Restructuring (including bankruptcy): corporate in United States

Akin Gump Strauss Hauer & Feld LLP

Financial restructuring at Akin Gump Strauss Hauer & Feld LLP started with a focus on creditor clients (committees, bondholders, and companies) and then expanded into the debtor and distressed companies side. Now the group is at the forefront in both areas and features a very strong bench of New York-based attorneys of the caliber of global co-head Daniel Golden, co-administrative partners Abid Qureshi and Philip Dublin, and highly praised Ira  Dizengoff. Their team acted in the most significant restructuring and bankruptcy deals in the latest years, including Insys Therapeutics, PG&E Corporation, and Purdue Pharma. The practice stands out for being able to 'tap the excellent resources of other areas of expertise' if needed, and strong collaboration with the firm's London office.

Practice head(s):

Daniel Golden

Other key lawyers:

Abid Qureshi; Philip Dublin; Ira Dizengoff; Arik Preis; Scott Alberino; Katherine Lindsay

Testimonials

‘The Akin Gump restructuring team is the perfect blend of deep, thoughtful analysis and hard-hitting, creative action. Thinkers and doers – and this culture extends from top down. They are high touch with client interaction and understand their clients’ needs and desires and tailor the answers and action appropriately. Rigorous in their legal analysis, creative in approach, and ultimately commercial in helping to find and craft the right deal. A full-service approach delivered in a personable manner – truly a trusted advisor’

‘Outstanding array of individual attorneys, each with different styles and specializations. Ira Dizengoff is a principled, jocular leader with a specialty in strategy; gauging human behavior and reaction and getting two sides together. He’s highly energetic yet also with a calm demeanor that brings comfort when engaged in advanced discussions. Arik Preis is bold and fearless in engaging the other side, and informed by stellar legal analysis; very sharp. Scott Alberino is a talented game manager, managing his team as well as managing the actions and expectations of various clients to forge positive action – good judge of character and motives of various disparate parties and is able to strategize to find common ground. Talented legal mind. Kate Lindsay – very talented document attorney – manages turn after often endless turn of documents with aplomb and ease’

‘The Akin team is best in class – they not only have great expertise and experience but they are outside the box thinkers and spend great time with their clients making sure the end goal is achieved in the most efficient way possible’

‘When the Akin team is involved in a situation they are engaged from start to finish and focused the entire time. You never have any issue getting any of the partners at any time. They have one of the deepest benches in the industry’

‘Very commercial lawyers. Depth of the team sets them apart – in many instances you are getting the same level of advice if you are dealing with a senior partner, a junior partner or counsel. The breath of their experience allows for a wide range of options to their clients’

Key clients

The Official Committee of Unsecured Creditors of Aegean Marine Petroleum Network

FirstEnergy Solutions, Corp

An Ad Hoc Group of Unsecured Noteholders of Frontier Communications Corporation

Ad Hoc Group of First Lien Noteholders of Hexion

The Official Committee of Unsecured Creditors in the iHeartMedia and certain of its affiliates

The Official Committee of Unsecured Creditors of Insys Therapeutics

The Official Committee of Unsecured Creditors of Nine West Holdings

The Ad Hoc Committee of Senior Unsecured Noteholders of Pacific Gas and Electric Company

Informal group of creditors of Parker Drilling Company

Payless Holdings and its debtor and non-debtor affiliates

Perkins & Marie Callender’s

The Official Committee of Unsecured Creditors of Purdue Pharma LP

Sanchez Energy Corporation

The Official Committee of Unsecured Creditors of Sears Holdings Corporation and its affiliated debtors

An Ad Hoc Crossover Group of Secured Lenders And Unsecured Noteholders of Sungard Availability Services Capital

The Ad Hoc Noteholder Committee of Weatherford International

Work highlights

  • Represented the Official Committee of Unsecured Creditors of Aegean Marine Petroleum Network  in the Chapter 11 cases of Aegean Marine Petroleum Network  and certain of its affiliates, which had funded debt of approximately $855m.
  • Representing AllianceBernstein in its role as pre-petition administrative agent and lender and administrative agent and lender under the post-petition debtor-in-possession financing facility in the Chapter 11 cases of Elk Petroleum.
  • Representing FirstEnergy Solutions in its $5bn debt restructuring, one of the largest and most complex filings of 2018.
  • Representing an ad hoc group of holders of unsecured notes issued by Frontier Communications  as the company seeks to explore strategic alternatives to reduce approximately $17bn in funded debt.
  • Since October 2018, advising an ad hoc group of First Lien Noteholders of Hexion, a Columbus, Ohio-based chemical company with 4,000 employees and 47 production facilities globally.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP distinguishes itself for its intensive involvement in top-market restructurings and bankruptcies (for example Purdue Pharma, PG&E, and Puerto Rico) and its close connection with the retail world - which enabled the firm to act in high-quality matters such as for Toys 'R' Us and Sears. The New York-based team has a successful track record representing ad-hoc groups of lenders, institutional investors, and hedge funds - not only in the US but also abroad (especially in Asia and Latin America). At the head of the team are group chairman Donald Bernstein and global co-head Marshall Huebner. Key practitioners are Brian Resnick for pre-packaged bankruptcies and litigation, Darren Klein for out-of-court restructurings and Chapter 11 cases, and up-and-coming Angela Libby who excels, among others, at exit financing transactions, asset sales, and liability management transactions.

Practice head(s):

Donald Bernstein; Marshall Huebner

Kirkland & Ellis LLP

With one of the largest restructuring groups worldwide, Kirkland & Ellis LLP remains the go-to practice for both distressed companies and creditors. Its global reach comes on the back of a consolidated domestic presence (with main offices in New York and Chicago) and major international practices in London, Munich, and Hong Kong. The team shows widespread experience not only in different types of Chapter 11 (in the retail, energy, media, apparel and mining sectors), but also debt finance, tax, real estate, and litigation. Edward Sassower and James Sprayregen coordinate the substantial team, which includes Jonathan Henes (who has strengths in advising on legacy, environment, and pension liabilities of distressed companies), Anup Sathy (who worked for companies and investors in relation to some of the most relevant cases of the year), and consumer and retail expert Joshua Sussberg.

Practice head(s):

Edward Sassower; James Sprayregen

Testimonials

‘The team is a uniquely valuable combination of very senior leaders in conjunction with superb day to day execution attorneys’

‘Edward Sassower and Josh Sussberg are as good as it gets in the bankruptcy area’

‘They are lawyers who understand business, are highly personable, and committed to their craft’

Key clients

Aegean Marine Petroleum Networks

Agrokor d.d.

American Tire Distributors

Barneys New York

Blackhawk Mining

EXCO Resources

Forever 21

FullBeauty Brands Holdings Corp

iHeartMedia

Jones Energy

Nine West Holdings

Noble Group Limited

Parker Drilling Company

PetSmart

Sheridan Investment Partners

Sungard AS Capital

Toys ‘R’ Us

Vanguard Natural Resources

Westmoreland Coal Company

Windstream Holdings

Work highlights

  • Represented international marine fuel logistics company Aegean Marine Petroleum Network and certain subsidiaries in their Chapter 11 cases filed in the US Bankruptcy Court for the Southern District of New York.
  • Represented Croatian food and retail group Agrokor in its successful, groundbreaking two-year restructuring process.
  • Represented American Tire Distributors, one of the largest independent suppliers of replacement tires, in its prearranged Chapter 11 cases.
  • Representing Barneys New York and its affiliates, the iconic luxury retailer and Manhattan staple, in their restructuring efforts in the US Bankruptcy Court for the Southern District of New York.
  • Representing Blackhawk Mining and its affiliates in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware.

Latham & Watkins LLP

Latham & Watkins LLP's financial restructuring team has reached top market recognition on the basis of a solid lending practice, an increased involvement on the debtor side, and standout individuals. George Davis leads the group from New York. He joined from O'Melveny & Myers LLP in 2018 along with Andrew Parlen, and his impressive track record includes significant cases such as Weatherford's Chapter 11. Jeff Bjork and Richard Levy are his vice-chairs - sitting in the Los Angeles and Chicago offices respectively - showcasing a cumulative, cross-industry experience in large reorganizations, insolvencies, and out-of-court restructurings. A series of partner-promotions in 2019 has further strengthened the practice. Caroline Reckler is noted as 'outstanding'.

Practice head(s):

George Davis

Testimonials

‘The Latham team is comprised of diverse and experienced professionals having an extensive background in the private equity space. They are able to remain sharp under the pressure of rough and tumble negotiations leading up to the filing’

‘The Latham team communicates very well, understands and recommends the right strategic approach, all the while remaining focused on the immediate tactical needs. Senior partner George Davis provides excellent guidance, and partners Andrew Parlen and Caroline Reckler are outstanding in working cases day to day – they are extremely good at coordinating and providing fast, decisive and high-quality work to maximize the likelihood of success’

Key clients

Hexion

Weatherford International

Imerys Talc America

Monitronics

American Energy – Permian Basin (f/k/a Sable Permian Resources Land)

Savers

Alta Mesa Resources

Emerge Energy Services

Highbridge Capital Management

Simon Property Group

Ad Hoc Group of Holders of Pass Through Trust Certificates

Lenders, bondholder groups and other interested parties in connection with the PG&E bankruptcy

Autonomy Capital

PSEG Energy Holdings

Citibank, NA

Work highlights

  • Served as restructuring counsel for Hexion in its pre-arranged Chapter 11, the fourth largest case (by liabilities) filed in the first six months of 2019.
  • Represented Weatherford in its Chapter 11 case involving a restructuring of more than $8bn in debt with collateral spanning the globe.
  • Representation of Imerys Talc America, Imerys Talc Vermont, and Imerys Talc Canadian in their Chapter 11 cases in the US Bankruptcy Court for the District of Delaware.
  • Representing Monitronics International, one of the largest security alarm monitoring companies in North America and operator of Brinks Home Security, as debtor, in connection with structuring, negotiation, and execution of its comprehensive restructuring and Chapter 11 cases.
  • Represented American Energy Permian Basin (AEPB) in connection with the successful out-of-court exchange involving the restructuring of $2.2bn of funded debt, and additional debt obligations.

Milbank

Wildly experienced in representing creditor committees, bondholders, hedge funds and troubled companies, Milbank is the main address for in- and out-of-court reorganization and bankruptcy matters, both in the US and abroad. On a national level, the team worked on a long list of complex Chapter 11 cases in the energy, healthcare, and retail branches, while internationally it was involved in a judicial recovery process commenced in Brazil which included a Chapter 15 recognition proceeding in New York. Dennis Dunne in New York and Paul Aronzon in Los Angeles are at the head of the group, which was strengthened by series of partner promotions in 2019 - including that of Matthew Brod. Samuel Khalil and Tyson Lomazow are also held in high esteem.

Practice head(s):

Dennis Dunne; Paul Aronzon

Other key lawyers:

Matthew Brod; Samuel Khalil; Tyson Lomazow; Gerard Uzzi

Testimonials

‘Very effective.  Good deal makers and very commercial’

‘Dennis Dunne is one of the top five creditor lawyers. Gerry Uzzi is outstanding too’

Key clients

Centerbridge Partners

CarVal Investors

KKR

The Goldman Sachs Group

Strategic Value Partners

Ambac Assurance

Gymboree Group and its affiliates

Oaktree Capital Management

Monarch Alternative Capital

DNB Bank ASA

Work highlights

  • Represents the official committee of unsecured creditors of PG&E Corporation and Pacific Gas & Electric Company.
  • Representing the official committee of unsecured creditors for Verity Health System of California, evaluating the Debtors’ Chapter 11 plan which is contingent upon the sale closing.
  • Representing PHI and four of its affiliates who filed voluntary Chapter 11 petitions in the US Bankruptcy Court for the Northern District of Texas to address the imminent maturity of 5.25% senior notes in the aggregate principal amount of $500m.
  • Successfully represented an ad hoc group of holders of first lien notes (the “Ad Hoc Group”) issued by Austin, Texas-based oil and gas producer Jones Energy in connection with a comprehensive restructuring supported by the Ad Hoc Group and implemented through a prepackaged Chapter 11 plan of reorganization (the ‘Prepack Plan’).
  • Representing children’s clothing retailer Gymboree in connection with its Chapter 11 cases filed in the US Bankruptcy Court of the Eastern District of Virginia.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP's highlights of 2019 in the restructuring and bankruptcy segment included a series of Chapter 11 cases (with the representation of retailer Sears, electric company Westinghouse, PG&E, American Tire Distributors, and many other clients in different sectors), bankruptcy court litigation cases as well as out-of-court restructurings and restructuring plans for municipalities (Puerto Rico). The practice is made up of 11 high-level New York-based partners, including recognized figures such as Alan Kornberg, Paul Basta, Brian Hermann, and Andrew Rosenberg , standout talents Kyle Kimpler and Alice Belisle Eaton, as well as newly-promoted Robert Britton. Elizabeth McColm is also described as 'brilliant.'

