Firm Profile > Milbank > New York, United States

Milbank
55 HUDSON YARDS
NEW YORK, NY 10001
United States

Energy: renewable/alternative power Tier 1

Leveraging the firm's world-class project finance offering, both domestically and across its international network, and also imbued with a strong understanding of the underlying sector specific nuances associated with work across the renewables firmament, Milbank is regularly involved in the most significant domestic and cross-border projects in the market. Led from New York by Daniel Bartfeld and Jonathan Green, the team is undoubtedly best-known for its creditor-side work for banks across a range of finance products, as well as institutional investors in private placement offerings. As part of his broad project finance offering, Bartfeld has developed  a strong reputation handling Latin America-based mandates, many of which involve multi-source finance structures. Roland Estevez is also a key driver of the firm's South America offering, with notable recent instructions flowing from both lenders and sponsors on financing and refinancing mandates relating to solar and wind projects in Chile. Los Angeles-based partner Timothy Wendling has a strong reputation advising lenders on the financing of utility-scale domestic wind and solar projects and is also well-versed in handling M&A-related work in the space, for both buyers and sellers. Karen Wong recently retired. All named practitioners are based in New York, unless otherwise indicated.

Practice head(s):

Daniel Bartfeld; Jonathan Green

Other key lawyers:

William Bice; Roland Estevez; Jeffrey Leider; Allan Marks; Dan Michalchuk; Jaime Ramirez; Carolina Walther-Meade; Henry Scott; Timothy Wendling; Alexander Borisoff; Richard Hillman

Key clients

AIP Management

Sonnedix

CoBank, ACB

Norddeutsche Landesbank

Canadian Solar Inc.

Mainstream Renewable Power Ltd.

Restructuring (including bankruptcy): corporate Tier 1

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.

Capital markets: global offerings Tier 2

Milbank is noted in particular for its focus on Latin America, with the New York office regularly working with colleagues in São Paulo to gain a healthy market share of international offerings from Brazil, Mexico and other key jurisdictions; this includes a mixture of equity and debt offerings, spanning investment grade, high-yield and project bond offerings. The New York-based team is equally active on behalf of both issuers and underwriters. Marcelo Mottesi leads the global capital markets team and has a principal focus on Latin America, where fellow New York partner Carlos Albarracin is also a prominent figure in the capital markets space.

Practice head(s):

Marcelo Mottesi; Tobias Stirnberg

Other key lawyers:

Carlos Albarracin

Key clients

BofA Merrill Lynch

Avianca

J.P. Morgan

Cencosud S.A.

YPF S.A.

Grupo Energía Bogotá

Andrade Gutierrez International S.A.

Braskem S.A.

Goldman Sachs

Morgan Stanley

Energy transactions: conventional power Tier 2

Co-headed from its New York headquarters by Daniel Bartfeld and Jonathan Green and able to draw upon significant bench strength from the West Coast, as well as internationally, Milbank has a particular focus on domestic and cross-border project development and financing within the conventional power sector. Although the firm does handle some work for borrowers, including private equity funds, it is undoubtedly best-known for its creditor-side credentials, including on behalf of commercial banks, which are appreciative of its sector knowledge and familiarity with financing products throughout the capital structure, including traditional bank loan structures, as well as private placements and Term Loan B (TLB) financings. Although he handles some domestic work, Bartfeld has developed a particularly strong reputation advising creditors in relation to Latin American projects, many of which involve multi-source financings and are underwritten by ECAs. William Bice is also a core member of the team and excels at advising clients on the development, financing, acquisition, disposition and restructuring of power generation (conventional and renewable), and transmission projects. Special counsel Richard Hillman is also recommended. All named practitioners are based in New York.

Practice head(s):

Daniel Bartfeld; Jonathan Green

Other key lawyers:

William Bice; Roland Estevez; Jeffrey Leider; Allan Marks; Dan Michalchuk; Jaime Ramirez; Carolina Walther-Meade; Karen Wong; Henry Scott; Tim Wendling; Alexander Borisoff; Richard Hillman

Key clients

Morgan Stanley

BNP Paribas

Credit Suisse

ArcLight Capital Partners

Arroyo Energy Group

LS Power

Allianz Global Investors

Securities litigation: defense Tier 2

Milbank's New York office is frequently called upon to represent underwriters, issuers, banks, broker-dealers, investment advisers, accounting firms and individual defendants in securities class actions and derivative suits. A large proportion of its caseload includes high-stakes multi-jurisdictional cases, and its litigators work closely with the firm's market-leading broker-dealer regulatory practice, and strong bench of white-collar crime and SEC enforcement lawyers. In fact, the firm is acknowledged as one of the leading advisers to investment advisers on cases under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940. George Canellos and Daniel Perry are global head and practice group leader, respectively, of firm's litigation and arbitration group. Within that group, Scott Edelman and Sean Murphy are the standout practitioners for securities litigation. Murphy secured a significant trial victory for Great-West Life & Annuity Insurance Company and Great-West Capital Management seeking $100m damages in a long-running excessive fees case.

