Rising Stars

Restructuring (including bankruptcy): corporate in United States

Akin Gump Strauss Hauer & Feld LLP

Akin Gump Strauss Hauer & Feld LLP's global restructuring practice fields over 100 dedicated lawyers spread across the US, Europe and Asia. The firm has extensive creditor-side experience in two of the world's key financial markets, namely New York and London; these cities house the group's global co-heads, Ira Dizengoff and James Roome. In addition to its work for creditors, the practice is increasingly assisting debtors and distressed companies with formal restructuring proceedings, distressed transactions, and debt and equity financing transactions. Over the past few decades, the international team has developed specialized experience in a number of industries, with a particular focus on energy. In New York, other key practitioners include dedicated financial restructuring litigator Abid Qureshi and Chapter 11 and out-of-court restructuring specialist Philip Dublin. Respected lawyer Daniel Golden retired in 2020.

Practice head(s):

Ira Dizengoff

Other key lawyers:

Philip Dublin; Abid Qureshi; James Roome

Key clients

An Ad Hoc Group of Senior Noteholders of 7.000% Notes of Aerovias de Mexico, S.A. de C.V.

The Official Committee of Unsecured Creditors of Brooks Brothers


The Official Committee of Unsecured Creditors of Southern Foods Group, LLC formerly d/b/a Dean Foods

The Official Committee of Unsecured Creditors of Diamond Offshore Drilling, Inc.

FirstEnergy Solutions Corp.

Ad Hoc Group of First Lien Lenders of Foresight Energy LP

Franklin Advisors, Inc.

An Ad Hoc Group of Unsecured Noteholders issued by Frontier Communications Corporation

The Official Committee of Unsecured Creditors of Global Eagle Entertainment, Inc.

An Ad Hoc Group of Creditors of Intelsat Jackson Holdings S.A.

The First Lien Minority Group of J.C. Penney Company, Inc.

Martin Midstream Partners L.P.

The ad hoc committee of senior unsecured noteholders in Pacific Gas and Electric Company

The Official Committee of Unsecured Creditors of Purdue Pharma L.P.

Independent Board of Directors of Remington Outdoor Company, Inc.

Sanchez Energy Corporation

The Official Committee of Unsecured Creditors of Sears Holdings Corporation

An Ad Hoc Group of Secured Term Loan Lenders of Travelport Worldwide Ltd.

Work highlights

  • Representing the ad hoc group of unsecured noteholders issued by Frontier Communications Corporation in the company’s $17bn Chapter 11 cases.
  • Represented the ad hoc committee of senior unsecured noteholders in Pacific Gas and Electric Company’s Chapter 11 cases.
  • Represented the Travelport ad hoc group in connection with the out-of-court recapitalization of Travelport Worldwide.

Davis Polk & Wardwell LLP

The New York-based team at Davis Polk & Wardwell LLP is regularly involved in the largest and most complex restructurings in the market. In addition to a core strength in the retail sector, the group has recently been increasingly active in the natural resources space. The firm is known for taking on instrumental roles representing notable investors, and is also noted for handling international-facing work, particularly in Asia and Latin America. Marshall Huebner and Damian Schaible jointly head the practice; the former represents major financial institutions while the latter stands out for his work with ad hoc groups of secured lenders and noteholders. Darren Klein is a key contact for out-of-court restructurings. Brian Resnick is the name to note for bankruptcy litigation. Natasha Tsiouris, who made partner in July 2020, has substantial experience advising on investments into distressed businesses and the credit risks involved in cross-border derivatives. Donald Bernstein chairs the firm-wide restructuring group.

Practice head(s):

Marshall Huebner; Damian Schaible; Donald Bernstein

Other key lawyers:

Brian Resnick; Darren Klein; Natasha Tsiouris


‘Damian Schaible is that rare mix of compassionate, considerate and tenacious as a person and attorney. His attitude and tone set a great example and ensure a client-friendly nature across the department and firm.’

‘The team uses the resources of the firm very well outside of restructuring in divisions such as tax and capital markets that are often crucial to optimal outcomes.’

Key clients

Purdue Pharma


Chesapeake Energy

California Resources Corporation


Dean Foods

Hertz (Deutsche Bank)

Kirkland & Ellis LLP

Kirkland & Ellis LLP fields a go-to team for all forms of complex financial and operational restructurings and insolvency proceedings. The group has a proven track record acting on behalf of domestic and multinational corporations experiencing financial difficulties; lenders or creditors in contentious restructurings; and private equity or hedge funds looking to take stakes in distressed companies. The team is able to draw upon the expertise of its lawyers in the wider securities and debt finance, tax, real estate, litigation and intellectual property groups to assist with all aspects of the most challenging restructuring matters. Edward Sassower leads the practice group from the New York office, which also includes Joshua Sussberg and Jonathan Henes. James Sprayregen, who has extensive experience advising boards of directors, splits his time between the New York and Chicago offices, as does respected practitioner Anup Sathy.

Practice head(s):

Edward Sassower

Other key lawyers:

Anup Sathy; James Sprayregen; Jonathan Henes; Joshua Sussberg

Key clients

Anna Holdings, Inc.

Arena Energy

Chesapeake Energy Corporation

Denbury Resources, Inc.

Extraction Oil & Gas, Inc.

Forever 21

Frontier Communications Corporation

Gulfport Energy Corporation

Intelsat S.A.

J.C. Penney Company, Inc.

Macy’s, Inc.

McDermott International, Inc.

Murray Energy Holdings Co.

Neiman Marcus

Oasis Petroleum

Ultra Petroleum

Valaris plc

Tailored Brands, Inc.

Whiting Petroleum Corporation

Windstream Holdings, Inc.

Latham & Watkins LLP

The group at Latham & Watkins LLP is known both for its established senior secured lending practice and its growing expertise in company-side work, an areas that was recently strengthened by the arrival of Suzzanne Uhland in April 2020 and George Klidonas in July 2020, formerly of O'Melveny & Myers LLP and Kirkland & Ellis LLP, respectively. The team is also able to leverage its extensive knowledge of the energy sector to meet the growing need for restructuring counsel among entities active in that industry. The practice group is spread throughout key commercial centers across the globe. In the US, global chair George Davis is the key figure in the New York office, while vice chairs Jeff Bjork and Richard Levy handle matters from Los Angeles and Chicago, respectively. Also recommended in the Chicago office is Caroline Reckler, who represents purchasers of distressed companies, and also advises boards of directors and management of financially distressed companies.

Practice head(s):

George Davis; Jeff Bjork; Richard Levy

Other key lawyers:

Caroline Reckler; Suzzanne Uhland; George Klidonas

Key clients

Alta Mesa Resources

Imerys Talc America Inc.

Calfrac Well Resources

GNC Holdings, Inc.

Global Eagle Entertainment

Sable Permian Resources, LLC

Paddock Enterprises LLC (Formerly Owens-Illinois Inc.)

Emerge Energy Services

Ares Capital Corporation

Lucky Brand Dungarees LLC

Barclays Bank

Deutsche Bank

GSO Capital Partners

Neiman Marcus Group, Inc.

Mallinckrodt Pharmaceuticals

Morgan Stanley

Libbey Inc.

Dairy Farmers of America

Hi-Crush Inc.

Superior Energy Services

Royal Bank of Canada

Work highlights

  • Representing Alta Mesa Resources, a Houston-based oil and gas company operating oilfields in Oklahoma, and certain of its upstream oil and gas subsidiaries in their Chapter 11 bankruptcy cases.
  • Representing Mallinckrodt Pharmaceuticals, a global manufacturer and distributor of specialty pharmaceutical products and generic products, in connection with its efforts to comprehensively address its liabilities, including approximately 3,000 litigation claims and over $5bn in funded debt.
  • Representing Barclays as agent under $1.8bn of first lien revolving, term and letter of credit facilities, and Deutsche Bank as agent under a $4.5bn variable funding fleet financing facility, in the workout and pending bankruptcy of Hertz Corporation.


Milbank's restructuring team is distinguished by its depth of experience in all phases of the bankruptcy process, and is widely recognized as a leader in Chapter 11 cases and corporate restructurings across a variety of industries both in the US and abroad. New York-based Dennis Dunne leads the team, and is recommended for his experience of out-of-court workouts and his in-court advocacy skills. Dunne is supported in the New York office by experienced practitioners Samuel KhalilTyson Lomazow and Matthew Brod. Both Lomazow and Brod regularly advise hedge funds and other financial institutions on acquiring control positions in financially distressed companies. Nelly Almeida in New York was promoted to partner in January 2020. Paul Aronzon, previously based in the firm's Los Angeles office, retired in December 2019, though the group maintains its reputation there through the presence of respected practitioners such as Mark Shinderman.

Practice head(s):

Dennis Dunne

Other key lawyers:

Samuel Khalil; Tyson Lomazow; Matthew Brod; Nelly Almeida; Mark Shinderman

Key clients

Guitar Center, Inc.

Ad Hoc Group of Crossover (First and Second Lien) Lenders of Skillsoft

Ad hoc group of unsecured noteholders of Frontier Communications Corp

Ad hoc committee of certain of J. Crew’s term lenders and noteholders

Ad hoc group of holders of AMC Entertainment Holdings, Inc.’s subordinated notes

Ad hoc group of noteholders in an out-of-court exchange of Party City’s senior notes

Official Committee of Unsecured Creditors of PG&E Corporation and Pacific Gas & Electric Company

Ad Hoc Group of Term Lenders of Quorum Health Corporation

Avianca Holdings S.A.

Ad hoc committee of unsecured noteholders of Hornbeck Offshore Services

Ad Hoc Group of First Lien Lenders of J.C. Penney Co.

Ares Management Corp.

Official Committee of Unsecured Creditors for Verity Health System of California, Inc., et al.

American Commercial Lines

HPS Investment Partners, LLC

Oaktree Capital Management, L.P.

Federal Housing Finance Agency (FHFA)

Ad Hoc Group of Bondholders of Offshore Drilling Holding S.A.

Work highlights

  • Acted for leading global investment firm HPS Investment Partners, as first lien agent and largest first lien lender, in connection with the Chapter 11 bankruptcy proceedings of in-store media solutions company Mood Media.
  • Representing the official committee of unsecured creditors of global satellite operator Intelsat in the company’s Chapter 11 cases filed in the Eastern District of Virginia.
  • Successfully guided OneWeb Global Limited, a company developing the first world-wide high-speed internet connectivity network through a low-earth orbiting satellite constellation, through confirmation of its plan of reorganization in its Chapter 11 cases.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP's New York-based practice group is respected equally for its deep experience in representing debtors and creditors in Chapter 11 and 15 cases, and for its ability to provide end-to-end service on large-scale, resource-heavy mandates, working in conjunction with the firm's stellar litigation, corporate, tax, real estate and environmental teams. The department is also marked out by the strength of its bench: co-chairs Paul BastaAndrew Rosenberg and Alan Kornberg are supported by deputy Brian Hermann, who has been singled out by a number of clients; Alice Belisle Eaton focuses on exit financings and specialized finance structures; Kyle Kimpler has particular expertise in bankruptcy-related litigation; Andrew Parlen's broad practice covers acquisitions of distressed companies; and Elizabeth McColm advises clients across a range of sectors, frequently focusing on the areas of energy and shipping.

Practice head(s):

Alan Kornberg; Paul Basta; Andrew Rosenberg

Other key lawyers:

Brian Hermann; Elizabeth McColm; Alice Belisle Eaton; Kyle Kimpler; Andrew Parlen


‘We have had a relationship with Paul Weiss with their bankruptcy and litigation groups for more than 20 years now. Their level of expertise and responsiveness is second to none.’

‘The expertise and intellectual heft of all of the Paul Weiss individuals gives us great confidence.’

‘The team at Paul Weiss Restructuring stands out. There is strong consistency on the team in terms of quality of legal advice and subject matter mastery, personnel, and general culture.’

‘I have valued their commercial intensity, quality legal advice, and superior client service orientation.’

‘Very commercial, high quality people, deep bench of talented lawyers, very strong related practices so they can handle the most complicated transactions with relative ease.’

‘Brian Hermann is the perfect blend of a commercial attorney who gets complicated deals done, but who also has the ability to effectively litigate if that is what the situation requires. He’s always available for his clients and is never flustered or caught off guard. He’s truly at the top of his game, and of the profession.’

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP has maintained its outstanding reputation for debtor-side work, displaying high-level expertise in exchange offers, debt for equity swaps and pre-packaged Chapter 11 cases, as well as conventional Chapter 11 reorganizations and international insolvencies involving multiple jurisdictions. In addition, the group is rapidly gaining notoriety in the creditor space, through its increasing representation of notable equity sponsors, ad hoc creditor groups and official committees of unsecured creditors. The New York-based team is jointly chaired by Gary HoltzerRay Schrock and Matt Barr. Other key practitioners include Garrett Fail, who assists with crisis management and corporate governance issues, and also turns his hand to domestic and international debt restructurings. The practice was recently strengthened by the promotions of Candace Arthur, Kevin Bostel and Andriana Georgallas to partner in January 2020. Renowned lawyer Marcia Goldstein retired from the firm in 2020.

Practice head(s):

Gary Holtzer; Ray Schrock; Matt Barr

Other key lawyers:

Garrett Fail; Candace Arthur; Kevin Bostel; Andriana Georgallas


‘Weil has a long history of expertise in restructuring. More than most firms, restructuring is an essential component of Weil’s DNA.’

‘Ray Schrock is absolutely top-notch. Great judgment; peerless in meetings; effective in court. Highly recommended.’

‘Weil’s corporate restructuring team is widely recognized, and they demonstrated to us that their reputation is well-earned. They provided simply exceptional service and output throughout the bankruptcy process.’

‘We were fortunate to have practice group chair Matt Barr lead our team, and our engagement was led on a day-to-day basis by counsel Scott Bowling. Both were unfailingly courteous, professional, and responsive, and both their advice and work product were phenomenal. Our entire team was extremely impressed by, and appreciative of, the outstanding work of Matt, Scott, and the rest of their team. Of particular additional note, Jessie Chiang led the documentation of our corporate restructure, and she skilfully led my business colleagues through the most technical details of our complex transaction with frequent and skilful communications.’

‘The platform delivers for clients because it is always able to provide a team that includes expert deal-making lawyers and extremely experienced and sophisticated bankruptcy practitioners that can manage every issue that may be encountered by a client.’

‘I have worked closely with all three current co-heads in the past year (and have known them each for over 20 years). They are all different in their style and focus, but are all excellent practitioners and bring to each one of their mandates the team that is the best fit for the client.’

‘Key partners supporting these co-heads who I think deserve special recognition are: Ronit Berkovich (one of the best creative and technically nuanced/ competent bankruptcy partners I have ever worked with), Paul Genender (litigation – excellent in the the management of the extemporaneous court room dynamic), Mariel Cruz (M&A -excellent negotiation perspective and nuanced approach), Alfredo Perez (solid, smart, calm partner who just gets it done -every time), Alex Welch (recently promoted partner who is an up-and-comer and runs a process like a seasoned professional), Scott Bowling (another one to watch) and many more.’

Key clients

Speedcast International Limited

CEC Entertainment, Inc.

Brooks Brothers Group, Inc.


J.Crew Group, Inc.

