ArentFox Schiff‘s team represents a premier restructuring practice with experience in bond workouts, municipal bankruptcy, municipal finance and public pensions. Attorneys’ expertise extends to remedies outside of bankruptcy, including a range of services from negotiating workouts to restructuring advice. The firm has specialists with dedicated Chapter 9 skills and municipal bond default workout expertise, having represented clients in a wide array of the most impactful municipal bankruptcy and Chapter 9 proceedings of the past several years. New York-based Les Jacobowitz primarily handles work-outs of multifamily housing and not-for-profit loans and recently led the firm’s efforts in the restructuring of a $27bn of existing COFINA bonds to $18bn of COFINA bonds. David Dubrow represents clients in structuring and evaluating high-yield below-investment grade credits, whereas Mark Angelov represents a range of parties in connection with a broad variety of municipal and corporate workouts and bankruptcies. Situated in Washington DC, Randall Brater handles litigation for public finance clients, including representing trustees in civil litigation and bankruptcy proceedings. Mike Guippone focuses on distressed municipal bonds, the proceeds of which are used to finance public sector projects, including for healthcare and housing. San Francisco-based Jena Watson joined the team in September 2023 and advises financial institutions as well as private and public companies in a wide variety of commercial finance transactions. Unless otherwise stated, all lawyers mentioned are based in New York.
Restructuring (including bankruptcy): municipal in United States
ArentFox Schiff
Practice head(s):
David Dubrow; Mark Angelov
Other key lawyers:
Randall Brater; Les Jacobowitz; Mike Guippone; Jena Watson
Testimonials
‘Arent Fox’s strong collaboration with clients makes them a pleasure to work with and Arent Fox partners are always willing to work with restructuring clients to pursue creative and innovative solutions as needed.’
‘David Dubrow’s strong people skills help customers navigate very complex restructuring situations.’
‘Mark Angelov experience in 501c3 owned student housing projects makes him a very valuable resource who can effectively navigate student housing and project finance workouts.’
Key clients
US Bank National Association
UMB Bank
Ambac Assurance Corporation
YM & YMHA of Washington Heights and Inwood
Glens Falls Hospital
Lapis Advisors
Nuveen Asset Management
Vanguard Mutual Funds
Synovus Bank
Work highlights
- Serving as co-counsel to Ambac Assurance Corporation in the Title III proceedings under the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”).
- Represented Synovus Bank, who is the Trustee under the indenture for $55,780,000 of Water and Sewer Revenue Bonds of the Water Works and Sewer Board of the City of Prichard, Alabama.
- Represented non-profit, YM & YMHA of Washington Heights and Inwood, with respect to potential buyout of investors with respect to a right of first refusal.
Kramer Levin Naftalis & Frankel LLP
The bankruptcy and restructuring team at Kramer Levin Naftalis & Frankel LLP is skilled at representing financial creditors such as bondholders and holders of unsecured debt/claims in restructurings. Key attorneys in the team include Kenneth Eckstein and Thomas Mayer, who played prominent roles in complex bankruptcy cases, often involving in-and out-of-court restructurings, and have represented territories such as Puerto Rico in insolvency proceedings. The firm has handled bankruptcy trials and appeals and has found success in litigation and defending discovery disputes, with co-chair Amy Caton offering vast experience in representing parties in large and complex bankruptcies. Rachel Ringer has represented clients across a diverse range of industries including health care, alongside having represented the official creditors’ committee of the Boy Scouts of America. Jennifer R. Sharret is noted for her involvement in multifaceted bankruptcies and restructurings in the energy and automotive industries. All lawyers mentioned are based in New York.