Practice head(s):

George Canellos; Daniel Perry

Other key lawyers:

Scott Edelman; Sean Murphy

Key clients

VEREIT

Deutsche Bank

Citigroup Inc.

Rabobank

Primero Mining Corp.

Goldman Sachs

Sociedad Quimica y Minera de Chile S.A. (SQM)

Morgan Stanley

Société Générale Americas Securities, LLC

Telecoms and broadcast: transactions Tier 2

Milbank has noted strengths in telecoms and satellite financings, as well as in satellite and space sector transactions. Washington DC-based Dara Panahy jointly leads the practice and focuses on satellite related financing and service agreements with expertise cross-border matters involving Europe and Asia.  Other key individuals include Peter Nesgos, who advises satellite operators and financiers on space and satellite projects; and Patrick Campbell, a specialist in procurement and joint ventures. Senior associate Bijan Ganji and associate Alexis Sáinz are standout names on the more junior end.

Key clients

WorldVu Satellites Ltd. (d/b/a OneWeb)

NetLink NBN Trust

Es’hailSat (Qatar Satellite Company)

PT Pasifik Satelit Nusantara

Avanti Communications

Iridium Communications Inc.

Spaceflight Industries

ING Group (Bank)

Panasonic Aviation

Goldman, Sachs & Co., Mizuho Securities and J.P. Morgan

Transport: aviation and air travel - finance Tier 2

Based in New York, the team at Milbank has been involved in innovative aircraft financings. In particular, Drew Fine (chair of the firm's finance practice) has worked on several of the market's most significant ABS transactions and financings involving aircraft. He has also participated in the evolution of EETCs over the years. Alongside Freyda Mechlowicz, Fine recently advised the initial purchasers on a large Rule 144A/Regulation S offering of senior notes by Delta Air Lines (Delta) and a subsidiary of Delta. James Pascale's past experience includes advising the initial purchasers on a $850m senior notes offering by Spirit Airlines Subsidiaries. Helfried Schwarz took an in-house position at ORIX Aviation in February 2021.

Practice head(s):

Drew Fine

Other key lawyers:

James Pascale; Patrick Campbell 

Capital markets: debt offerings Tier 3

Milbank has a highly-developed US securities and global capital markets practice with particular strength on the underwriter side, though highly credible with issuers as well. The firm is best known for high-yield debt work, though it also has an established record across the debt space, particularly in relation to acquisition financings. Energy, infrastructure and projects, along with gaming and aerospace, are key sectors. The aerospace sector was particularly fruitful for the firm in 2020, with Brett Nadritch advising on debt offerings by Delta Air Lines, Alaska Airlines, America Airlines and Air Canada. It also especially well known for global offerings originating from Latin America; global head of capital markets Marcelo Mottesi is a key figure in this regard. Rod Miller heads the US securities practice, and Paul Denaro is also noted for global bond offerings, including sovereign issuances. All named partners are based in New York.

Practice head(s):

Marcelo Mottesi; Rod Miler

Other key lawyers:

Brett Nadritch; Paul Denaro

Key clients

Goldman Sachs

Credit Suisse

Bank of America Merrill Lynch

Barclays Capital

Citigroup

Deutsche Bank

MGM Resorts International

Red Rock Resorts, Inc.

JP Morgan

Nabors Industries, Inc.

Export Development Canada

General commercial disputes Tier 3

Based in New York, the team at Milbank represents financial institutions and other corporates, private equity firms and high-net-worth individuals in high-stakes commercial litigation. In addition to core strengths in insurance and financial services litigation, the team has experience of business torts, including fraud, breach of fiduciary duty and tortious interference claims. Firm chairman Scott Edelman maintains a varied caseload cutting across major industries, such as real estate and healthcare; he recently represented VEREIT in 19 high-value securities fraud claims, securing a successful outcome in each claim. Also recommended are Atara Miller and Daniel Perry, who specialize in securities and bankruptcy litigation, respectively.

Practice head(s):

George Canellos; Daniel Perry

Other key lawyers:

Scott Edelman; Atara Miller; Daniel Perry

Key clients

AXA Equitable Life Insurance Company

AXA Equitable Funds Management Group, LLC

Bloomberry Resorts and Hotels

Citigroup Inc.

Broadcast Music, Inc.

Goldman Sachs

Lincoln Financial

Rabobank

Deutsche Bank

VEREIT

Primero Mining Corp.

Structured finance: securitization Tier 3

Milbank is best known in this area for the strength of its CLO practice, where it is especially active in manager-side representations. The group is led by Jay Grushkin in New York and includes Los Angeles-based Deborah Festa, whose securitization practice covers warehouse financing arrangements and follow-on refinancing and reset transactions.