Fieldwood Energy LLC

EP Energy Corporation

Chisholm Oil and Gas Operating, LLC

NPC International

24 Hour Fitness

Work highlights

  • Advised J.Crew and its debtor-affiliates on their pre-arranged Chapter 11 cases.
  • Advised Skillsoft Corporation and its affiliates on their pre-packaged Chapter 11 cases with liabilities in excess of $2bn.
  • Advised EP Energy Corporation and its affiliated debtors on their Chapter 11 cases, involving approximately $4.9bn in funded debt obligations.

White & Case LLP

Already firmly established across the globe as a leading creditor-side firm with excellent cross-border capabilities, White & Case LLP continues to grow its company-side practice; recent expansion was fueled by the arrival of experienced practitioners Jessica Boelter (who joins the New York office) and Bojan Guzina and Andrew O’Neill (both of whom join the team in Chicago) from Sidley Austin LLP in October 2020. The New York office also houses global practice head Thomas Lauria, renowned bankruptcy litigator Chris Shore and standout senior associate Mark Franke. John Cunningham, who splits his time between New York and Miami, is a key member of the specialized team, which is known for its expertise in big-ticket, cross-border restructurings of Latin American companies. Also of note, the firm has further solidified its reputation for creditor-side work by welcoming Keith Wofford and Stephen Moeller-Sally (both formerly of Ropes & Gray LLP) to New York in December 2020.

Practice head(s):

Thomas Lauria

Other key lawyers:

John Cunningham; Scott Greissman; Harrison Denman; Chris Shore; Jessica Boelter; Bojan Guzina; Andrew O’Neill; Keith Wofford; Stephen Moeller-Sally; Mark Franke; Aaron Colody


‘Incredibly reliable, knowledgeable, present and cares deeply about their clients. Also has tremendous global reach, which is more valuable than ever. As a start up Hedge Fund, White and Case has been a tremendous ally.’

‘The restructuring practice is a very knowledgeable and cohesive unit. They work well together, multitask and are able to deliver great results. They represent clients well and on numerous occasions are able to outsmart peers across the negotiating table. The restructuring team has an outstanding business sense which helps guide decisions to good results.’

‘W&C has, in my view, the best creditor bankruptcy practice in the market. Their lawyers know how to create value for junior creditors when odds are stacked against them. And with the additions from this year and some of the debtor representations that they landed, a case can be made that they are also the most creative debtor shop.’

‘A world-class restructuring group with leading capabilities in representing debtors, lenders, bondholders and others. While the team is first-rate in all areas, I consider them a real stand out for their exceptional advocates for “underdog” unsecured bondholders that may have been previously counted out. Well rounded advice that covers the all angles: substance, tactics and strategy.’

‘The team is incredibly well integrated and also has strength globally. I appreciate their high quality approach and ability to operate across jurisdictions. They are also able to work through all components of a bankruptcy, including refinancing and other exit transactions.’

‘John Cunningham provided the comfort that was needed especially during the negotiations. Most of the creditors were hedge funds with a very aggressive posture, but having had experience with some of them before, John was able to give me very relevant and valuable advice at all times. He went beyond the legal aspects of the restructuring and helped in the overall negotiation strategy. More importantly, he was always available. Mark Franke was the most important individual at W&C after the plan approval. He reviewed all documents, participated and gave advice on several occasions and was always available to discuss new strategies. Very knowledgeable and accountable. He always brought up the issues that I had to pay attention to. I never felt that I needed more senior people involved, because I knew he was also consulting with his superiors when needed, recognizing the importance of his team. The success of the restructuring was in a very large extent thanks to him. I had never seen an associate deliver so much.’

‘Mark Franke from the W&C restructuring team has stood out for me this year above others given (i) the quality of his work and legal advice and (ii) his commercial approach both on the project and in investing in the relationship. Further, when needed, he leveraged the W&C platform to bring in Senior Partners to provide me with highly valuable legal advice and industry insights on a complex project we were pursuing.’

‘Tom Lauria has proven that he is one of the most creative bankruptcy lawyers out there.’

‘Our key relationship has been with Scott Greissman. I consider him to be one of the best restructuring attorneys in the market today. He manages to excel at overall strategy while also remaining well-versed in the details. He also succeeds where many others fail at working through complex multi-party negotiations.’

‘As a group of lawyers, they are astute, diplomatic but tough; they are willing to lead. Tom Lauria is one of the top 3 lawyers that I have worked with during my 37-year career. He demonstrates incredible range in multiple disciplines including bankruptcy, capital markets and board room presentations. He is a dominating lawyer who is intellectually curious and is flat-out unrelenting in his approach.’

‘I have worked with many Associates and Partners over the years and Mark Franke truly stands out. If I had to summarize the characteristics that lead me to that conclusion it would be the following: (i) encyclopaedic knowledge of the law and all of the pertinent issues related to bankruptcy and restructuring, (ii) he is a master tactician and comes up with the appropriate strategies at critical times (iii) creative thinker who contributes to all conversations, (iv) available 24 hours a day – literally (v) has natural client skills and (vi) perhaps, most importantly is a unique combination of items i – v. I would be willing to add him to an advisory roster on any situation.’

‘Mark Franke stands out. He keeps his head calm in heated moments. A soft spoken authority, who is clearly a good negotiator in addition to being an excellent lawyer.’

‘Mark Franke is a young upcoming star. He focuses on the big picture, knows how to brings people together to achieves consensus, and is a strong litigator when settlement is not possible.’

‘Mark Franke has become a trusted advisor who can not only provide quality legal advice on complicated issues, but has been very helpful in marshalling the resources of the firm as a whole on cross-practice questions/problems. He is responsive, proactive, and practical.’

‘Outside the box thinkers. High level of imagination to structure transactions for clients and/or litigate on behalf of clients. Very committed to the needs of clients by being on call for any needs and rapidly responding. Well rounded and provide a large number of services, yet also provide the detailed attention that one gets at smaller firms.’

‘Highly knowledgeable with the best skill set to find constructive solutions in challenging situations.’

‘Work as a fully integrated team. Bring in global resources seamlessly. Aggressive advocates for their clients. Highly professional.’

‘Large strong team that has special expertise in cross border matters. Strong litigators.’

‘The firm is super responsive, always trying to find ways to help and add value to the client, particularly in time sensitive situations. It is very helpful to have a firm that understands the commercial impact of timely advice, and the firm works carefully to help prioritize, triage, and act.’

‘I have worked with a team from White & Case led by Tom Lauria. The firm has brought to bear specialists in each area that was required to restructure our business. In addition to the depth of subject matter experts, a strength is the leadership and hands-on approach of Tom Lauria. He drives a high performance team and is not inhibited from dealing with very complex and demanding facts. I also found him to provide his opinion beyond a matter of law to assist management and the board in forging an appropriate measured course of action.’

‘They work as a high performance team, are incredibly flexible and responsive and are true subject matter experts. The inspire confidence within our board and are typically thinking out far ahead, considering when and how to pivot if necessary.’

‘W&C’s international presence and ample experience with restructuring, including those with other Brazilian companies, facilitated the coordination of the process and were fundamental in reconciling the NY legal issues with the Brazilian, Austrian and BVI ones. The cross border transaction never seemed to be a new challenge for the team. Quite the opposite, W&C made this interaction seamless. Having the proximity of the capital markets practice was also an enormous asset given the need to negotiate and issue new “restructuring” notes.’

‘Since 2016 the W&C restructuring team has been engaged in order to help the company with discussions among its creditors and then with its judicial reorganization process. In this whole process, I could perceive all necessary skills and expertise from the team. Not only knowledge and full experience conducting cross-border judicial reorganization process, but also connecting a full service team, that handles litigation and capital market deals. It was amazing to count on one law firm to help us conduct all this throughout the US, Netherlands, Portugal, the Bahamas and Brazil.’

‘Jessica Boelter is an incredibly talented lawyer who knows the ins and outs of bankruptcy, has exceptional vision and is brutally honest when she needs to be. She is great on her feet and inspires confidence. She is always available and responsive. She understands our goals and values and incorporates them into her approach.’

‘Harrison Denman shows high attention to detail, is very creative at looking at liability management structures, has a high level of imagination when dealing with situations where the client needs someone to either litigate for an outcome or protect from certain litigation in bankruptcy, is well connected with people in the industry and is a superb deal-maker with the skills to litigate when needed but also facilitate a deal for clients. Chris Shore is extremely diligent when litigating matters for clients, and is very good at summarizing and articulating complicated legal strategies for clients understanding and decision making.’

‘Working with White & Case, with Aaron Colody one of the principal points of contact on an extremely complicated public company bankruptcy. Aaron and the team are tireless and responsive, and able to handle significant volume and complexity.’

Key clients

Hertz Global Holdings, Inc.

The Swissport Group

The Ad Hoc Argentine Bondholder Group

The Official Committee of Unsecured Creditors of Garrett Motion Inc.

The Ad hoc LATAM Bondholder Group

Boy Scouts of America

The Ad Hoc Ecuador Bondholder Group

Harbin Pharmaceutical Group Holding Co., Ltd.

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

The Ad hoc Lebanon Bondholder Group.

UBS Puerto Rico Family of Funds

Maxus Liquidating Trust

The Coordinating Committee of Agent Banks and Export Credit Agencies of Seadrill Ltd

Deutsche Bank AG New York Branch

TP RemainCo, LLC (formerly known as Techniplas, LLC).

Oaktree Capital Management LP

Work highlights

  • Advised Argentina’s largest creditor group on the successful restructuring of Argentina’s $65bn of external debt.
  • Representing the official committee of unsecured creditors in the Chapter 11 cases of Garrett Motion, a global auto parts manufacturer, and its affiliated debtors.
  • Representing the ad hoc group of LATAM bondholders, comprising 17 funds and institutions, who collectively hold approximately $1bn of unsecured bonds issued by the LATAM Airlines Group.

Cleary Gottlieb Steen & Hamilton

Best known for successfully handling bankruptcy and restructuring matters that span multiple jurisdictions, the New York-based team at Cleary Gottlieb Steen & Hamilton stands out for its work for on behalf of both debtors and creditors in complex cross-border restructurings and insolvency proceedings across the US, Latin America, Europe, the Middle East and Asia. Lisa Schweitzer and Sean O’Neal jointly lead the group; the latter is noted for his focus on negotiating and documenting transactions and advising on litigation strategies, while the former recently acted as counsel to LATAM Airlines in its voluntary reorganization and restructuring of over $7bn of debt. Another key figure in the team is Luke Barefoot, who acts been acting for notable creditors and debtors in insolvency matters in the retail and transport industries.

Practice head(s):

Lisa Schweitzer; Sean O’Neal

Other key lawyers:

Luke Barefoot


‘They have deep understanding of the rules, and are able to explain them to you (even if you have zero knowledge) in a plain way. They are commercial and practical. They are able to understand the unique operation pattern of foreign companies even though it differs from that of US companies.’

Key clients

LATAM Airlines Group. S.A.

Deutsche Bank


Apollo Capital Management

ESL Investments, Inc.

Total S.A.

Goldman Sachs & Co LLC


Grupo Posadas

The Puerto Rico Public Private Partnerships Authority (“P3A”)

The Special Restructuring Committee of the Board of Directors of AAC Holdings, Inc.

Ad hoc group of secured project finance lenders of obligations of QGOG Constellation S.A. (“QGOG”) and its subsidiaries

Ad hoc committee of Ironshore Pharmaceutical lenders

Punjab National Bank

Vale S.A.

Venezuela Creditors Committee

Odebrecht Group

Citigroup Global Markets Inc. (“Citigroup”)

Morgan Stanley

FullBeauty Brands

Norton Rose Fulbright US LLP


Work highlights

  • Advising LATAM Airlines Group and its affiliates in Chile, Peru, Colombia, Ecuador and the US on the voluntary reorganization and restructuring of their debt under Chapter 11 protection in the US, including handling litigation over a $2.45bn proposed DIP facility.
  • Advising Apollo Management Holdings on a $1bn loan facility provided by one or more funds managed by affiliates of Apollo Global Management to Grupo Aeroméxico in the voluntary reorganization and restructuring of Aeroméxico’s debt under Chapter 11 protection in the US.
  • Acted for Wendy’s in the bankruptcy and restructuring of NPC International, the largest franchisee of Wendy’s and Pizza Hut restaurants.

Gibson, Dunn & Crutcher LLP

Continuing its recent trend of growth, Gibson, Dunn & Crutcher LLP welcomed respected practitioner Joshua Brody, formerly of Jones Day, in November 2020. Brody joins the firm's well-regarded New York office, which also houses co-chairs Scott Greenberg and David Feldman, and recommended partner Michael Rosenthal. Over on the West Coast, Jeffrey Krause and co-chair Robert Klyman are the key contacts in the Los Angeles office. The group is equally proficient in debtor- and creditor-side work; in the former space, the team focuses on the representation of international financial institutions and hedge funds in prominent out-of-court restructurings, bankruptcies and distressed acquisitions, while in the latter area, the group has built a strong track record in complex cross-border cases.

Practice head(s):

Scott Greenberg; David Feldman; Robert Klyman

Other key lawyers:

Joshua Brody; Jeffrey Krause; Michael Rosenthal

Kramer Levin Naftalis & Frankel LLP

Kramer Levin Naftalis & Frankel LLP's New York-based team is highly regarded for its effective management of large, complex restructurings on behalf of sophisticated financial creditors and committee clients. In particular, the team has been highlighted by clients for its ability to achieve consensus among disparate creditors and provide leadership to mixed committees of hedge funds and mutual funds. Co-chairs Kenneth Eckstein and Thomas Moers Mayer are well versed in both in- and out-of-court restructurings. Eckstein also handles debtor-side work, counseling clients from a range of industries on the complex legal, financial and operational issues arising during reorganizations. Rachael Ringer is another notable practitioner whose recent representations include the Boy Scouts of America official creditors’ committee, as well as the ad hoc committee of consenting governmental claimants in the Purdue Pharma bankruptcy cases.

Practice head(s):

Kenneth Eckstein; Thomas Moers Mayer

Other key lawyers:

Rachael Ringer


‘Highly commercial approach to solving complex problems for creditors.’

Key clients

Ad Hoc Committee (AHC) of 10 states’ attorneys general, six municipalities, the Plaintiffs Executive Committee in the multidistrict litigation and a federally recognized Native American Tribe in connection with Purdue Pharma LP’s bankruptcy

Official committee of unsecured creditors of Hertz Global Holdings Inc.

Ad Hoc Committee of Governmental Plaintiffs in the bankruptcy cases commenced by Mallinckrodt plc and certain of its subsidiaries

Official committee of unsecured creditors of the Boy Scouts of America

Bondholder group with over $3.2 billion of the bond debt in negotiations with Valaris

Brigade Capital Management LP, a senior creditor in McClatchy Co.

Official Committee of Unsecured Creditors of Frontier Communications Corp.

