The practice at Cadwalader, Wickersham & Taft LLP is best known for its involvement in ‘countless complex and challenging‘ matters pertaining to both state and local governments. It plays a prominent role in the restructuring of Puerto Rico; it represents the ‘largest creditor‘, Assured Guaranty Corporation and Assured Guaranty Municipal Corporation, which holds $5.6bn of bonds issued by Puerto Rico and its public entities. Lary Stromfeld and counsel Casey Servais and Thomas Curtin  played key roles in this matter. Both Ivan Loncar and Ingrid Bagby head the New York-based practice, with expertise including the handling of derivatives, municipal finance, Chapter 9 and Chapter 11 proceedings and out-of-court restructurings.

Orrick, Herrington & Sutcliffe LLP places significant focus over the advisory of sovereign debt restructurings; matters worth mentioning include the debt restructuring of the Republic of Argentina, where it represented the Members of the Argentina Creditor Committee in the restructuring of its Argentinian bonds amounting to $65bn. Additional representation extends to the Suriname bondholder committee, including Franklin Templeton, GMO, Eaton Vance and Greylock, whereby it oversaw the restructuring of its government debt with an approximate value of $675m. This cross-border matter, involving Suriname, the US and the UK, is led by both Washington DC-based Thomas Laryea and Lorraine McGowen. Raniero D’Aversa is the chair of the restructuring group, and played a prominent role in the restructuring of Argentina. Sacramento's Marc Levinson is best known for his expertise in chapter 11 cases. The practice welcomed the arrival of DC-based industry expert Preetha Gist from Chapman & Cutler LLP, in July 2021. All lawyers mentioned are in New York unless otherwise stated.

Ballard Spahr LLP offers clients an ‘unparalleled‘ service, with advise encompassing municipal bankruptcy and recovery, in addition to buy-side representations, trust instruction proceedings and public finance. Tobey Daluz and Matthew Summers head the team from Wilmington, whilst Vincent Marriott and William Rhodes head the team from Philadelphia. Its team is well equipped to handle Chapter 9, Chapter 7 and Chapter 11 cases pertaining to special districts, senior living facilities and hospital systems. Notable highlights includes its representation of Wells Fargo Bank, NA, in its capacity as indenture trustee, in matters relating to the bankruptcy of Verity Health System and its outstanding municipal bonds exceeding $260m. Other notable individuals include William Wassweiler for his advisory to the Wilmington Trust and Dara Smith for her assistance to the Pennsylvania Economic Development Financing Authority.

Jones Day is well known for its municipal related advisory concerning revitalizations, and is well versed in the representation of both debtors and creditors, government operations and labor relations. LA based practice leader Bruce Bennett regularly acts in cases involving healthcare companies, reflecting his broad experience in the field. With the support of Benjamin Rosenblum, Anna Kordas and Chané Buck, the team collectively advised over its secured and unsecured claims against the debtors in the Verity Health System of California bankruptcy case. The practice also regularly represents investment funds, and has an involvement in the ongoing bankruptcy of Puerto Rico. Heather Lennox  oversees the Cleveland office and often advises debtors, creditors’ committees and bank groups.

O’Melveny & Myers LLP possesses ‘market-leading experience‘ in the restructuring of both governmental and municipal debt. Its expertise is recognized by many, with clients such as City of Long Beach and Commonwealth of Puerto Rico entrusting the practice with the handling of matters. Its representation of City of Long Beach concerns the resolution of $500m in debt; global chair John Rapisardi leads the matter and also oversees the development of long-term budget projects and restructuring plans. He also leads the representation of the Commonwealth of Puerto Rico pertaining to the restructuring of $23bn of debt, whilst achieving over $10bn in savings for the public of Puerto Rico. Mohammad Saleh Yassin joined the practice, strengthening the team with his experience as the former Director of the Puerto Rico Fiscal Agency and Financial Advisory Authority. Nancy Mitchell departed in April 2021. Lawyers mentioned are in New York.

The practice at Squire Patton Boggs is best known for its ‘integrated and multidisciplinary approach to municipal restructuring’, combining its knowledge within policy, governmental and public finance. The group’s expertise is evidenced through its representation of the US Virgin Islands, where it served as issuer and governmental affairs counsel to its Department of Finance to oversee the refinancing of $1bn in outstanding bond debt. San Francisco-based Karol Denniston has long-standing experience advising distressed governmental entities. Stephen Lerner divides his time between New York and Cleveland, and is recognized for his expertise in representing clients in Chapter 9 municipal restructurings and out-of-court workouts. Miami's Pedro Hernandez has specialist expertise advising over public finance matters, with particular focus placed upon bond issues concerning the State of Florida and the Commonwealth of Puerto Rico. Together, they lead the practice.