The US restructuring and insolvency team at Sidley Austin LLP has expanded rapidly under New York-based global practice head Stephen Hessler, who focuses on large-scale Chapter 11 cases, workouts and strategic transactions, and has strengthened the firm’s capacity in sophisticated, multi-jurisdictional matters. The team has a growing emphasis on complex debtor-side Chapter 11 mandates alongside cross-border and out-of-court restructurings. The group is active across sectors including healthcare, telecommunications, energy and financial services, and regularly advises debtors, creditors and investors on high-stakes reorganisations, liability management transactions and distressed M&A. The practice also benefits from a deep bench handling contentious proceedings, DIP financings and creditor negotiations, reflecting its broad restructuring and bankruptcy offering.
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‘Sidley Austin has extremely capable lawyers, who are very strategic, responsive, and personable. They stand by their clients 110%.'
‘They are one of the top restructuring law firms.'
Key clients
- Prospect Medical Holdings, Inc.
- Conn’s, Inc.
- Ad Hoc group of first-lien noteholders in financing/restructuring of Ligado Networks LLC
- Vitol Inc.
- Ebix, Inc.
- CareMax, Inc.
- Jervois Global Limited
- Shareholders of Eletson Holdings
- SoftBank Group Capital Limited
- Eiger BioPharmaceuticals, Inc.
- Harvest Sherwood Food Distributors, Inc.
- Plenty Unlimited, Inc.
Work highlights
Representing California-based hospital operator Prospect Medical and several subsidiaries |in one of 2025’s largest Chapter 11 filings, involving approximately US$2.3 billion in funded debt, over 100,000 creditors, and compensation and benefits for nearly 12,600 employees.
Represented furniture retail giant Conn’s in its Chapter 11 proceedings before the U.S. Bankruptcy Court for the Southern District of Texas, addressing over US$1.2 billion in total funded debt through a confirmed Chapter 11 plan.
Representing the Ad Hoc Group holding over US$2 billion of first-lien notes and DIP loans in the Ligado Networks bankruptcy case. This ongoing restructuring involves a highly levered company engaged in novel, high-stakes litigation with the U.S. government over FCC license issues. Both the litigation and restructuring are being closely followed across the wireless communications industry.
Practice head
Stephen Hessler