UMB Bank as successor trustee for the 8% Senior Cash Pay Notes due 2021 issued by Neiman Marcus Group LTD, LLC (the “Company”) and for the 8.750%/9.500% Senior PIK Toggle Notes due 2021 issued by the Company

Ad hoc group of guaranteed noteholders of Noble Corp. plc

Official Committee of unsecured creditors of California Resources

Official committee of unsecured creditors of California Pizza Kitchen, Inc. and affiliates

Ad Hoc Group of Puerto Rico Electric Power Authority (PREPA) Bondholders

Bluestem Group

Ad hoc lender group in the Chapter 11 cases of Payless and its affiliated debtors

Bristow Helicopters (creditors’ committee)

Official committee of unsecured creditors of Forever 21

PG&E (holdco lender group)

Creditors’ committee for RAIT Funding

2178 Atlantic Avenue HDFC

Invesco Funds

Work highlights

  • Representing the official committee of unsecured creditors of Hertz Global Holdings following Hertz’s application for Chapter 11 protection in federal bankruptcy court in Wilmington with approximately $19bn in financial debt.
  • Represented a bondholder group with over $3.7bn of the bond debt, whose negotiations with Valaris resulted in: the bondholders providing Valaris with a $500m DIP loan, entering into a restructuring support agreement with Valaris, and entering into an agreement to backstop a $500m rights offering.

Morrison & Foerster LLP

Based in New York, the team at Morrison & Foerster LLP has a strong track record handling debtor-side work, though it is perhaps best known for its successful representation of creditors and, in particular, creditors’ committees, in many of the biggest bankruptcy and restructuring matters worldwide. In addition to handling Chapter 11 work, the team is regularly involved in precedent-setting matters that have shaped the law under Chapter 15. The group also stands out for the quality of its bankruptcy mediation practice, which regularly acts in offshore restructuring and liquidation proceedings; former judge James Peck is one key contact for mediation work, and also takes the lead on cross-border matters. Also recommended are practice co-chairs Lorenzo Marinuzzi and Jennifer Marines, and specialist bankruptcy litigator Theresa Foudy, who joined from Katten Muchin Rosenman LLP in October 2020. This followed the departure of John Pintarelli to Pillsbury Winthrop Shaw Pittman, LLP in July 2020.

Practice head(s):

Jennifer Marines; Lorenzo Marinuzzi

Other key lawyers:

Theresa Foudy; James Peck


‘James Peck has the complete set of skills. He is knowledgeable, experienced, seasoned, practical, insightful, and hard working. Every case I hired him to do resulted in an agreement growing out of the mediation he conducted. I would use him again in a heartbeat.’

Key clients

Official committee of unsecured creditors of Avianca Holdings S.A. and its affiliated debtors

Official committee of unsecured creditors of Grupo Aeroméxico, S.A.B. de C.V. and its affiliated debtors

Official committee of unsecured creditors of LVI Holdings, Inc.

Official committee of unsecured creditors of Murray Energy Holdings Co. and its affiliated debtors

Official committee of unsecured creditors of Valaris plc and its affiliated debtors

Official committee of unsecured creditors of Windstream Holdings, Inc., and its affiliated debtors

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

The official committee of unsecured creditors of Cloud Peak Energy and certain of its subsidiaries in its chapter 11 cases

The secured noteholders of Sanchez Energy Corp.

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

The liquidators of two British Virgin Islands investment funds in Madoff Clawback Proceedings

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

Official committee of unsecured creditors of Avianca Holdings S.A. and its affiliated debtors

Work highlights

  • Acting as counsel to the official committee of unsecured creditors of Avianca Holdings and its 38 affiliated debtors in their Chapter 11 cases.
  • Acting for the official committee of unsecured creditors of Valaris and its affiliated debtors in their Chapter 11 cases.
  • Acting for an ad hoc group of first lien noteholders in the Chapter 11 bankruptcy of Sanchez Energy Corporation.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP's team of well-regarded practitioners is able to provide a full service to both creditors, and increasingly debtors, across the continuum of matters that arise in the context of restructuring, refinancing, reorganization and bankruptcy. To do so, the New York-based group regularly employs a cross-departmental approach which is much lauded by clients, drawing on the firm's considerable experience in the corporate, banking, capital markets, M&A, litigation and tax practice areas. Key contacts include practice head Sandeep Qusba, who is equally adept at handling restructurings, bankruptcies and distressed acquisitions; Michael Torkin, who is a founding member of the the private capital and special situations investment group; and Elisha Graff, who frequently assists equity sponsors with the restructuring of their portfolio companies and advises financial institutions on their loans to distressed companies. In May 2020, counsel David Zylberberg joined the team from Sullivan & Cromwell LLP. Nicholas Baker made partner in January 2021.

Practice head(s):

Sandeep Qusba; Michael Torkin

Other key lawyers:

Elisha Graff; Nicholas Baker; David Zylberberg


‘Very practical and clearly delivered advice based on experience and understanding of our risk tolerance.’

‘They did a fantastic job guiding us through bankruptcy. They were technically extremely competent. Added to that they have great personalities and kept calm in a very stressful situation.’

‘Their team is fully integrated across various legal disciplines, which drives the provision of a seamless service and solutions to complex legal challenges. What does this practically mean? As you’re working through a restructuring, questions arise as to in court or out of court, there are capital markets elements with new and extinguishing debt and equity instruments both public and private; as well as, complex M&A elements. STB has a team across all the salient practice areas so there is no need to engage other firms as you already have the best where required.’

‘They have great expertise in each area of law. The partners also have the ability to advise as your attorney but also work to really understand the related business issues. They also have the ability to work 24/7 with you.’

‘The STB team is highly commercial. They have a deep understanding of our structure, key process concerns and are able to seamlessly navigate around us and our different constituent strategies and principals.’

‘The STB team is one that we would enlist where we have a “bet the bank” troubled credit. They are not only exceptionally knowledgeable on insolvency law but have a depth of experience and a practical approach which makes them an integral part of any workout for a lending syndicate or for a standalone bank. Sandeep Qusba and Elisha Graff are both the type of partners where if they needed to advise the CEO or General Counsel of this firm you would not have any qualms about placing them in that meeting or in a meeting with the Board to explain what can and cannot be accomplished in an insolvency matter.’

‘Outstanding and experienced team with practical commercial sense. Terrific partners for complex negotiations. Great connectivity across advisory community, which makes their advice particularly actionable.’

‘Super smart attorneys that provide elite customer service. Simpson is our go-to legal partner for our toughest, most complex restructuring cases.’

‘High degree of experience and industry knowledge – they field a complete team on all fronts. Proactive rather than just reactive.’

‘Elisha Graff is a trusted advisory. Commercially effective and easy to work with.’

‘Elisha Graff did a fantastic job. He had a great personality, provided awesome guidance in a complex and difficult situation and really knew his business.’

‘Sandeep Qusba is a highly experienced pedigree seasoned legal professional. Many times group heads do not provide closing statements. In our restructuring Sandy’s final summation was instrumental in providing the victorious final push. Sandy was able to take a complex situation and hard fought battle and put it into a simple story of the facts with key analytical support, where all could be comforted that his view was unequivocally the truth. Michael Torkin did an excellent job of taking complex issues within the case and evaluating them from various constituents’ perspectives to develop strategies that were not readily derived or apparent. His ability to think multi-dimensionally and cut across the sanguine grain resulted in a clear differentiated result.’

‘The partners are excellent attorneys but also have great business sense.’

‘Michael Torkin has been truly outstanding. Deep experience and high level of expertise combined with strong connectivity with other advisors in the space make him an invaluable partner in complex negotiations.’

‘Elisha Graff is an outstanding bankruptcy attorney who brings to bear the entire Simpson firm to solve complex issues in tax, corporate, banking, and litigation. His superb negotiation skills and practical judgement create winning solutions.’

‘STB key points of contact have helped drive outcomes but also delicately balanced key timing constraints and made sure both our reputation and our brand were always protected and sacred.’

Key clients

Angelo Gordon

Apax Partners, L.P.

Arsenal Resources

Ascribe Capital

Bank of Montreal


Centerbridge Partners

First Reserve

Francisco Partners

G-III Apparel Group, Ltd.

Goldman Sachs

GSO Capital Partners

J.G. Wentworth

JPMorgan Chase & Co.

Kohlberg Kravis Roberts & Co.

Morgan Stanley Capital Group Inc.

Pyxus International Inc.

Riverstone Holdings

Royal Bank of Canada

Silver Lake Partners

Solus Alternative Asset Management LP


Templar Energy

TNT Crane & Rigging

Wells Fargo Bank

Work highlights

  • Representing Pyxus International and certain of its subsidiaries in their international reorganization and their Chapter 11 restructuring, which was implemented pursuant to a pre-packaged Chapter 11 plan that eliminated or restructured over $2bn of debt.
  • Representing JPMorgan Chase Bank, as senior DIP administrative agent and sole lead arranger and bookrunner in $1.1bn of debtor-in-possession financing for California Resources Corporation in connection with its Chapter 11 case.
  • Representing TNT Crane & Rigging and its affiliates in connection with its comprehensive pre-packaged Chapter 11 restructuring.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP leverages an impressive domestic presence, fielding key practitioners in Chicago, Los Angeles and Wilmington, as well as New York. The corporate restructuring practice is led from New York by global head Paul Leake and is active across the spectrum of in- and out-of-court restructuring transactions on a global basis. It also represent buyers and sellers of leveraged or distressed assets. The firm is also known for its pioneering approach, previously to pre-packaged bankruptcies and more recently to the use of English law schemes of arrangement for European companies as an alternative to local restructuring and insolvency options.

Practice head(s):

Paul Leake

Stroock & Stroock & Lavan LLP

Stroock & Stroock & Lavan LLP remains a destination practice for notable financial services clients, particularly the hedge funds and private equity firms. The firm is also increasingly making a name for itself as a go-to for unsecured creditors’ committees. Sectors of particular strength include energy, travel and retail, with the New York-based group playing a key role in multiple major in- and out-of-court retail restructuring matters, including acting for an ad hoc group of senior secured noteholders of Guitar Center. Practice chair Kristopher Hansen is supported by a number of experienced lawyers, including Daniel Fliman and Jonathan Canfield. These seasoned practitioners were joined by Allison Miller, formerly of Akin Gump Strauss Hauer & Feld LLP, in March 2020; the strength of the firm’s offering at partner level was also strengthened by the promotion of Christopher Guhin in January 2020.

Practice head(s):

Kristopher Hansen

Other key lawyers:

Daniel Fliman; Jonathan Canfield; Allison Miller; Christopher Guhin


‘User friendly, intelligent, fair price.’

‘Overall a strong and versatile team.’

Key clients

Carlson Travel, Inc. – Ad Hoc Group of Noteholders

Chaparral Energy, Inc. – Ad Hoc Group of Senior Noteholders

EP Energy Corporation – Official Committee of Unsecured Creditors

Extraction Oil & Gas, Inc. – Official Committee of Unsecured Creditors

Fieldwood Energy LLC – Official Committee of Unsecured Creditors

Guitar Center – Ad Hoc Group of Senior Secured Noteholders

J. Jill – Ad Hoc Group of Term Lenders

J.C. Penney Corporation, Inc. – Ad Hoc Group of Holders of First Lien and Second Lien

Lonestar Resources US Inc. – Ad Hoc Group of Holders of 11.250% Notes

LSC Communications, Inc., et al. – Official Committee of Unsecured Creditors

The McClatchy Company – Official Committee of Unsecured Creditors

Murray Metallurgical Coal – DIP Lender and Stalking Horse Bidder

J.P. Morgan Chase Bank, N.A.

Pyxus International, Inc. – Ad Hoc Group of First Lien Noteholders

Renfro Corporation – Ad Hoc Group of Term Lenders

Revlon, Inc. – Ad Hoc Group of holders of 5.75% Senior Notes

Sandy Creek Energy Associates – Ad Hoc Group of Holders of First Lien Term Loan, Revolving Loans and Letters of Credit

Travel Leaders Group, LLC. – Ad Hoc Group of Holders of First Lien Term Loans

Ultra Petroleum – Ad Hoc Crossover Group of Lenders

Work highlights

  • Represented 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 the major US energy producer, EP Energy.
  • Representing the official committee of unsecured creditors of Fieldwood Energy and its affiliated debtors in connection with their voluntary Chapter 11 bankruptcy cases.
  • Representing an ad hoc group of senior secured noteholders of Guitar Center with respect to the purchase of new senior secured superpriority notes issued by Guitar Center and the exchange of existing unsecured notes for existing senior secured notes.

Brown Rudnick LLP

Brown Rudnick LLP is a firm of choice for bankruptcy-related litigation, but also stands out for its advice to official and ad hoc committees, debtors, equity holders, and other interested parties in complex Chapter 11 cases and out-of-court proceedings. Contacts in New York include global practice group leader Robert Stark and global chair Edward Weisfelner, while CEO William Baldiga and managing director of the dispute resolution and restructuring department Sunni Beville are names to note in the Boston office. The firm recently expanded its presence into Washington DC with the hire of experienced practitioner Eric Goodman (formerly of Baker & Hostetler LLP) in August 2020; his experience representing the official committee of tort claimants of the PG&E Corporation has further strengthened the group's proficiency in handling mass-tort-related bankruptcies. Oksana Lashko (formerly of Paul, Weiss, Rifkind, Wharton & Garrison LLP), who joined the New York team in March 2020, is another notable recent arrival.

Practice head(s):

Robert Stark; Sunni Beville; Edward Weisfelner; William Baldiga

Other key lawyers:

David Molton; Gerard Cicero; Eric Goodman; Oksana Lashko


‘Restructuring is a diverse field with many sub-specialties. What distinguishes Brown Rudnick from other firms is the fact that they have industry leading practitioners in all of these specialties. Top notch firm.’

‘Very capable, creative, relentless and responsive.’

‘A really fabulous team. Approachable. Commercial. Expert. Tenacious without being overbearing. Deliver high quality legal product and services consistently. My preferred US attorneys.’

‘Very strong creditor side practice. Good communication with clients and in-court.’

‘David Molton is innovative, the god father of the mass tort bankruptcy bar and a pleasure to work with. Gerard Cicero is a future star at the senior associate level.’

‘David Molton is simply brilliant! I have been buying legal services from US lawyers for over 25 years and David Molton stands head and shoulders above the rest. He has a fabulous intellect, is a shrewd tactician and truly commercial. His ability to distil complex facts and see the real detail shines through. Really great to work with and my go-to US attorney. David works on some of the largest and most challenging restructuring projects.’

‘William Baldiga, Edward Weisfelner and Robert Stark are all exceptional.’

‘Robert Stark leads the group. He is great with his words, communicating with a wide cross section of clients.’

‘David Molton is an extraordinarily able lawyer and a polymath. He has an extraordinary knowledge, not just of US bankruptcy law, but of English and Caribbean law (BVI, Cayman and Anguilla in particular) which makes him a natural leader for leading a US team where offshore funds and companies are involved.’

Key clients

Chesapeake Energy Corporation: Official Committee of Unsecured Creditors

PG&E Corporation: Fire Victim Trust

McDermott International: Ad Hoc Bondholders Committee

Financial Oversight and Management Board of Puerto Rico: Claims Counsel

Briggs & Stratton: Official Committee of Unsecured Creditors

Mallinckrodt Pharmaceuticals: Plaintiffs’ Executive Committee

Pier 1 Imports: Term Loan Lenders

Libbey Glass: Official Committee of Unsecured Creditors

Insys Therapeutics: Plaintiffs’ Executive Committee

Philadelphia Energy Solutions: Official Committee of Unsecured Creditors

Purdue Pharma: Plaintiffs’ Executive Committee

Alta Mesa Resources: Official Committee of Unsecured Creditors

Ultra Petroleum: Official Committee of Unsecured Creditors

Takata Corporation: Special Master and Trustee of Restitution Funds

Dean & Deluca New York Inc.