Practice head(s):
Kenneth Eckstein; Thomas Mayer
Other key lawyers:
Amy Caton; Rachel Ringer; Jennifer Sharret
Key clients
Endo Pharmaceuticals Creditors’ Committee
Diamond Sports First Lien Lenders
Ad Hoc Committee in connection with Purdue Pharma LP’s bankruptcy
GenesisCare Creditors’ Committee
Ad Hoc Group of Puerto Rico Electric Power Authority (PREPA) Bondholders and other Puerto Rico bondholders
Cornell Capital, as equity sponsor of Instant Brands
AES Puerto Rico Bondholder Group
Parent Ad Hoc Group of Unsecured Creditors of LATAM Airlines
UMB Bank, as trustee for tax-exempt private activity “Green Bonds” that financed the Fulcrum Sierra renewable fuel project in Storey County, NV
Stanadyne Creditors’ Committee
Trustee to the Subordinated Notes issued by the California Pollution Control Financing Authority on behalf of CalPlant 1, LLC
Cineworld Directors
Majority holder of tax-exempt private activity bonds related to a hospital (Bristol Hospital) and post-secondary education institution (Pittsburgh Technical College)
Boxed Directors
Hurwitz v. Li & Fung (Trading) Limited et al., No. 23-1153 (Bankr. S.D.N.Y.)
Peer Street
Work highlights
- Selected as counsel to represent the 7-member official creditors committee in the bankruptcy case of Endo International plc. Burdened by more than $8 billion in debt and facing thousands of lawsuits over its alleged role in the U.S. opioid epidemic.
- Served as lead bankruptcy counsel to a group of funds holding over a majority of the approximately $630 million first lien loans against Diamond Sports Group.
- Represented the Ad Hoc Committee (AHC) of 10 state attorneys general, six municipalities, the Plaintiffs Executive Committee in the multidistrict litigation and a federally recognized Native American Tribe in the bankruptcy cases of Purdue Pharma.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Led by Boston-based William Kannel, who is skilled at representing bondholders and indenture trustees, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. has ‘unmatched sector expertise‘ in connection with Chapter 9 municipal bankruptcies and governmental unit restructuring, with the team having a prominent role in proceedings related to issues of the debt crisis in Puerto Rico, Chapter 9s of health care districts and a number of out-of-court workouts. The firm also regularly advises a range of parties, including institutional investors, on municipal tax-exempt and taxable securities. New York-based Nathan Coco has advised on Chapter 9 cases involving the City of Detroit, Puerto Rico, Coalinga Regional Hospital and the City of San Bernardino, while Ian Hammel represents indenture trustees and bondholders in bankruptcy and other out-of-court and in-court matters. Eric Blythe is noted for his expertise in municipal restructuring and securities.
Practice head(s):
William Kannel
Other key lawyers:
Ian Hammel; Eric Blythe; Nathan Coco; Dan Bleck; Poonam Patidar
Testimonials
‘Mintz has an experienced and deep bench of municipal restructuring partners with unmatched sector expertise. In general the lawyers are practical, efficient, and focused on problem solving.’
‘Dan Bleck is unmatched in his knowledge, capability, and strategic acumen in senior living restructurings. He is able to build consensus among creditor groups, tell clients hard truths to guide them to the best results, and spot pitfalls and less obvious risk factors from a mile away.’
‘Poonam Patidar is an exceptional transactional attorney with strong capabilities in both the restructuring and high yield new issue contexts. She is an effective advocate and negotiator, able to prioritize issues and with strategic sense to achieve creative solutions for clients.’
Key clients
Institutional Debt Holders of Puerto Rico Bonds
Institutional Debt Holders of US Virgin Islands Matching Fund Revenue Bonds
UMB Bank, N.A.
Bondholders
Ambac Assurance Corporation
Preston Hollow Community Capital and U.S. Bank Trust Company, N.A.
Work highlights
- Served as counsel to several institutional bondholders of Puerto Rico bonds including advising on PROMESA, Commonwealth and related fiscal plans and plans of adjustment.
- Serving as counsel to the institutional bondholder and the indenture trustee of bonds issued for the benefit of Chester, Pennsylvania in the city’s recently filed Chapter 9.
- Representing Ambac, a bond insurer, in Chapter 9 bankruptcy case of the City of Fairfield, Alabama.
