Restructuring
Our Restructuring Department continues to build on its reputation as a critical advisor in almost every major, complex and headline-grabbing restructuring matter, as demonstrated by the sheer number of high-profile representations we handle every year. We are the firm of choice for clients seeking innovative, strategic and practical guidance to navigate distressed situations and complex restructuring matters, including chapter 11 cases. Our restructuring lawyers possess a thorough knowledge of all aspects of bankruptcy law, coupled with perspectives earned from representing every type of client. We act on all sides of cutting-edge restructuring transactions. This depth of experience informs our practical, action-oriented advice. Our representations involve:
- distressed M&A
- purchases & sales of assets, debt and securities
- debtors
- equity sponsors
- unofficial and official committees of creditors
- secured and unsecured creditors
- governments and municipalities
- chapter 11 cases
- chapter 15 cases
- out-of-court restructurings
- section 363 sales
We have a market-leading practice focused on effectively structuring, negotiating and navigating complex in-court solutions, providing seamless client service across a variety of industries including:
- energy & natural resources
- automotive & aerospace
- telecommunications
- media & entertainment
- healthcare & pharmaceuticals
- consumer products & retail
- real estate
We have decades of experience providing clients with the sound judgment they need to achieve their business and restructuring goals. Our deep bench of hands-on partners and other senior attorneys is armed with extensive experience devising and implementing strategies to address the unique issues that can arise in bankruptcy court. We take pride in pursuing innovative approaches to complex situations, frequently developing unique strategies, opportunities and solutions.
Our dedicated team of roughly 50+ seasoned restructuring lawyers provides tailored and tactful advice. We don’t drive to a pre-determined outcome, instead, we evaluate how circumstances might change, and are prepared when they do. We tailor our efforts to the specific business challenges that our clients face and carefully construct teams that leverage the resources of our firm as a whole, as needed.
“A top-notch restructuring group, capable of handling the biggest and the most difficult restructuring from either company side or creditors’ side.”
- Chambers USA
Recent
Experience
Recognition
Chambers USA: Bankruptcy Law Firm of the Year
- Top tier restructuring firm according to Chambers USA and Legal 500 - recognized as Chambers USA “Bankruptcy Law Firm of the Year” in 2023 and 2019, and shortlisted in 2022
- A restructuring partner has been recognized as one of the American Bankruptcy Institute (ABI)’s “40 Under 40” Emerging Leaders in Insolvency Practice in 2024, 2023, 2021 and 2020
- A restructuring partner has been recognized as a Law360 MVP for bankruptcy in 2023, 2021 and 2019
Recent Engagements
- Diamond Sports Group, the nation’s largest owner of regional sports networks, in its successful chapter 11 cases filed in the Bankruptcy Court for the Southern District of Texas. The company emerged as Main Street Sports Group, with its outstanding debt trimmed from nearly $9 billion to $200 million.
- A group of Serta Simmons lenders excluded from a 2020 debt restructuring deal in the significant victory in the appeal of the opinion of the Fifth Circuit. The decision reversed the Houston bankruptcy court’s decisions in the chapter 11 cases that had validated the 2020 uptier transaction with a subset of favored lenders and rejected the excluded lenders’ counterclaims against the favored lenders.
- An ad hoc group of second lien noteholders of Rite Aid Corporation, a full-service pharmacy company providing a broad range of services, including retail pharmacy, PBM, and mail order, across 17 states, in connection with its restructuring of $3.4 billion of total funded debt, including $1.05 billion held by the ad hoc group.
- Revlon, a leading global beauty company, and certain of its subsidiaries in their chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York.
- Enviva and its debtor affiliates, the world’s largest producer of sustainable wood pellets, in their prearranged chapter 11 cases in the U.S. Bankruptcy Court for the Eastern District of Virginia.
- Hornblower Group, a global leader in world-class experiences and transportation, in connection with its prearranged chapter 11 cases.
- An ad hoc group of first lien, second lien, and unsecured lenders in the chapter 11 restructuring of Endo Pharmaceuticals, a specialty pharmaceutical company. The group comprised approximately of $3.2 billion, nearly forty percent, of the company’s funded debt.
- Azorra Aviation, a portfolio company of Oaktree, in its acquisition of 14 aircraft and the rights to acquire five additional aircraft from Voyager Aviation via a 363 bankruptcy sale process, as part of Voyager’s chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York.
- Brookfield Infrastructure Partners L.P. in its $775 million acquisition of Cyxtera, a Florida-based data center and digital infrastructure provider, in connection with its chapter 11 case.
- Party City, a global leader in the celebrations industry, and certain domestic subsidiaries in its prearranged chapter 11 proceedings, as well as the provision of $150 million of debtor-in-possession financing, in the U.S. Bankruptcy Court in the Southern District of Texas.
- An ad hoc investor group of first lien lenders of Avaya Holdings Corp., a global leader in communication and collaboration solutions, in connection with the company’s prepackaged chapter 11 plan which reduced Avaya’s total debt by more than 75% from approximately $3.4 billion to approximately $800 million.
- An ad hoc group of DIP lenders and unsecured noteholders in the chapter 11 restructuring of Western Global Airlines, an independent provider of commercial, long-haul air cargo transportation services.
- An ad hoc group of secured and unsecured creditors of Digicel Group, the leading provider of mobile phone networks and home entertainment services in 25 markets across the Caribbean, Central America and Asia Pacific, in its restructuring of over $5.4 billion of debt.