EdgeMarc Energy: Official Committee of Unsecured Creditors

Boy Scouts of America: Coalition of Abused Scouts for Justice

Fairfield Sentry: BVI Liquidators

Imerys Talc America: Ad Hoc Committee of Tort Claimants

Work highlights

  • Acting as lead bankruptcy counsel to the official committee of unsecured creditors in the highly contentious Chapter 11 case of Chesapeake Energy.
  • Acting as primary counsel to retired California Appellate Court Presiding Justice John K. Trotter, in his role as appointed trustee of the Fire Victim Trust, which is vested with a $13.5bn fund to compensate tort claimants and fire victims, relating to the devastating wildfires, attributed to PG&E Corporation.
  • Acted as counsel to an ad hoc committee of unsecured bondholders in the negotiations among the various debt holders of McDermott International.

Debevoise & Plimpton LLP

Based in New York, Debevoise & Plimpton LLP is distinguished in part by its diverse client base, comprising a notable mix of bondholders, secured lenders, debtors, private equity sponsors and financial advisors. Cross-departmental collaboration is a key feature of the work, with the team able to draw on the extensive international resources of the firm, including well-regarded global practices in finance, tax, litigation, internal investigations and real estate. Contacts in the team include co-chairs Natasha Labovitz and Sidney LevinsonJasmine Ball, who has extensive experience of distressed M&A, complex restructurings and Chapter 11 bankruptcy proceedings; and counsel Erica Weisgerber, a name to note for bankruptcy litigation.

Practice head(s):

Natasha Labovitz; Sidney Levinson

Other key lawyers:

Jasmine Ball; Erica Weisgerber


‘Excellent, experienced practical lawyers who do not waste time by posturing or taking indefensible positions. They are also responsive and thorough. Many firms might say the same thing about themselves, but this team distinguishes itself by being reasonable while at the same time defending their clients.’

Key clients

The Blackstone Group

Brigade Capital Management, LP

B. Riley Financial Inc.

Canada Pension Plan Investment Board

Citadel Advisors, LLC

Clayton, Dubilier & Rice

The D. E. Shaw Group

EIG Global Energy Partners

Georgia-Pacific LLC

Gogo, Inc.

HarbourVest Partners

High Ridge Brands

McKinsey & Company

Oaktree Capital Management

Renfro Corporation

TPG Growth

Work highlights

  • Advised long-time client Gogo on the successful sale of its commercial aviation business to Intelsat, which was in Chapter 11 at the time, for $400m plus deferred contractual compensation.
  • Advised the Canada Pension Plan Investment Board as co-sponsor with Ares Management, of luxury retailer Neiman Marcus, on its heavily contested, comprehensive out-of-court debt restructuring.
  • Representing the Mortimer Sackler family group, former directors and shareholders of Purdue Pharma and related entities, in prescription opioid litigation in various courts across the country and in the bankruptcy of Purdue Pharma.

Dechert LLP

Dechert LLP‘s New York-based team has a proven track record of representing bondholders and creditors’ committees in complex bankruptcy and insolvency proceedings and out-of-court restructurings. The group is also noted for its cross-border capabilities, and has particular experience in matters involving Latin America; a contact in this space is practice chair Allan Brilliant. On the debtor side, the team regularly advises on pre-arranged plans of reorganization, debt conversions, strategic mergers, venture capital financing, refinancing and exchange offers. The team has also seen several personnel changes of late: February 2020 saw the departure of Michael Sage, shortly followed by Brian Greer, who left for Dentons in April 2020; this was balanced by the arrival of counsel David Herman from Cravath, Swaine & Moore LLP in May 2020 and Alon Goldberger from Stroock & Stroock & Lavan LLP in January 2022.

Practice head(s):

Allan Brilliant

Other key lawyers:

David Herman


‘Dechert’s restructuring team has an outstanding and comprehensive knowledge of the law and case law, together with a great ability to provide quick advice in complex situations.’

‘Allan Brilliant is, without any doubt, one of the most experienced lawyers in advising clients in restructuring cases not only in the US, but also internationally.’

‘Absolutely unparalleled experience in representing creditors in cross-border cases, including those involving litigation.’

‘Allan Brilliant is a top-notch strategist, communicator and team leader.’

‘The Dechert team is extraordinarily talented. They are truly top of the line.’

‘Allan Brilliant is a clear thought leader. He is smart and creative.’

‘They cover absolutely all the aspects of a restructuring. They know exactly where the weak points are in every transaction in order to improve the position of the client. You can feel that they have huge experience in similar situations, when they put their ideas into practice.’

‘Allan Brilliant is really outstanding. He knows not only the law, but all the practical situations that frequently arise in a restructuring. He has the ability to quickly learn even the law of other jurisdictions, which makes him a key player in multi-jurisdictional issues.’

‘Stephen Wolpert is a knowledgeable, responsive attorney, who knows the law and asks the right questions. Eric Hilmo is a responsive and efficient attorney.’

Key clients

Alden Global Capital


Davidson Kempner

Elliott Associates

Grupo LALA

Monarch Alternative Capital LP

State Farm Mutual Automobile Insurance Company

The Official Committee of Unsecured Creditors of LATAM Airlines Group

Uniti Group

York Capital Management Global Advisors LLP

Work highlights

  • Acting for the official committee of unsecured creditors of LATAM Airlines Group in connection with the Chapter 11 cases of LATAM Airlines and its affiliates, totaling over $10bn.
  • Representing the funds managed by PIMCO in connection with the Chapter 15 case of Servicos de Petroleo Constellation, a Brazilian oil and gas drilling company, and affiliated debtors to restructure nearly $1.5bn in debt.
  • Represented Citadel in connection with the out-of-court restructuring of Colombian airline Avianca Holdings; also acting for Citadel in connection with Avianca’s subsequent Chapter 11 cases.

Jones Day

Working in conjunction with colleagues across the globe, the lawyers at Jones Day are regularly involved in international workout transactions and multi-jurisdictional reorganizations and bankruptcy proceedings. Given its expansive reach, the firm is well placed to respond quickly and efficiently to any restructuring engagement within the US or abroad. Global practice head Bruce Bennett, who is based in Los Angeles, has extensive experience representing both debtors and creditors, including secured and unsecured term lenders and noteholders. In New York, Corinne Ball provides business finance and restructuring advice, with a focus on complex corporate reorganizations and distressed acquisitions. Cleveland-based Heather Lennox acts for boards of directors and management teams in crisis management situations.

Practice head(s):

Bruce Bennett

Other key lawyers:

Corinne Ball; Heather Lennox

Key clients

Shareholders [and creditors] of PG&E Corporation

Ad hoc group of Puerto Rico ERS bondholders

Bestwall LLC, an affiliate of Georgia-Pacific LLC (Debtor)

Shareholders of Garrett Motion Inc.

Shiloh Industries, Inc.

Diocese of Rockville Centre

Wells Fargo Bank, National Association

FTD Companies, Inc.

Aldrich Pump LLC and Murray Boiler LLC

DBMP LLC, an affiliate of CertainTeed LLC (Debtor)

Kaiser Gypsum Company, Inc.

Ad hoc group of creditors of Intelsat

Creditors of Verity Health System of California: Integrity Healthcare, LLC, NantWorks, LLC and several related entities

OmniMax Holdings, Inc.

Circle Ten Council

Preferred shareholders in Fannie Mae and Freddie Mac

Mallinckrodt Revolving Lenders

Work highlights

  • Represented numerous holders of common stock issued by PG&E Corporation in the bankruptcy cases for PG&E.
  • Representing an ad hoc group of creditors in connection with Intelsat’s Chapter 11 cases.
  • Advising a number of investors as shareholders in the Chapter 11 proceedings of Garrett Motion and certain of its subsidiaries.

Proskauer Rose LLP

Proskauer Rose LLP provides strategic governance and restructuring advice to debtors and their boards of directors, as well as to hedge funds, their managers and their boards. The team is also known for advising private and public investors on distressed investments and turnarounds. Key figures in the New York office include practice co-chair Martin Bienenstock; Vincent Indelicato, who has played a lead role in some of the firm's most significant recent corporate reorganization mandates; and David Hillman, who represents alternative lenders and distressed investors in special situations and restructurings both in and out of court. Practice co-chair Jeff Marwil is the key contact in Chicago. Maja Zerjal Fink left for Arnold & Porter in September 2020.

Practice head(s):

Martin Bienenstock; Jeff Marwil

Other key lawyers:

David Hillman; Vincent Indelicato


‘Thorough, attentive and take the time to explain in layman’s terms legal options and strategy. Very focused and extremely knowledgeable across the entire team. Very effective in and out of court. Formidable team that I would hate to go up against.’

‘Skilled negotiators. Patient advisors that take the time to work with their clients. Protective and trustworthy. Excellent in-court presence and skills.’

‘Brilliant tactics and very user-friendly approach with clients.’

‘David Hillman is extremely talented. He is methodical, cool, creative, and handles clients really well. He defuses tension and lays out a path to success. He pivots comfortably between deal-making and litigation.’

Key clients

Financial Oversight And Management Board For Puerto Rico

Itt Educational Services, Inc., Deborah Caruso, Trustee

Sycamore Partners, L.P.

Tru Taj Llc; Tru Taj Finance, Inc.

Murray Metallurgical Coal Holdings Llc And Subsidiaries

New Mountain Finance Corporation

Hermitage Offshore Services, Ltd.

Farmstead Capital Management

Monroe Capital

Kings Food Markets

Pgim Private Capital

Fortress Credit Co Llc

Planet Hollywood International, Inc.

Work highlights

  • Represented the operators of two iconic specialty gourmet supermarket brands, Kings Food Market and Balducci’s Food Lover’s Market, as debtors employing approximately 3,000 individuals across 35 stores, of which approximately 66% are union-represented.
  • Represented Murray Metallurgical Coal Holdings and its five subsidiaries in connection with their restructuring of approximately $270m of funded debt through their Chapter 11 bankruptcy cases, pending in the United States Bankruptcy Court for the Southern District of Ohio.

Wachtell, Lipton, Rosen & Katz

New York-based Richard Mason chairs the group at Wachtell, Lipton, Rosen & Katz, which has represented bank and bondholder groups, acquirers, distressed investors, boards of directors, private equity sponsors and other significant creditors and shareholders in domestic and international matters.

Practice head(s):

Richard Mason

Willkie Farr & Gallagher LLP

Jointly led by Matthew Feldman and Rachel StricklandWillkie Farr & Gallagher LLP's New York-based business reorganization and restructuring practice is composed of a core group of experienced professionals who are equipped to handle a full range of restructuring mandates. On the company side, the firm is known for its regular representation of clients from a wide range of industries in both in- and out-of-court restructurings. The rapidly growing creditor-side practice has recently been involved in a range of notable matters, including the Chapter 11 cases of PG&E and Hertz Corporation. Daniel Forman made partner in January 2020, joining the ranks of the group's established partners, which include noted practitioner Paul Shalhoub.

Practice head(s):

Matthew Feldman; Rachel Strickland

Other key lawyers:

Paul Shalhoub; Daniel Forman


‘The Restructuring practice at Willkie is unique in a few ways. From a business perspective, they are a highly commercial group. Each partner appears to have a strong following from different segments of the market which allows them to cover the market efficiently. Also they may be the only group with a female co-head who is also an influential member of the firm’s partnership.’

‘Rachel Strickland: She is not only a great practitioner but also a fantastic advisory partner to investment bankers and financial advisors. She has great commercial business instinct and does not get mired in being too academic.’

‘Very strong leadership under the direction of Matt Feldman complemented by a team of lawyers with strong core competencies. The team’s reputation is very strong; when one of the practitioners speaks, the audience listens. From a client’s perspective, this is critical in ensuring one’s position is articulately framed and considered by opposing parties.’

‘Matt Feldman is a great practitioner. While very thoughtful, he is not stringent in his position. He listens to the client and considers both legal and business ramifications while providing guidance on particular matters. His knowledge of the law and his vast experiences provide uncompromised advice.’

‘Willkie quickly staffed our case with the appropriate partners from oil and gas, restructuring, and finance. They all worked really well together, and despite the “small” size of our case and the lack of “attractiveness”, the Willkie team provided us with the appropriate amount of attention.’

‘Ana Alfonso led the relationship with us, and never once failed to effectively communicate the issues at hand and what to expect. Further, she displayed great commitment to seeing our case to resolution by pushing her team to meet our high expectations.’

Key clients

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

Disinterested Manager of Neiman Marcus Group LTD LLC

Tonopah Solar Energy

Pace Industries

Ad hoc group of Hertz Senior Noteholders

Official Committee of Tort Claimants in Imerys Talc America, Inc.

The North American Refractories Company Asbestos Personal Injury Settlement

Citibank, N.A.

Special Committee of Intelsat Connect Finance S.A.

Henry Modell & Co.

LSC Communications / Atlas

Ad hoc Cross-Holder Group of TNT Crane & Rigging, Inc.

Wells Fargo, N.A.

The Franchise Group

Eva Automation, Inc.

Murray Energy

Ad hoc group of Preferred Holders of Ligado Networks LLC

Global Brands Group

Work highlights

  • Acted for an ad hoc group holding approximately $20bn in unsecured claims in the Chapter 11 cases of PG&E Corporation.
  • Acted as counsel to the Disinterested Managers of the Neiman Marcus Group to investigate whether the proposed releases in the Chapter 11 plan negotiated with creditors prior to the Chapter 11 filing were appropriate.
  • Represents an ad hoc group which holds more than $1.6bn of Hertz’s senior unsecured notes due 2022, 2024, 2026 and 2028.

Hughes Hubbard & Reed LLP

Contentious restructurings are a key area of strength for the team at Hughes Hubbard & Reed LLP, which fields a number of deeply experienced bankruptcy lawyers with a wealth of experience in litigation. The group has recently acted in a number of key matters in the aviation and aerospace industries, and continues to act for notable players from the banking and financial services sectors in a variety of distressed situations. Co-chairs Christopher Kiplok and Kathryn Coleman are supported in the New York office by associate Erin Diers. The firm has also maintained a trend of growth at partner level with the promotion of Dustin Smith to partner in January 2020.

Practice head(s):

Christopher Kiplok; Kathryn Coleman

Other key lawyers:

Erin Diers; Dustin Smith


‘Very knowledgeable and experienced group. Chris Kiplok is exceptional and well versed in bankruptcy, and particularly mass tort issues.’

‘Christopher Kiplok excels in the boardroom and is a pleasure to work with. He has strong litigation support. Erin Diers is a standout associate.’

Key clients

Imerys SA

Sears Canada Inc.

Lehman Brothers Inc.

Cenveo Ltd.