Practice head(s):

Alan Kornberg; Paul Basta; Brian Hermann; Andrew Rosenberg

Other key lawyers:

Kyle Kimpler; Alice Belisle Eaton; Robert Britton; Elizabeth McColm; Alexander Woolverton

Testimonials

‘The team works cohesively for their clients to accomplish the objective. All lawyers have incredible availability and responsiveness when deadlines are approaching’

‘Elizabeth McColm is not only a brilliant, hard-working lawyer, but she is also thoughtful and kind. Those attributes aren’t common in bankruptcy law and help make difficult situations easier to navigate. Elizabeth’s demeanor combined with her talent makes her a wonderfully unique lawyer. Associate Alexander Woolverton is smart, hard-working, and thoughtful. He doesn’t shy away from difficult tasks and his knowledge of the subject matter is quite vast. He will make an excellent partner in the upcoming years’

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP enjoys a very strong reputation in restructuring and bankruptcy, both nationally and internationally. Specialized in cross-jurisdiction matters, the team often acts for multinational companies with global operations and multicurrency debt. The practice is traditionally known for being debtor-focussed, despite it playing a pivotal role on the creditors' side too (representing agents, lenders, secured, and unsecured parties.) Established and leading attorneys based in New York include co-chairs Gary Holtzer, Ray Schrock, and Matt Barr, plus Marcia Goldstein who has been with the firm for more than 40 years, along with the talented Garrett Fail.

Practice head(s):

Gary Holtzer; Ray Schrock; Matt Barr

Other key lawyers:

Marcia Goldstein; Garrett Fail; Miranda Schiller

Testimonials

‘Creative thinking, a pragmatic mindset, excellent technical knowledge and experience. This combination makes for excellent advice as well as excellent advisors. They conduct themselves in a “team approach” mentality, which means they feel very much “with you” rather than a distant influence’

‘Gary Holtzer has extensive experience and a creative, problem-solving approach to matters, which makes for a value-added advisor, particularly in complex matters. Miranda Schiller is a thoughtful and technically excellent litigator who brings a wealth of contentious experience and a highly pragmatic approach to complex problems. Associate Debora Hoehne is technically excellent, again very pragmatic and problem-solving in nature. Extremely friendly and builds client confidence quickly’

Key clients

EP Energy

syncreon Group Holdings

Insys Therapeutics

PG&E Corporation and Pacific Gas and Electric Company

Fusion Connect

The NORDAM Group

Sears Holdings Corporation

Gavilan Resources

Brookfield Principal Credit

HPS Investment Partners

CTI Foods Holding Co

Talen Montana

General Electric Company/WMC Mortgage

Waypoint Holdings

Southeastern Grocers

Work highlights

  • Representing HarbourVest and Pantheon (the ‘Unsecured Lenders’), who hold approximately $477m in unsecured debt pursuant to subordinated term loan credit agreements with certain borrowers in the Sheridan II Fund.
  • Represents Brookfield Principal Credit in its capacity as agent and lender under the postpetition DIP Facility and the prepetition secured term loan in the Chapter 11 cases of Bumble Bee Parent and its affiliated debtors.
  • Lead restructuring counsel to Insys Therapeutics, a specialty pharmaceutical company, and its six subsidiaries in their Chapter 11 cases.
  • Representation of syncreon Group Holdings BV, and its affiliates, in its groundbreaking, cross-border balance sheet restructuring involving approximately $1.1bn of funded debt, including the Chapter 15 case of syncreon Automotive (UK).
  • Representing the Debtors in connection with their Chapter 11 cases, captioned In re EP Energy Corporation, et al., Case No. 19-35654 (MI), pending in the US Bankruptcy Court for the Southern District of Texas as of October 3, 2019.

White & Case LLP

White & Case LLP has a global financial restructuring and insolvency group with main offices in New York, Miami, and Chicago. With rock-solid expertise in complex restructuring proceedings, global head Thomas Lauria coordinates the department alongside John Cunningham, who is in charge of a team of experts in Latin America multinationals, and Scott Greissman in New York whose team focuses on bank lender cases (especially Chapter 11 proceedings in the oil and gas industry.) Within this sector, the firm has been further cementing its reputation in Houston, where it opened a new office in 2018. After twelve years at Kirkland & Ellis LLP, William Guerrieri joined the team in Chicago in 2019.

Practice head(s):

Thomas Lauria; John Cunningham

Other key lawyers:

Scott Greissman; William Guerrieri; Chris Shore

Testimonials

‘Very experienced and all-star players. White & Case has consistently strong practitioners’

‘Understandable communications based on law and experience. Also excellent at listening to a client and understanding the issues. Great retention of facts and attention to detail’

‘Outstanding litigators with an incredible experience. Among the top tier of firms’

‘Chris Shore is best in class.  An incredible experience and very effective in the courtroom’

Key clients

Oi SA

Sempra Energy

Maxus Liquidating Trust

US Bank National Association and UMB Bank, National Association, in their capacities as indenture trustees for Windstream’s senior unsecured notes

OAS

Constellation Oil Services

UBS Puerto Rico Family of Funds

Joseph J. Farnan, Jr., in his capacity as independent director to the Zohar Funds

Elliott Management Corporation

The ad hoc group of Revolving Credit Facility lenders to Pacific Drilling SA

BNP Paribas

Pinpoint Multi-Strategy Fund

Value Partners Greater China High Yield Income Fund

Value Partners Credit Opportunities Fund SP

Oaktree Capital Management and Hartree Partners

The Indenture Trustee for Unsecured Notes of iHeart Communications

Joerns WoundCo Holdings

Beal Bank

ABN AMRO Bank NV

Citibank, NA

Credit Agricole Corporate and Investment Bank

Deutsche Bank AG

EFA Syndicated Commodity Trade Finance Master Fund

KfW Ipex Bank GmbH

Natixis

Société Générale

MUFG Bank

Standard Chartered Bank

Work highlights

  • Acted as international counsel to Oi SA, one of Brazil’s largest telecommunications companies, in its financial restructuring, which was implemented by way of Brazilian recuperação judicial, and which also involved insolvency proceedings in the United States (Chapter 15), England, the Netherlands, Portugal, and the Cayman Islands.
  • Represented Sempra Energy, a Fortune 500 energy services holding company, in its acquisition of Energy Future Holdings, which indirectly owns 80% of Oncor Electric Delivery Company, the operator of the largest electric transmission and distribution system in Texas.
  • Represents the Maxus Liquidating Trust which, in June 2018, filed a 23-count complaint in the US Bankruptcy Court for the District of Delaware seeking approximately $14bn in damages from YPF, SA, Repsol, SA and various affiliates for claims in constructive fraudulent transfer, actual fraudulent transfer, alter ego liability, unjust enrichment, and civil conspiracy.
  • Special litigation counsel to the indenture trustees for Windstream’s senior unsecured notes in the Chapter 11 cases of Windstream Holdings and its affiliated debtors.
  • Acts as international counsel to Constellation Oil Services, a market-leading provider of offshore oil and gas contract drilling services in Brazil, in the restructuring of its approximately $1.5bn of New York law governed bonds, project financing loans, and working capital facilities.

Cleary Gottlieb Steen & Hamilton

Crossing ways with many top-ranked firms in the space, Cleary Gottlieb Steen & Hamilton is involved in major national and international restructuring endeavors. Litigatory and non-litigatory debt restructuring cases are tackled for creditors and equity holders (for example those of Sears Holdings and PG&E), a significant number of retailers, and different clients with business abroad. Traditionally, the practice is particularly renowned for its cross-border work, which in 2019 included many Chapter 15 proceedings (Brazil, Mexico) and sovereign debt restructurings (Puerto Rico, Venezuela, India, and Barbados.) Sean O’Neal co-heads the group with Lisa Schweitzer, and Luke Barefoot stands out for being 'commercial, thoughtful, succinct, and incredibly responsive.' Debt restructuring expert Lee Buchheit retired in February 2019.

Practice head(s):

Lisa Schweitzer; Sean O’Neal

Other key lawyers:

Luke Barefoot; Richard Cooper

Testimonials

‘Super responsive and smart. Written product excellent, perfect balance of technical and digestible advice. A genuine pleasure to work with. Great team with an extraordinary succession of very smart associates who were without exception as impressive as the partners’

‘Luke Barefoot stands out for being commercial, thoughtful, succinct, and incredibly responsive’

‘Cleary is outstanding in this practice. They provide very practical advice which is not the case with the other competitors. Very quick turnaround’

‘Sean O’Neal is very experienced, provides practical advice, and assists in decision making in a complex situation’

‘The team is singled out by a thorough yet pragmatic and efficient approach. It achieves innovative results even in difficult circumstances’

‘Lisa Schweitzer earns particular praise for being an excellent team leader. She knows when to delegate, when a client expects partner attention and how to deliver extra results. Luke Barefoot is a real pleasure to work with. His calm and thoughtful approach sets him apart from many of his competitors. This is a great asset in the occasionally hectic restructuring world’

‘Cleary has a cutting edge team of US bankruptcy counsel, with access to international bankruptcy lawyers throughout their worldwide offices. They offer exceptional service and strong, clear advice. They are a leader in the field’

‘Lisa Schweitzer is an extremely effective advocate and is wonderful to work with’

‘The team is very well-respected internationally. They are involved in many of the most complex situations because of their deep expertise and sophisticated approach’

‘Lisa Schweitzer is an excellent lawyer. She is very intelligent and easy to work with. Rich Cooper is the one for any sovereign or complicated international restructuring issue’

Key clients

ESL Investments

BlueMountain Capital

Z Capital Partners

Tempur Sealy International

Lion Point Capital

Grupo Inbursa S.A.B. de C.V.

Punjab National Bank

Geoffrey

Empresas ICA

American Express Travel Related Services Company

Arsenal Resources

CROSSMARK Holdings and affiliates (CROSSMARK)

Vale SA

Nortel Networks

Goldman Sachs & Co

Work highlights

  • Represents ESL Investments and its affiliates as the largest creditor and equity holder of retailer Sears in connection with Sears’ ongoing Chapter 11 proceedings.
  • Represent BlueMountain Capital, a significant equity holder in the Chapter 11 bankruptcy of PG&E Corporation.
  • Counsel to an ad hoc group of secured project finance lenders in connection with the potential restructuring, recapitalization, and reorganization of Constellation Oil Services Holding and its subsidiaries.
  • Counsel to Z Capital Partners as secured lender, stalking horse bidder, and purchaser in a section 363 acquisition of certain assets of the Real Mex restaurant group.
  • Counsel to an ad hoc group of over 70 bondholder institutions in connection with the restructuring of Oi, one of the main integrated telecommunications service providers in Brazil and the first truly public company to enter judicial restructuring since Brazil reformed its insolvency law ten years ago.

Kramer Levin Naftalis & Frankel LLP

Well established practitioners Kenneth Eckstein and Thomas Moers Mayer coordinate Kramer Levin Naftalis & Frankel LLP's New-York-based bankruptcy and restructuring practice. Appreciated by the market for the skillfulness they show both when working for corporations and for municipalities, the team mainly acts for secured and unsecured creditors, bondholders, and creditor committees. PG&E HoldCo Lender Group, Toys ‘R’ Us, and Westmoreland Coal are just a few prominent examples of the numerous Chapter 11 highlight cases dealt with by the expert team. In 2019, recognized Joshua Brody left to join Jones Day.

Practice head(s):

Kenneth Eckstein; Thomas Moers Mayer

Key clients

Official Committee of Unsecured Creditors of Bristow Group

PG&E HoldCo Lender Group

Ad Hoc Creditor Group in Payless Holdings

Indenture Trustee for Unsecured Notes in Neiman Marcus

The Official Committee of Unsecured Creditors of Hexion

The Official Committee of Unsecured Creditors of Aegerion Pharmaceuticals

Sentinel Capital Partners and its affiliates

Lehman Brothers Treasury Co

MZ Funding

The Official Committee of Unsecured Creditors of Toys ‘R’ Us

PREPA Ad Hoc Bondholder Group

Ad Hoc Group of First Lien Lenders and Bondholders of Westmoreland Coal

Brigade Capital Management

OppenheimerFunds and the First Puerto Rico Family of Funds

Ad Hoc Noteholder Group of FirstEnergy Solutions

RCS Creditor Trust

Work highlights

  • Counsel to the official committee of unsecured creditors of Bristow Group, one of the world’s leading industrial aviation service providers, which commenced its balance sheet and fleet restructuring under Chapter 11 of the Bankruptcy Code in the Southern District of Texas on May 11, 2019 with approximately $1.5bn in debt.
  • Represents a group of substantial holders of claims against and interests in PG&E Corporation (“HoldCo”) and its affiliate debtors, including primarily HoldCo bank and revolver debt in connection with the PG&E bankruptcy proceedings.
  • Represents an ad hoc creditor group in the Chapter 11 cases of Payless Holdings and its affiliated debtors, holding roughly $80m in term loans.
  • Represents UMB Bank, as successor trustee for the 8% Senior Cash Pay Notes due 2021, issued by Neiman Marcus Group.
  • Served as counsel to the seven-member Official Committee of Unsecured Creditors of Hexion.

Morrison & Foerster LLP

Morrison & Foerster LLP's restructuring and bankruptcy practice's wide offering does not only encompass Chapter 11 proceedings (of which the most notable examples are PG&E and Sears Holding) and a broad array of Chapter 15 cases across the globe (with the main locations being Puerto Rico and Latin America), but also a highly appreciated bankruptcy counsel service, carried out by the firm's mediation group. In its capacity, the team is very active on the debtor side - but has a special affinity with creditor representation. Lorenzo Marinuzzi and former judge James Peck lead the department, Jennifer Marines is a key practitioner.

