The Legal 500 > United States > United States > Restructuring (including bankruptcy): municipal

In line with market developments, Ballard Spahr LLP's bankruptcy, reorganization, and capital recovery practice (based in Philadelphia) has been reasonably quiet from the government side. Nevertheless, its past top-market engagements continued to occupy the group. Led by Vincent Marriott and William Rhodes, the team acted for the National Federation of Municipal Analysts in the Puerto Rico case, as well as for different financial institutions (including European institutions) in Chapter 9 proceedings. In 2019, the department increasingly resorted to its expertise in special revenue bonds and dispute capabilities.

The New York-based distressed municipal finance team at Cadwalader, Wickersham & Taft LLP has consistently been involved in leading cases throughout recent years. Group chair Lary Stromfeld and Ivan Loncar are representing Puerto Rico’s largest creditor (a municipal bond insurer) in the territory’s municipal debt restructuring. Also involved in that matter is associate Casey Servais, who has captured the market's attention for his skills in bankruptcy litigation and financial restructuring. Ingrid Bagby is a member of the firm's financial restructuring group, and has experience acting for creditors and debtors in Chapter 9 and Chapter 11 proceedings.

Active both in the corporate and municipal space, Kramer Levin Naftalis & Frankel LLP's New York-based team regularly represents ad-hoc creditor groups, bondholders, and official committees in large restructuring cases. A substantial highlight matter in Puerto Rico, led by Amy Caton and involving restructuring negotiations, Title III proceedings, and litigation, was entrusted to the team by the ad-hoc group of PREPA bondholders. In another highlight, Thomas Moers Mayer (co-chair of the department together with Kenneth Eckstein) is serving as first counsel to an ad-hoc group of first-lien lenders. The matter is highly complex and requires expertise in many areas of law.

After having been promoted to Norton Rose Fulbright's partner in 2018, Eric Daucher is now at the head of the municipal restructuring and bankruptcy department. The position had been left vacant in April 2019, when star attorney Lawrence Larose left the firm to join Sheppard, Mullin, Richter & Hampton LLP. Daucher, who is based in New York, acted on landmark cases such as the restructuring of Puerto Rico and on Chapter 9 proceedings in Detroit, Michigan and Jefferson County. His team includes Texas-based practitioners - notably Toby Gerber, who supports him with reorganizations, syndicated lendings, and troubled debt workouts. James Copeland is an associate to watch.

Orrick, Herrington & Sutcliffe LLP's competitive advantage in this area lies within the depth of its finance, bankruptcy, and restructuring practice, the ability to work in unison with the firm's enviable public finance group, and its first-hand involvement in challenging and high-profile cases – among which Puerto Rico and PG&E are particularly relevant. Remarkable practitioners complete the picture: Raniero D’Aversa leads the practice from New York; Douglas Mintz in Washington DC is lauded for his 'strong analytical' skills and 'deep thinking'; while senior counsel Marc Levinson (in San Francisco) stands out for his advice in relation to Chapter 9 and Chapter 11 restructurings.

In Los Angeles, Jones Day houses a robust business restructuring and reorganization team which has achieved renown especially on the basis of its impressive work on the City of Detroit case. In this instance, the team was involved from the debtors' side, but they also act for creditors, committees, and equity holders and represent them in distressed asset sales, out-of-court restructurings, and bankruptcy cases. Practice head Bruce Bennett covers different areas, including entertainment, energy, and automotive.

Kirkland & Ellis LLP's municipal restructuring team is led by Edward Sassower (based New York) and James Sprayregen (in both New York and Chicago). Their involvement in the space included representation in a series of Chapter 15 proceedings - including those of Japan Airlines Corporation and MEGA Brands, whose recapitalization was the first transaction to be fulfilled under the Canadian Business Corporations Act and then recognized under Chapter 15.

McDermott Will & Emery LLP is highly engaged in the restructuring and insolvency municipal space, especially as counsel to lenders and potential lenders. In Puerto Rico, the department was involved in the restructuring of the sales tax securitization vehicle COFINA and in litigious matters. The team, with Felicia Gerber Perlman in Chicago and Timothy Walsh in New York, also operates internationally thanks to the firm's global network. In 2019 the team grew thanks to a series of hires.

Within the municipality restructuring market, Squire Patton Boggs occupies a significant role in the healthcare and education segments. In 2019, practice head Karol Denniston in San Francisco provided cutting-edge advice to issuers, lenders, and insurers that were involved in different Chapter 9 bankruptcies. She is particularly appreciated for her ability 'to deal with difficult issuers and borrowers'. Global restructuring and insolvency chair Stephen Lerner is a key lawyer.