Orrick, Herrington & Sutcliffe LLP
Orrick, Herrington & Sutcliffe LLP is focused on sovereign debt restructuring matters, standing out in particular for the firm’s central role in the $65bn Republic of Argentina debt restructuring, and also advises and assists an array of municipalities on restructuring debt and long-term liabilities. The practice continues to advise large financial institutions such as the Bank of Nova Scotia as well as advising several US cities on their out-of-court restructuring efforts. Situated in San Francisco, Marc Levinson has represented various California municipalities in their Chapter 9 cases, including the City of Vallejo and City of Stockton, while New York based Lorraine McGowen is experienced in representing bondholder committees. Thomas Laryea, based in Washington DC, is a standout name for his expertise in sovereign debt restructuring.
Practice head(s):
Raniero D’Aversa
Other key lawyers:
Marc Levinson; Lorraine McGowen; Thomas Laryea
Testimonials
‘The Orrick team (namely Thomas Laryea, Sushila Nayak and Lorraine McGowen) was an outstanding resource for us and our fellow committee members during the years long restructuring negotiations. Their industry expertise was invaluable to achieving a good result.’
‘Thomas Laryea stands out in particular as someone who has not just a keen sense of legal issues, but is an expert in the field and is adept at discussing business issues, utilizing his vast network of contacts and generally doing whatever he can to advocate for his clients.’
Key clients
Suriname Bondholder Committee
Belize Bondholder Committee
PG&E Equity Holders
City of Beaumont, California
Work highlights
- Representing the bondholder committee, which includes Franklin Templeton, Eaton Vance, GMO, Greylock Capital, and T. Rowe Price, on the restructuring of US$850million of Suriname government bonds.
- Advised the bondholder creditor committee, including Aberdeen Standard, Grantham Mayo van Otterloo, and Greylock Capital, on the Belize government’s buyback of its $553-million bonds due 2034.
- Advising bondholders on a sovereign debt restructuring for Venezuela, which has amassed about $150 billion in public debt, much of which is in default.
Ballard Spahr LLP
Ballard Spahr LLP offers a combination of public and municipal bankruptcy expertise, especially in connection with major Chapter 9 cases, municipal recovery and high yield municipal bonds to provide an all round practice within the restructuring world. The firm has been active in representing the City of Chester, Pennsylvania in its Chapter 9 bankruptcy and the City of Detroit’s bankruptcy filing. Philadelphia-based William Rhodes is the practice leader of the firm’s Municipal Recovery Initiative, and regularly represents issuers, broker-dealers and investors in all areas of public finance, while Minneapolis-situated William Wassweiler represents financial institutions serving as corporate trustees financial institutions serving as corporate trustees involving municipal and corporate bonds, as well as corporate trustees. Situated in Wilmington, litigation partner Tobey Daluz focuses on corporate restructuring, workouts and general bankruptcy litigation, whereas Megan McCarthy is noted for her focus on public finance matters, and Delaware-based Laurel Roglen is a key name and is experienced in bankruptcy-related litigation.
Practice head(s):
Tobey Daluz; William Rhodes; Matthew Summers
Other key lawyers:
William Wassweiler; Megan McCarthy; Laurel Roglen
Key clients
KBC Bank N.V.
AllianceBernstein L.P.
Wells Fargo Bank, N.A.
National Federation of Municipal Analysts
Pennsylvania Economic Development Financing Authority
Wilmington Trust, National Association
UMB Bank, N.A.
Build America Mutual Assurance Company
U.S. Bank National Association
The Bank of New York Mellon Trust Company, N.A.
Goldman Sachs
Morgan Stanley
Bank of America Merrill Lynch
Computershare Trust Company
Work highlights
- Representing an indenture trustee in connection with covenant defaults and financial distress by owner/operators of hundreds of multi-family housing units in locations spread across multiple jurisdictions, including asset sales, bondholder presentations and negotiation of forbearance agreements.
- Served as bond counsel to the Pennsylvania Economic Development Financing Authority (PEDFA) in the structuring and successful closing of an innovative new financing program in which proceeds of one or more taxable bond offerings by PEDFA are made available (through a special purpose entity) to participating Pennsylvania municipalities for deposit into their municipal pension funds in exchange for a pledge and assignment of their annual, Commonwealth-funded municipal pension aid subsidy payments.