US taxes: non-contentious Tier 3

The team at Milbank stands out in particular for its expertise in major bankruptcies and associated restructurings. Headed up by Russell Kestenbaum, the department has represented ad hoc creditor committees on some of the most impactful bankruptcy proceedings for major American retailers, financial institutions, and energy companies. The team is also experienced in handling M&A, capital markets transactions, project financings and executive compensation matters for transactions in the aerospace, transportation and telecoms sectors. Andrew Walker has a strong track record in capital markets and structured finance transactions. Eschi Rahimi-Laridjani is another name to note for financing transactions, financial products, derivatives and securities offerings, while Max Goodman is recognized for his experience in M&A. All named lawyers are based in New York.

Practice head(s):

Russell Kestenbaum

Other key lawyers:

Andrew Walker; Eschi Rahimi-Laridjani; Max Goodman

Testimonials

‘Experts in advising on tax issues associated with distressed businesses on behalf of debtors and investors in distressed credit. They bring exceptional experience to the table and provide unique value in the specialized area of corporate restructurings.’

‘Russ Kestenbaum is a leading lawyer in tax issues faced in restructurings. His advocacy is strengthened by his experience, thoughtfulness and methodical nature.’

‘Milbank tax is very commercial. There is a tendency among transactional tax attorneys to be overly formal in their analysis and advice, but Milbank’s group has a better understanding of real-world circumstances.’

‘Eschi Rahimi-Laridjani is our main contact there. She’s very responsive, always reasonable in her advice and approach, and has conducted trainings for our business team on relevant tax issues. An excellent partner.’

Key clients

Ares

Platinum Equity

Cencosud Shopping S.A

Eldorado Resorts, Inc.

Garrison Investment Group

Bank of America Merrill Lynch

HPS Investment Partners

JP Lease Products and Services and Stratos Aircraft Management

Goldman Sachs Merchant Banking Division

PKA and PenSam

EIR

United States Steel Corporation

Capital markets: equity offerings Tier 4

Milbank's steady pipeline of engagements in 2020 was in part driven by fund raisings linked to the Covid-19 crisis, most notably in the aviation industry. This included a number of fund raisings featuring both equity and debt offerings. Power and renewables, and gaming and hospitality are also strong fields for the capital markets team, which is most active for underwriters in this space. Marcelo Mottesi is global head of the capital markets practice and is best known for Latin America offerings, while Rod Miller leads the US securities practice. Paul Denaro and Brett Nadritch are prolific capital markets specialists in both debt and equity deals.

Practice head(s):

Marcelo Mottesi; Rod Miler

Other key lawyers:

Paul Denaro; Brett Nadritch

Key clients

Goldman Sachs

Credit Suisse

Bank of America Merrill Lynch

Barclays Capital

Citigroup

Deutsche Bank

MGM Resorts International

Red Rock Resorts, Inc.

JP Morgan

Nabors Industries, Inc.

Capital markets: high-yield debt offerings Tier 4

Milbank's institutional relationships with major investment banks, such as Citigroup, Credit Suisse and Goldman Sachs, provide it with a steady flow of major high-yield debt mandates, including many that are linked to international acquisition financings. The firm and the central capital markets team have an extensive record in the energy, infrastructure, gaming and aerospace industries. Marcelo Mottesi leads the global capital markets practice and has a principal focus on Latin America deals. Rod Miller leads the US securities group.

Practice head(s):

Marcelo Mottesi; Rod Miller

Key clients

Bank of America Merrill Lynch

Barclays Capital

Citigroup

MUFG Securities

Credit Suisse

Deutsche Bank

Goldman Sachs

JPMorgan Securities LLC

MGM Resorts International/MGP

Morgan Stanley & Co. LLC

Employee benefits, executive compensation and retirement plans: transactional Tier 4

Financial restructuring is a particular field of expertise for Milbank’s New York-based employee benefits and executive compensation practice, with practice co-head Manan Shah advising corporate clients in the retail, gaming, technology, telecoms and financial services sectors on complex Chapter 11 proceedings. Practice co-head Joel Krasnow has extensive expertise in executive compensation matters, and is recommended for handling ERISA fiduciary compliance and prohibited transactions issues.

Practice head(s):

Manan Shah; Joel Krasnow

Other key lawyers:

Kelly Bartley

Key clients

Ad Hoc group of unsecured noteholders of Frontier Communications

Caesars Entertainment, Inc.

HPS Investment Partners

OneWeb Global Limited

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

NuCom Group

Triterras Fintech

Era Group Inc.

