ProfessionalsKelley A. Cornish
The Paul, Weiss Bankruptcy & Corporate Reorganization Department serves as a critical advisor in almost every major, complex restructuring matter, helping companies, creditors and investors facing rapid market transformation respond to business challenges with comprehensive and innovative strategies. Diversity of matters and clients, senior-level attention and seamless delivery of multidisciplinary services distinguish the practice.
Kelley Cornish is a partner in the Bankruptcy and Corporate Reorganization Department and a member of the firm’s Management Committee. Kelley represents the full range of participants in bankruptcy cases and corporate restructurings – debtors, secured and unsecured creditors, official and unofficial committees, and acquirors of distressed assets. She also has substantial experience in complex commercial litigation, including bankruptcy-related litigation involving fraudulent transfers, preferences and equitable subordination. Kelley’s recent debtor company representations include Sears, The Bon-Ton Stores, Performance Sports Group, Foresight Energy, Walter Energy and AbitibiBowater (now known as Resolute Forest Products). Kelley also has extensive creditor-side experience, including representing ad hoc groups in the restructurings of Texas Competitive Electric Holdings Company, Allen Systems Group and Winn Dixie, and strategic creditors to the City of Detroit and Howrey LLP.
Awards and Recognitions
Kelley was named the 2017 Woman of the Year in Restructuring by the International Women’s Insolvency and Restructuring Confederation, the premier international networking and professional growth organization for women in the restructuring and insolvency industry. M&A Advisor recently selected the restructuring of BPS US Holdings and its debtor affiliates (the Performance Sports Group restructuring) as its “Restructuring of the Year ($500M-$1B)” in its 10th Annual International M&A Awards. Kelley was recently honored by the Turnaround Management Association (TMA) with the 2018 “Transaction of the Year: Large Company” award for her work on Performance Sports Group’s chapter 11 case. Kelley has been recognized as a “Client Service All-Star” by BTI Consulting Group and is consistently listed among her peers by Chambers USA, The Legal 500, The Best Lawyers in America, IFLR1000 and Who’s Who Legal as a leading bankruptcy and restructuring lawyer. Clients praise Kelley as “someone you want on your side when the stakes are high,” describing her as “tough, practical and good at seeing the macro issues” in a case. Her Justice, a nonprofit organization that provides free legal help to women living in poverty in New York City, named Kelley as its 2018 Woman of the Year in Restructuring. She is a fellow of the American College of Bankruptcy and speaks frequently at industry events.
CONSUMER AND RETAIL
- The Restructuring Sub-Committee of the Board of Directors of Sears Holdings Corporation, a leading retailer in the appliance, tool, lawn and garden, fitness equipment, automotive repair and maintenance retail sectors, in the company’s chapter 11 cases, including the investigation of potential claims and causes of action in connection with related party transactions and the court-approved $5.2 billion sale of assets;
- The Bon-Ton Stores, Inc., a national chain department store retailer, in all aspects of its chapter 11 cases;
- Performance Sports Group, a leading developer and manufacturer of sports equipment and apparel with products marketed under the BAUER, MISSION, MAVERIK and EASTON brand names, among others, as U.S. counsel in connection with its complex U.S./Canadian bankruptcy cases, including the going concern sale of its business to a third party stalking horse bidder;
- The Penn Traffic Company, a leading U.S. food retailer and wholesaler, in its chapter 11 case, including related asset sales;
- London Fog Industries, a manufacturer and marketer of waterproof outwear and other apparel, in its chapter 11 case; and
- The Warnaco Group, a manufacturer and marketer of apparel, including Speedo/Authentic Fitness and Calvin Klein, in its chapter 11 case.
- Foresight Energy LP, a U.S. thermal coal producer and marketer, and its subsidiaries in connection with an out-of-court restructuring of approximately $2 billion of secured and unsecured debt and a follow-on refinancing of more than $1.3 billion of outstanding indebtedness; and
- Walter Energy, Inc., a leading producer and exporter of metallurgical coal for the global steel industry, in all aspects of its chapter 11 case, resulting in the discharge of over $4 billion of secured and unsecured debt and going concern sale of the company’s core mining operations to its senior lenders.
- AbitibiBowater (now known as Resolute Forest Products), North America’s largest forest products company, and its subsidiaries and affiliates as lead U.S. counsel in their complex cross-border cases in the U.S. and Canada involving the restructuring of more than $8 billion of prepetition indebtedness and raising $1.5 billion in exit financing;
- Progressive Moulded Products Limited, an auto parts manufacturer, and its affiliates, as lead U.S. counsel in the company’s U.S. and Canadian cross-border bankruptcy cases; and
- American Remanufacturers, Inc., an auto parts remanufacturer, in its chapter 11 case.
- UBS AG, as secured creditor, in connection with the City of Detroit’s chapter 9 case;
- An ad hoc committee of certain first lien senior secured creditors of Texas Competitive Electric Holdings Company LLC in the company’s chapter 11 case involving approximately $32 billion of secured and unsecured debt;
- An ad hoc committee of first and second lien secured creditors of Allen Systems Group, Inc., a provider of information technology management software solutions, in connection with its pre-packaged chapter 11 plan;
- An ad hoc bondholder committee in connection with the chapter 11 reorganization of Winn Dixie, a regional grocery and supermarket chain;
- The Official Committee of Unsecured Creditors of NorthWestern Corporation, a utility company, in connection with the company’s restructuring;
- Citibank, as secured creditor, in connection with the chapter 11 case of Howrey LLP, an AmLaw 100 law firm;
- The secured lender in Olympia & York, a real estate company, in connection with the company’s restructuring; and
- A state of New York regulatory body in the chapter 11 case of the New York Racing Association (NYRA), operator of the Saratoga Race Course, Belmont Park and Aqueduct Racetrack since 1955. NYRA emerged from chapter 11 following the resolution of a dispute over ownership of the racetracks and the granting of a new 25-year franchise to continue its operations.