Eagle-Picher Trust

Candriam Worldwide Alternative (f/k/a Dexia)

Paxion Capital Partners

Airbus Oneweb Satellites LLC

SKAT (Danish Ministry of Taxation)


Air France, Wells Fargo – LATAM Bankruptcy

Jagged Peak


DNB Bank


Work highlights

  • Representing Delta Air Lines in connection with the Chapter 11 cases filed by four Aeroméxico affiliates.
  • Representing Imerys, a French multibillion-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.
  • Serving in a fiduciary capacity representing the Trustee in the liquidation of LBI, the largest broker dealer ever to fail.

Kasowitz Benson Torres LLP

The team at Kasowitz Benson Torres LLP is differentiated by its focus on bankruptcy-related litigation; all practitioners are experienced litigators and stand out for their exceptional courtroom skills. Based in New York, the group is known for its representation of hedge funds, private equity firms, bondholders, secured lenders and other creditors, and frequently acts for investors in distressed companies in matters including fraudulent conveyance, avoidance, breach of fiduciary duty, and valuation litigation. David Rosner heads up the practice and is supported by seasoned lawyers Adam Shiff and Andrew Glenn. The firm's bankruptcy litigation capabilities extend across a full range of sectors, with recent work highlights covering the transport, pharmaceutical and energy industries, among others.

Practice head(s):

David Rosner

Other key lawyers:

Adam Shiff; Andrew Glenn

Key clients

ACA Financial Guaranty

Ad Hoc Committee of General Motors Term Loan Lenders

Ad Hoc Claimants of Energy Future Holdings

Ad Hoc Group of noteholders in China Fishery

Aman Group Resorts

Ambac Assurance Corporation

Anderson News

Contrarian Capital Management

Cyrus Capital Partners

Equity committee of common shareholders of Akorn

Equity Committee of Hercules Offshore

Fairfax Financial Holdings


Harbinger Capital Partners (Lightsquared bankruptcy)

Howard Meyers

Law Debenture Trust Company of New York (Tribune bankruptcy)

MDC Energy

Official committee of equity security holders of Garrett Motion

Official Committee of Unsecured Creditors of Covia Holdings

Official Committee of Unsecured Creditors of Essar Steel Minnesota

Official Committee of Unsecured Creditors of TriVascular Sales


Plan administrator for MF Global

Relativity Media


Salvatore Lamonica

TPG Capital

USAVflow Limited

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

Waterfall Asset Management

Work highlights

  • Acting as lead restructuring counsel in the representation of Fred’s and several of its subsidiaries in their Chapter 11 bankruptcy cases.
  • Representing MDC Energy, the oil and gas subsidiary of MTE, in its Chapter 11 bankruptcy case.
  • Represented the official committee of unsecured creditors of Essar Steel  in its Chapter 11 bankruptcy case, pending in Delaware.


Katten Muchin Rosenman LLP has a solid reputation among financial institutions and lender groups, and is also rapidly becoming known as a go-to firm for the representation of independent directors in Chapter 11 cases and out-of-court restructurings. The group saw a number of departures from its Dallas and New York offices in 2020, beginning with Cindi Giglio and Charles Gibbs in June, followed by Karen Dine and Theresa Foudy in August and October, respectively. The practice countered these with a spate of new hires, which bolstered the team in Chicago  as well as those in Dallas and New York, in the latter half of 2020: September saw the arrival of Terence Banich (formerly at Fox Rothschild LLP), Michaela Crocker (formerly at Jones Day) and John Mitchell (formerly at Akerman LLP); in October the firm welcomed Michael Comerford (formerly at Paul Hastings LLP) and Julia Winters (formerly at White & Case LLP); and finally Kate Scherling (formerly at Quinn Emanuel Urquhart & Sullivan, LLP) joined in December. The practice group is jointly headed by Peter Siddiqui   in Chicago and Steven Reisman in the New York office.

Practice head(s):

Peter Siddiqui; Steven Reisman

Other key lawyers:

Terence Banich; Michaela Crocker; John Mitchell; Michael Comerford; Julia Winters; Kate Scherling

Key clients

Intelsat Envision Holdings LLC

J. C. Penney Corporation, Inc.

Windstream Holdings, Inc. and its debtor affiliates

Mallinckrodt Enterprises LLC, Mallinckrodt LLC, SpecGx LLC, SpecGx Holdings LLC and Mallinckrodt APAP LLC, Mallinckrodt Equinox Finance Inc., Mallinckrodt ARD Finance LLC, and WebsterGx Holdco LL

Mariposa Intermediate Holdings LLC

Anna Holdings, Inc., Anna Acquisition Company, Inc., and Acosta, Inc.

UMB Bank, National Association

Sable Permian Resources Finance, LLC and Sable Land Company, LLC

Deerfield Management Company

CraftWorks Parent, LLC and its affiliated debtors


Le Tote, Inc.

Aurify Brands, LLC


CIT Bank

Energy Transfer

Work highlights

  • Representing Intelsat, at the direction of the disinterested managers, in the Chapter 11 cases of Intelsat and its affiliated debtors.
  • Representing JC Penney, at the direction of its independent directors, in connection with the Chapter 11 cases filed by the company and its affiliated debtors.
  • Representing Windstream in its Chapter 11 cases in the US Bankruptcy Court for the Southern District of New York.

Mayer Brown

Fielding a large team of lawyers working across the Americas, Europe and Asia, Mayer Brown is routinely engaged in large, complex restructurings for notable financial institutions, often focusing on matters with a cross-border element. The firm makes frequent use of its extensive network of corporate, finance, real estate, tax and litigation practitioners, both in the US and abroad, who have experience in all types of distressed scenarios. Global practice co-heads Brian Trust and Adam Paul take the lead from New York and Chicago, respectively; the latter is recognized as an expert in bankruptcies involving legacy liabilities and is also noted for his multi-jurisdictional work, while the former stands out for his experience of securitization-backed debtor-in-possession financing.

Practice head(s):

Brian Trust; Adam Paul


‘Very accomplished group of restructuring professionals who put clients’ needs first and work creatively to build consensus and drive value.’

‘The team has tremendous experience which makes them highly efficient in their work. More importantly, Mayer Brown’s experience gives our institution comfort during situations when we have less experience. They have the knowledge and experience to give advice that we can always rely on. They take matters into their own hands when needed and spend the time educating and advising us on more substantive issues. Mayer Brown is efficient with our time. They know the work that needs to be done individually and what core/crucial elements to bring to us to weigh in on.’

‘Brian Trust is the gold standard. He is everything that you want from a restructuring advisor: incredibly experienced, hard-working, well-prepared, communicative, thoughtful, confident, detailed when needed and concise where not. But as a partner to us he is also respectful, kind, humorous, and happy to take the time to explain things despite being in high-demand. Brian Trust is crucial to our firm’s willingness to pursue deals and extend credit to borrowers that have a reasonable likelihood of ending up in a restructuring/workout/bankruptcy at some point in the future.’

Key clients

PNC Bank, N.A.

Barclays Bank


BNP Paribas

Board of Directors of Macy’s, Inc.

International Pizza Hut Franchise Holder Association

Kayne Anderson Capital Advisors, LP

The Jordan Company

School Speciality

Work highlights

  • Representing an international bank as facility agent, security agent and lender in the multi-jurisdictional insolvency cases of Avianca Holdings and certain of its subsidiaries and affiliates.
  • Represented the Board of Directors of Macy’s in connection with a new $3bn asset-based-lending facility and a $1.3bn secured bond issuance.

Morgan, Lewis & Bockius LLP

The team at Morgan, Lewis & Bockius LLP is differentiated by its significant experience representing lenders and companies in the energy and utility industries, its distinctive insurance-related insolvency experience, and its expertise in acting for creditors of financially distressed sovereigns. Kurt Mayr leads the practice from Hartford, Connecticut, and is assisted by his Boston-based deputy Andrew Gallo, who is also co-leader of the firm’s global energy industry group. Another area of focus for the team is contentious insolvency work, where John Goodchild and Sabin Willett are key contacts in Philadelphia and Boston, respectively.

Practice head(s):

Kurt Mayr; Andrew Gallo

Other key lawyers:

John Goodchild; Sabin Willett


‘Full-service restructuring practice which includes “first-call” lawyers for advice on bankruptcy and restructuring litigation matters.’

‘An advantage is their understanding and ability to work between the US legal system and commonwealth jurisdictions. Large global/cross border insolvencies often have large US components and commonwealth litigation and it is crucial to implementing a successful strategy to understand both landscapes.’

‘John Goodchild is very strategic and understands the importance of good tactics employed in an overall strategy. Flexible and creative.’

‘Matthew Ziegler is a thoughtful lawyer and great communicator, he is hands on and very approachable and easy to deal with, cool under pressure.’

Key clients

United Healthcare Services



Official Unsecured Creditors Committee of Covia Holdings Corp.

UMWA Health and Retirement Funds

Sun Capital Partners Inc.

Wells Fargo Bank NA

Bank of America, N.A.

Citizens Bank NA

Gordon Brothers Brands LLC

Hamilton Lane

Deutsche Bank

QTCB Noteholder Group (consisting of Canyon Capital Advisors, Davidson Kempner Capital Management and Sculptor Capital LP)

Alvarez & Marsal

Stewart Title Guaranty Company

Samson Energy Company LLC

Official Creditors Committee of White Star Petroleum




The Baupost Group

Work highlights

  • Representing the QTCB noteholder group in connection with investments in more than $2bn in bonds issued by the Commonwealth of Puerto Rico and its various instrumentalities.
  • Representing the official creditors committee in the Covia Chapter 11 cases, which involves the restructuring of $2bn of claims.
  • Leading the defense of over $3bn in avoidance claims asserted by a Lehman debtor against hundreds of investors in dozens of CDO structures whose trustees had liquidated their assets and distributed them to the investors after Lehman defaulted by its bankruptcy filing.

Norton Rose Fulbright

Norton Rose Fulbright has a significant presence in the top US bankruptcy markets, leveraging a network of offices in New York, Washington DC, Los Angeles and several key cities across Texas. The firm is also easily able to resource multi-jurisdictional insolvency and restructuring mandates, co-ordinating with experienced colleagues in offices across Europe, Latin America, Asia, Australia, Africa and the Middle East; New York-based global practice head Howard Seife is especially noted for his work on Chapter 15 cases. Other key practitioners in the New York office include Eric Daucher, who also has significant cross-border expertise, and senior counsel Howard Beltzer. US team co-head Louis Strubeck splits his time between New York and Dallas. Samuel Kohn left for for Dorsey & Whitney LLP in April 2020.

Practice head(s):

Howard Seife; Louis Strubeck

Other key lawyers:

Howard Beltzer; Eric Daucher


‘Strong practice with broad international experience.’

‘Howard Beltzer is an exceptional lawyer. Highly experienced, has seen everything. Very thoughtful and a skilled negotiator. Always sets us on the right course.’

‘My primary contact Is Howard Beltzer. I go way back with Howard. He brings to the table experience like no other, particularly in cases that are complex or which have an international component. I often describe him as simply, the smartest guy in the room, no matter who else is in the room. When I have him on my side, I am in the best possible position I can be in.’

‘I typically deal with Howard Beltzer directly, but have found his partners and associates to be absolutely the cream of the crop! Professional, personable and dedicated.’

Key clients

Steering Committee of International Lenders of Vicentin S.A.I.C.

Southern Foods Group (d/b/a Dean Foods)

Official Committee of Unsecured Creditor of Chesapeake Energy Corporation

Official Committee of Unsecured Creditor of Tailored Brands, Inc.

Official Committee of Unsecured Creditors of Lucky’s Market Parent Company LLC

Official Committee of Unsecured Creditor of Valaris PLC

Wilks Brothers and Equify Financial LLC

Big Picture Loans, LLC, Ascension Technologies, LLC and Tribal Economic Development Holdings, LLC

Nuvectra Corp.

The Bank of New York Mellon

Banco Bradesco

JPMorgan Chase Bank


Bank of America

Board of Directors of Windstream Communications

Adeptus Health

NextEra Energy

Shell Corp.

Havas Worldwide

Work highlights

  • Advising the steering committee of international lenders to Vicentin SAIC, Argentina’s largest soybean processor, on the company’s sudden collapse and related bankruptcy filing.
  • Advising Dean Foods, one of the largest milk producers in the US, and their affiliates as co-counsel in their Chapter 11 proceedings in the Southern District of Texas.
  • Advised Banco Bradesco in connection with its $150m working capital facility claim in the bankruptcy of Servicos de Petróleo Constellation, one of Brazil’s leading drilling and oil and gas services companies.

O'Melveny & Myers LLP

O'Melveny & Myers LLP fields a team of experienced bankruptcy practitioners split between both US coasts, handling debtor and creditor work across a wide range of industries both in and out-of-court. Contacts in the New York office include global chair John Rapisardi and noted lawyer Joseph Zujkowski. Washington DC-based Peter Friedman leads the firm's bankruptcy litigation and has successfully represented clients in bankruptcy and district courts, as well as in various courts of appeals and the US Supreme Court. Suzzanne Uhland departed for Latham & Watkins LLP in April 2020.

Practice head(s):

John Rapisardi; Peter Friedman

Other key lawyers:

Joseph Zujkowski


‘Firm goes above and beyond to make sure the deal gets done.’

‘Joseph Zujkowski is an excellent partner that is able to steer you to the right person for any question/issue and personally sees that your deal/matter is handled.’

Key clients

Puerto Rico Fiscal Agency and Financial Advisory Authority

Puerto Rico Electric Power Authority

Puerto Rico Aqueduct and Sewer Authority

State of California Governor’s Office and Department of Finance

Franklin Resources, Inc.

Remington Outdoor Company, Inc.

Silver Point Capital

Morgan Stanley

Palladium Equity Partners

Sculptor Capital Management

Lennar Corporation

Kern Cal Oil 7, LLC

Alaska Airlines, Inc.

Apollo Global Management

Verso Corporation

Work highlights

  • Represented California Governor Newsom in the PG&E Chapter 11 cases, and in developing, negotiating and drafting landmark legislation to reform California’s wildfire liability framework.
  • Represents the ad hoc group of creditors to 24 Hour Fitness in the implementation of its financial restructuring, stemming from the global pandemic, through a voluntary Chapter 11 filing.
  • Serving as lead counsel for all of the Puerto Rico governmental agencies in the ongoing restructuring of Puerto Rico’s debt obligations.

Ropes & Gray LLP

The business restructuring group at Ropes & Gray LLP has historically been recognized for its representation of ad hoc and official committees of creditors, and its company-side practice focusing on private equity sponsors and their distressed portfolio companies and boards of directors. Of late, the workload has expanded significantly to include numerous lead representations of distressed companies in out-of-court as well as in-court restructurings. As part of this pattern of growth, the firm welcomed new arrivals Mathew Czyzyk (previously with Kirkland & Ellis LLP) and Ryan Dahl (previously with Weil, Gotshal & Manges LLP) in June and November 2020, respectively. They join a number of well-established practitioners and core team members, including Mark Bane and Gregg Galardi in the New York office. Stephen Moeller-Sally moved to White & Case LLP in December 2020.

Practice head(s):

Gregg Galardi

Other key lawyers:

Mark Bane; Mathew Czyzyk; Ryan Dahl

Key clients

Centric Brands Inc.

Rubio’s Restaurant Inc.

VIP Cinema Holdings, Inc.

TOMS Shoes

Alliance Healthcare Services Inc.