Hornbeck Offshore

Energy transactions: oil and gas Tier 4

Led from New York by Daniel Bartfeld and Jonathan Green, and also able to leverage the expertise of practitioners based in South America, UK and Asia, Milbank's 25-partner global project, energy and infrastructure group regularly handles oil and gas transactional work, from both a domestic and international perspective. Although it does handle some work for sponsor clients, the firm's undoubted sweet-spot lies in its 'first-rate representation' of lender clients, including Investec Bank and MUFG Bank, on the project financing of major midstream facilities, including natural gas and crude oil pipelines.

Practice head(s):

Daniel Bartfeld; Jonathan Green

Other key lawyers:

William Bice; Roland Estevez; Jeffrey Leider; Allan Marks; Dan Michalchuk; Jaime Ramirez; Carolina Walther-Meade; Karen Wong; Timothy Wendling; Alexander Borisoff; Richard Hillman

Key clients

Investec Bank plc

ING Capital LLC

MUFG Union Bank, N.A.

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation

PetroRecôncavo

Allianz Global Investors

Orchard Global Asset Management

Deutsche Bank

Brookfield

M&A: large deals ($1bn+) Tier 4

Milbank focuses on large-scale, market-critical deals for a client base that includes Fortune 500 corporates, a range of investment funds, financial institutions, and international companies such as Canadian Solar. The focused, experienced team includes practice chair John Franchini, who has a strong record in energy sector work and public and private M&A, as well as international mandates, with recent highlights including Canadian Solar’s sale of three Mexican solar photovoltaic projects. Dean Sattler leads on cross-border deals, and has a particular focus on infrastructure investments and transactions; while special counsel Iliana Ongun combines broad M&A expertise with strong corporate governance capabilities, including takeover defense. The vastly experienced Neil Whoriskey joined the firm from Cleary Gottlieb Steen & Hamilton in September 2020, bringing significant experience in major bet-the-company deals for blue-chip clients. Scott Golenbock continues to be a leading name for negotiated and hostile acquisitions, spin-offs, and divestitures. Francisco Nuñez made partner in January 2020, reflecting his strong work in the Latin American market. David Zeitner and Alexander Kaye retired from the partnership, taking consultancy roles within the firm. All named lawyers are in New York.

Practice head(s):

John Franchini

Other key lawyers:

Dean Sattler; Iliana Ongun; Neil Whoriskey; Scott Golenbock; Francisco Nunez; Aaron Stine

Testimonials

‘John Franchini and Aaron Stine have worked with us on a number of complex, cross-border transactions where they have provided commercial and pragmatic advice, but at the same time ensured that any material risks are appropriately mitigated. They are incredibly responsive and are a pleasure to work with.’

‘Milbank lawyers are thoughtful and proactive in identifying issues and do an excellent job with complex structures and investments. They are always available and incredibly solutions oriented instead of raising issues and barriers without solving them.’

‘John Franchini and Aaron Stine have been excellent to work with. They are always available and regardless of which side they are representing take reasonable points of view and approach each assignment with the goal of bridging gaps instead of creating issues.’

‘Breadth of specialist expertise in renewable energy is unmatched and market leading; Responsiveness is amazing; Work product is outstanding; Their overall market knowledge is also incredibly valuable.’

‘The team is very strong technically and provides a very high standard of service. They are always available and able to add value in negotiations. Knows the market and able to provide recommendations on how best to resolve issues. Very cohesive team that worked seamlessly across numerous disciplines to deliver a holistic solution.’

‘John Franchini is a stand out partner. Very high praise for his negotiating skills and solutions-driven approach to resolving issues. Able to distill complex issues into simple concepts.’

Key clients

Abu Dhabi Investment Authority

Actis

Alberta Investment Management Corporate

Apollo Aviation Group

Apollo Global Management

Blackrock

Carlyle

Canadian Solar Inc.

Era Group Inc.

GIC Special Investment Pte. Ltd

JP Morgan Infrastructure Investment Fund

M&G Investments

MidCap Financial

Mitsui & Co., Ltd.

Molina Healthcare

Ontario Teachers’ Pension Plan

Patricia Industries

PSP Investments

QIC Global Infrastructure

Siguler Guff

Strategic Value Partners LLC

The Canada Pension Plan Investment Board

Turning Point Brands, Inc.

United States Steel Corporation

Patents: litigation (full coverage) Tier 4

Milbank can look back on another successful year of life sciences litigation. With a number of headline-grabbing wins in district courts and the Federal Circuit in particular, the group's pharmaceutical, biotechnology and medical device experts continue to impress. BPCIA and Hatch-Waxman litigation are core components of the caseload, as are post-grant proceedings at the PTAB. Thanks to the practitioners who also hold advanced engineering and science degrees and bring industry experience to the table, the firm can draw on a wealth of in-house knowledge, including in the technology and telecoms sectors. Disputes at the intersection of patent law and regulatory matters, such as those handled by the FDA and FTC, and licensing disputes are another area of strength. Located in Los Angeles, from where practice head David Gindler directs the team, and New York, the team has a bi-coastal presence near the country's busiest innovation centres. Mark Scarsi left the firm at the beginning of 2020 following his appointment as a district court judge for the Central District of California.