Practice head(s):

Lorenzo Marinuzzi; James Peck

Other key lawyers:

Jennifer Marines; Dennis Jenkins

Testimonials

‘The Mofo team is always well prepared and thorough in its analysis of the legal matters at hand’

‘Dennis Jenkins (partner) and Raff Ferraioli (associate) are the day-to-day lawyers that make the team what it is. Dennis has a calm demeanor and a sense of getting things done thoroughly and correctly. Raff is detail-oriented and dependable and shows a solid understanding of the specifics of oil & gas law’

Key clients

Official Committee of Unsecured Creditors of Windstream Holdings and its affiliated debtors

Ad Hoc Group of holders of debt issued or guaranteed by the Commonwealth of Puerto Rico

Official Committee of Unsecured Creditors of Cloud Peak Energy and certain of its subsidiaries

An ad hoc group of first lien noteholders of Sanchez Energy Corp

Official Committee of Unsecured Creditors of aerospace manufacturer The NORDAM Group and affiliated debtors

Ad Hoc Group of holders of EP Energy’s 1.125 & 1.25 lien secured notes

Official Committee of Unsecured Creditors of Westmoreland Coal Company and affiliated debtors

The liquidators of Kingate Global Fund and Kingate Euro Fund in Madoff Clawback Proceedings

Various creditors in the ongoing Chapter 11 bankruptcy cases of Sears Holdings Corporation and its affiliated debtors

Ad Hoc Group of Puerto Rico Ports Authority Bondholders, which currently consists of six alternative asset managers

Three non-debtor affiliates of Sears Holding Company

Ad Hoc Group of Convertible Noteholders and Wilmington Trust

Various creditors and hedge funds, as well the Pacific Forest and Watershed Lands Stewardship Council, and the debtors in the Chapter 11 cases of Pacific Gas & Electric

The Puerto Rico Public Buildings Authority (PBA) Funds

Work highlights

  • Representing the official committee of unsecured creditors of Windstream Holdings and its affiliated debtors in its Chapter 11 bankruptcy.
  • Representing an ad hoc group of holders of Constitutional Debt, i.e. debt issued or guaranteed by the Commonwealth of Puerto Rico.
  • Representing the official committee of unsecured creditors of Cloud Peak Energy, one of the largest coal producers in the United States, and certain of its subsidiaries, in its filing for Chapter 11 bankruptcy protection.
  • Advising an ad hoc group of first lien noteholders and as DIP lenders in the Chapter 11 bankruptcy of Sanchez Energy Corp.
  • Represented the official committee of unsecured creditors of aerospace component manufacturer NORDAM in its Chapter 11 bankruptcy.

Proskauer Rose LLP

Proskauer Rose LLP's bankruptcy and restructuring practice distinguishes itself for the attention it devotes to corporate governance. This is particularly appreciated by independent directors who value this type of advice and instruct the firm in complex settlement negotiations. The team also represents borrowers, debtors, hedge funds, and lenders in matters of restructurings, Chapter 11 cases, transactions, and disputes. McKinsey Recovery & Transformation Services is a highlight which involved a significant litigation effort, dealt with by the firm's specialized insolvency and restructuring litigators. Co-head Martin Bienenstock took the lead role in this case. He is based in New York, while his counterpart Jeff Marwil is based in Chicago. Their team expanded in 2019 with the additions of Charles Dale in Boston from K&L Gates, and David Hillman in New York from Schulte Roth & Zabel LLP.

Practice head(s):

Martin Bienenstock; Jeff Marwil

Other key lawyers:

Charles Dale; David Hillman

Key clients

Financial Oversight and Management Board for Puerto Rico

The Statutory Unsecured Claimholders Committee in Westinghouse Electric Company

ITT Educational Services

Planet Hollywood parent Earl Enterprises

Patriarch Partners/Lynn Tilton

Weatherford Equity Committee

Z Gallerie

EXCO Resources

Westmoreland Coal Company

McKinsey Recovery & Transformation Services

Ad Hoc Group of Preferred Shareholders of GT Advanced Technologies

Murray Energy Corporation

Wheeler Real Estate Enterprises

NineWest Holdings

Velocity Holdings

Toys ‘R’ Us

Work highlights

  • Selected as lead outside counsel to the Financial Oversight and Management Board for Puerto Rico.
  • Advised on the bankruptcy of Westinghouse Electric Company.
  • Advised on the liquidation of ITT Technical Institute.
  • Advised on the acquisition of Bertucci’s through a bankruptcy auction.
  • Advised Patriarch Partners on alleged breach of fiduciary duties.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP has an extremely highly regarded restructuring and bankruptcy practice based in New York. Coordinated by leading expert Paul Leake, the team does not only focus on traditional Chapter 11 and prepackaged bankruptcy cases, but also on M&A in bankruptcy and international restructurings. In terms of the latter, the firm is known for having set a precedent in the use of English law applied to European companies in place of the local legal alternatives. Former global co-head of restructuring, Jay Goffman, retired from the practice in early 2020.

Practice head(s):

Paul Leake

Work highlights

  • Advising Stearns Holdings and its affiliated debtors, which filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the US Bankruptcy Court for the Southern District of New York.
  • Served as counsel to TridentUSA Health Services and several affiliated entities in their Chapter 11 reorganization in the US Bankruptcy Court for the Southern District of New York.
  • Representing New Cotai Holdings and three affiliated debtors, which filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the US Bankruptcy Court for the Southern District of New York.
  • Advising Eletson Holdings and certain of its subsidiaries in its restructuring efforts.
  • Advised Synergy Pharmaceuticals and its wholly owned subsidiary in their Chapter 11 cases filed in the US Bankruptcy Court for the Southern District of New York.

Brown Rudnick LLP

Brown Rudnick LLP's restructuring and bankruptcy practice can rely on Boston-based managing director Sunni Beville and on the New-York dual headship of Edward Weisfelner and star-partner Robert Stark. Acting for committees, creditors, debtors, and shareholders, the 'passionate' and 'technically sound' team stands out both in disputes and out-of-court proceedings - while also taking part in precedent-setting cases and investigations involving avoidance, breaches of fiduciary duty, and equitable subordination. The main industry sectors of activity for 2019 were energy (oil and gas), automotive, and pharma.

Practice head(s):

Robert Stark; Edward Weisfelner

Other key lawyers:

Sunni Beville; David Molton

Testimonials

‘They are passionate, technically sound and creative’

‘David Molton is very responsive and always works with the clients to best reach their goals’

Key clients

Financial Oversight and Management Board of Puerto Rico

Official Committee of Unsecured Creditors of Philadelphia Energy Solutions

Official Committee of Unsecured Creditors of Legacy Reserves

MDL Plaintiffs of Insys Therapeutics

Official Committee of Unsecured Creditors of EdgeMarc Energy

Class of Sexual Assault Victims of Weinstein Companies

Official Committee of Unsecured Creditors of Aralez Pharmaceuticals

Term Loan Agent and Majority Lenders of Pier 1 Imports

Ad Hoc Committee of Secured Term Loan Lenders of Vanguard Natural Resources

Official Committee of Unsecured Creditors of EXCO Resources

Special Master and Trustee of Restitution Funds of Takata Corporation

Minority Term Loan Lenders of JCrew

Marble Ridge Capital

Ad Hoc Committee of Bondholders of Amyris

Official Committee of Unsecured Creditors of Rex Energy

PSG Litigation Trust

Ad Hoc Committee of Noteholders of Magnesium Corp/Renco Metals

Joint BVI Liquidators of Fairfield Sentry

Ignition Switch Plaintiffs of General Motors

Work highlights

  • Engaged by the Financial Oversight and Management Board of Puerto Rico in November 2018 for an investigation of more than 1.2 million payments to more than 140,000 parties, totalling nearly $12bn.
  • Acts as primary counsel to Philadelphia Energy Solutions: Official Committee of Unsecured Creditors.
  • Represented the official committee of unsecured creditors of Legacy Reserves, a Texas-based developer of oil and gas properties, in a Chapter 11 case.
  • Appointed by the leadership team of Insys Therapeutics: MDL Plaintiffs as its primary bankruptcy counsel, responsible for defendants that seek  Chapter 11 protection.
  • Retained by The Official Committee of Unsecured Creditors as its primary counsel following EdgeMarc filing for Chapter 11 protection in Delaware on May 15, 2019. The case has been contentious, with substantial litigation scheduled in the months ahead.

Debevoise & Plimpton LLP

The restructuring team at Debevoise & Plimpton LLP is considered by some clients to be 'one of the strongest' in the market. Companies and creditors, but also boards of directors and acquirers, are their regular clients in Chapter 11 cases, out-of-court restructurings, and transactions. Natasha Labovitz in New York is active in environmental, pension, and litigation issues, and coordinates the department and shares the workload with Sidney Levinson, who joined as co-chair from Jones Day in October 2019. He regularly represents bondholders, secured lenders, debtors, trustees and creditors committees. My Chi To now works at the New York State Department of Financial Services.

Practice head(s):

Natasha Labovitz; Sidney Levinson

Other key lawyers:

Jasmine Ball

Testimonials

Debevoise’s restructuring team is one of the strongest, with a unique focus on aircraft assets (both leased and owned)

‘Jasmine Ball is one of the most competent bankruptcy attorneys. She brings extensive knowledge of the bankruptcy code, combined with in-depth knowledge on how to leverage and negotiate matters with a broad range of often competing stakeholders. Her approach is calm, focused, and open to input from all stakeholders. Her ability to navigate these waters, driving to a solution that is fair. Jasmine’s leadership with her team is strong and well respected

‘Debevoise also shows a keen ability to keep billing at a more reasonable and rational level. Natasha Labovitz is super-smart, very business savvy, and knows when to both push and pull back to achieve a client’s objectives’

Key clients

Brigade Capital Management

B. Riley Financial

Canada Pension Plan Investment Board

Capital International

The Carlyle Group

Clayton, Dubilier & Rice

Crescent Capital Group

David’s Bridal

EIG Global Energy Partners

Georgia-Pacific LLC and Koch Industries

HarbourVest Partners

High Ridge Brands

McKinsey & Company

Oaktree Capital Management

Paulson & Co

Southcross Holdings

Syncora Holdings

TPG

Work highlights

  • Representing McKinsey & Company in multiple bankruptcy proceedings and a civil RICO action relating to its disclosures as debtor advisor.
  • Representing former directors and shareholders of Purdue Pharma, Inc. in connection with the company’s chapter 11 case.
  • Representing Georgia-Pacific LLC and Koch Industries in connection with the Chapter 11 proceedings of Georgia-Pacific affiliate Bestwall in the US Bankruptcy Court for the Western District of North Carolina.
  • Representing B. Riley Financial and Brigade Capital Management as DIP lenders to Barney’s New York in its chapter 11 case.
  • Representing Southcross Holdings in connection with the Chapter 11 proceedings of Southcross Energy, a master limited partnership, of which Southcross Holdings is the majority equity owner and a key contract counterparty, in the US Bankruptcy Court for the District of Delaware.

Dechert LLP

Financial restructuring is a small but rather active practice of Dechert LLP's in New York. Working both for creditors and debtors, the team is zealously engaged in cross-border restructurings and insolvencies. Particularly vibrant was the offshore drilling market in Brazil, where group co-head Allan Brilliant represented a number of funds in different Chapter 15 cases. His counterpart Michael Sage regularly acts for financial institutions that have invested in troubled companies' debt as well as in bankruptcies,  restructurings, and divestitures. The team has a significant role in the opioid scandal litigation, defending Purdue Pharma.

Practice head(s):

Allan Brilliant; Michael Sage

Testimonials

‘Allan Brilliant is definitely one the most experienced restructuring lawyers around. His ability to foresee problems and solutions is remarkable’

Key clients

Alden Global Capital

Aurelius Capital Management

Davidson Kempner

Elliott Associates

HIG Capital

Marblegate Asset Management

Monarch Alternative Capital

State Farm Mutual Automobile Insurance Company

Stonehill Capital Management

York Capital Management Global Advisors

Work highlights

  • Represented certain funds managed by Franklin Templeton Investment Management Limited, as creditor, in the high profile challenge to the restructuring of $500m of 5.625% Notes (Eurobonds) issued by the International Bank of Azerbaijan.
  • Represents Purdue Pharma as national defense and lead trial counsel in some 2,600 cases connected to the opioid litigation.
  • Representing State Farm, the largest insurer subrogation holder with claims in excess of $2.5bn arising in connection with certain wildfires with the Chapter 11 bankruptcy of PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company.
  • Representing Peaje Investments, the largest holder of “unwrapped” special revenue bonds issued by the Puerto Rico Highways & Transportation Authority, in all aspects of the Commonwealth of Puerto Rico’s debt restructuring, including related litigation.
  • Representing Oro Negro rig owning entities in connection with the Mexican Concurso filings of Oro Negro, their Chapter 15 cases in the Bankruptcy Court for the Southern District of New York and litigation in Singapore.

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP has a strong presence in Southern California, where practice heads Robert Klyman and Jeffrey Krause are based, but stretches its capacity in the field to New York. The east coast office is led by David FeldmanMichael Rosenthal, and Scott Greenberg, who joined from Jones Day in October 2019 with Steven Domanowski and Michael Cohen. The so-strengthened team can be described as an acclaimed creditor practice mainly representing financial institutions, hedge funds, and unsecured creditors in restructurings, bankruptcies, and distressed acquisitions. From the debtors and equity-holders' side, the group is focused on out-of-court proceedings and Chapter 11. Cross-border work is also a core strength of the practice.