Special Committee of the Board of Directors of Sanchez Energy

Elliott Investment Management Company

Mallinckrodt Pharmaceuticals

Ad Hoc Group of Noteholders in In re Garrett Motion Inc.

Ad Hoc Group of Canadian Securitization Lenders

Ad Hoc Committee of Healogics Second Lien Term Lenders

Checkers Ad Hoc Committee

Black Diamond Commercial Finance, as agent

Advent International Corporation

Vatera Capital Management

Defense group including Fidelity, Vanguard, Blackrock and other institutional investors and managers – In re Nine West LBO Securities Litigation

Regis Corporation

Work highlights

  • Advised Centric Brands on a Chapter 11 reorganization plan which implemented a delevering of the company’s approximately $1.7bn in funded debt and a global settlement supported by the company’s key stakeholders.
  • Acting for Elliott Investment Management Company in the negotiation and implementation of a support agreement for a global settlement of disputes between Windstream and Uniti (which precipitated Windstream’s Chapter 11 case) and a plan of reorganization for the debtors.
  • Acting as court-appointed liaison counsel for shareholder defendants in fraudulent conveyance litigation seeking to recover $1.2bn in payments made to shareholders in the leveraged buyout of the Jones Group (renamed Nine West Holdings).

Vinson & Elkins LLP

Active across a range of industries, Vinson & Elkins LLP has continued to cement its growing presence in New York. The firm remains a dominant name in the energy space, but has recently been developing a significant private equity platform and strengthening its service offering institutional lenders. Contacts in the New York office include practice co-head David Meyer; recent arrival George Howard, who joined from Skadden, Arps, Slate, Meagher & Flom LLP in June 2020 and brings extensive debtor-side experience to the team; and Jessica Peet, who made partner in January 2020. Dallas-based Bill Wallander jointly heads the team alongside Meyer.

Practice head(s):

Bill Wallander; David Meyer

Other key lawyers:

George Howard; Jessica Peet


‘The team has the ability to be calm, articulate and concise. Blends legal options/strategies with business reality to help create the best outcomes.’

‘Very strategic team. We can discuss various strategies and evolve our thinking together to be partners in thought development.’

Key clients

Angelo, Gordon & Co.

Apollo Global Management, LLC


Blackstone Energy Partners L.P. and its portfolio company, Gavilan Resources, LLC

Carbo Ceramics Inc.

Cloud Peak Energy, Inc.

CSI Compressco LP

Freeport-McMoRan Inc.

Goldman Sachs

HPS Investment Partners

JPMorgan Chase Bank, NA

Lilis Energy, Inc.

Mercuria Energy

Meritage Midstream Services II, LLC

Morgan Stanley Capital Partners, Inc.

Riverstone Holdings LLC

Royal Bank of Canada

Sixth Street Partners

Starwood Property Trust, Inc.


Unit Corporation

Wells Fargo Bank N.A.

Work highlights

  • Advised Unit Corporation and certain subsidiaries on their successful financial restructuring under Chapter 11 of the Bankruptcy Code.
  • Represented Cloud Peak Energy and certain affiliates in their Chapter 11 cases in the US Bankruptcy Court for the District of Delaware.
  • Advised Meritage Midstream on an out-of-court restructuring involving a new $75m debt investment by Riverstone Holdings and an amendment and extension of Meritage’s $500m credit facility.

Arnold & Porter

Arnold & Porter's national practice stands out for its focus on creditors’ rights. The group has fostered longstanding relationships with many global institutional lenders, buy-side investors, asset managers and financial institutions. Chicago-based chair Michael Messersmith has built up a significant reputation advising ad hoc groups of lenders and bondholders in large syndicated loan restructurings, while noted New York-based practitioner Jonathan Levine is known for representing asset managers and private funds in distressed situations. The New York office was further strengthened in September 2020 by the arrival of Maja Zerjal Fink from Proskauer Rose LLP. Prominent bankruptcy lawyer Michael L. Bernstein is a name to note in Washington DC.

Practice head(s):

Michael Messersmith

Other key lawyers:

Jonathan Levine; Michael L. Bernstein; Maja Zerjal Fink

Key clients

Ares Capital Corporation

Eaton Vance


AT&T Inc.

Cortland Capital Market Services, LLC

Apollo Global Management

Bardin Hill

Borden Dairy Holdings

Voya Investment Management

Wilmington Trust

Republic of Colombia


Symphony Asset Management

Aegon Group

Work highlights

  • Representing an ad hoc group of first lien lenders under a senior secured term and revolving credit facility with more than $1bn outstanding in the Chapter 11 bankruptcy cases of Hertz Corporation and 29 of its subsidiaries and affiliates.
  • Representing a steering committee of term loan lenders owed in excess of $2bn with respect to the issuance of a new $450m term loan facility to Cineworld Group.
  • Acting as lead counsel to Borden Dairy in connection with its highly publicized Chapter 11 filing in the US Bankruptcy Court for the District of Delaware.

Fried, Frank, Harris, Shriver & Jacobson LLP

Brad Eric Scheler is the key name in Fried, Frank, Harris, Shriver & Jacobson LLP's New York office, leading teams from both the US and London, which advise clients on the investment in and the financial restructuring and rehabilitation of, distressed businesses, both out-of-court and in connection with formal restructuring and insolvency proceedings. The firm has experience representing both debtors and creditors in any troubled-company situation.

Practice head(s):

Brad Eric Scheler


‘Brad Eric Scheler is critical to the practice. He is very highly regarded as a deal lawyer.’

‘Brad Eric Scheler takes tough positions but works to find the “clearing price” in a negotiation, avoiding unnecessary and costly litigation.’

Hogan Lovells US LLP

The coast-to-coast coverage provided by Hogan Lovells US LLP positions the team to meet the needs of a large and diverse group of market participants, including debtors, creditors, committees, and distressed asset investors. The team is particularly well known for its expert handling of cases which lie at the intersection of regulatory matters and bankruptcy law, and for its knowledge of IP issues relating to insolvency. Global practice head Christopher Donoho is based in the New York office, which also houses Americas co-head Ronald Silverman and recently promoted counsel John Beck. The Los Angeles office is the base for a number of other key practitioners, including joint practice head, Richard Wynne; David Simonds, who is noted for his cross-border expertise; and bankruptcy litigation specialist Erin Brady.

Practice head(s):

Christopher Donoho; Ronald Silverman; Richard Wynne

Other key lawyers:

Erin Brady; David Simonds; John Beck


‘Our experience with the Hogan Lovells team was wonderful. Combination of a very capable and knowledgeable team with very accessible and personable manners.’

‘Very high quality partners acting as a team. Ready to bring in another partner’s expertise when the subject matter expands. High quality international law firm, with an abundance of resources in different geographies, and willingness to work in tandem with one another.’

‘The team is full service: bankruptcy/creditor rights, litigation and industry expertise. The team manages a complex multinational case with divergent client interests in a smooth manner. The team thinks tactically; their professionals are very thoughtful and thorough re problem analysis and solving. They also try to stay two steps ahead of where the case is heading to maximize value for their clients.’

‘Very high quality partners, with an abundance of experience in their practices. They communicate with the client and act in partnership.’

‘The team had a wide variety of skills. In particular, Ronald Silverman and Bruno Ciufettelli were strong pillars in the team. They helped coordinate the rest of the team very effectively.’

‘Ronald Silverman is very thoughtful, great background/expertise in bankruptcy matters, thinks strategically and is very collaborative David Simonds is excellent at client management, is extremely thorough, a good communicator and great to work with.’

‘Ronald Silverman and David Simonds encourage input from all team members in developing case strategies. They both treat team members respectfully regardless of the experience level of the team member. John Beck and Jennifer Lee are younger lawyers in the New York office. They are hard working and extremely talented lawyers.’

Key clients

ACON Investments

Deutsche Bank Trust Company Americas

Republic of Ecuador

The ALDO Group

Madison Pacific

Repsol S.A.


Knighthead Capital Management

Drivetrain, Inc.

Lockheed Martin

Work highlights

  • Advised on the restructuring of Ecuador’s $17.4bn of international bonds, which involved exchanging ten existing international bonds maturing between 2022 and 2030 for three new bonds due in 2030, 2035 and 2040.
  • Representing global shoe retailer, the Aldo Group, Aldo US and their United States affiliates, in cases under Chapter 15 of the US bankruptcy code.
  • Representing the official committee of unsecured creditors in the Chapter 11 case of Speedcast International.

Jenner & Block LLP

Under the leadership of Richard Levin and Catherine Steege, based in New York and Chicago, respectively, the team at Jenner & Block LLP continues to stand out in several key areas. The team frequently represents parties in significant bankruptcy fraudulent transfer matters and avoidance actions, including unique safe harbor and customer property disputes. The firm has also served a prominent role in dozens of representations throughout the country of trustees and examiners, and also regularly acts on behalf of retiree committees in major cases such as the Commonwealth of Puerto Rico. Also recommended is Vincent Lazar in Chicago, a nationally recognized expert in commodity firm bankruptcies.

Practice head(s):

Catherine Steege; Richard Levin

Other key lawyers:

Vincent Lazar


‘Jenner and particularly Vincent Lazar are great creditor side lawyers, who have substantial experience but are well situated to representing individual clients in a large complex bankruptcy.’

‘Vincent Lazar is a commercially oriented, pragmatic lawyer who looks for efficient solutions for his clients.’

Key clients


Official Committee of Retirees, Commonwealth of Puerto Rico

USA Gymnastics

Pacific Gas & Electric Corporation

Richard Levin, Chapter 11 Trustee for Firestar Diamond, Inc.

Official Committee of Unsecured Creditors of Akorn, Inc.


Special Committee of Independent Directors of Intelsat (Luxembourg) S.A.


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

ArcelorMittal USA

Frederick J. Grede, Liquidation Trustee, Sentinel Management Group, Inc.

Ronald R. Peterson, Chapter 7 Trustee Lancelot Investors Fund, L.P., et al.

Frances Gecker, Chapter 7 Trustee for Emerald Casino, Inc.

Electrolux Home Products

Independent Managers of Bruin E&P Partners

Work highlights

  • Representing the official committee of retirees in the historic Title III case of the Commonwealth of Puerto Rico.
  • Acting as bankruptcy counsel to USA Gymnastics, the national governing body for the sport of gymnastics in the US.
  • Acting as special counsel to PG&E Corporation in its Chapter 11 bankruptcy pending in the Northern District of California.

Linklaters LLP

Noted in part for its domestic lender-side capabilities, Linklaters LLP's New York-based team routinely acts alongside colleagues from the firm's offices throughout the world, particularly London and Hong Kong, in cross-border restructuring and insolvency matters. Practice lead Margot Schonholtz advises on all aspects of bankruptcy and creditors’ rights litigation, and is well known for her experience representing financial institutions in cases involving oil and gas, merchant and midstream energy, coal, chemical and solar energy businesses. Amy Edgy retired from the partnership in August 2020.

Practice head(s):

Margot Schonholtz

Key clients

Crédit Agricole

Ad hoc group of RCF Lenders

Wells Fargo Bank, N.A.

Citibank, N.A.

Sound Point Capital Management, LP

Grant Thornton, as foreign representative of Comsale

Barclays Capital Inc.

Work highlights

  • Advising Crédit Agricole Corporate and Investment Bank, as revolving and LC agent and collateral agent under the DIP credit agreement and prepetition credit facilities, on the Chapter 11 restructuring of McDermott International.
  • Advising the ad hoc committee of unsecured RCF lenders on a $800m revolving credit facility provided to Nordic Aviation Capital to support a financial restructuring.
  • Advising Citibank as administrative and collateral agent for secured RBL lenders that provided a $285m reserve-based lending facility to Lonestar Resources.

Quinn Emanuel Urquhart & Sullivan, LLP

Highly respected practitioner Susheel Kirpalani acts as the chair of Quinn Emanuel Urquhart & Sullivan, LLP's litigation-focused bankruptcy and restructuring group in New York. Although the firm is best known for its expertise in litigation and contentious work, the bankruptcy department is also provides advice on non-contentious matters in this space.

Practice head(s):

Susheel Kirpalani

Shearman & Sterling LLP

International work is a cornerstone of the practice at Shearman & Sterling LLP; the firm is able to draw on the expertise of practitioners from New York, Texas, California and London, bringing knowledge of a wide variety of global insolvency regimes to advise companies on restructuring matters around the world. Additionally, the New York team regularly leads distressed transactions involving countries in Latin America, Europe and Asia, and assisting with the New York law aspects of significant cross-country cases; key figures at this particular office include Fredric SosnickNed Schodek and Joel Moss, who serves as one of the global practice chairs. Lucky McDowell and Ian Roberts are the names to note in Dallas.

Practice head(s):

Lucky McDowell; Joel Moss

Other key lawyers:

Ian Roberts; Ned Schodek; Fredric Sosnick


‘Great attention to detail, practical focus on how the process will evolve, available and pro-active in keeping clients informed.’

‘The team is enthusiastic, knowledgeable and provides practical advice. The team strikes the right balance in terms of staffing levels, always focused on client issues and needs. The team has a unique perspective on cross border issues. Its responsiveness is second to none.’

‘Joel Moss offers a great understanding of the legal analysis and the situation dynamic.’

‘Ian Roberts is an exemplary lawyer – great acumen, communication skills, and breadth of knowledge.’

‘Ned Schodek is a rising young partner, who is highly capable, responsive and client focused.’

Key clients

Southland Royalty Company, LLC

Citibank, N.A.

Clearway Energy, Inc.

Clearway Energy Group, LLC

NRG Energy, Ing

Marubeni Corporation

Terraform Power, Inc

Affiliates of Alphabet Inc.

Affiliates of Brightsource Energy

Prairie Farms

DJH Minerlas LP

Lifecare Holdings LLC

Work highlights

  • Representing Southland, a privately-held independent exploration and production company focused on the acquisition and development of hydrocarbons, as the debtor in an ongoing restructuring.
  • Representing Citibank in its capacity as administrative agent and lender under a revolving credit agreement in connection with the Chapter 11 bankruptcy cases of Valaris and certain of its subsidiaries.
  • Represented an ad hoc group of noteholders that includes Macquarie, Continental Casualty, Whitebox, Blackrock, AIG, Hain Capital and Barclays, which collectively holds in excess of two-thirds of the $100m of pari passu first-lien notes issued by Windstream Holding.

Squire Patton Boggs

Squire Patton Boggs is noted for its expertise in high-profile Chapter 11s, Chapter 15 cross-border insolvencies and out-of-court restructurings. Global practice leader Stephen Lerner, who splits his time between the New York and Cincinnati offices, has expertise in both domestic and cross-border work, and has successfully represented large and middle-market debtors, creditors’ committees, senior lenders and boards of directors. San Francisco-based practitioner Karol Denniston is a standout mediator, who frequently speaks on the importance of mediation as part of the municipal restructuring process; she has been working with distressed governmental entities for over ten years, and has represented cities, special districts, indenture trustees, bondholders, taxpayers and monoline insurers.

