commonwealth of Puerto Rico, and in a company-side representation, Matthew Feldman advised SquareTwo Financial Services Corporation on its pre-packaged Chapter 11, including the confirmation of the plan as well as the successful sale of the debtors’ companies. The practice further advised Secure Point Technologies and affiliates on Chapter 11 proceedings and Total Safety US on its out-of-court restructuring. The firm also continued to defend Lehman Brothers against claims brought by residential mortgage-backed securities trusts relating to mortgage loans issued prior to the company’s bankruptcy. Rachel Strickland and Feldman head the New York-based team, which was further strengthened by the arrival of Brian Lennon from Kirkland & Ellis LLP. Former practice co-head Marc Abrams is another key name.

Brown Rudnick LLP is particularly recommended for its advice to investors in, and creditors of, distressed companies. In the retail space, the team advised term loan lenders and the term loan agent of Sports Authority and continues to act for secured term lenders of J. Crew Group; Edward Weisfelner led representation of the official committee of equity security holders of Adeptus Health in its Chapter 11 filing and related litigation; and the group was also engaged by the official committees of equity security in the Chapter 11 cases of Tidewater and IMX Acquisition. In another highlight, managing director William Baldiga acted for the unsecured creditors committee of Real Alloy and its affiliates. Baldiga, who splits his time between the Boston and New York offices, leads the team alongside co-heads Weisfelner (New York) and Jeffrey Jonas (Boston/New York). Robert Stark in New York is another name to note.

The financial restructuring practice at Dechert LLP continues to be recognised for its creditor and cross-border representations, particularly in mandates involving Latin American clients. Co-chair Allan Brilliant is advising an international committee, holding over $2.7bn bonds, in the bankruptcy proceedings of Oi and its subsidaries in Brazil, Netherlands and Portugal. In addition the team acts for an ad hoc group in connection with a potential restructuring of Brazilian mining company Samarco Mineração and in the Commonwealth of Puerto Rico’s debt crisis, the group is engaged by Peaje Investments, the largest holder of unwrapped special revenue bonds issued by the Puerto Rico Highways & Transportation Authority. Practice co-head Michael Sage is advising Oglethorpe Power Corporation on Westinghouse Electric Corporation’s bankruptcy and resulting delays on the company’s building obligations at Vogtle Electric Generating Plant; the team also pursued enforcement of guarantee provided by Westinghouse Electric Corporation’s parent company Toshiba in this matter.

With a ‘very strong team and good firm backup in non-bankruptcy areasHughes Hubbard & Reed LLP’s reorganization and bankruptcy group ‘provides strategic and practical advice’ particularly in contentious matters. Head of the New York-based practice Christopher Kiplok advised Republic Airways on its complex $3.6bn Chapter 11 restructuring and related litigation. In another company-side matter, Kathryn Coleman led a team which acted for CST Industries both in Chapter 11 proceedings and in litigation against one of its mezzanine lenders. In another highlight, the group was engaged as debtor counsel to Ultrapetrol (Bahamas) in its Chapter 11 proceedings and assisted the company with successfully emerging from bankruptcy in under 60 days. In a lender-side engagement, the practice represented a group of eight banks as joint lead arrangers in the $6.5bn financing to FirstEnergy. As trustee in the Lehman Brothers liquidation, the practice further continues to act in related litigation with recoveries totalling $120bn. Key names to note include dispute resolution partner Meaghan Gragg and senior counsel James Giddens who is recognised for his brokerage firm liquidation expertise.

Morgan, Lewis & Bockius LLP’s bankruptcy practice is typically engaged by creditors in high-profile restructuring matters and has experience in representing middle-market companies in distress. Utilising its cross-border strength, the group advised Arrium noteholders on the voluntary administration of Arrium in Australia and on the out-of-court sale of the company’s Moly-Cop group. Also acting for noteholders of Chicago Bridge & Iron in the company’s restructuring, the practice negotiated security for its clients in line with banks as well an agreement by the company to sell the technology segment of the business. Philadelpha-based co-chair John Goodchild III represented United Mine Workers of America Health and Retirement Funds in the Chapter 11 of Peabody Energy and continues to act in litigation against the company for "evade or avoid" withdrawal liability. On the debtor-side, the team acted for Garden Fresh Holdings in its Chapter 11 proceedings and section 363 sale of assets. Mark Silva, formely in the Boston office, left the firm to join Choate, Hall & Stewart, and since publication, Renée Dailey has joined Akin Gump Strauss Hauer & Feld LLP.