Practice head(s):

David Gindler

Other key lawyers:

Errol Taylor; Lauren Drake; John Lu; Gary Frischling; Christopher Gaspar; Nathaniel Browand

Testimonials

‘David Gindler is simply one of the finest and most respected litigators and trial lawyers for patent litigation in the country. ’

David Gindler is an extraordinarily smart and gifted lawyer with gravitas inspiring confidence and respect–both as counsel to address, in a practical manner, complex legal and business issues, and as a fierce patent litigator and trial lawyer in bet-the-company cases.’

Key clients

Tris Pharma, Inc.

TMT Systems, Inc.

Rosenberger Technology (Kunshan) Co. Ltd., Rosenberger Asia Pacific Electronic Co., Ltd., Rosenberger Site Solutions, LLC

Skysong Innovations

Ludwig Institute for Cancer Research

Natera, Inc.

Unicorn Energy GmbH

Take-Two Interactive Software, Inc.

Bayer Cropscience

MRSI Systems, Inc.

Auven Therapeutics

Orexo AB

Emeram Capital Partners

Boards and More

EB Research Partnership (EBRP)

Fujitsu Network Communications, Inc.

Real estate finance Tier 4

Milbank is a prominent player in the transactional space where it handles an array of deal-types, from debt, equity and preferred equity structures through to debt-to-equity, structured finance and joint venture models. The team has specialist knowledge of UCC foreclosures and distressed debt workouts which involve CMBS and capital stacks; it is also recognized for its work in the hospitality and gaming space where it supports on debt, equity and joint venture transactions. New York-based Kevin O’Shea leads the department and is an expert in mortgage loans, securitizations, complicated equity investments and mezzanine financings.

Practice head(s):

Kevin O’Shea

Other key lawyers:

Erwin Dweck; Yaakov Sheinfeld

Key clients

Annaly Commercial Real Estate Group, Inc.

Apollo Global Management

Artemis Real Estate Partners

Cerberus

Eldorado Resorts, Inc.

Fortress Investment Group

Garrison Investment Group

HPS Investment Partners

JPMorgan Chase Bank, N.A.

Mapletree Investments

MGM Resorts International

ONYX Equities LLC

Otéra Capital

Pacific Investment Management Company, LLC (a/k/a PIMCO)

Pontiac Land Group

Prospect Ridge Advisors (A/K/A AllianceBernstein Real Estate)

DWS (f/k/a RREEF and Deutsche Asset & Wealth Management)

Sahara Group

SL Green Realty Corp.

State General Reserve Fund of the Sultanate of Oman

Sumitomo Mitsui Banking Corporation

Taconic Capital Partners

TPG Real Estate

Triangle Real Estate

Merger control Tier 5

Milbank offers expertise in a range of complex merger clearance proceedings, with notable strength in handling restructuring and distressed acquisitions. A recent highlight in this space was its representation of Eldorado Resorts in its $17.3bn merger with Caesar's. The antitrust team also works closely with the firm's growing corporate department on a variety of other transaction types. The group is led by Fiona Schaeffer, an experienced antitrust attorney with expertise across litigation, merger filings and proceedings, and merger defense, with particular strengths in the healthcare, financial services, media, and communications sectors. Joe Rafferty is recommended for advice on Hart-Scott-Rodino filings.

Practice head(s):

Fiona Schaeffer

Other key lawyers:

Joe Rafferty

Key clients

Era Group Inc.

Sartorius AG

Ad Hoc Committee of Crossover Lenders to Rentpath Holdings, Inc.

Eldorado Resorts, Inc.

SUSE Software Solutions Germany GmbH

Hornbeck Offshore Services

United States Steel Corporation

Mood Media LLC

Pacific Investment Management Company LLC

OneWeb Limited

Commercial lending

Milbank is undoubtedly one of the premier firms for lender-side advice, having spent many years advising leading investment banks and direct lenders on leveraged deals, most notably acquisition financings and public-to-private transactions. The group also showcases capabilities in cross-border transactions; with offices in London, Germany and Asia, the team is able to seamlessly handle New York and London legal structures, providing clients with end-to-end service in multi-jurisdictional mandates. Practice head Marc Hanrahan enjoys a stellar reputation throughout out the market for his leveraged finance expertise. The New York office is also home to a number of other experienced partners including Lauren Hanrahan, Marcus Dougherty and Charles Stern. The finance team now also has an on-the-ground contact in Los Angeles, following Eric Reimer's transfer from the corporate department to the leveraged finance group in 2020.