Practice head(s):

Stephen Lerner

Other key lawyers:

Karol Denniston

Key clients

Ferrellgas Partners

Official Committee of Unsecured Creditors of BJ Services LLC

US Virgin Islands Department of Finance

Patriot Well Solutions, LLC

Blackjewel LLC

Hartshorne Mining Group

Board of Directors of Tuesday Morning Corporation

U.S. Bank, N.A., as Indenture Trustee

Delaware Trust Company, as Indenture Trustee

Legacy Industries, Inc.

In re Keystone Private Equity Investments Limited (in liquidation)

Burke Porter Group

JBS USA Holdings, Inc.

Verra Mobility Services

U.S. Bank, N.A.

CFRA Holding, LLC, at al.

Work highlights

  • Advising Ferrellgas Partners, a publicly traded master limited partnership, on its pre-packaged Chapter 11 case in the US Bankruptcy Court for the District of Delaware and the out-of-court restructuring of its subsidiary operating partnership’s approximately $2bn of debt.
  • Acting as counsel to the official committee of unsecured creditors in the Chapter 11 cases of oilfield services firm BJ Services.
  • Advised Blackjewel, one of the largest US coal companies, on an emergency Chapter 11 filing and the successful sale of dozens of mining properties in four states.

Sullivan & Cromwell LLP

Contacts in Sullivan & Cromwell LLP's New York office include James Bromley and Andrew Dietderich, who take the lead on restructuring, bankruptcy and litigation matters, acting for a variety of notable creditors, debtors and investors, as well as government actors.

Practice head(s):

James Bromley; Andrew Dietderich

Arent Fox LLP

Public funded debt cases and litigation-oriented bankruptcy proceedings are core strengths for the team at Arent Fox LLP, which acts for a range of creditors’ committees, indenture trustees, agents, and bondholders. The firm focuses on the middle market, and has recently handled a number of standout matters for domestic subsidiaries and operators of foreign retail companies. Andrew Silfen chairs the group from the New York office, where he also serves as managing partner. A contact on the West Coast is Los Angeles-based Aram Ordubegian, who acts for California-based businesses and high-net-worth-individuals facing financial distress.

Practice head(s):

Andrew Silfen

Other key lawyers:

Aram Ordubegian


‘Good knowledge of the law and practical and efficient application.’

‘Aram Ordubegian and his team are excellent advocates who operate with the highest level of integrity.’

‘Aram Ordubegian is outstanding. He regularly assists our clients in navigating through complex restructuring and bankruptcy issues. I trust no one else with my clients and friends.’

Key clients

BOKF, N.A. (Intelsat SA)

BOKF, N.A. (Pacific Gas and Electric Company)

BOKF, N.A. (The Hertz Corporation)

BOKF, N.A. (Mallinckrodt)

G-Star Inc.; G-Star Raw Retail Inc., Debtor and Debtor-in-Possession

NTS W. USA Corp. dba Desigual and Desigual USA

Official Committee of Unsecured Creditors of Dean and DeLuca New York Inc., et. al.

Official Committee of Unsecured Creditors of Juno USA, LP

Official Committee of Unsecured Creditors of Rubie’s Costume Company, Inc.

Official Committee of Unsecured Creditors of Walker County Hospital

UMB (Gulfport)

U.S. Bank, N.A. (Exide)

Grifols, S.A. and Grifols Worldwide Operations Limited

Jeremy Faith Chapter 7 Trustee of Takken Estate

Warrior Golf, Inc.

Timothy Yoo, Chapter 7 Trustee on Behalf of the Estate of VoIP Guardian Partners I, LLC

Official Committee of Unsecured Creditors of Philmar Care, LLC

Official Committee of Unsecured Creditors of Mad Dogg Athletics, Inc.

Glorya Kaufman / In re TBH19, LLC

450 S. Western LLC, Debtor and Debtor-in-Possession

ZNA Foods, Inc., a third party interested in purchasing assets from the bankruptcy estate of In re NPC International Inc.

Dov Jacobs, the principal of the debtors and debtors-in-possession in In re PNW Healthcare Holdings

Work highlights

  • Represents BOKF in its capacity as indenture trustee and agent for the senior notes issued under three separate indentures in the principal amount of approximately $17.5bn, in the cases filed by PG&E to address and manage the liability and damages caused by devastating wildfires in Northern California.
  • Representing US Bank in its capacity as indenture trustee and agent for three classes of first lien notes in relation to the Chapter 11 filing of Exide.
  • Representing the official committee of unsecured creditors of Dean and DeLuca, which filed voluntary Chapter 11 petitions in the US Bankruptcy Court for the Southern District of New York.

Baker & Hostetler LLP

Baker & Hostetler LLP is particularly experienced in the energy, real estate, manufacturing, hospitality, and healthcare industries, where it acts for creditor committees, trustees, and debtors. The group's experience includes acting in a number of high-profile fraud-related insolvency matters, an example of which is its ongoing work as court-appointed counsel to SIPA trustee Irving H. Picard in the Bernard L. Madoff Investment Securities liquidation. Elizabeth Green leads the team from Orlando, while a roster of capable practitioners across Cleveland, New York, Los Angeles and Washington DC ensures the firm's involvement in matters nationwide. The Cleveland office in particular was strengthened by the arrival of counsel Michael Delaney from Robins Kaplan LLP in May 2020.

Practice head(s):

Elizabeth Green

Other key lawyers:

Michael Delaney

Key clients

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

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

Alliance Medical Holdings, LLC

Chapter 11 Trustee of Americore Companies

Lapis Advisors LLP

Samuels Jewelers Inc.

Fidelity National Information Services, Inc.


AB Volvo (and certain global affiliates)

TransDigm Group Inc.

Work highlights

  • Represented the official committee of tort claimants in the bankruptcy of Pacific Gas and Electric Company and PG&E Corporation as it procured a $13.5bn agreement that was paid within 18 months of the bankruptcy filing.
  • Acting as court-appointed counsel to SIPA trustee Irving H. Picard in the ongoing Bernard L. Madoff Investment Securities liquidation, in which over 1,000 lawsuits have been filed with the US Bankruptcy Court to date.
  • Representing the chair of the oversight committee of the liquidating trust of People’s Choice Home Loan, which filed for Chapter 11 relief in the Bankruptcy Court for the Central District of California in 2007.

Bracewell LLP

Bracewell LLP's restructuring group is recognized for its work with private investment funds and financial institutions, as well as for its notable debtor-side representations for oil and gas companies. The firm also has a strong bankruptcy litigation practice, an area where Houston-based department head William Wood is a key figure. In addition to its expertise in the energy sector, the team is also active in maritime finance and restructuring and regularly advises international shipping groups seeking Chapter 11 protection as part of their global restructuring efforts; New York-based Robert Burns is the name to note for this type of work.

Practice head(s):

William Wood

Other key lawyers:

Robert Burns


‘Bracewell’s strength is the breadth and depth of its legal team.’

‘The Bracewell team works extremely hard to respond quickly to all client requests and to understand the business needs of its clients.’

Key clients

Wells Fargo Bank, N.A.

Echo Energy Partners I, LLC

Crédit Agricole Corporate and Investment Bank

Kinder Morgan Texas Pipeline, LLC, a subsidiary of Kinder Morgan, Inc.

Natixis, New York Branch

GP Invitation Fund I, LP

JP Morgan Chase Bank, NA

Bank of Oklahoma Financial, N.A.

ENI Petroleum

Venoco LLC

Columbia Gas Transmission, LLC, an affiliate of TC Energy Corporation

Work highlights

  • Representing Wells Fargo Bank in connection with the Alta Mesa/Kingfisher Chapter 11 bankruptcy cases, which involves the sale of oil and gas assets in the SCOOP/STACK plays of Oklahoma to a private equity backed vehicle of Bayou City Energy Management and Mach Resources.
  • Representing Wells Fargo Bank, as administrative agent, in connection with the establishment of, as well as the Chapter 11 proceedings related to, a $950m secured, guaranteed, revolving credit facility to Diamond Offshore Drilling.
  • Representing debtor, Echo Energy Partners, in the Chapter 11 US bankruptcy case in the Southern District of Texas, with a debtor-in-possession financing approved for $8.5m.

Cadwalader, Wickersham & Taft LLP

Focused on advising UK and European creditors and investors on all aspects of Chapter 11 and US bankruptcy law, Cadwalader, Wickersham & Taft LLP maintains tight transatlantic collaboration through group chair Gregory Petrick, who splits his time between the London and New York offices. Additionally, the restructuring team is noted for its expertise in issues relating to structured financial products, and its close work with the firm's real estate finance and securitization and asset-backed finance departments to provide comprehensive counsel on matters involving bankruptcy-remote mortgage and mezzanine loans. Ingrid Bagby and Michele Maman are also recommended in the New York office.

Practice head(s):

Gregory Petrick

Other key lawyers:

Ingrid Bagby; Michele Maman

Key clients

MBIA, Inc.

Assured Guaranty Corp.

Kingsland Holdings Limited

Structured Finance Association (SFA)

J. Aron & Company LLC (Goldman Sachs)

Argonaut Insurance Company

National Founders LP (Credigy)

Voya Investment Management Co. LLC

Work highlights

  • Advising MBIA on workout and restructuring strategies relating to MBIA’s financial guaranty of nearly $1bn in notes issued by Zohar I and Zohar II.
  • Submitted an amicus brief on behalf of the Structured Finance Association in support of its position regarding the motion by the debtor Hertz Global Holding, seeking to treat all its car rental leases on an individual basis.
  • Represents Kingsland Holdings in the Chapter 11 cases for Avianca Holdings.

Choate, Hall & Stewart

Based in Boston, the finance and restructuring group at Choate, Hall & Stewart has considerable expertise advising lenders on all aspects of restructuring, workout and bankruptcy matters, particularly in the areas of retail, sports, real estate, healthcare, and technology. The group is also well versed in representing insurers in insolvency proceedings across the US that involve asbestos, environmental, and workers’ compensation liabilities. John Ventola and Sean Monahan jointly lead the team, and are supported by Doug Gooding, who also co-chairs the firm's business practice and has been appointed as a mediator in several notable bankruptcy disputes.

Practice head(s):

John Ventola; Sean Monahan

Other key lawyers:

Doug Gooding


‘It’s not just the wisdom, nor the practical experience, nor the lack of ego, nor the bedside manner or the timeliness. It is all of it, and more.’

‘Doug Gooding is the first person I turn to when situations start to take a turn for the worse.’

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

Clifford Chance

Operating as part of a global network of lawyers equally fluent in the legal landscape of their respective home jurisdictions, the New York-based team at Clifford Chance plays a key role in complex, multi-jurisdictional restructuring matters, acting for senior lenders, corporate sponsors and entrepreneurial transaction parties. Key practitioner Jennifer DeMarco is known for representing financial institutions in US and Latin America-facing debt restructurings and financial transactions; she has a particular focus on debtor-in-possession financings. Douglas Deutsch is recommended for cross-border creditor work, and has particular expertise in the transportation and retail sectors.

Practice head(s):

Jennifer DeMarco

Other key lawyers:

Douglas Deutsch

Key clients

JP Morgan

Wilmington Savings Fund Society

Goldman Sachs



Cortland Capital Markets Services LLC

Credit Agricole

Mizuho Bank





Standard Chartered Bank



Work highlights

  • Advised Goldman Sachs as co-arranger on the syndicated component of Avianca’s $2bn DIP facility.
  • Advised Natixis, as administrative agent, and a syndicate of senior secured lenders in the Chapter 11 case of Seabras, the developer-owner-operator of the first-ever submarine fiber optic cable network directly linking New York and São Paulo.


The large nationwide practice at Dentons is able to pool resources from across its expansive office network to handle resource-heavy bankruptcy-related matters throughout the US. The team is also skilled at tackling cross-border matters and Chapter 15 cases. Contacts in the team include practice chair Robert Richards in the Chicago office, and Los Angeles-based Samuel Maizel, a contact for clients in the healthcare industry, a key sector focus for the wider firm. In April 2020, Brian Greer joined the New York office from Dechert LLP, then, in August, Lynn Harrison joined from Curtis, Mallet-Prevost, Colt & Mosle LLP; these followed the departure of Gary Marsh for Troutman Pepper in February.

Practice head(s):

Robert Richards

Other key lawyers:

Samuel Maizel; Lynn Harrison; Brian Greer


‘Highly knowledgeable and efficient.’

Key clients

Verity Health Systems


RSG Group

Wilmington Savings Fund Society

Official Committee of Unsecured Creditors in the Dura Automotive


Astria Health

Ohana Real Estate Investors LLC

Sturm, Ruger & Company Inc.

NSF Malta Limited/Offshore Merchant Partners

Work highlights

  • Representing Verity Health Systems of California and 17 related entities in their Chapter 11 cases in the US Bankruptcy Court for the Central District of California, Los Angeles Division.
  • Represented the creditors’ committee in Dura Automotive Systems’ bankruptcy proceedings.
  • Representing Carl Icahn as noteholder in the restructuring of Vivus, which was designed as an innovative pre-packaged restructuring, but quickly devolved into a contested confirmation hearing.


Goodwin represents every type of major stakeholder in troubled companies and investment funds in out-of-court restructurings, formal bankruptcy proceedings and complex insolvency-related matters such as fraudulent transfer cases. The group is largely based in New York, where contacts include practice co-chairs Michael Goldstein and William Weintraub, as well as recommended practitioner Howard Steel, who has extensive experience in Securities Investor Protection Act proceedings, mass tort cases and distressed debt trading issues.

Practice head(s):

Michael Goldstein; William Weintraub

Other key lawyers:

Howard Steel


‘They simply have the ability to understand a situation, then discuss strategically to plan next steps.’

‘They found a structuring solution to a legal conflict that no other attorney or team saw. It brought the other side to the table.’

‘They have personality, intelligence and always have our best interests in mind.’

‘Michael Goldstein had a depth of experience that made him an invaluable resource during the legal conflict.’

Key clients

Actavis, Inc.

Benefit Street Partners

Curvature, Inc.

Development Specialists, Inc.

EverStream Energy Capital Management LLC

Lyft, Inc.

Novelion Therapeutics Inc.

Proteus Digital Health

SolarWorld Americas, Inc.

Urban Edge Properties

Work highlights

  • Acted as bankruptcy counsel for Proteus Digital Health and prevailed in a heavily contested evidentiary hearing on the debtor’s proposed $15m sale to Otsuka America Pharmaceutical.
  • Secured a significant victory in the US Court of Appeals for the Ninth Circuit on behalf of real estate developer Timothy Blixseth.
  • Advised Lyft on the financial restructuring components of its acquisition of Juno Lab.

Greenberg Traurig LLP

Greenberg Traurig LLP focuses on company-side representations in the middle and upper-middle markets, with a core strength in high-stakes bankruptcy litigation. The team is now jointly led by Shari Heyen and David Kurzweil in Houston and Atlanta, respectively. They lead a diverse and growing group, which has expanded its national footprint with the hires of Peggy Hunt and Annette Jarvis from Dorsey & Whitney LLP in April 2020, and the hire of Kevin Walsh from Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. in October 2020. Walsh is based in Boston, while Hunt and Jarvis divide time between Salt Lake City and Denver.

Practice head(s):

Shari Heyen; David Kurzweil

Other key lawyers:

Peggy Hunt; Annette Jarvis; Kevin Walsh

Key clients

Alan Halperin as Liquidating Trustee of Senior Care Centers, LLC

Alcon Laboratories, Inc.