Practice head(s):

Robert Klyman; Jeffrey Krause; David Feldman; Michael Rosenthal; Scott Greenberg

Other key lawyers:

Steven Domanowski; Michael Cohen

Key clients

Lynn Tilton and Patriarch Partners

Brookstone Holdings

One Call Term Lender Group

Amryt Pharma

Chandler Trusts

Welltower

iHeart Media

American Insurance Group

New York Wheel

Mac Acquisitions

Akorn Term Lender Group

David’s Bridal Term Lender Group

Skillsoft Term Lender Group

4L/Clover Term Lender Group

Progrexion Term Lender Group

Mallinckrodt Term Lender Group

NPC International Term Lender Group

Harland Clarke Term Lender Group

SMS / Curvature Term Lender Group

Work highlights

  • Serving as restructuring counsel to an ad hoc group of first lien term loan lenders to Mallinckrodt with respect to exploring potential restructuring options.
  • Represents Lynn Tilton and Patriarch Partners in connection with the Zohar Funds Chapter 11.
  • Represents Brookstone, a specialty retailer, who filed for Chapter 11 protection in Delaware in August 2018 with plans to close 102 mall stores and sell its airport locations, wholesale, and e-commerce operations.
  • Served as restructuring counsel to the ad hoc group of first lien lenders under One Call Corporation’s $935m first lien term loan facility, in connection with One Call’s out-of-court restructuring of its over $2bn capital structure.
  • Represents one of the largest former shareholders of Tribune Company and certain former members of the Tribune board of directors in multi-district litigation involving claims, aggregating more than $8bn, to avoid payments to former Tribune shareholders regarding the company’s 2007 leveraged buyout by Sam Zell and his interests.

Jones Day

Jones Day has a global restructuring practice that is equally apt at advising debtors, secured lenders, creditors committees and, on the municipality side, bondholders. In 2019, the practice continued to be involved in the most significant cases of the latest years, including General Motors, Toys ‘R’ Us, and iHeart Communications - all of which were led by practice head Bruce Bennett. His team includes New-York-based Corinne Ball (who has longstanding experience in distressed acquisitions) and Heather Lennox (who acts in and outside the court in both corporate and municipal restructurings.) The firm countered a series of partner departures (including that of highly regarded Scott Greenberg) with the hiring of Joshua Brody from Kramer Levin Naftalis & Frankel LLP and of counsel Michaela Crocker.

Practice head(s):

Bruce Bennett

Key clients

PG&E Shareholders

GUE Liquidation Companies (f/k/a FTD Companies)

iHeart Communications Senior Creditors

FirstEnergy Corp

M&G Chemicals, SA

Samuels Jewelers

Westmoreland Resource Partners

iHeart Communications Lenders

Toys ‘R’ Us Creditors Committee

Puerto Rico ERS Bondholders

Vari-Form Holdings Group

Preferred Proppants Term Loan Lenders

NII Holdings and NIU Holdings

Hanson Permanente Cement / Kaiser Gypsum Company

General Motors Defense Group

Georgia Power Company

MF Global Reorganized Debtors

Fannie Mae/Freddie Mac Shareholders

Verity Health System Creditors

Work highlights

  • Represents numerous shareholders of PG&E Corporation in the bankruptcy cases for PG&E Corporation and Pacific Gas and Electric Company.
  • Serves as lead debtors’ counsel to FTD Companies and its debtor subsidiaries in their Chapter 11 cases filed June 3, 2019.
  • Represents a group of investment funds in connection with holdings of approximately $1.4bn of secured bonds issued by the Employees Retirement System of the Government of the Commonwealth of Puerto Rico.
  • Represented a group of senior creditors holding more than $7.4bn in aggregate secured term loans and notes issued by iHeart Communications.
  • Continues to represent the Debtors – subsidiaries of one of the largest building materials manufacturers in the world – in their Chapter 11 cases in the Western District of North Carolina.

Kasowitz Benson Torres LLP

Kasowitz Benson Torres LLP's bankruptcy litigation and restructuring practice in New York carries out creditor-based work with a focus on the US market. The group, under chair David Rosner, handles all parts of a bankruptcy from traditional to contentious matters, which they fight promptly and internally as all team members are seasoned litigators. In line with market trends, in 2019 the firm has seen a slight decrease in oil and gas matters, a steady number of cases in the retail sector and, due to the opioid scandal, is expecting a surge in healthcare mass disputes. Their clientele is also expanding onto the debtor side.

Practice head(s):

David Rosner

Other key lawyers:

Adam Shiff

Key clients

TPG Capital

Fred’s

Official Committee of Unsecured Creditors of Nine West Holdings

JCrew Group

Walter Ganzi, Jr and Bruce Bozzi, Sr, owners of the Palm Restaurant chain

Ad Hoc Energy Future Holdings Claimants

Equity Committee of Hercules Offshore

Waterfall Asset Management

Official Committee of Unsecured Creditors of Essar Steel Minnesota

Harbinger Capital Partners

Cyrus Capital Partners

Fairfax Financial Holdings

Contrarian Capital Management

Relativity Media

Ad Hoc Committee of General Motors Term Loan Lenders

Salvatore Lamonica

Renco

Plan administrator for MF Global

Aman Group Resorts

Anderson News

Pasig

Law Debenture Trust Company of New York

ACA Financial Guaranty

Howard Meyers

Work highlights

  • Lead restructuring counsel in the representation of Fred’s and several of its subsidiaries in their Chapter 11 bankruptcy cases in the US Bankruptcy Court for the District of Delaware.
  • Represented Fairfax, the largest Canadian insurance company and a major creditor in the highly publicized Chapter 11 cases of EXCO Resources. Kasowitz successfully negotiated an agreement resolving the official committee of unsecured creditors’ lawsuit.
  • Represented tycoon Howard Meyers and his holding company EB Holdings II, majority owner of Eco-Bat Technologies, the world’s largest lead producer and recycler, in a years-long, contentious restructuring precipitated by several major hedge funds filing a state court lawsuit to gain control of the company.
  • Represented an ad hoc committee of term loan lenders under the $1.5bn General Motors term loan issued with respect to GM’s 2009 reorganization in a trial seeking to invalidate their secured claims and recover payments made in respect of their collateral.
  • Represented parent company EFH creditors in a $500m administrative claim allocation litigation in the Chapter 11 cases of reorganized debtor Energy Future Holdings and its affiliates.

Simpson Thacher & Bartlett LLP

With a long-standing reputation for representing senior lenders, in recent years Simpson Thacher & Bartlett LLP has successfully been expanding its capabilities into corporate and sponsor clients, gradually becoming a full-service practice for restructuring, reorganization, and bankruptcy. The team recently handled pre-packaged Chapter 11 proceedings in the oil and gas sector, acquisitions of distressed companies, and re-capitalization cases (key interests of Michael Torkin, partner in and founding member of the private capital and special situations investment group), as well as exit financing and Chapter 15 global restructurings (practice head Sandeep Qusba's expertise).

Practice head(s):

Sandeep Qusba; Michael Torkin

Key clients

Angelo Gordon

Apax Partners

Arsenal Resources

Ascribe Capital

Bank of Montreal

Blackstone

Centerbridge Partners

First Reserve

Francisco Partners

Goldman Sachs

GSO Capital Partners

JG Wentworth

JPMorgan Chase

Kohlberg Kravis Roberts

Morgan Stanley Capital Group

Riverstone Holdings

Royal Bank of Canada

Silver Lake Partners

Solus Alternative Asset Management

Syncreon

Templar Energy

Tilden Park

York Capital

Work highlights

  • Representation of Arsenal Resources in a comprehensive restructuring that will be implemented through a pre-packaged Chapter 11 plan of reorganization.
  • Representation of Blackstone in its acquisition of Stearns Holdings as part of the comprehensive financial restructuring plan agreed to between Stearns and funds affiliated with Blackstone.
  • Representation of BorgWarner in its divestiture of Morse TEC, a wholly-owned subsidiary of BorgWarner that holds asbestos and certain other liabilities, to Enstar Holdings.
  • Representation of York Capital Management Global Advisors, Elliott Management Corporation, and JVL Advisors as lenders in connection with the reorganization of Roan.
  • Representation of Bank of Montreal, as administrative agent and lead arranger, in the $750m exit facility in connection with Halcón Resources Corporation’s financial restructuring and emergence from bankruptcy.

Stroock & Stroock & Lavan LLP

Hedge funds, private equity funds, and financial institutions all turn to Stroock & Stroock & Lavan LLP for representation in complex restructurings and distressed M&A transactions. These clients particularly value the practice's far-reaching expertise, which goes beyond pure insolvency to additionally cover commodities and credit default swaps. The national US-team has acted on the creditors' side in the many of the most significative recent cases in the market, including PG&E (the highlight matter was led by New-York based practice head Kristopher Hansen, supported by Alon Goldberger), Sears (where Jonathan Canfield acted in his capacity as Chapter 11 expert), and Waypoint Leasing Holdings (led by Daniel Fliman).

Practice head(s):

Kristopher Hansen

Testimonials

‘The Stroock team have a creative and thoughtful approach to advising clients in all types of situations. They are always thinking one step ahead which makes them a go-to for complicated and thoughtful situations’

‘The team approaches every situation as if it is the most important item they are currently working on. This results in consistently excellent work product and a result-driven approach to what they are working on. They are amazing at solving every problem – regardless of the complexity. Kris Hansen and Alon Goldberger are well respected by their clients and peers’

Key clients

EP Energy Official Committee of Unsecured Creditors

Deluxe Entertainment – Ad Hoc Group of Term Lenders

Seadrill Limited – Ad Hoc Group of Unsecured Bondholders

Avaya – Ad Hoc Group of First and Second Lien Debtholders

Axar Capital Management – Payless Holdings Chapter 11 cases

Cenveo Corporation – Ad Hoc Group of First Lien Noteholders

Monitronics International – Ad Hoc Group of Unsecured Noteholders

JC Penney – Ad Hoc Cross-Holder Group of Bank and Bond Debt

Animal Supply Company – Second Lien Lenders

Citadel

Panda Temple Power – Ad Hoc Group of Bank Debt Lenders/ T1 Power Holdings – reorganized company

Empire Generating Co – Ad Hoc Group of TLB/TLC / Revolving Lenders

Ultra Resources – Ad Hoc Group of Lenders

Ultra Resources – Ad Hoc Group of Lenders

JPMorgan Chase Bank – DIP Administrative Agent and Lead Arranger provided to PG&E Corporation and Pacific Gas and Electric Company

Work highlights

  • Represents JPMorgan Chase Bank as administrative agent and as lead arranger of $5.5bn in senior secured superpriority debtor-in-possession credit facilities provided to PG&E Corporation and Pacific Gas and Electric Company in connection with PG&E’s Chapter 11 bankruptcy cases.
  • Represented an ad hoc group of lenders of Deluxe Entertainment Services Group, which comprises the vast majority of all secured lenders to Deluxe, and also represented them in their capacity as DIP lenders to Deluxe in connection with Deluxe’s pre-packaged Chapter 11 cases.
  • Selected to serve, subject to Bankruptcy Court approval, as counsel to the Official Committee of Unsecured Creditors  of EP Energy Corporation and its affiliated debtors in connection with the voluntary Chapter 11 bankruptcy cases filed by EP Energy in the US Bankruptcy Court for the Southern District of Texas.
  • Currently serving as counsel for an ad hoc group of holders of (x) 5.875% Senior Secured (second lien) Notes and (y) Term Loans (first lien) issued by JC Penney Corporation.
  • Represented an ad hoc group holding, in the aggregate, over 65% of the senior unsecured notes due 2020 issued by Monitronics International, in connection with a restructuring of the Company through voluntary Chapter 11 bankruptcy cases filed in the US Bankruptcy Court for the Southern District of Texas.

Wachtell, Lipton, Rosen & Katz

Richard Mason chairs the restructuring and finance department for Wachtell, Lipton, Rosen & Katz in New York, which represents creditors, acquirers, and equity holders in Chapter 11 cases and out-of-court restructurings. The firm also has experience in cross-border restructurings, including Chapter 15 cases.

Practice head(s):

Richard Mason

Willkie Farr & Gallagher LLP

Willkie Farr & Gallagher LLP has a deep business reorganization and restructuring practice based in New York which acts both for distressed companies and creditors on a national and international level. On the debtors' side, the team represents clients (especially independent boards of directors and special committees) during restructuring procedures in and out of court - a prominent example is iHeart Communications, which was advised by recognized partner Paul Shalhoub  in relation to its Chapter 11 case. From a creditors' perspective, co-head Matthew Feldman acted for an ad-hoc group in the PG&E bankruptcy. Feldman's counterpart, Rachel Strickland, is currently active in the representation of the Official Committee of Tort Claimants in the complex chapter 11 cases of Imerys Talc America Inc., a French multinational company.

Practice head(s):

Matthew Feldman; Rachel Strickland

Other key lawyers:

Paul Shalhoub 

Testimonials

‘Team leader Matt Feldman is smart, savvy, accessible and has a never-ending work ethic. That is a rare combination of hard work and accessibility’

Key clients

Aegerion Pharmaceuticals

Ad hoc Lender Group of LBI Media

Bettina M. Whyte, as COFINA Agent

Ad hoc Group of Subrogation Claim Holders of PG&E Corporation

Official Committee of Tort Claimants in Imerys Talc America

Independent Directors of Specialty Retail Stores Holdings

Ad hoc Group of Lenders of Drive

Glansaol Holdings

Brookfield Business Partners

Ad hoc First Lien Lenders Group of Claire’s Stores

The North American Refractories Company Asbestos Personal Injury Settlement Trust

Wells Fargo Bank

Work highlights

  • Appointed in August 2017 to represent the agent for the Puerto Rico Sales Tax Financing Corporation in a first-of-its-kind adversary proceeding commenced to resolve a key gating issue in the bankruptcy proceedings for the Commonwealth of Puerto Rico – the largest-ever municipal bankruptcy.
  • Represents the Official Committee of Tort Claimants in the Chapter 11 cases of Imerys Talc America and two related entities, after they filed for bankruptcy protection in the district of Delaware beset by thousands of lawsuits alleging that the talc mined by Imerys and sold as Johnson & Johnson baby powder caused ovarian cancer and mesothelioma.
  • Represents the Ad hoc Group of Subrogation Claim Holders, a group of over 100 institutions that hold in excess of $20bn in claims in the heavily contested Chapter 11 cases of PG&E Corporation.
  • Represented Aegerion Pharmaceuticals, a wholly owned subsidiary of Novelion Therapeutics (a biopharmaceutical company dedicated to developing new standards of care for individuals living with rare diseases), who on May 20 announced that it had entered into a plan funding agreement and a restructuring support agreement.
  • Represented an ad hoc group of lenders to LBI Media holding 97% of the company’s second lien bonds and 100% of the holding company bonds.