The ‘uber-responsive and proactive’ business restructuring group at Ropes & Gray LLP demonstrates ‘deep business acumen and industry knowledge’ and provides ‘great value for money’. The team has been particularly busy with creditor-side mandates in the energy space with a string of engagements in high-profile matters: recently, the practice advised Elliott Management Corporation and several of its managed funds as creditors on claims totalling $2.6bn related to the Energy Future Intermediate Holdings Company bankruptcy. In the Chapter 11 restructuring of Linn Energy, ‘brilliant strategists’ Mark Bane and Keith Wofford acted for the official committee of unsecured creditors. The practice was also engaged by an ad hoc group of GenOn noteholders in the company’s bankruptcy case. On the company side, Gregg Galardi represented Gawker Media in its Chapter 11 bankruptcy and footwear brand AeroGroup in its out-of-court restructuring and later Chapter 11 filing. New York-based Bane and ‘accomplished litigatorStephen Moeller-Sally in Boston jointly head the team. Mark Somerstein in New York dedicates ‘endless energy and attention to clients’ and Boston-based Andrew Devore is a ‘capable up-and-comer’.

Fielding a strong Houston practice, Bracewell LLP has been particularly active in the energy E&P sector: on the debtor-side the group advised Linc Energy and Venoco on the companies’ Chapter 11 cases and William Wood III alongside Jason Cohen and James McAnelly III (all based in Houston) advised ENI Petroleum as joint venture partner of Quicksilver Resources in Quicksilver’s $1bn Chapter 11 bankruptcy. In addition, New York-based Jennifer Feldsher and Robert Burns assisted Eastern Outfitters with Chapter proceedings and a 363 sale of all assets to SportsDirect. In the restructuring of Puerto Rico, Kurt Mayr, who splits his time between the New York and Connecticut offices, leads representation of QTCB Noteholder Group. Also on the creditor-side, the team acted for Wells Fargo as administrative agent to the first lien bank group in Triangle USA Petroleum’s Chapter 11 case, and in EXCO’s $1.4bn restructuring the group advised the chairman of the board and large shareholder and creditor. Mayr chairs the department, alongside Feldsher and Burns in New York and Wood and Cohen in Houston. Even Flaschen recently retired

Cadwalader, Wickersham & Taft LLP’s bankruptcy and restructuring group has been engaged by financial institutions in some of the most prominent bankruptcies in the market. The New York-based practice advised investment company Hemen Holding as part of an investor consortium providing $1bn financing to Seadrill and assisted an ad hoc committee of convertible noteholders holding $780m of bonds with the cross-border restructuring of Roust Corporation. In addition, the group is acting for an ad hoc group of secured lenders in Toisa’s Chapter 11 bankruptcy. In matter highlights in the energy space, Michele Maman is representing Morgan Stanley Capital Services as first-lien swap counterparty and an intervenor-defendant in the Chapter 11 cases of Energy Future Holdings Corp, and Ingrid Bagby advised Morgan Stanley as holder of the largest derivatives-related claim on Peabody Energy Corporation’s restructuring. Greg Petrick, who splits his time between London and New York, is the sole head of the practice following Yushan Ng’s departure to Milbank, Tweed, Hadley & McCloy LLP’s London office.

The ‘responsive and committed’ New York-based team at Curtis, Mallet-Prevost, Colt & Mosle LLP is known for acting as ‘premier conflicts counsel working side by side with the elite restructuring firms’. The group acted for the official committee of unsecured creditors in the Chapter 11 of Peabody Energy and in a contentious matter, represented Flex as the largest unsecured trade claim holder and co-chair of the official committee of unsecured creditors, in SunEdison’s Chapter 11. In a multijurisdictional matter, Lynn Harrison III and Turner Smith were engaged by the insolvency administrator of the Pickenpack entities in the company’s Chapter 15 filings, including obtaining a recognition order of the entities’ German insolvency proceedings; the team also acted for Pickenpack entities in pursuit of claims in the Chapter 11 cases of China Fishery Group’s Chapter 11 restructuring. Other key names to note are Theresa Foudy and Shaya Rochester, who has a ‘strong work ethic, technical skills and attention to detail’. Former practice head Steven Reisman left the practice to join Katten Muchin Rosenman LLP’s New York office.