Practice head(s):

Marc Hanrahan

Other key lawyers:

Lauren Hanrahan; Eric Reimer; Marcus Dougherty; Charles Stern; Benjamin Sayagh

Key clients

Goldman Sachs & Co.

Credit Suisse

Citibank

Nomura

HSBC

Ares Management

Royal Bank of Canada

Credit Agricole

KKR

Owl Rock

Corporate investigations and white-collar criminal defense

Milbank is particularly active in the financial services industry, fielding a team that includes a number of former federal prosecutors and SEC attorneys. The team is regularly involved in criminal and regulatory enforcement matters in a number of sectors and often handles cases that are international in nature. Areas of focus include corruption, bribery and sanctions violations, cyber security and data protection. George Canellos heads up the team and is well versed in enforcement actions brought by the SEC, CFTC, FINRA and DOJ. Antonia Apps acts for financial institutions, corporations, asset management firms, and individuals in securities litigation, corporate investigations and civil litigation. Katherine Goldstein left for Akin Gump Strauss Hauer & Feld LLP in July 2020. Named attorneys are based in New York.

Practice head(s):

George Canellos

Other key lawyers:

Antonia Apps; Scott Edelman

Testimonials

‘They have the big picture and subject matter expertise that allows them to provide practical advice’.

‘We have had good experience with the Milbank team distilling issues to assist in the decision-making process’.

‘Overall we are very happy with the first-class legal advice that we have received from the Milbank team’.  

‘The Milbank team has been very flexible from a billing perspective’.

‘They are interested in building long-term relationships with us’.   

Key clients

VEREIT, Inc. formerly American Realty Capital Properties

JPMorgan Chase

Morgan Stanley

Rabobank UA

American Renal Associates Holdings, Inc.

Goldman Sachs

Deutsche Bank

PricewaterhouseCoopers

Ernst & Young

Project finance

Primarily based in New York, the team at Milbank has established its position as a market leader in the project finance space, and continues to advise on the most high-profile financing transactions relating to projects of all types, both domestically and internationally. The group's reputation in lender-side work is second to none, having assisted high-profile corporate and government clients with private placements, mezzanine financings and hybrid bank-bonds. On the sponsor side, the team regularly advises on tax equity financing, and has complimentary expertise in construction financing and regulatory issues. Latin America specialist Daniel Bartfeld and public private partnerships expert Jonathan Green jointly lead the team, which also includes William Bice, Daniel Michalchuk, Roland Estevez and Los Angeles-based Timothy Wendling, all of whom act for major sponsors and leading financial institutions. Jeffrey Leider (who was promoted to partner in 2020) focuses on power generation projects, while associate Richard Hillman assists with transactions in both the conventional and renewable energy space.

Practice head(s):

Daniel Bartfeld; Jonathan Green

Other key lawyers:

William Bice; Daniel Michalchuk; Roland Estevez; Timothy Wendling; Richard Hillman; Jeffrey Leider

Latin America: International firms > Banking and finance Tier 1

Milbank is at the forefront of energy and infrastructure finance and continues to lead the market in lender representations; this includes numerous corporate lending engagements and acquisition and project finance mandates. In addition, it maintains close links to large Latin American borrower clients. Beyond its core areas of expertise, the firm's exalted reputation in financing has enabled it to land a series of major restructuring and refinancing engagements. In the more specialist end of the market, it also advised Mexarrend, a leading Mexican non-bank financial institution, on a $150m warehouse secured loan facility secured by equipment lease receivables. Carlos Albarracin is a leader in energy and infrastructure financings, both through structured lending and capital markets offerings; he is especially active in Mexico, Colombia and Argentina. Daniel Bartfeld is global head of the firm's project, energy and infrastructure finance group and has an extensive record in Latin America. Carolina Walther-Meade is a senior figure in infrastructure, power, oil and gas, and mining projects, along with acquisition finance and structured lending. Jaime Ramirez is amongst the younger generation of partners with an active presence in natural resources and infrastructure financings, so too is Roland Estevez, a respected individual in oil and gas, power, infrastructure and mining sector financings.

Practice head(s):

Daniel Bartfeld; Marcelo Mottesi

Key clients

Bank of America Merrill Lynch

JPMorgan Chase Bank

Empresas Públicas de Medellín (EPM)

Citibank

Credit Suisse

I-Squared Capital Advisors

HSBC

YPF

Goldman Sachs

Pan American Energy

Latin America: International firms > Projects and energy Tier 1

Milbank is a global leader in energy and infrastructure finance, this being particularly evident in Latin America where it dominates the market for top-tier engagements. The firm has particularly tight connections to bank lenders and DFIs. It also continues to make an impression in bank and bond financings, including hybrid transactions. It advised the initial purchasers and lenders in connection with a bank/bond fundraising by EnfraGen Energía Sur, Prime Energía, and EnfraGen Spain, consisting of a $710m 144A/Reg S project bond offering and a $1.05bn bank debt package.  Daniel Bartfeld is global leader of the project, energy and infrastructure finance practice, and has a major focus on Latin America. Senior name Carolina Walther-Meade is another recognised Latin America specialist with an extensive record in infrastructure, oil and gas, and mining project financings. Jaime Ramirez is an outstanding emerging talent in power and renewables projects, including bank and bond financings, as is Roland Estevez, who is another prominent figure in Latin America renewables financings. Alec Borisoff is noted for mining sector financings, while Jonathan Green and Los Angeles' Allan Marks provide additional senior-level gravitas. All named individuals are based in New York unless stated otherwise.