- Represented the institutional investors in a high yield offering of unrated bond anticipation notes issued by the U.S. Virgin Islands Water and Power Authority (WAPA) to fund past due amounts owed to a critical power generation equipment provider.
Cadwalader, Wickersham & Taft LLP
Cadwalader, Wickersham & Taft LLP‘s New York team has been involved in complex restructuring cases involving state and local governments, with the firm having had a major role in the municipal bankruptcies occurring in the US including Jefferson County and Detroit, alongside Puerto Rico. The firm is comprised of specialists in municipal credit and securitization, as well as distressed municipal credit risk. Lary Stromfeld has a reputation in complex transactions and is currently representing the Federal Reserve’s Alternative Reference Rates Committee in navigating the cash markets through LIBOR transition. ‘Best in class‘ Ivan Loncar is focused on derivatives, structured finance and municipal finance, including distressed municipal finance. Ingrid Bagby represents a range of parties including creditors and debtors in chapter 9 and chapter 11 proceedings, while Casey Servais has worked on a number of municipal bankruptcy cases.
Practice head(s):
Ivan Loncar; Casey Servais
Other key lawyers:
Lary Stromfeld; Ingrid Bagby
Testimonials
‘Best in class.’
‘Ivan Loncar and team are best in class within a best in class firm.’
Key clients
Assured Guaranty Corp. and Assured Guaranty Municipal Corp.
Bank of America Merrill Lynch
Federal Reserve Bank of Boston
Goldman Sachs
MBIA Inc.
Morgan Stanley
Work highlights
- Representing bond insurers Assured Guaranty Corp. and Assured Guaranty Municipal Corp. (“Assured”) in connection with the Commonwealth of Puerto Rico’s restructuring of approximately $73 billion of bond debt.
- Represented the Federal Reserve Bank of Boston (the “FRBB”) in the development, documentation and implementation of the $600 billion Main Street Lending Program (“MSLP”), a key component of the Federal Reserve Board’s historic actions to provide up to $2.3 trillion in loans to support the U.S. economy in response to the COVID-19 pandemic.
Norton Rose Fulbright
Norton Rose Fulbright‘s municipal restructuring and bankruptcy group has represented key parties in-court and out-of-court debt adjustment proceedings, alongside representing creditors in Chapter 9 cases including in Detroit and Jefferson County Alabama. New York-based Eric Daucher heads the practice and has represented major stakeholders and parties including ad hoc groups of insured bondholders in large municipal restructurings, including the restructuring of Puerto Rico’s finances. Ryan Manns , located in Dallas, co-head’s the practice and has been involved in different stages of restructurings involving advising on bond holdings, whereas Rebecca Winthrop, in Los Angeles, has represented secured and unsecured creditors, as well as debtors in insolvency proceedings. James Copeland, in New York is noted for his varied practice, including advising foreign representatives in Chapter 15 proceedings.
Practice head(s):
Eric Daucher
Other key lawyers:
Ryan Manns; Rebecca Winthrop; James Copeland
Key clients
Syncora Guarantee
Puerto Rico Public Buildings Authority
Puerto Rico Electric Power Authority (PREPA)
Borough of East Rutherford, New Jersey
Cardinal Bay
4k Inc.
Nomura Corporate Funding Americas
Work highlights
- Advising Syncora Guarantee in connection with the Title III plan of adjustment for the Puerto Rico Highways and Transportation Authority.
- Advising the Borough of East Rutherford, New Jersey as a creditor in connection with a major public/private enterprise in the tristate area.
- Representation of Cardinal Bay, a Texas-based, non-profit organization that provides housing for senior citizens and people with special needs, in connection with the restructuring of approximately US$250 million in municipal bond obligations.
