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Proskauer Rose LLP

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Martin Bienenstock

Work (212) 969-4530
Proskauer Rose LLP

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Martin Bienenstock is chair of Proskauer’s Business Solutions, Governance, Restructuring & Bankruptcy Group. Experienced in corporate law, governance, reorganization, litigation and Dodd-Frank, Martin focuses on the formulation of derivatives benefitting from the Bankruptcy Code’s safe harbors, and has worked on broker-dealer insolvencies such as Lehman Brothers where he represented and represents financial institutions against the SIPA trustee and Lehman. Martin advises clients on restructurings, acquisitions, trials and appeals. He handled the Owens Corning appeal, increasing the value of his bank clients' claims against Owens Corning to more than $2.2 billion. Martin's practice also encompasses crisis management and restructuring.

United States: Finance

Restructuring (including bankruptcy): corporate

Within: Leading lawyers

Martin Bienenstock - Proskauer Rose LLP

Within: Restructuring (including bankruptcy): corporate

Jointly leading the practice at Proskauer Rose LLP are Chicago-based Jeff Marwil and Mark Thomas, and Martin Bienenstock in New York. The team represented the statutory unsecured claimholders’ committee in the Chapter 11 of Westinghouse Electric, which filed for bankruptcy with almost $10bn of estimated debt; the firm negotiated for a segregated fund of $1.15bn to pay allowed unsecured claims, and with the confirmation of the company’s Chapter 11 plan, unsecured creditors are expected to receive complete recovery on account of their allowed claims. In another energy related matter, the team is acting for the statutory committee of equity security holders in the Chapter 11 of Breitburn Energy Partners, an independent oil and gas partnership with more than $3bn of funded debt; associate Maja Zerjal acted in this matter. In the retail sector, the department is representing the TRU Taj Entities, affiliates of Toys “R” Us, in a Chapter 11 pending before the US Bankruptcy Court for the Eastern District of Virginia. The TRU Taj Entities obtained a DIP financing facility totaling approximately $500m.

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