Hughes Hubbard & Reed LLP

The corporate reorganization and bankruptcy practice at Hughes Hubbard & Reed LLP in New York is able to operate in various settings and high-profile matters - be it litigatory, cross-border, Chapter 7 or Chapter 11 work. Extremely significant cases for the team involve French mining company Imerys (of which practice head Christopher Kiplok is in charge) and Sears Canada (led by Dustin Smith).

Practice head(s):

Christopher Kiplok

Other key lawyers:

Dustin Smith

Testimonials

‘They are a no-nonsense group that gets right to the core of the issues and proposes how to deal with them. Once the decision is made, they exercise the strategy efficiently and smartly’

Key clients

Imerys SA

Sears Canada

Republic Airways

Lehman Brothers

Cenveo

Hyundai Corporation USA

Eagle-Picher Trust

Candriam Worldwide Alternative (f/k/a Dexia)

Univision

AMC Networks

Paxion Capital Partners

Work highlights

  • Representing Imerys SA, a French multi-billion dollar mining company, in connection with the 2019 Chapter 11 filing by its three indirect subsidiaries to address their historic talc-related liabilities in the US.
  • Won a key ruling for the Litigation Trustee of Sears Canada in its highly complex bankruptcy.
  • Debtor’s counsel to Republic Airways Holdings- which successfully emerged from Chapter 11 in April 2018 (the single largest airline Chapter 11 globally in the past five years) – and the firm continues to handle post-confirmation matters, including claims litigation.
  • Serves in a fiduciary capacity representing the Trustee in the liquidation of the largest broker dealer ever to fail and the largest bankruptcy in history.
  • Selected as counsel by Cenveo Worldwide Limited, the billion-dollar printing and office services, as its future hung in the balance in its Chapter 11 cases.

Katten

Katten's restructuring group engages with debtors and creditors alike and has seen changes with some departures and a few new hires (notably James Drew in New York from Curtis, Mallet-Prevost, Colt & Mosle LLP). Managers and directors of distressed companies are supported by the team in connection with M&A transactions, bankruptcy litigation, and in and out-of-court restructurings, while DIP lenders, funds, and banks receive advice on exit financing in Chapter 11 matters and recovery cases. The department is in the expert hands of co-heads John Sieger and Steven Reisman, based in Chicago and New York respectively.

Practice head(s):

John Sieger; Steven Reisman

Other key lawyers:

Charles Gibbs; Eric Seitz; James Drew

Key clients

Sears Holdings Corp and its affiliated debtors

Toys ‘R’ Us Delaware

Barneys New York and its affiliated debtors

Windstream Holdings and its affiliated debtors

Glencore

Flex

Peter Kravitz and Richard Alario, as independent managers of American Energy – Permian Basin

UMB Bank

Deerfield Management Company

Gordon Brothers Retail Partners and Hilco Merchant Resources

Wilmington Trust

Work highlights

  • Represented Argos Holdings at the direction of its disinterested directors in connection with strategic transactions considered by Argos Holdings and PetSmart, including the issuance of a dividend of the equity of Chewy, a PetSmart subsidiary.
  • Represented the independent managers of American Energy – Permian Basin in connection with a potential global refinancing of its outstanding debt.
  • Represents Sizmek and its affiliated debtors in Chapter 11 proceedings pending in the US Bankruptcy Court for the Southern District of New York.
  • Represented Toys ‘R’ Us Delaware at the direction of its disinterested directors with respect to conflict matters in the Chapter 11 cases of Toys ‘R’ Us in the US Bankruptcy Court for the Eastern District of Virginia.
  • Represents Windstream Holdings and its affiliated debtors in litigation between Windstream and Charter Communications in the US Bankruptcy Court for the Southern District of New York.

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP has a wide bankruptcy and restructuring practice spread across the United States. Main lawyers John Goodchild in Philadelphia, Jonathan Bernstein in Boston, and Daniel Papermaster in Hartford were joined in 2019 by Kurt Mayr and Jennifer Feldsher from Bracewell LLP, and Kristen Campana from Proskauer Rose LLP.

Norton Rose Fulbright

Norton Rose Fulbright has a significant financial restructuring and insolvency practice group, which is mainly headquartered in New York and Dallas but shows a strong presence in Europe, Asia, and Latin America. In 2019, the team dealt with numerous international restructurings and Chapter 15 cases in different fields and countries, including Canada (with Eric Daucher acting for the court-appointed monitor of Sears) and Brazil (where Andrew Rosenblatt follows the bankruptcy case of a drilling and oil and gas services company). Additionally, Howard Beltzer represented Deutsche Bank in the Chapter 11 of a helicopter leasing company. This 'broad bench of highly experienced practitioners' is led by co-heads Howard Seife and Louis Strubeck.

Practice head(s):

Howard Seife; Louis Strubeck

Other key lawyers:

Howard Beltzer; Andrew Rosenblatt; Eric Daucher

Testimonials

‘Great experience on complex cross border insolvency matters and in working for foreign insolvency officeholders’

‘Howard Seife is an extremely experienced litigator and an excellent tactician with great manners in dealing with issues. Andrew Rosenblatt is very experienced in complex cross border matters, great to work with, works extremely hard and is very responsive’

‘Norton has a broad bench of highly experienced practitioners who have seen everything. They are particularly strong in cross-border matters’

‘Howard Beltzer is exceptionally knowledgeable, delivers high-quality results, has a tremendous depth of experience, and knows when to be combative’

‘Always impressed by the level of their expertise and the depth of their knowledge’

‘Andrew Rosenblatt and Eric Daucher are individually and collectively stand out partners in the New York market. Andrew is hugely experienced and adroit at leading his team drawing on cross border experience from countless cases; he has seen and been involved in most cases that matter from a cross border insolvency perspective. Eric’s knowledge of the law and ability to quickly and seamlessly pinpoint the relevant issues make him a joy to work with’

Key clients

Mercuria Energy Group

FTI Consulting Canada

Dean Foods

Elk Petroleum

Independent Directors of Claire’s

Board of Directors of Windstream Holdings

Francis Drilling Fluids

Bank of New York Mellon

NextEra Energy

Delaware Trust

Citibank

Banco Bradesco

BMW

Commerzbank

Bank of America

Cortland Capital Markets

AT&T

Shell

Texas Capital Bank

HSBC Bank

JP Morgan Chase

Work highlights

  • Representation of NextEra Energy in PG&E’s Chapter 11 case.  NextEra is a significant counterparty to power purchase agreements with PG&E, and a member of the Creditors’ Committee.
  • Represents Dean Foods, one of the nation’s largest milk producers, in its Chapter 11 case in the Southern District of Texas.
  • Representation of Elk Petroleum, a Denver-based oil and gas producer in its Chapter 11 case in Delaware.
  • Representation of The Bank of New York Mellon, as indenture trustee, in the judicial restructuring of Odebrecht SA, the Brazilian engineering conglomerate.
  • Representation of Mercuria Energy Group in connection with the Chapter 11 bankruptcy of Aegean Marine Petroleum, one of the world’s largest suppliers of fuel to the shipping industry.

O'Melveny & Myers LLP

In recent years, O'Melveny & Myers LLP's restructuring practice has been particularly active in top-of-the-market engagements such as Puerto Rico, Pacific Gas & Electric, and Energy Future Holdings. Chapter 11 proceedings, workouts, and restructurings - both for debtors and creditors - were also at the center of the practice's activity. New-York-based global chair John Rapisardi counts on an expert team chaired by US chair Suzzanne Uhland. Key attorneys include Joseph Zujkowski, who was promoted to partner in 2019.

Practice head(s):

John Rapisardi; Suzzanne Uhland

Other key lawyers:

Joseph Zujkowski

Key clients

Federal National Mortgage Association (Fannie Mae)

Kern Cal Oil 7

Merrill Lynch & Co

Rimrock Capital Management

UBS AG

Centrus Energy

Standard Amusements

Franklin Resources

Francesca’s Collections

State of California Governor’s Office and Department of Finance

Work highlights

  • Representing UBS AG in the bankruptcy of HVI Cat Canyon in the Southern District of New York.
  • Successfully freed Merrill Lynch from multidistrict litigation accusing the firm of wrongdoing associated with its role in advising on the 2007 leveraged buyout of Tribune Media Company.
  • Represented Kern Cal Oil 7 in the purchase of the assets of All American Oil & Gas and its subsidiaries.
  • Represent Fannie Mae in its appeal to the Ninth Circuit Court of Appeals regarding how the statute of limitations applies to mortgage loans to borrowers who have received a bankruptcy discharge.
  • Advise Rimrock Capital Management as holder of $80m in secured and unsecured debt of American Energy Permian Basin.

Quinn Emanuel Urquhart & Sullivan, LLP

At litigation-based firm Quinn Emanuel Urquhart & Sullivan, LLP, bankruptcy and insolvency is the only department that isn't exclusively contentious. With reputed lawyers such as Susheel Kirpalani in New York, the team represents statutory or ad hoc committees of creditors, administrators, and liquidators in different cases and Chapter 11 proceedings - especially in relation to estates.

Ropes & Gray LLP

At Ropes & Gray LLP, Mark Bane and Stephen Moeller-Sally  lead a small but efficient business restructuring practice from New York and Boston. Specialized creditor groups are their forte, but the team also taps into the firm's top-grade private equity practice, whose sponsor clients facilitate the representation of distressed companies. Outstanding ongoing engagements include, for example, Elliott Management Corporation and the official committee of unsecured creditors of Weatherford International. In October 2019, Cristine Pirro Schwarzman joined the department from Kirkland & Ellis LLP.

Practice head(s):

Mark Bane; Stephen Moeller-Sally

Other key lawyers:

Cristine Pirro Schwarzman 

Key clients

Elliott Management Corporation

Delaware Trust Company

Wilmington Trust, National Association

Tribune Company pension plans

Mallinckrodt Pharmaceuticals

Weatherford International

Raphael T. Wallander, FirstEnergy Nuclear Generation

Marathon Asset Management

Sanchez Energy

Tempnology (n/k/a Old Cold)

Work highlights

  • Represents Elliott, as holder of a principal amount of approximately $1.4bn of senior utility notes, in the multi-billion dollar Chapter 11 bankruptcy cases of PG&E Corporation and Pacific Gas and Electric Company pending in the US Bankruptcy Court for the Northern District of California.
  • Represents the Committee in Weatherford’s Chapter 11 cases. Weatherford is an Irish public limited company that is a global leading provider of equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells.
  • Represented Marathon under pre-existing term loans. Marathon’s consent to priming was required to facilitate the Debtors’ DIP Financing.
  • Counsel to the Special Committee of the Board of Directors of Sanchez Energy Corporation, which filed for bankruptcy on August 11, 2019 in the US Bankruptcy Court for the Southern District of Texas.
  • Represented Wilmington Trust as indenture trustee for $250m of 1.5 lien notes issued by MPM in litigation stemming from the noteholders’ treatment in the Chapter 11 plan of reorganization of MPM and its debtor affiliates.

Vinson & Elkins LLP

Vinson & Elkins LLP is gradually moving away from its strong Texan characterization, which unavoidably used to position it as an energy-only practice, into a more national player. Although practice head Bill Wallander is still based in Dallas, key partner David Meyer has been based in New York since 2015. Not only is the practice able to act in the most relevant deals in the coal industry (examples from 2019 include the representation of Cloud Peak Energy in their Chapter 11 cases, and of the senior secured creditor and sole shareholder of New Trinity Coal), but it also works for regulated and non-regulated lenders in Florida, Kentucky, Louisiana, New York, and South Carolina.