O'Melveny & Myers LLP
O'Melveny & Myers LLP plays a role in municipal restructurings involving a wide variety of industries, including transportation, telecommunications, energy, gaming, real estate and entertainment. John Rapisardi in New York chairs the global restructuring practice and has been focused on the ongoing representation of the Puerto Rico’s government with respects to the financial restructuring of its debt obligations. Dallas and New York Lou Strubeck Jr. handles matters for institutional noteholders and bondholders, while Maria DiConza is advising the City of Long Beach in the face of a $140m judgement against the the City. Washington DC-based Peter Friedman is a key name from the firm.
Practice head(s):
John Rapisardi; Lou Strubeck Jr.
Other key lawyers:
Maria DiConza; Peter Friedman
Key clients
Puerto Rico Fiscal Agency and Financial Advisory Authority
Puerto Rico Electric Power Authority
Puerto Rico Public Private Partnership Authority
Puerto Rico Aqueduct and Sewer Authority
Brazos Electric Power Cooperative, Inc.
Work highlights
- Assisted the Government of Puerto Rico in developing and implementing strategies to position Puerto Rico Electric Power Authority to restructure its legacy liabilities and transform the aging electrical system into a modern utility after years of historical financial and operating difficulties and the devastating impacts of natural disasters.
- Serving as restructuring and litigation counsel for the Puerto Rico Fiscal Agency and Financial Advisory Authority in (1) post-closing matters related to the now-confirmed Title III restructuring proceeding for the Commonwealth of Puerto Rico—the most closely watched and largest restructuring in recent years;(2) litigation matters related to the confirmed Title III, and (3) litigation of other matters arising under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA).
- Led Puerto Rico Aqueduct and Sewer Authority’s negotiations with the US Department of Agriculture, US Environmental Protection Agency, and US Department of Treasury to restructure $1 billion of debt under federal water programs.
Reed Smith LLP
Reed Smith LLP concentrates on complex financial restructurings, workouts and bankruptcy matters involving financially distressed situations. The team has cross-border capabilities across the world, with a joint practice focused on creditor and investor side work, including acting for secured and unsecured creditors both in-court and out-of-court. Based in Wilmington and New York, Kurt Gwynne is the head of the department, with key names from the firm including Philadelphia and Princeton-based Derek Baker, Pittsburgh-situated Luke Sizemore and Houston-based Paul Moak.
Practice head(s):
Kurt Gwynne
Other key lawyers:
Derek Baker; Luke Sizemore; Paul Moak
Squire Patton Boggs
Squire Patton Boggs‘ restructuring and insolvency group provides an integrated approach to municipal restructuring matters, combining the team’s expertise in public finance, policy and governmental affairs in connection with out-of-court restructurings. Situated in San Francisco, Karol Denniston is experienced in representing debtors, creditors, bondholders and other parties in litigated bankruptcy cases and out-of-court transactions, as well as working with stressed and distressed governmental entities having represented cities and special districts. Cincinnati and New York-based Stephen Lerner handles cross-border Chapter 15 proceedings and Chapter 9 municipal restructurings, while Miami-based Pedro Hernandez specializes in representing a variety of clients in public finance matters including the State of Florida and the Commonwealth of Puerto Rico. Cleveland-situated Maura McIntyre is noted for her focus on workout proceedings on behalf of financially distressed municipal entities and their creditors.
Practice head(s):
Karol Denniston; Stephen Lerner
Other key lawyers:
Pedro Hernandez; Maura McIntyre
Testimonials
Key clients
California Municipal Authority
Keck Graduate Institute
Puerto Rico Electric Power Authority
U.S. Bank, National Association
U.S. Virgin Islands Public Finance Authority
Western Alliance Public Finance
Work highlights
- Representing U.S. Bank, National Association, as Indenture Trustee in connection with $15,640,000 Pioneers Memorial Healthcare District Revenue Bonds.
- Representing Bank of Nevada and Western Alliance Bank as Indenture Trustee and sole bondholder of approximately $8 million in outstanding principal bonds issued to finance Basic Water Company.
- Representing U.S. Bank, National Association, as Indenture Trustee in connection with $12,570,000 in bonds issued by San Benito Healthcare District.