Paul, Weiss, Rifkind, Wharton & Garrison LLP announced today that James H.M. “Jamie” Sprayregen has joined the firm as a partner. Sprayregen will serve as co-head of Paul, Weiss’s Restructuring & Debt Capital Solutions practice alongside existing co-heads Brian S. Hermann and Andrew N. Rosenberg.
One of the world’s most well-known and highly regarded restructuring lawyers, Sprayregen brings more than three decades of experience leading many of the largest and most complex restructurings in history. At Paul, Weiss, he will advise domestic and international debtors, as well as creditors and other key stakeholders on restructuring matters.
“Jamie Sprayregen is a superstar lawyer. He has been a close business colleague and a good friend of mine for more than 25 years, and I am excited to work with him as a partner in our world-class restructuring practice,” said Paul, Weiss Chairman Scott A. Barshay.
“What has made Jamie the first call for so many iconic companies for decades is his unparalleled ability to earn the trust of boards and senior executives under extraordinary pressure,” said Restructuring & Debt Capital Solutions Co-Head Brian S. Hermann. “He is a spectacular addition to our practice.”
“Jamie’s arrival reflects the momentum our restructuring team has built and our commitment to being the destination for global clients confronting their most difficult restructuring matters,” said Restructuring & Debt Capital Solutions Co-Head Andrew N. Rosenberg.
“Paul, Weiss is a true restructuring powerhouse,” Sprayregen said. “I have known many of the Paul, Weiss partners for decades, I admire what they have built, and I can’t wait to be a part of it.”
Sprayregen leverages decades of corporate restructuring and capital solutions experience, including lengthy stints in private practice and on the business and financial advisory side. He founded the worldwide restructuring practice at another major firm, building it into a leading international restructuring practice, then left to co-head the Restructuring Group at Goldman Sachs from 2006 to 2008, advising clients and deploying capital in restructuring and distressed situations, before returning to private practice for 16 years. In 2024, he joined Hilco Global, a diversified financial services company and subsidiary of ORIX Corporation delivering integrated professional services and capital solutions, as Vice Chairman, Global Strategy & Growth.
Sprayregen has advised companies in capital solutions and distressed situations both in and out of court, as well as buyers and sellers of distressed assets. He has extensive experience advising domestic and international debtors, and creditors in workout, insolvency, restructuring and bankruptcy matters. Sprayregen has led restructurings for Avaya Inc., Caesars Entertainment Operating Company, Inc., Chiquita Brands International, Inc., Corus Bankshares, Inc., Energy Future Holdings Corp., General Growth Properties, Inc., The Great Atlantic & Pacific Tea Company, iHeartMedia, Inc., Innkeepers USA Trust, ION Media Networks, Inc., Japan Airlines Corporation, Lear Corporation, Majestic Star Casino LLC, MSR Resort Golf Course LLC, NRG Energy Inc., The Reader’s Digest Association, Sbarro Inc., Seadrill Limited, Tower Automotive, Inc., Toys “R” Us, Inc., Trans World Airlines, Inc., United Airlines, Inc., and Visteon Corporation, among others.
Sprayregen’s many past accolades reflect his standing atop the profession. In past editions of Chambers USA, sources have described him as “a rock star – the Mick Jagger of the bankruptcy bar,” with clients noting that he is “a luminary in the field” of restructuring and insolvency. In 2013, Sprayregen was inducted into the Turnaround Management Association’s Turnaround, Restructuring and Distressed Investing Industry Hall of Fame, and in 2010, he was recognized by The National Law Journal as one of “The Decade’s Most Influential Lawyers.” From 2013 to 2015, he served as president of INSOL International, the world’s leading international insolvency association. Sprayregen was an adjunct full professor of finance at the Wharton School of the University of Pennsylvania, where he taught a joint course on corporate restructuring with Penn Law.
Sprayregen earned a J.D., cum laude, from the University of Illinois College of Law and a bachelor’s degree, cum laude, from the University of Michigan.
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Paul Basta, who has served as a co-head of the Restructuring & Debt Capital Solutions practice and a partner since 2017, will step down as a partner from Paul, Weiss at the end of the year as part of a long-term succession plan to pursue the next chapter in his career. Paul has represented a diverse range of clients, including Party City, Revlon and Sears, in some of the most important restructuring matters of the last 25 years.
“I am immensely grateful for my time at Paul, Weiss. I’m excited to see what Jamie and the rest of our talented group accomplish in the years to come, and am committed to supporting a smooth leadership transition over the coming months,” Basta said.
“Paul has been a great partner and colleague over the last nine years and has had a major positive impact on a generation of restructuring lawyers and clients at Paul, Weiss. We sincerely thank him for his many contributions and wish him the very best in the future,” Barshay said.
The Paul, Weiss Restructuring & Debt Capital Solutions Group helps clients navigate complex financial and capital structure challenges, combining the firm’s deep restructuring capabilities with sophisticated capital solutions experience. The firm represents all constituencies, including debtors, equity sponsors, investors, and fulcrum lender and creditor groups, across the full range of in-court and out-of-court restructurings. The firm also advises on a broad range of liability management transactions and bespoke debt, equity and hybrid solutions across the capital structure, often in circumstances requiring careful judgment, disciplined execution and close coordination among stakeholders.
Sprayregen will co-lead the firm’s Restructuring & Debt Capital Solutions practice alongside Brian S. Hermann and Andrew N. Rosenberg
Sprayregen brings more than three decades of experience leading many of the largest and most complex restructurings in history
Restructuring & Debt Capital Solutions Co-Head Paul Basta plans to step down as a partner from Paul, Weiss at year-end to pursue the next chapter in his career
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