Practice head(s):

Bill Wallander

Other key lawyers:

David Meyer; Steven Abramowitz

Testimonials

‘Steven Abramowitz is a great resource; he has deep knowledge and experience and brings to bear sound judgement in sticky situations’

‘Bill Wallander is immensely experienced with more than 25 years of restructuring experience. He fights vigorously for his clients but knows how to guide the client to achievable objectives

‘Bill Wallander is a strong and well-known practice leader, exceptionally experienced on complex and high profile reorganizations. Steven Abramowitz (in New York) is highly intelligent, with phenomenal core restructuring and technical expertise, and an ability to drive creative and comprehensive solutions in a leveraged/ distressed context’

Key clients

Taco Bueno Restaurants

Cloud Peak Energy

PennEnergy Resources

Bellatrix Exploration

Harvey Gulf International Marine

Riverstone Holdings

Cyprus Amax Minerals Company and Cyprus Mines Corporation

Goldman Sachs

JP Morgan Chase Bank, NA

TPG

Morgan Stanley Capital Partners

Angelo, Gordon & Co

Apollo Global Management

Wells Fargo Bank, NA

Gavilan Resources

HPS Investment Partners

BlackRock

The Blackstone Group

Kohlberg Kravis Roberts (KKR)

Bank of America, NA

Riverstone Credit Partners

Work highlights

  • Represented Harvey Gulf International Marine, a leading operator of Jones Act-qualified offshore supply vessels, in its restructuring of more than $1.2bn in secured debt obligations.
  • Advised PennEnergy Resources, an EnCap portfolio company, in connection with its acquisition of substantially all the assets of Rex Energy Corporation, in a Chapter 11 sale, for a cash purchase price of $600.5m.
  • Represents Cloud Peak Energy and its affiliated debtors in their Chapter 11 cases currently pending in the US Bankruptcy Court for the District of Delaware.
  • Advising the Cyprus Amax Minerals Company and Cyprus Mines Corporation in connection with the Chapter 11 case of Imerys Talc America pending in the US Bankruptcy Court for the District of Delaware as to its potential risks, alleged liabilities, and other issues.
  • Represented Taco Bueno Restaurants in connection with its prepetition senior debt sale transaction and subsequent pre-packaged Chapter 11 cases in Dallas, Texas which involved equitizing over $140m in senior secured debt, transitioning ownership to an affiliate of  Sun Holdings, , restructuring a substantial portion of the company’s commercial lease portfolio, and reaching a global settlement with unsecured creditors in fewer than 45 days.

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP is the firm of choice for many secured lenders, ad hoc groups of holders, and financial institutions in relation to bankruptcies, out-of-court restructurings of distressed companies, and cross-border disputes. The international team has its main locations in London and New York, the latter being the base from which Brad Eric Scheler chairs the group. In 2019, Matthew Roose left the team to join Ropes & Gray LLP.

Practice head(s):

Brad Eric Scheler

Key clients

Seritage Growth Properties

Centerbridge Partners

Brookfield

Simon Property Group

Solace Capital Partners

Fidelity Management & Research Company

Goldman Sachs

Ad Hoc Group of Holders of Senior Secured Notes – Fuse

Vornado Realty Trust

CNO Financial Group

Ascribe Capital

Spirit MTA REIT

Jack Wills Retail Limited

Vision Capital

Benvolio Group

Sberbank of Russia

PIMCO

Phoenix Investment Adviser

LionTree Advisors

Courage Capital Management

Gates Capital Management

Work highlights

  • Served as primary outside counsel to Seritage Growth Properties, a publicly traded REIT and owner of 225 retail properties.
  • Advising Simon Property and Brookfield Retail in connection with the Chapter 11 bankruptcy of Forever 21.
  • Represented Centerbridge Partners in connection with a preferred stock exit financing for iHeartMedia and Clear Channel Outdoor Holdings.
  • Represents Solace Capital Partners, a holder of a blocking position in the 7.75% senior unsecured notes due 2020, issued by David’s Bridal, in connection with its Chapter 11 restructuring pending in the US Bankruptcy Court for the District of Delaware.
  • Advising Jack Wills Retail Limited, an apparel and luxury goods retailer, and the administrators from KPMG on the restructuring and pre-packaged administration sale of the business to Sports Direct.

Hogan Lovells US LLP

Hogan Lovells US LLP has a recognized New-York and Los Angeles-based bankruptcy, restructuring, and insolvency practice, which was involved in a number of prestigious international matters in 2019. These included bond issuances in Mexico and restructurings based on Singapore's recent bankruptcy provisions that have been modeled on US Chapter 11 law. Of significance for the practice was the addition of former judge of the US Bankruptcy Court in the district of Delaware, Kevin Carey. He joined in September 2019, greatly boosting the capability of the team led by global head Christopher Donoho (based in New York), and co-heads Richard Wynne and Ronald Silverman (based in Los Angeles and New York respectively).

Practice head(s):

Christopher Donoho; Richard Wynne; Ronald Silverman

Other key lawyers:

Erin Brady; Kevin Carey; Bennett Spiegel

Testimonials

‘Excellent judgment about where to invest resources, management of all aspects of bankruptcy and restructuring for companies considering restructuring or possible bankruptcy. Focus on the end goal and consideration of issues in that context. Ability to forge constructive relationships with diverse stakeholders to benefit client.  Superb technical analysis turned into understandable client advice and clear reasons for recommendations’

‘Rick Wynne and Erin Brady: excellent ability to understand important business drivers. Practical and solution-oriented. Willing to accept the uncertainties that are part of the restructuring and negotiating process, and know when to let situations percolate and when to address.  Excellent drafting, writing, judgment in prioritizing issues’

‘Bennett Spiegel is very smart and excellent at explaining constraints and working with in-house counsel to identify the best options and implement them’

‘Hogans has put together a well-rounded restructuring practice with experienced restructuring professionals including a tremendously respected retired Delaware bankruptcy judge which helps bring a unique perspective to clients’

‘Rick Wynne’s guidance, toughness when necessary, but calm demeanor in a very contentious situation made sure that there was a steady hand on the legal tiller as we navigated very turbulent waters’

Work highlights

  • The team advised an ad hoc group of holders of the high profile, landmark $6bn bonds issued by MexCAT in connection with the restructuring of the MexCAT bonds.
  • Acting for the senior unsecured bank lenders, which have formed an unsecured working group (UWG), in the high profile SG$3.5bn restructuring of the Hyflux group.
  • Representing Mattel in its role as the largest unsecured creditor and co-chair of the Creditors’ Committee in the Toys ‘R’ Us Chapter 11 cases.
  • The team advised Orexigen, a biopharmaceutical company focused on the treatment of obesity, in connection with its Chapter 11 proceedings filed in the US Bankruptcy Court for the District of Delaware.
  • The team is representing US Bank in its capacity as Trustee or Fiscal Agent for over $10bn face amount of bonds issued by various Puerto Rican public corporations, in connection with arguably the most high-profile debt restructuring in the Americas today.  

Jenner & Block LLP

With a series of complex, cross-border engagements and headline-grabbing national cases (including PG&E, on which the team is currently serving as special corporate defense counsel), Jenner & Block LLP demonstrates advanced skills in restructuring and bankruptcy. The group, led by Catherine Steege (in Chicago) and Richard Levin (in New York), has a strong focus on litigation, fraudulent transfers, and distressed debt purchases. Vincent Lazar is highlighted for his 'excellent judgment and deep experience'.

Practice head(s):

Catherine Steege; Richard Levin

Other key lawyers:

Vincent Lazar

Testimonials

‘Jenner does great creditor side work. Their attorneys are commercially sensible and care about their clients’

‘Vincent Lazar is a steadfast advocate for his clients.  He knows how to get along with others in the room, and to use that to get winning results for his client. Richard Levin is very active in thought leadership committees and in non-case related bankruptcy initiatives’

‘Vincent Lazar has excellent judgment and deep experience. The team can gear up to resource a tight deadline or apply a very light touch when billing sensitivities require it.  In sum, a very client-friendly, results-driven and service-oriented team’

Key clients

Official Committee of Retirees, Commonwealth of Puerto Rico

USA Gymnastics

Pacific Gas & Electric Corporation

Richard Levin, Chapter 11 Trustee for Firestar Diamond

Frederick J. Grede, Liquidation Trustee, Sentinel Management Group

Frances Gecker, Chapter 7 Trustee for Emerald Casino

Ronald R. Peterson, Chapter 7 Trustee Lancelot Investors Fund

James Feltman, Chapter 11 trustee of Corporate Resource Services and TS Employment

ArcelorMittal USA

EGI-TRB

Electrolux Home Products

Commonwealth Edison

ITT Educational Services, Inc. and Daniel Webster College

Ronald R. Peterson, as Chapter 11 Trustee of Mack Industries

Land’s End

Former Directors and Officers of Appvion Corporation

Work highlights

  • Representing the Official Committee of Retirees in the historic Title III case of the Commonwealth of Puerto Rico.
  • Serves as bankruptcy counsel to USA Gymnastics, the national governing body for the sport of gymnastics in the United States.
  • Serving as special corporate defense counsel to PG&E Corporation in its Chapter 11 bankruptcy pending in the US Bankruptcy Court for the Northern District of California.
  • Representing Richard Levin as Chapter 11 Trustee of three US wholesale diamond and jewelry subsidiaries of the Nirav Modi India-based diamond empire, which collapsed after discovery of Modi’s embezzlement of over $1bn from Punjab National Bank.
  • Representing Frederick J. Grede, the liquidation trustee of Sentinel Management Group, acting as his counsel with respect to all matters relating to this ongoing, $1bn+ investment advisor fraud case.

Mayer Brown

On the basis of its significant client base, made up primarily of major financial institutions, Mayer Brown has been expanding extensively in the restructuring space. Acting out of the New York and Chicago offices, in which practice heads Brian Trust and Adam Paul respectively reside - the latter having joined from Kirkland & Ellis LLP in August 2019 - the team mainly represents creditors’ committees, acquirers of distressed assets, and debtors stretching out to cover crucial jurisdictions such as London and Europe, Asia and the far east, and  Latin America (notably, Brasil). The group is particularly proud of its expertise in the use of hybrid securitization-backed financing.

Practice head(s):

Brian Trust; Adam Paul

Key clients

Glas Trust Company

Wells Fargo Bank, NA

BNP Paribas Fortis

Malayan Banking Berhad (Maybank)

Wilmington Trust

Insight Investments

PNC Bank, National Association

Frontier Communications Corporation

Barclays Bank

Work highlights

  • Representing Barclays Bank, as administrative agent, in a complex cross-border ABL Facility in which the UK Borrowers, Bristow Norway AS and Bristow Helicopters Limited, have not filed insolvency proceedings but currently operate under extensive waivers granted by the requisite ABL Lenders.
  • Represented Art Fashion as its parent corporation underwent a sale process and insolvency planning which dictated and affected Art Fashion’s own insolvency planning, ultimately resulting in a Chapter 7 filing instead of a Chapter 11 filing.
  • Representing Deutsche Bank AG as bilateral letter of credit issuer in connection with the complex, multi-jurisdictional Chapter 11 cases of Weatherford International and certain affiliates.
  • Representing PNC, as administrator, under the Asset-Backed DIP Securitization and L/C Facility in connection with the Chapter 11 cases of Cloud Peak Energy and its affiliates, which filed for bankruptcy protection in the US Bankruptcy Court for the District of Delaware in May 2019.
  • Represented Laureate and its affiliates in In re CC, LLC, et al., Case No. 17-32406, US Bankruptcy Court for the Northern District of Illinois, Eastern Division, which are Chapter 11 cases of nine nursing homes and their parent company.

Shearman & Sterling LLP

Shearman & Sterling LLP's financial restructuring and insolvency group in New York, Houston, and Washington DC has a strong national and international presence. This and its strong ties with the London office allow it to act on different cross-border deals in Latin America, Europe, and Asia. The department, led by Fredric Sosnick, is particularly sought after for power and oil and gas cases, as well as in the natural resources field. Ned Schodek is a star partner who advises on prepackaged and traditional Chapter 11 cases as well as out-of-court workouts and DIP financings. Luckey McDowell and Ian Roberts joined in late spring 2019 from Baker Botts L.L.P.

Practice head(s):

Fredric Sosnick

Testimonials

‘Shearman’s team is always highly engaged on assignments, ensuring a high level of responsiveness and the ability to bring the right skills (at the right levels) to each issue. The team has a high degree of understanding of cross-border issues, and can make valuable contributions to local considerations, and has a history of working well with local counsel’

‘Ned Schodek is an energetic and responsive partner who delivers excellent value to each assignment, especially in financial services businesses. He is well versed in cross border issues and works well with local counsel. Michael Guippone is up and coming and makes a valuable contribution to the team, with excellent research and report writing skills’

Key clients

Citibank, NA

Bank of America and Merrill Lynch

Nuverra Environmental Solutions

EcoElectrica LP

Barbados Creditor Group

Barclays Bank

Fallbrook Technologies

Natixis

John C. McKenna and Eleanor Fisher

Ad Hoc Group of AMR Equity Interests

Medley

Halcyon

Credit Value Partners

The Bank of Nova Scotia

Ad Hoc Group of Holders of 6.75% Notes issued by Windstream Holding of the Midwest

Seaport Loan Products

Wilmington Trust

Sears Hometown and Outlet Stores

Ad Hoc Group First Lien Lender Group, which includes Caspian, CQS, Canyon, CPPIB, Jefferies, J.H. Lane, Richmond Hill, and York

An ad hoc group consisting of noteholders of Topaz Solar Farms

Ankura Trust Company

Clearway Energy, Clearway Energy Group

Marubeni Corporation

NRG Energy

TerraForm Power

Affiliates of Alphabet

Brightsource Energy

DJH Minerals

Work highlights

  • Representing Citibank, as administrative agent, collateral agent, and revolving lender on a $1.75bn DIP financing for Weatherford International (Ireland), Weatherford International (Delaware), and Weatherford International (Bermuda), which jointly filed Chapter 11 bankruptcy cases on July 1, 2019.
  • Representing Bank of America in its capacity as administrative agent and collateral agent under a secured Term Loan B credit facility totalling over $1bn.  
  • Representing Nuverra Environmental Solutions, a provider of full-cycle environmental solutions to customers developing and producing oil and natural gas from shale formations in the United States, and its affiliates in their prepackaged Chapter 11 cases commenced in the US Bankruptcy Court for the District of Delaware.
  • Representing EcoEléctrica, one of the largest suppliers to the Puerto Rico Electric Power Authority (PREPA), in connection with PREPA’s filing under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act, in the US District Court for the District of Puerto Rico.
  • Represented Citibank in its capacity as administrative agent and lender under a revolving credit agreement dated June 3, 2013 in connection with the Chapter 11 bankruptcy cases of Pacific Drilling and certain of its subsidiaries.