Practice head(s):

Daniel Bartfeld; Marcelo Mottesi; Jonathan Green

Key clients

SMBC

BNP Paribas

Morgan Stanley/JP Morgan

China Construction Bank

Mainstream Renewable Power

Sonnedix

InterEnergy

JBIC

EDC

KFW

Latin America: International firms > Capital markets Tier 2

Milbank has a large, established and diversified Latin America capital markets practice. Drawing on its history there, its handful of highly-experienced Latin America specialists, and its eminent New York and Sao Paulo teams, it is frequently engaged on the biggest deals in the market. The team has made a particular impression in green bonds and sustainability-linked bonds and has been at the forefront of Brazil's upsurge in IPO deals. Marcelo Mottesi is global head of the capital markets practice and co-head of the Latin America group; he has an established record in Latin America bond offerings, including green bonds and sustainability-linked issuances. Carlos Albarracin is a leader in energy and infrastructure-related offerings, particularly in Mexico, Colombia and Argentina; he covers both bank financings and capital markets issuances. Sao Paulo partner Tobias Stirnberg is a key figure in investment grade and high-yield debt, and equity offerings. Fabiana Sakai is another highly-rated practitioner in Sao Paulo, and has led the team on a series of headline Brazil IPOs and other equity offerings.

Practice head(s):

Marcelo Mottesi; Tobias Stirnberg

Key clients

BofA Merrill Lynch

Avianca

JP Morgan

Cencosud

YPF

Grupo Energía Bogotá

Tanner Servicios Financieros

Braskem

Goldman Sachs

Morgan Stanley

Latin America: International firms > Corporate and M&A Tier 4

Milbank has deepened its Latin America M&A and private equity credentials with the hire of Neil Whoriskey from Cleary Gottlieb Steen & Hamilton in September 2020, the promotion of Francisco Nuñez to partner in January 2020, followed by the elevation of Aaron Stine to the partnership in January 2021. This builds on the longer-term efforts of global corporate head John Franchini to build the firm's standing in cross-border M&A and private equity, including numerous deals involving Latin America. He and Stine recently advised Actis on the sale of the Zuma Energia renewable energy portfolio in Mexico to China’s State Power Investment Corporation (SPIC). The team is particularly known for private equity and financial sponsor-driven transactions in the energy and infrastructure sectors, a forte for the firm globally.

Practice head(s):

John Franchini

Key clients

Actis

Alberta Investment Management Corporate

Avianca Holdings

BlackRock

Blackstone

Canadian Solar

GIC Special Investment

Ontario Teachers’ Pension Plan

Partners Group

Saavi

SeaOne Holdings

Ser Educacional

TOTVS

The firm: For over 150 years, Milbank has provided innovative legal solutions advising on the largest, complex, ‘first-ever’ corporate transactions and disputes. Milbank’s clients are prominent multinational financial, industrial and commercial enterprises, governments, institutions and individuals. Milbank is a global firm with offices in New York, Los Angeles and Washington, DC in the US

Types of work undertaken
Capital markets/securities: Representing sellers, purchasers and financial intermediaries in international debt/equity offerings, derivatives/synthetic products, public utility financings, financial institution financings, project financings in capital markets and domestic and foreign government financings, Milbank advises on some of the largest and most complex deals globally.

Corporate/M&A/private equity: Milbank counsels clients on negotiated and hostile transactions in mergers and consolidations, stock/asset acquisitions and dispositions, strategic alliances, joint ventures, proxy contests/tender offers, leveraged/management buyouts, restructurings/bankruptcy reorganizations and corporate governance and executive compensation matters. The firm represents participants in private equity investing, structuring, negotiating, executing and financing private equity, ‘going-private’, recapitalizations and exit transactions. A key component of the firm’s M&A practice is its broad understanding of the corporate governance aspects of transactions. Milbank’s M&A corporate and litigation teams effectively counsel boards of directors in difficult and sensitive situations, with particular expertise providing defense advice to public companies.

Executive compensation and benefits: Milbank advises on corporate transactions and financial restructurings, including advising the boards of directors and compensation committees on the design and implementation of compensation and change-in-control programs.