Katten Muchin Rosenman LLP’s insolvency and restructuring practice is led by Chicago-based John Sieger and typically represents senior secured lenders and investors. A team led by Craig Barbarosh, who splits his time between Orange County and New York, acted for UMB Bank as indenture trustee for $6.4bn first-lein notes issued by Caesars Entertainment Operating Company in the company’s high-profile Chapter 11 proceedings. In another highlight, the group represented Wilmington Trust, as indenture trustee for notes issued by Nortel Networks Limited (Canada), in connection with an allocation dispute involving more than $7bn of Nortel sale proceeds including joint trial proceedings in the US Bankruptcy and the Ontario Superior Court of Justice in Canada. And in the Chapter 11 proceedings of Adeptus Health, the practice advised Deerfield, and certain funds that it manages, on a $45m debtor-in-possession financing facility. In New York, the team was further strengthened with the addition of the ‘world classSteven Reisman, who previously led the restructuring practice at Curtis, Mallet-Prevost, Colt & Mosle LLP.

Knowledgeable in both corporate trust theory and practice as well as litigation strategy and execution’, Mayer Brown is largely known for representing international banks as creditors and investors in distressed companies. New York-based Frederick Hyman led a team advising Malayan Banking Berhad as creditors in the cross-border Chapter 11 proceedings of China Fisheries Group. In the bankruptcy case of Peabody Energy Corporation the team advised PNC Bank and PNC Capital Markets on the asset-backed DIP financing facility. Brian Trust in New York heads the group which also includes Sean Scott and the ‘tough and knowledgeable’ Matthew Wargin; both are based in Chicago.

Following the incorporation of the legacy practice of Chadbourne & Parke LLP, Norton Rose Fulbright US LLP has significantly strengthened both its national and cross-border capabilities. In a significant cross-border matter, the group assisted BMW with Takata’s multijurisdictional bankruptcy and New York-based practice co-head Howard Seife assisted Argentina-based energy company YPF with the Chapter 11 of its wholly owned subsidiary Maxus Energy Corp. In an example of the practice’s debtor-side abilities, joint practice head Louis Strubeck, who splits his time between Dallas and New York, leads the representation of Adeptus Health and 139 affiliates in Chapter 11 cases. The team also acted for NextEra Energy on its intended $18.7bn acquisition of Energy Future Holdings, and continues to represent the company in a $275m claim for termination of the merger agreement after Energy Future Holdings entered into an alternative agreement with Sempra Energy. Senior counsel Howard Beltzer joined the New York office from Mayer Brown.

The New York-based bankruptcy practice at Simpson Thacher & Bartlett LLP is strong in creditor representation and in bankruptcy litigation. The group, which is led by Sandeep Qusba, represented the initial purchasers and joint lead arrangers of the $3bn exit financing of Ultra Petroleum Corp and its subsidiaries. William Russell, who ‘combines a deep knowledge of bankruptcy issues with the courtroom skills of an absolutely top-notch litigator’ and Qusba also recentlt represented the official committee of unsecured creditors in Gawker Media’s Chapter 11 bankruptcy proceedings. And in a debtor-side representation, Elisha Graff acted for J G Wentworth in its financial restructuring and pre-packaged Chapter 11. Michael Torkin joined from Sullivan & Cromwell LLP and former partner Steven Fuhrman now supports the team as of counsel.

Squire Patton Boggs’ restructuring practice boasts a ‘deep bench’ with ‘exceptional knowledge of complex bankruptcies’. The group is acknowledged for its ‘depth of knowledge in natural resources and commercial litigation’ and was engaged by Midway Gold US regarding its Chapter 11 cases and related disputes. In a complex and unusual assignment, Stephen Lerner (Cincinnati/New York), Andrew Simon (Cincinnati) and Fred Summer (Columbus) alongside colleagues in London, Dubai and Abu Dhabi, are advising Dana Gas on the restructuring of a $700m Islamic financing vehicle and related multijurisdictional litigation. On the lender-side, the team successfully represented the official committee of unsecured creditors of Optima Specialty Steel in negotiating a plan of reorganization of the company that enabled full payment of all of the unsecured creditors claims plus interest. It has also advised US Bank as lenders to Breitburn Energy Partners and Stone Energy in restructuring proceedings and as indenture trustee in the bankruptcies of Goodrich Petroleum and Sandridge Energy. The ‘excellent’ Lerner - who is recommended for ‘resolving disputes and reaching consensus before critical court hearings’ - heads the practice which also includes recently promoted partner Kelly Singer in Phoenix.