Squire Patton Boggs

Covering national and cross-border matters for debtors, creditors, companies, and investors, Squire Patton Boggs' restructuring and insolvency practice relies on 'knowledgeable, experienced, and communicative' partners. Stephen Lerner leads the group from the Cincinnati and New York offices, backed up by San Francisco-based municipality-expert Karol Denniston. Having concluded a significant and award-winning Islamic finance restructuring case for a gas company in the United Arab Emirates, the team also represent clients in the mining, media, and retail sector in a series of Chapter 11 and Chapter 15 cases.

Practice head(s):

Stephen Lerner

Other key lawyers:

Karol Denniston

Testimonials

‘Stephen Lerner and Karol Denniston are both very knowledgeable, experienced, communicative, focused on clients’ needs and they are great at spotting potential issues and finding solutions. They are very effective in working across the table’

Key clients

Blackjewel

Ferrellgas

Board of Directors of First Energy

Pan American Silver

Official Committee of Unsecured Creditors of LBI Media

Delaware Trust Company

Syncora Guarantee

Mobile Mini

Ambac Assurance Corp

Natural Product Association

CPIF Lending

Work highlights

  • Representing Blackjewel and its affiliates in their high profile Chapter 11 cases in which the companies successfully sold their mining properties and operations in four states, involving more than ten court approved section 363 sales.
  • Advising the Ferrellgas entities in connection with a restructuring of more than $2bn in debt. The companies have a complex capital structure including a publicly traded master limited partnership and an ESOP.  
  • Advises the Board of Directors of FirstEnergy, one of the largest utility companies in the United States, with the restructuring of its unregulated subsidiary FirstEnergy Solutions (and its subsidiaries).
  • Represented Ambac’s rights and interests in order to preserve value for the noteholders, and assist the debtors toward a consensual plan of reorganization.
  • Advising Syncora Guarantee on their role as bond insurer in connection with the financing of Carousel Center (n/k/a Destiny USA) and concerns about the borrower’s financial distress.

Sullivan & Cromwell LLP

The restructuring practice at Sullivan & Cromwell LLP distinguishes itself from the competition through its focus on multi-disciplinarity and ongoing concern reorganizations. James Bromley and Andrew Dietderich are contacts in the New York team.

Arnold & Porter

Arnold & Porter's restructuring practice in Chicago is led by Michael Messersmith. Focusing on ad hoc groups of lenders and bondholders, his team is especially respected for the representation of buy-side lenders in syndicated loan restructurings. Other key attorneys work out of the Washington DC and New York offices. Jonathan Levine joined in February 2019 from Morrison & Foerster LLP and brings his expertise in complex Chapter 11 reorganizations and out-of-court restructurings. A chief highlight of 2019 was the victory for an ad hoc group of lenders in the restructuring of iHeartMedia.

Practice head(s):

Michael Messersmith

Other key lawyers:

Jonathan Levine

Key clients

Ares Capital Corporation

Eaton Vance

AT&T

Cortland Capital Market Services

Invesco

Bardin Hill Investment Partners

Symphony Asset Management

Oppenheimer Funds

Wilmington Trust

Bolivarian Republic of Venezuela

Macanta Investments

Work highlights

  • Represents the senior term lenders to PetSmart, the largest specialty pet retailer in North America, with respect to the proposed spin-off of Chewy.com.
  • Secured a significant victory for an ad hoc group of lenders comprised of more than 50 funds managed by Eaton Vance, OppenheimerFunds, and Symphony Asset Management, in the successful restructuring of iHeartMedia and a certain group of its subsidiaries.
  • Representing an ad hoc group of lenders to Acosta in its impending restructuring.
  • Represents the controlling class of noteholders of Zohar III Corp in the Zohar III bankruptcy cases and in other litigation.
  • Representing Ares and certain affiliated individuals and entities in the Boston bankruptcy case of New England Confectionary Company.

Baker & Hostetler LLP

Baker & Hostetler LLP has an experienced, national bankruptcy, restructuring, and creditors’ rights department in Orlando, Florida. The team represents oil and gas, healthcare, and hospitality companies, advising on reorganizations, Chapter 11 proceedings, and disputes. Chair Elizabeth Green represents debtors, creditors, and fiduciaries in out-of-court workouts, receiverships, and 363 sales. Her team was boosted in January 2019 by the addition of a significant group of attorneys, and further strengthened by Adam Fletcher's promotion to partner.

Practice head(s):

Elizabeth Green

Other key lawyers:

Adam Fletcher

Key clients

The Official Committee of Tort Claimants of PG&E Corporation and Pacific Gas and Electric Company

AB Volvo (and certain global affiliates)

Alliance Medical Holdings (Uplift Rx)

Brian A. Bash, Trustee, Fair Finance Company

Black Knight Financial Services

Carerite Centers

Citadel Consulting Group

Dakota Plains Holding

Diabetes America

Firestar Diamond – John J. Carney, Examiner

Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities

Lapis Advisors

Liquidating Trustee of Abengoa Bioenergy Biomass of Kansas

Macquarie Capital

Maria M. Yip, Examiner in the Chapter 11 case of IPS Worldwide

Neil Luria, Trustee of Taylor Bean & Whitaker Mortgage Corp Plan Trust

Reagor Dykes Motors

Samuels Jewelers – John J. Carney, Examiner

Smart Money Financial Group, Smart Money Secured Income Fund, and seven other related entities (collectively, the “Smart Money Entities”)

TL Management

Work highlights

  • Represents the Tort Committee in the jointly administered Chapter 11 cases filed by PG&E Corporation and Pacific Gas and Electric Company.
  • Represents Lapis Advisors in connection with the Chapter 11 bankruptcy of Air Force Village West dba Altavita, which filed for Chapter 11 protection in the Central District of California in March 2019.
  • Representing Black Knight Financial Services as the largest trade creditor and Chair of the Unsecured Creditors Committee and now the post-confirmation committee in the Chapter 11 cases of Taylor Bean & Whitaker Mortgage Corp.
  • Representing the Trustee of the liquidating trust of Taylor Bean & Whitaker Mortgage Corp – the largest private held mortgage company in the country, which collapsed under the weight of a multi-billion dollar fraud (of about $10bn).
  • Represented Jacksonville Florida-based Black Knight Financial Solutions as a creditor in a Chapter 11 case filed in the Southern District of New York by mortgage originator Ditech Holding Corp.

Bracewell LLP

Primarily working from the Houston office and in the energy sector, Bracewell LLP's financial restructuring team helps creditors (often ad hoc creditor groups) and debtors in dealing with Chapter 11 matters, distressed M&As, and out of court restructurings. Practice head William Wood is an experienced litigator, and many bankruptcy cases are disputed with the support of the firm's litigation practice. Former chair Kurt Mayr and two additional partners left the firm to join Morgan, Lewis & Bockius LLP.

Practice head(s):

William Wood

Key clients

Linc Energy

Energy & Exploration Partners

ENI Petroleum

Noble Energy

TMT Procurement Corporation

Avangrid Renewables

Société Générale

Amegy Bank NA

WBH Energy

Trinity River Resources

Venoco

Former equity owner of Toisa

Eastern Outfitters

Nordheim Eagle Ford Gathering

Entergy Mississippi

TSI / Platinum

Work highlights

  • Served as counsel to Noble Energy, as seller, in the divestment of its US Gulf of Mexico offshore oil and gas assets to Fieldwood Energy.
  • Representing Nordheim Eagle Ford Gathering, a pipeline gatherer, in a contract rejection dispute.
  • Represents Avangrid Renewables as PPA counter-party in FirstEnergy’s bankruptcy.
  • Served as counsel to Linc USA and 10 of its affiliates in Chapter 11 proceedings. The debtors were ultimately owned by Linc Energy, an Australian-based energy company with global oil, gas, and coal assets.
  • Representing Société Générale in a restructuring of a note to Denver, Colorado-based Escalera Resources.

Cadwalader, Wickersham & Taft LLP

The financial restructuring group at Cadwalader, Wickersham & Taft LLP stretches on both sides of the Atlantic, with New York-based practice head Ingrid Bagby often liasing with the firm's London office. In the US, the team is recognized for its distinguished work on Puerto Rico and Energy Future Holdings, as well as its engagement in bankruptcy cases in relation to structured finance products. These are handled in active collaboration with the firm's capital markets and real estate departments.

Practice head(s):

Ingrid Bagby

Key clients

MBIA

Assured Guaranty Corp

Morgan Stanley Capital Services

Structured Finance Association (formerly Structured Finance Industry Group)

Argonaut Insurance Company

Hemen Holdings Limited

Toisa Limited (Informal Ad Hoc Secured Lender Committee)

Credigy

Work highlights

  • Representing MBIA in multiple capacities relating to two collateral loan obligation investment funds referred to individually as Zohar I and Zohar II.
  • Representing Assured Guaranty Corp and Assured Guaranty Municipal in connection with Puerto Rico’s restructuring of approximately $73bn of outstanding bond debt, the largest-ever US municipal debt restructuring and the first bankruptcy of any US territory.
  • Representing Argonaut Insurance Company, a surety bond issuer, in the Chapter 11 case of Sears Holdings Corporation.
  • Represented Morgan Stanley Capital Services as first-lien swap counterparty and an intervenor-defendant in the Chapter 11 cases of Energy Future Holdings.
  • Represented an informal ad hoc secured lender committee comprising 14 financial institutions that held approximately 95% of the secured debt in the Chapter 11 cases of Toisa Limited, Trade and Transport, and certain vessel-owning affiliates.

Choate, Hall & Stewart

Choate, Hall & Stewart offers finance and restructuring services from within a single and compact department which is based in Boston and led by co-heads John Ventola and Sean Monahan. Ventola is specialized in the representation of banks, hedge funds, and lenders in transactions, workouts, and bankruptcies. Monahan is additionally active in the sports finance world. Real estate, healthcare, technology, and especially retail are other sectors of strength.

Practice head(s):

John Ventola; Sean Monahan

Key clients

Wells Fargo Bank

General Electric

Encina Business Credit

Second Avenue Capital Partners

Gordon Brothers Group

Bank of America

Citizens Bank

JPMorgan Chase Bank

Crystal Financial

Liberty Mutual

Work highlights

  • Representing General Electric Company in an adversary proceeding pending in the SunEdison Chapter 11 case in the Southern District of New York.
  • Lead bankruptcy counsel to Liberty Mutual Insurance Company in connection with its $1.4bn claim in the Pacific Gas and Electric Company bankruptcy pending in San Francisco.
  • Represents Wells Fargo Bank as Agent for an Asset Based Loan credit facility to Payless and various affiliates.
  • Represented Wells Fargo as Co-Collateral Agent and joint underwriter in connection with a debtor-in-possession credit facility to Sears Holdings.
  • Represented Encina Business Credit in its capacity as Administrative Agent and Collateral Agent in connection with a $100m senior secured debtor-in-possession credit facility entered into with J&M Sales and other debtors.

Dentons

Dentons's restructuring, insolvency, and bankruptcy practice takes full advantage of the firm's geographical reach and not only advises on adversary and non-adversary proceedings under Chapters 9 or 11, but is also involved in international matters and Chapter 15 cases. Robert Richards coordinates the department from Chicago and leads on matters in the construction, healthcare, and investment sectors.

Practice head(s):

Robert Richards

Testimonials

‘Pragmatic. Excellent attention to detail, reasonable hours charged, no use of excessive leverage or personnel on transactions’

Key clients

Verity Health Systems

Stellex Capital Management (Stellex)

Special Opportunity Value Fund

Astria Health

ICPW Liquidation Corp Equity Committee

Travelers Indemnity Company

Gibson Brands

Virginia Surety Company f/k/a Combined Specialty Insurance Company

Wilmington Savings Fund Society, FSB

Work highlights

  • Advising Verity Health Systems of California and 16 related entities as lead bankruptcy counsel in the second largest hospital bankruptcy case in US history.
  • Advising Wilmington Savings Fund Society as an indenture trustee in the Toys ‘R’ Us $450m secured debtor-in-possession financing and Wilmington Trust NA as indenture trustee on $1.3bn of prepetition secured notes stemming from the retailer’s Chapter 11 bankruptcy pending in the US Bankruptcy Court for the Eastern District of Virginia.
  • Representing Astria Health System in a recent filing of 13 related Chapter 11 bankruptcy cases in Yakima, Washington.
  • Represented Stellex Capital Management in its acquisition of publicly traded Fenix Parts.
  • Representing Virginia Surety Company f/k/a Combined Specialty Insurance Company in the USA Gymnastics Chapter 11.

DLA Piper LLP (US)

DLA Piper LLP (US)'s restructuring team is divided between Chicago, under 'superb' Richard Chesley, and New York with company and buyer-side expert Thomas Califano. Their group handles mid- and top-market debt restructuring and financing matters in a number of sectors - notably retail, healthcare, and entertainment.