Financial restructuring: Milbank is known for prominent corporate restructurings and groundbreaking chapter 11 cases. The firm is at the forefront of most of the largest, most complex corporate restructuring matters in the world, and this group’s representations have earned it numerous industry awards. The key to the firm’s long-standing success is its unique ability to advise companies, creditors’ committees, financial institutions, funds and trustees in domestic and cross-border restructurings while providing perspective from all aspects of a case.

Gaming and hospitality: Milbank has represented the world’s most well-known names in gaming and hospitality, private equity, restructuring, bankruptcy, private/public financings, joint ventures and long-term management deals. The firm represents lenders, bondholders, opportunity funds, private equity funds, management companies, institutional investors and owners of hotel, resort and gaming properties.

Global leveraged finance: Clients from around the world come to Milbank for advice on their most significant financing transactions. Advising financial institutions, companies and private equity clients on leveraged transactions, including senior, subordinated/mezzanine debt transactions, bridge financings and high yield bond offerings, Milbank has experience structuring complex debt instruments used in multi-jurisdictional transactions, including financings for cross-border acquisitions and multi-currency credit facilities.

Latin America: Milbank has extensive experience in project financings, capital markets, privatizations, mergers and acquisitions, debt-for-equity conversions, corporate and public sector restructurings and banking and financial services across every industry and region in Latin America.

Litigation and arbitration: Milbank’s litigators serve as lead counsel in some of the largest, most high-profile disputes in the world. The firm represents clients in multi-jurisdiction securities litigations, white-collar/regulatory investigations and complex disputes involving intellectual property, insurance, mergers and acquisitions, antitrust and commercial litigation. Cases involve federal securities laws, patent infringement, corporate control contests, accounting fraud and financial restructurings. Unrivalled in mutual fund class action and derivative litigation, the team has been involved in more 1940 Act cases than any other law firm in the US.

Project, energy and infrastructure finance: Recognized by the market globally as a leading firm in the area of PEIF, Milbank represents leading players, such as debt and equity investors, private sponsors and government lenders, in the financing and development of the world’s most critical and pioneering infrastructure projects. In the past three years, the group has acted as legal advisor in hundreds of energy and infrastructure-related matters worldwide and raised billions of dollars of capital for a wide variety of transactions, including power (renewable and conventional), oil/gas, energy, transportation (roads, airports, subways, ports) and other infrastructure projects.

Real estate: Milbank’s real estate group advises leading financial institutions, investment banks, private equity funds, hedge funds, pension funds, REITS and sovereign wealth funds. The group has extensive experience with complex deals including structuring, negotiating and closing all varieties of equity and debt transactions.

Structured credit: Milbank represents both lenders and borrowers in debt financings involving distressed credits, asset-based loans secured by illiquid pools of collateral and loans to private investment funds secured by specified investments and/or capital commitments. Year after year, the firm is consistently recognized as the leading CLO manager counsel by prominent ranking publications.

Structured finance and securitizations: Milbank advises on an array of non-traditional financial investments, products and strategies: specialty finance (including distressed and special situations investment), structured finance, derivatives/commodities, credit arbitrage, fund formation and institutional finance/private placements.

Tax: Milbank’s tax lawyers are leaders in developing innovative financial products and arrangements for corporations raising and investing funds in the international capital markets and structures for mergers and acquisitions, joint ventures and both majority and minority equity investments.

Technology and outsourcing: A leader in information technology and outsourcing transactions, Milbank has advised in more than 600 transactions in over 90 countries, with a combined deal value exceeding $150 billion.

Transportation and space: Milbank is a premier provider of legal services to the aviation industry worldwide, having innovated many of the structures and techniques that have become standard-bearers. Our lawyers frequently handle the largest and most innovative transactions in the field,  including acquisition and warehouse financings, secured portfolio financings, ABS, loyalty program financings, private placements, structured financings, AFIC financings and ECA financings, aviation mergers and acquisitions, IPOs, joint ventures, MBOs and aircraft portfolio acquisitions and disposals. The firm is a global leader in aviation capital markets transactions and has been involved in virtually every US and international EETC offering. The team also has significant experience in the restructuring of aircraft leases and financings in bankruptcy.

Trusts, estates and exempt organizations: Milbank serves prominent individuals and institutions in estate planning, trust and estate administration and litigation, and charitable giving. This group advises institutional fiduciaries and exempt organizations.

Photo Name Position Profile
 Marcus Dougherty photo Marcus Dougherty Partner, Global Leveraged Finance Group
 Drew Fine photo Drew Fine
 Marc Hanrahan photo Marc Hanrahan Practice Group Leader, Global Leveraged Finance Group
 Lauren Hanrahan photo Lauren Hanrahan Partner, Global Leveraged Finance Group
 Helfried Schwarz photo Helfried Schwarz
 Sean Solis photo Sean Solis Partner in the Alternative Investments Practice group