Sullivan & Cromwell LLP’s restructuring and bankruptcy group is ‘excellent by any measure’ and has secured significant creditor and debtor engagements. In noteworthy company-side matters, the team advised Pacific Drilling on its Chapter 11 bankruptcy to reorganise $3bn of debt and represented Fiat Chrysler Automobiles in the complex cross-border reorganisation of Takata. Further demonstrating the firm’s cross-border capabilities, the group is also advising a bank steering committee on Abengoa’s Chapter 11 and Spanish insolvency proceedings. In another creditor-side highlight, the group is acting for Quality Care Properties as the largest creditor to HCR ManorCare, one of the largest operators of assisted-living facilities in the US. In addition, the practice acts for Ascent Resources and California Resources Corporation in out-of-court restructuring. The group, based in New York, is led by ‘excellent communicator and strategistAndrew Dietderich; Brian Glueckstein is another name to note.

Vinson & Elkins LLP’s ‘strong’ restructuring practice has been particularly busy in the energy space, securing a number of both debtor and creditor-side mandates during the increase of energy E&P bankruptcies. On the debtor-side, David Meyer in New York and Harry Perrin in Houston led the successful $3.6bn restructuring of Energy XXI, with the company emerging from Chapter 11 bankruptcy in December 2016. The team also advised Sundevil Power Holdings on Chapter 11 proceedings and the 363 sale of its power generation asset portfolio. On the lender side, practice head William Wallander and Paul Heath, both based in Dallas, acted for JPMorgan Chase as administrative agent and senior lender of a $550m secured senior credit facility to Chaparral Energy in its Chapter 11 proceedings.

Fried, Frank, Harris, Shriver & Jacobson LLP’s New York-based practice is headed by Brad Scheler and continues to represent financial institutions in high-profile bankruptcies. The group advised Centerbridge Partners as one of the investors on a $1bn DIP financing to Seadrill and represented Fidelity Management and Research Company as the largest creditor of subsidiary Energy Future Intermediate Holding Company in the Chapter 11 of Energy Future Holdings. In another highlight, Scheler and Jennifer Rodburg led the representation of Ascribe Capital and Gates Capital Management as lenders and note holders in the pre-packaged Chaper 11 cases of Nuverra Environmental Solutions. Additionally, the practice has been advising real estate investment trust Vornado Realty on property and leasing matters in relation to tenants that are in distress, in Chapter 11 proceedings or in liquidation, including Le Cirque, Aeropostale, Tahari, Avaya, Glencore, Kmart and Visium Asset Management.

Greenberg Traurig LLP’s restructuring and bankruptcy practice has experience in representing all parties in both in and out-of-court restructuring. On the company-side, New York-based Nancy Mitchell and Paul Keenan in Miami led representation of Optima Speciality Steel and its subsidiaries in Chapter 11 proceedings. The team also advised Energy Future Holdings in the company’s complex $49bn restructuring. In another high-profile mandate, the group is representing the Puerto Rico Electric Power Authority and the Puerto Rico Aqueduct and Sewer Authority in relation to the Commonwealth of Puerto Rico’s debt crisis. In connection with the Chapter 11 of TK Holdings, the group has been engaged by Roger Frankel as representative for future claims for injuries sustained from faulty airbags. Mitchell, Mark Bloom in Miami and Keith Shapiro in Chicago jointly head the practice. Matthew Hinker (New York) and Dennis Meloro (Wilmington) recently made partner.

The ‘extremely experienced and creative’ restructuring and bankruptcy group at Jenner & Block LLP is adept at handling traditional restructuring, as well as avoidance action litigation and representing trustees, examiners and retiree committees. The group was engaged by the s.1114 committee of retired employees of The Budd Company in its Chapter 11 filing. Robert Gordon (New York), who recently joined the practice from Clark Hill PLC, is leading a team advising the official committee of retired employees in restructuring negotiations of pension obligations in Puerto Rico. In addition, New York-based Richard Levin led representation of Energy Future Intermediate Holding Company in all matters involving potential or actual conflicts of interests with other debtors in the Energy Future Holdings Corporation case. Levin and Catherine Steege in Chicago co-chair the team.