Practice head(s):

Richard Chesley; Thomas Califano

Other key lawyers:

Craig Martin

Testimonials

‘Agile in the restructuring process with a global presence in all areas to bring in any resource needed’

‘Rick Chesley is a leading bankruptcy attorney. He is always available and a true legal counselor with superb legal knowledge but the ability to get a good deal done, too’

‘Expertise in bankruptcy laws and their applications’

‘Craig Martin has a great understanding in clients’ potential needs and great communication skills, in addition to his expertise in bankruptcy law. He is the person largely responsible for the successful case conclusion’

Key clients

Authentic Brands Group

PHI

Arcadia Group (USA)

Senior Quality Lifestyles Corporation (SQLC)

L. K. Bennett USA

Equity Owners of The NORDAM Group

Spyglass Media Group (f/k/a Lantern Entertainment)

Transform Holdco (in re: Sears assets)

Constellation Healthcare Technologies

Independent Directors of New Cotai

CenterPoint Properties

4 West Holdings, Orianna Investment

Work highlights

  • Represented Authentic Brands Group regarding the Barneys New York bankruptcy matter.
  • Represented PHI and various affiliates in their voluntary Chapter 11 cases in the US Bankruptcy Court for the Northern District of Texas, Dallas Division.
  • Represented Arcadia Group (USA) in a Chapter 15 filing.
  • Represents an affiliate called Mayflower Communities in a Chapter 11 bankruptcy.
  • Represents L.K. Bennett USA, the New York-based retail arm of London’s international affordable luxury clothing retailer L.K. Bennett, with its Chapter 11 filing in the US Bankruptcy Court for the District of Delaware.

Goodwin

In the field of restructuring and bankruptcy, Goodwin is mainly involved in debt restructuring, lessor claims, and Chapter 11 cases. The New York-based team, led by Michael Goldstein and William Weintraub, is described as 'supportive and patient, as well as aggressive as necessary', and it excels at handling insolvency-related disputes, liability claims, and mass tort bankruptcies. In April and May 2019, the team grew twice, with the additions of Howard Steel and Nathan Schultz from Fox Rothschild LLP and Brown Rudnick LLP respectively.

Practice head(s):

Michael Goldstein; William Weintraub

Other key lawyers:

Howard Steel; Nathan Schultz 

Testimonials

‘Very supportive and patient, as well as aggressive as necessary’

‘Real people, cognizant of billing, and communicative’

Key clients

Curvature

Development Specialists

EverStream Energy Capital Management

Lead Counsel in the General Motors Ignition Switch Defect MDL

Gibson Brands

Novelion Therapeutics

Singapore Telecommunications Limited

Técnicas Reunidas SA

Urban Edge Properties

Wilmington Savings Fund Society FSB

Work highlights

  • Served as counsel for Wilmington Savings Fund Society FSB, as Successor Indenture Trustee for the Second Lien Notes in the Peabody Chapter 11 proceeding of the largest private coal company.
  • Serves as bankruptcy counsel to Técnicas Reunidas – one of the world’s largest and most successful companies for the design, construction, and management of industrial plant projects throughout the world – in the Chapter 11 proceeding of Horsehead Holding Corp, the largest US zinc recycler, under which Técnicas Reunidas is the largest unsecured creditor.
  • Successfully completed a Chapter 11 restructuring for Gibson Brands. Despite Gibson’s profitability and excellent market share in the guitar business, the company found itself overleveraged following the acquisition of a Hong-Kong based consumer electronics business in 2014.
  • Representing biopharmaceutical company Novelion in connection with the restructuring of its wholly-owned subsidiary Aegerion Pharmaceuticals, through a Chapter 11 transaction where a third party investor acquired Aegerion.
  • Acted as lead restructuring counsel for Amobee in its acquisition of the assets of Videology through a section 363 sale.

Greenberg Traurig, LLP

Greenberg Traurig, LLP's restructuring and bankruptcy group is spread across three main locations, each reporting to a different co-head: Mark Bloom in Miami, Shari Heyen in Houston, and David Kurzweil in Atlanta. They represent creditors' committees, financial institutions, bank groups, as well as debtors, in cross-border bankruptcies and restructurings. The practice grew significantly throughout 2019, with hires coming from firms such as DLA Piper LLP (US) and Dentons.

Practice head(s):

Mark Bloom; Shari Heyen; David Kurzweil

Testimonials

‘Strong and diverse team with tremendous leadership and bench strength. Works well with clients and does what is appropriate and in their best interests’

‘Practical, solution-oriented and true leaders in the bankruptcy space, able to flex teams to work with the largest clients and serve the needs of the middle market too’

Key clients

1 Global Capital

Avadel Specialty Pharmaceuticals

Department 13 International

Nader Tavakoli, acting solely as Plan Administrator of Cobalt International Energy, et al.

Official Committee of Unsecured Creditors of Senior Care Centers

PT Bakrie Telecom

Recaudo Bogota, SA

Sancilio Pharmaceuticals

The Official Committee of Unsecured Creditors of LifeCare Holdings

Wells Fargo Bank, NA

Work highlights

  • Representing the Official Committee of Unsecured Creditors appointed in the Chapter 11 cases of Senior Care Centers and its affiliates, which was one of the largest nursing home operators in the United States.
  • Representation of debtors in Chapter 11 cases in the South District of Florida arising from $287m in failed merchant credit advance business that was funded by 3,600 individual investors.
  • GT is currently representing Nader Tavakoli acting solely in his capacity as the plan administrator for the Cobalt International Energy Bankruptcy Estates.
  • Representing the Official Committee of Unsecured Creditors appointed in the Chapter 11 cases of LifeCare Holdings and its affiliates.
  • Represented the Official Committee of Unsecured Creditors in the Chapter 11 case of C&J Energy Services, one of the largest, integrated oil field services companies in North America.

Hunton Andrews Kurth LLP

From the 2018 merger of Hunton & Williams (based in Richmond, Virginia) and Andrews Kurth (in Houston, Texas), Hunton Andrews Kurth LLP was created. The so-formed and enhanced financial restructuring and bankruptcy practice dispatches legal advice from both the named offices as well as from New York. In 2019, the main matters were related to companies operating in the healthcare, retail, and restaurant space (especially in Richmond) and in the energy field (oil and gas) in Houston. Here, co-practice head Timothy Davidson represented Weatherford International in their nationally significant Chapter 11 case. His Virginia counterpart, Tyler Brown, has advised on high-value cases from both creditor and debtor side.

Practice head(s):

Tyler Brown; Timothy Davidson

Key clients

Monitronics International

Weatherford International

KeyBank

Arena Investors

Wilmington Savings Fund Society

Think Finance

JPMorgan Chase Bank, NA

Wells Fargo Bank, NA

LeClairRyan

Work highlights

  • Represented Monitronics as debtors’ counsel in its Chapter 11 bankruptcy.
  • Lead debtors’ counsel to Think Finance in their Chapter 11 bankruptcy cases in the Northern District of Texas.
  • Representing Weatherford International as debtors’ counsel in its Chapter 11 filing.
  • Co-counsel to JPMorgan as the agent of the DIP lenders of the $2.3bn ABL/FILO revolving loan facility.
  • Representing KeyBank as prepetition lender and DIP lender to EdgeMarc Holdings.

Linklaters LLP

Margot Schonholtz coordinates a small but strong restructuring and insolvency practice at Linklaters LLP in New York. The group, active both from the lender side and debtor side, also shows significant global breadth with collaborations with London, the rest of Europe, and Hong Kong. Alongside Chapter 11, Chapter 15, and financial restructuring work, 2019 was a year of intense activity within rescue financing.

Practice head(s):

Margot Schonholtz

Testimonials

‘The team has the capacity to advise on all things associated with the restructuring of an oil and gas company. That includes corporate finance advice, oil and gas law advice, asset divestiture advice, and restructuring advice’

Key clients

Lehman Brothers International (Europe)

New Look Secured Issuer

Wells Fargo Bank, NA

Crédit Agricole Corporate and Investment Bank

An ad hoc group of Noteholders that hold pre-petition or post-petition DIP notes, or both, issued by the holding company of Toys ‘R’ Us

Central Bank of Aruba

Barclays Capital

Steinhoff International Holdings, NV

Work highlights

  • Representing Lehman Brothers International (Europe) – which was the principal trading company in Europe within the Lehman Brothers group of entities – in its petition for recognition of an English scheme of arrangement as a foreign main proceeding under Chapter 15 of the United States Bankruptcy Code.
  • Represented New Look Secured Issuer, a subsidiary with a group that operates a British fashion retail business in the UK, in its Chapter 15 case seeking recognition of an English scheme of arrangement.
  • Advised Wells Fargo Bank as administrative agent for the senior secured lending group under a $700m first lien reserve-based lending facility to Atlas Resource Partners, now Titan Energy.
  • Representing Crédit Agricole Corporate and Investment Bank, a secured vessel lender, in connection with the Chapter 11 cases filed by Toisa Limited and its affiliates.
  • Represented an ad hoc group of Noteholders that hold pre-petition or post-petition DIP notes, or both, issued by the holding company of Toys ‘R’ Us’ European, Asian, and Australian operations in the Chapter 11 case of Toys ‘R’ Us and the foreign restructuring and insolvency proceedings of several non-US subsidiaries.

Orrick, Herrington & Sutcliffe LLP

Acting in a plethora of sectors, including energy, real estate, retail, aviation, technology, automotive, and more, Orrick, Herrington & Sutcliffe LLP's New-York-based restructuring team - led by Raniero D’Aversa - is familiar with many forms of proceedings. In- and out-of-court restructurings, DIP loans, exit facilities, and prepackaged plans are commissioned to the firm mainly by bank institutions and other creditors.

Practice head(s):

Raniero D’Aversa

Testimonials

‘The team has in-depth knowledge of the US Bankruptcy process, as well as the respective industries which they serve (e.g. offshore drilling)’

‘In addition to having years of relevant experience and deep legal knowledge, partners also bring a very commercial mindset to the table. In addition, they make themselves available promptly and offer helpful insight without being forceful or antagonizing’

Key clients

Wells Fargo Bank, NA

Credit Suisse

TELUS International (US) Corporation

The Gap

EDP Renewables North America

EDF Renewables

Toyota Motor Corporation

ECN Financial

The Official Committee of Unsecured Creditors of ActiveCare

VMWare

Levi Strauss

Commerzbank

Work highlights

  • Representing Wells Fargo Bank in the $1bn restructuring of Legacy Reserves.
  • Represented Japanese automaker Toyota Motor Corporation and its subsidiaries in the highly complex and multifaceted global restructuring of Takata, one of the world’s largest manufacturers and distributors of automotive safety systems.
  • Represented an affiliate of Credit Suisse on the Shopko bankruptcy proceedings in Nebraska.
  • Assisted TELUS International (US) Corporation, who filed for bankruptcy in October 2018.
  • Represented The Gap on its stalking horse bid acquisition of the assets of the Gymboree Janie and Jack division, a premium children’s fashion line, in the Gymboree bankruptcy proceedings.

Reed Smith LLP

With a substantial number of restructuring and insolvency lawyers throughout the US - in their Philadelphia, Pittsburgh, Chicago, Houston, New York, and other offices - Reed Smith LLP's practice deals with national matters, from Chapter 11 proceedings to out-of-court workouts, as well as international and cross-border cases. Peter Clark's team includes key practitioner Matthew Tashman, Eric Schaffer who is well regarded for his work with indenture trustees and collateral agents in insolvency matters, and Kurt Gwynne who focuses on the representation of secured creditors, suppliers, and debtors. A series of hires in spring 2019 strengthened the practice.

Practice head(s):

Peter Clark

Testimonials

‘Very responsive at a reasonable expense level’

‘Matt Tashman is an excellent attorney. Quality guidance in all default and restructuring matters’

‘Eric Schaffer and Kurt Gwynne are two of the top restructuring lawyers. They both have an eye for detail while also maintaining a big-picture strategical perspective. They are creative, thoughtful, experts on the corporate trust sector, and they offer practical solutions’

‘A combination of deep knowledge of the law, excellent strategic judgment, and constant availability. They’re an outstanding practice group’

‘Highly responsive, do excellent work, great judgment and ability to deal with complex issues. Standout partners include Eric Schaffer and Kurt Gwynne’

Thompson & Knight LLP

Thompson & Knight LLP is a well-known blue chip Texas-based law firm with seats in Dallas, Houston, New York and abroad. The bankruptcy and restructuring department is best known for its work in energy, representing credit holders, financial institutions, and private equity, but increasingly (as the debtor practice is expanding) for company groups also. David Bennett is the practice leader and has a strong track record in transactions and litigation of distressed businesses.

Practice head(s):

David Bennett

Testimonials

‘Thompson & Knight has specialists in every type of legal issue one can encounter in the restructuring and bankruptcy space’

‘David Bennett’s knowledge of bankruptcy, his open-mindedness and his concern for the investors make him the perfect attorney for many cases. He shows compassion, integrity, incredible wisdom, and professionalism’

Key clients

Thomas Moran as Chapter 11 Trustee for LPHI

Goldman Sachs

Hercules Offshore

NBC Universal

The K2 Principal Fund

Devon Energy Corporation

Chesapeake Operating

Venari Resources

Approach Resources

Work highlights

  • Represents upstream E&P Debtors Approach Resources  and affiliates in connection with their filing of petitions for relief under Chapter 11 of the Bankruptcy Code due to, among other things, the prolonged and continuing period of commodity price decline and subsequent volatility.
  • Counsel for agent to the first lien lenders owed approximately $85m by this exploration and production company debtor.
  • Served as lead counsel to the debtor, a luxury retirement community with 228 units on 17 acres providing independent living and assisted care, as well as recreational activities for residents, and was responsible for formulating a pre-negotiated plan resulting in sale approval and confirmation within 65 days of case filing for Chapter 11 bankruptcy.
  • Represents Venari Resources on account of its joint ownership interest and contracts with Cobalt International Energy.
  • Represents FAR Gambia, an affiliate of Australian public company FAR Limited, on account of its joint ownership of oil and gas interest in The Gambia, West Africa, which is owned by Erin Energy Gambia.