American Addiction Centers Inc.

Long Hill at Rosewood LLC

Muji U.S.A. Limited

The Graham Companies

The Official Committee of Unsecured Creditors of Alpha Entertainment, LLC

The Official Committee of Unsecured Creditors of LifeCare Holdings

The Vanguard Group

Wells Fargo Bank, National Association

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP is recommended for its depth of expertise in both bankruptcy-related litigious and distressed asset and company transactions. The team is able to assist creditors and debtors with a wide range of restructuring matters, and has a particular focus on the provision of strategic advice to corporate clients and independent board committees. In addition to maintaining its strong reputation for representing financial institutions, the firm has recently been involved in Chapter 11 work in the energy industry, as well as in high-profile retail bankruptcies, including the J. Crew restructurings. Practice co-heads Tyler Brown and Timothy Davidson lead from Richmond and Houston, respectively.

Practice head(s):

Tyler Brown; Timothy Davidson


‘Hunton’s experience with both the consumer and commercial bankruptcy space is perfect for financial institution clients.’

‘My go-to partners are responsive and helpful. They take the time to understand our business to be able to provide practical, tailored solutions.’

Key clients

Hi-Crush Inc.

J. Crew Group, Inc.

Think Finance

Remora Petroleum

Capital One Services, LLC

JPMorgan Chase Bank, N.A.

ENTREC Corporation

Lonestar Resources

Apache Corporation

Official Committee of Unsecured Creditors of Intelsat S.A.

Sanchez Midstream Partners LP

Sable Permian Resources, LLC

Wayne Services Legacy, Inc.

MFA Financial, Inc.

Official Committee of Unsecured Creditors of Williamson Memorial Hospital, LLC

Work highlights

  • Represented Houston-based provider of proppant and logistics services, Hi-Crush, in its Chapter 11 filing, listing approximately $600m in debt.
  • Represented J. Crew, an American multi-brand, multi-channel, specialty retailer, as co-counsel, in its Chapter 11 bankruptcies.
  • Represented Remora Petroleum, a Texas-based private exploration and production company, in its Chapter 11 filing.

McDermott Will & Emery LLP

For McDermott Will & Emery LLP, 2020 was marked by significant growth team: in January, David Hurst joined the Wilmington office from Cole, Schotz, Meisel, Forman & Leonard; then, in March, Craig Rasile, formerly of DLA Piper LLP (US), joined the team in Miami; and in July, the Dallas office was further strengthened by the arrivals of well-known practitioner Charles Gibbs, special counsel Mark Patterson and counsel Eric Seitz from Katten Muchin Rosenman LLP. The group, with global co-heads Timothy Walsh and Felicia Gerber Perlman taking the lead from New York and Chicago, respectively, is able to leverage its increased national bench strength to act as a seasoned debtor, creditor, and committee counsel, both pre- and post-bankruptcy filing.

Practice head(s):

Timothy Walsh; Charles Gibbs; Craig Rasile; Felicia Gerber Perlman; David Hurst

Other key lawyers:

Mark Patterson; Eric Seitz

Key clients

Furie Operating Alaska

Erste Abwicklungsanstalt (EAA)

Goldman Sachs/Goldman Sachs Asset Management – Commonwealth of Puerto Rico

H.I.G. Capital

Honeywell International

O.W. Bunker Germany

United Sporting Companies

Borgers S.A.


Larrain Vial

Wilmington Trust

Official Committee of Unsecured Creditors Centric Brands Inc.

Official Committee of Unsecured Creditors Energy Alloys LLC

NinePoint Medical, Inc.

Agera Energy

Pizza Hut, LLC

JW Powerline

glendonTodd Capital, LLC

UMB Bank, N.A.

U.S. Bank National Association

Air Berlin Americas

Bacardi, USA

Avnet, Inc.

Garrison Investment Group

Liquidating Trustee of OW Bunker, USA

Brickell Key Asset Management

International House of Pancakes Corporation (IHOP)

Stem Holdings

Edison Learning Inc.

Eulen America

Sound Hospitality Management

Ahrma Holdings


Windrose Health Investors

Barclays Capital, Inc.

County of Santa Clara

Mohegan Recyclables

Pacific Gas & Electric Company

Promise Healthcare/Silver Lake Debtors

Vantage Mobility International

Work highlights

  • Representing Wilmington Trust as trust administrator for the trusts formed to liquidate unsecured claims in the General Motors bankruptcy.
  • Acting for the Board of Directors of Pacific Gas & Electric Company in defense against the diverse actions brought as a result of wildfires in California in the last several years, including addressing how these are to be defended during the insolvency proceeding.
  • Representing Quorum Health Corporation, an operator of general acute care hospitals and outpatient services in the US, as debtors’ counsel in its recently filed Chapter 11 bankruptcy cases.

Orrick, Herrington & Sutcliffe LLP

With Raniero D’Aversa at the helm, Orrick, Herrington & Sutcliffe LLP's New York-based team maintains a reputable track record in creditor and investor-side work, and also has a steadily growing debtor-side practice. Of recent note, the group's capabilities in the energy and technology sectors were put on show in its representation of the holders of a significant amount of corporate equity in connection with PG&E’s bankruptcy case, as well as in its involvement in the bankruptcy of Windstream. Cross-border restructuring matters, especially those involving Canada, Europe and Hong Kong, are also an area of strength for the firm; Laura Metzger is one of the main contacts for this type of work. Douglas Mintz left for Schulte Roth & Zabel LLP in November 2020.

Practice head(s):

Raniero D’Aversa

Other key lawyers:

Laura Metzger


‘Unequivocal expertise. Orrick’s staff goes out of their way to make themselves available and to make sure that the advice provided is comprehensive.’

‘Each time I discuss an issue with Raniero D’Aversa, I am both amazed at his ability to understand my concerns and his complete knowledge of the subject. He puts me at ease and there is never a time that I cannot reach him.’

‘The team is well versed in complex international insolvencies and understands the importance of managing relationships and maximizing negotiations. Orrick’s breadth of experience has been invaluable in anticipating key issues and developing proactive strategies.’

‘Raniero D’Aversa is the primary lawyer responsible for the file we are working on. He has a practical and strategic approach.’

Key clients

Barclays Bank

Bank of Nova Scotia

Wells Fargo Bank, N.A.

Credit Suisse

TELUS International (U.S.) Corporation

The Gap, Inc.

EDP Renewables North America

EDF Renewables

Toyota Motor Corporation

Greylock Capital

ECN Financial

VMWare, Inc.

Levi Strauss & Company


Members of Argentina Creditor Committee

Work highlights

  • Representing the Bank of Nova Scotia, an unsecured creditor with a claim of more than $74m in the LATAM Airlines Group Chapter 11 bankruptcy.
  • Representing Levi Strauss & Co in an avoidance action filed by Kmart Holding in the Sears bankruptcy case.
  • Represented unsecured creditor VeloCloud Networks in connection with the nearly $6bn bankruptcy of Arkansas-based telecoms company Windstream.

Paul Hastings LLP

The practice at Paul Hastings LLP has recently focused on expanding its presence across the US, which it has accomplished in part through the addition of respected practitioners Justin Rawlins and James Grogan to the California and Texas offices, respectively. Rawlins, a contact for lender-side representations, joined from Winston & Strawn LLP in February 2020, while Grogan, who has experience acting for clients in the energy and natural resources space, joined from Blank Rome LLP in April 2020. They join an established national group, which includes Chicago-based lawyers Chris Dickerson and Matt Murphy, and highly recommended practitioner Luc Despins in New York. DIP and exit financing transactions are an area of particular strength for the firm.

Practice head(s):

Luc Despins; Chris Dickerson

Other key lawyers:

Matt Murphy; Justin Rawlins; James Grogan


‘Very strong, very experienced team, capable of handling the most complex, cross border and novel matters. Prompt, efficient and effective service. Practical approach. Oriented to problem solve.’

‘Great team, very knowledgeable with impeccable business sense.’

‘Practical problem solving. The team does not lose sight of settling matters quickly.’

‘Deep bench with strong experience on debtor and UCC side. Able to find the right size of team to work with a range, from middle market to the biggest cases. Good strategic thinking.’

‘Justin Rawlins is my go to lawyer. He’s outstanding and has my total trust. Always brings a unique perspective, understands the law better than the counterpart and can get a deal done.’

‘I have had great experiences with Justin Rawlins and James Grogan, as well as associate Mack Wilson. Exceptionally hard working, client focused with strong bankruptcy law expertise.’

‘Luc Despins is an industry veteran – good practical understanding of all aspects of a case and very good communicator with clients. Matt Murphy is a good, practical hands-on partner who knows his way around a deal.’

‘I have strong personal relationships at the firm and I trust the people I work with to deliver exceptional outcomes for the client.’

Key clients

Ad Hoc Shareholders Committee for Aeromexico

Ad Hoc Group of Secured Noteholders of Avianca Holdings

Bank of Montreal

Official Committee of Unsecured Creditors of Chisolm Oil and Gas


Official Committee of Unsecured Creditors of the Commonwealth of Puerto Rico, Employees Retirement System of the Government of the Commonwealth of Puerto Rico, Puerto Rico Highways and Transportation Authority, and Puerto Rico Electronic Power Authority.

Cred, Inc.


Grizzly Energy

Ad Hoc Group of Bondholders of Grupo IDESA


Kayne Anderson

Macquarie PF

Maxcom Telecomunicaciones

Morgan Stanley

Official Committee of Unsecured Creditors of OneWeb Global

Royal Bank of Canada

Official Committee of Unsecured Creditors of Sable Permian

Vector Capital

Wells Fargo

Work highlights

  • Representing the official committee of unsecured creditors of the Commonwealth of Puerto, and certain of its instrumentalities, in the $75bn debt restructuring of Puerto Rico.
  • Advising an ad hoc group of secured noteholders of Avianca Holdings, and developing a novel structure to allow the noteholders to participate in the $2bn DIP financing.
  • Representing the official creditors’ committee in the Chapter 11 case of OneWeb Global and mounting a successful challenge to more than $1.7bn of secured debt.

Reed Smith LLP

The restructuring and insolvency group at Reed Smith LLP benefits from extensive cross-office collaboration, both nationally—with practitioners based in New York, Delaware, Philadelphia, Pittsburgh, Chicago, Houston and Dallas—and internationally—with practitioners across Europe, Asia and the Middle East. Key figures in Philadelphia include Peter Clark, who regularly appears in bankruptcy courts throughout the US, and Matthew Tashman, who is known for representing major financial institutions. Kurt Gwynne, who acts as the managing director of the Delaware office, is another key contact. The Dallas office was further strengthened by the arrival of Omar Alaniz from Baker Botts L.L.P. in August 2020.

Practice head(s):

Peter Clark

Other key lawyers:

Kurt Gwynne; Matthew Tashman; Omar Alaniz


‘In addition to having a top-shelf understanding of the law, the team is business minded and knows how to advise clients in a way that helps us to balance risk appropriately. They also are a cost effective solution – as they work with efficiency and speed without compromising quality.’

‘Business-oriented focus and responses – practical and easy to work with.’

‘Very knowledgeable and straight-forward.’

‘Kurt Gwynne represented us very professionally. It became obvious that he has earned the trust of the judge and the attorney’s on the other side.’

‘Great breadth of knowledge and expertise, at favorable billing rates.’

‘The individual attorneys with whom we work, especially Matthew Tashman, stand out for their business sense, as well as their deep understanding of what matters most to the client’s business team, derived through the extra effort they put into their long-term relationship as trusted advisers.’

Holland & Knight LLP

Thompson & Knight LLP fields one of the premier oil and gas bankruptcy groups in the US, with practitioners highlighted for their skill in handling upstream oil and gas reorganizations. The group has extensive experience representing a wide range of parties in this respect, routinely acting for operators, working interest owners, secured creditors, bondholders, drilling contractors, hedge counterparties and equity owners. The firm's strong foothold in Texas is of clear benefit when handling this type of work; team lead David Bennett is the key contact in Dallas, while recommended lawyer Demetra Liggins is the name to note in Houston. Also in Houston, Anthony Pirraglia was promoted to partner in February 2020.

Practice head(s):

David Bennett

Other key lawyers:

Demetra Liggins; Anthony Pirraglia


‘T&K has specialists in virtually every practice of law. One particular case I had with them included, bankruptcy, tax problems, securities, transactional, litigation, class action, ownership issues, and a host of other legal maters. They handled it all exceptionally and because of them, we were awarded turnaround of the year.’

‘I have extensive experience with both their Dallas and Houston restructuring partners. They are both smart and inventive. Their practice is well grounded in ethics and professionalism.’

‘David Bennett and Demetra Liggins are both outstanding lawyers.’

Key clients

Approach Resources

Goldman Sachs

Ovintiv Exploration Inc.

NBC Universal

Official Unsecured Creditors Committee of Nuvectra Corporation

Thomas Moran as Chapter 11 Trustee for LPHI, Inc.

Devon Energy Corporation

Parallel Energy LP

Wilmington Trust

Chesapeake Operating Inc.

Work highlights

  • Representing upstream E&P debtors Approach Resources and affiliates in connection with their filing of petitions for relief under Chapter 11 of the Bankruptcy Code.
  • Served as lead counsel to debtor Mirador, a luxury retirement community, and formulated a pre-negotiated plan which resulted in sale approval and confirmation within 65 days of case filing for Chapter 11 bankruptcy.
  • Represent BOKF NA Bank of Texas as first lien agent and DIP agent in connection with the bankruptcy case of upstream E&P debtors Remora Petroleum and its affiliates.


Bankruptcy litigation typically accounts for over half of the workload at WilmerHale, with the team regularly taking the role of lead counsel for clients in the financial services, media, transportation and pharmaceutical sectors. The group is jointly chaired by accomplished litigators and restructuring lawyers Philip Anker and Andrew Goldman, both of whom are based in the New York office. Another name to note in New York is George Shuster, who has particular experience in mitigating insolvency risk in intellectual property transactions. The team also has a strong presence in Washington DC, where senior partners Craig Goldblatt and Danielle Spinelli have a proven track record of acting in bankruptcy cases before the Supreme Court.

Practice head(s):

Philip Anker; Andrew Goldman

Other key lawyers:

George Shuster; Craig Goldblatt; Danielle Spinelli


‘George Shuster has an exceptional ability to distil matters into key issues, and to communicate those issues to the business leaders. George is keenly able to identify the risks relating to potential courses of action, and guide decision making based on the assessment of those risks.’

Key clients

City of Chicago

Cross Sound Management LLC

Edward Lampert/ESL Investments

Eldridge Industries

Global Loan Agency Services (GLAS)

Horton’s Kids

NBC Universal/Comcast

PPL Corporation

Rio Tinto

Sabre Corporation

Susquehanna Investment Group

The Walt Disney Company

Wilmington Savings Fund Society

Work highlights

  • Acts as primary outside bankruptcy counsel to The Walt Disney Company.
  • Acting for investor Edward Lampert and his company ESL Investments, in multibillion-dollar bankruptcy litigation arising out of the financial problems at retailer Sears.
  • Representing Rio Tinto, one of the world’s largest metals and mining corporations, in connection with lawsuits involving Imerys, Rio Tinto, and J&J.