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  • Korean Financial Regulators Advance Legislation to Introduce Regulatory Sandbox to Spark FinTech

    The 2018 year in review in Korea was notable for the sluggish overall economy, uncertainty surrounding the geo-politics and impact on Korea due to the global trade wars, on-going concerns related to the lack of jobs and unemployment, increased taxes and burdens for businesses and families, and no meaningful improvement or clarity in the current situation for 2019. In response, the Korean National Assembly passed a legislation called the Financial Innovation Support Act (the “FinISA”) on December 7, 2018 to spark the financial services industry in conjunction with FinTech products and services. The FinISA, which will soon take effect in March 2019, is intended to lay the legal foundation to introduce a regulatory sandbox for innovative financial services, where FinTech firms test their new products and services without certain regulatory oversight pursuant to exemptions for a limited period of time (“Sandbox”). As the FinISA exempts or defers application of existing finance-related regulations for new financial technology, products or services with the purpose of fostering the creation of innovative and new financial products and services, it will also support the stabilization of such services in the financial services market at the end of the testing period and is expected that the FinISA will support a revitalization of the FinTech industry which experienced sluggish growth in recent times. In particular, as companies and investors become more interested in security tokens and Security Token Offerings (“STO”) which are regulated by the Financial Investment Services and Capital Markets Act (the “FSCMA”), there have been on-going discussions and debates as to whether the FinISA could lead to a breakthrough in the crypto-asset industry based on blockchain technology. Crypto assets encompasses those assets which utilize blockchain technology where the asset is digitalized by utilization of cryptography, peer-to-peer networks and a public ledger of verified transactions resulting in a ‘units’ of such a crypto asset without any involvement by middle-persons or brokers (e.g., cryptocurrency.

    The sacking of Nissan’s high-profile chairman may have beenproof that nobody is infallible. But Nicola Sharp argues that it should also beseen as an indicator that no company can be considered safe from wrongdoing.
  • 2018 FCPA Enforcement Actions and Highlights

    Overall, 2018 was a more active year in terms of Foreign Corrupt Practices Act ("FCPA") enforcement actions compared to 2017.
  • Legality of advertising with statements on the effects of medical treatments

    Advertisements featuring statements on the effects of medical treatments are only permissible if they are supported by sound scientific evidence. This was reaffirmed by the Oberlandesgericht (OLG) Frankfurt, the Higher Regional Court of Frankfurt.
  • Sayenko Kharenko announces new partner promotion

    Sayenko Kharenko announces new partner promotion
  • ECJ – Distinctive character necessary for registration as EU trade mark

    For a sign to be capable of being registered as an EU trade mark, it must be distinctive across the entire European Union. This was confirmed by the Court of Justice of European Union (ECJ) in a ruling from 25 July 2018.
  • Supporting local and international charitable organizations

    As one of the leading law firms in Cyprus, we are active promoters and supporters of local economic growth by sponsoring local events, applying environmental-friendly practices, minimizing our ecological impact, and most importantly, by raising money for local charities and non-profit organizations.
  • BAG – Employers can claw back bonus payments

    The Bundesarbeitsgericht (BAG), Germany’s Federal Labour Court, confirmed in a recent ruling that employers can claw back collectively agreed bonus payments from employees under certain circumstances.
  • Stricter supervision in relation to the Scheme for Naturalisation of Investors in Cyprus by Exceptio

    Recently there were a lot of publications within the European Union expressing concerns about the allegedly very high number of Cypriot passports being given to foreign investors the last few years. The Council of Ministers has decided on 9th January 2018 with the decision with number 84.069, to impose a stricter supervision of all the parties involved in the Scheme for the naturalisation of non-Cypriot investors in Cyprus by exception.
  • 19% VAT on Plots

    In order to harmonize the  Acquis Communautaire on the Taxation of untapped and undeveloped plots of land, the Cyprus Government enacted, on 03/11/2017, relevant legislation for the imposition of 19% Value Added Tax (VAT) on these properties, with a date of enforcement being 02/01/2018. The relevant legislation refers to plots/pieces of land offered and/or provided for construction for economic purposes.

Press Releases worldwide

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