The Bond Buyer Webinar: The Puerto Rico Debt Crisis – An Update

Webinar | December.09.2015 | 12pm - 1pm (Eastern Standard Time)


The Commonwealth of Puerto Rico is experiencing the most drastic fiscal crisis in the Commonwealth’s history. Please join Orrick and The Bond Buyer for an informative webinar that will focus on the key bankruptcy and other financial issues that have come into play as the financial markets look to solve Puerto Rico’s debt crisis.

Topics to be addressed during this webinar include:

  • Possible Default & Restructuring Negotiations
  • Priority of Commonwealth Debt
  • Clawback Litigation Issues
  • Proposed Chapter 9 Amendment
  • Other Legislative Developments, Including Possible Appointment of Financial Control Board
  • Pension/OPEB Underfunding and Possibility of “Grand Bargain” Solution for Pension Reform

Featured Presenters:

Lorraine S. McGowen, Partner, Restructuring, Orrick
Marc A. Levinson, Partner, Restructuring, Orrick
Kevin Roche, Partner, Public Finance, Orrick

CLE Credits Available: N



  • Bankruptcy Litigation
  • Restructuring
  • Distressed Assets & Alternative Investments
  • Municipal Restructuring and Insolvency
  • Energy & Infrastructure
  • M&A and Private Equity
  • Structured Finance
  • Higher Education and Student Loan Financing
  • Latin America

Lorraine McGowen Partner Bankruptcy Litigation, Restructuring

New York

Lorraine McGowen is a partner resident in the New York office where she focuses on restructurings.

For over 30 years, Lorraine has advised leading financial institutions, syndicated lender groups, creditor committees and other parties from the U.S., Europe, Asia and Africa seeking to maximize their recovery or reduce their exposure. She has been the lead bankruptcy lawyer advising companies (including their boards) seeking to acquire financially distressed companies or assets. Lorraine interfaces with auditors, government regulators, investment bankers and others, and develops and implements mediation and litigation strategies, and negotiates reorganization plans and complex corporate and finance documents.

Recent notable engagements include representing  multinational bank syndicates in connection with the restructuring of major toll roads, the acquisition of a $6 billion toll road by an Australian firm, representing financial institutions, municipalities and others in the global Lehman insolvency proceedings, representing a South African company in connection with its $3.4 billion acquisition of a mineral sands business, and representing financial institutions in connection with the restructuring of Puerto Rico’s $72 billion indebtedness.

Lorraine is the chair of Orrick’s firmwide Diversity & Inclusion Initiatives and recently completed two terms of service on the firm’s 11-member Board of Directors. She previously chaired Orrick’s Restructuring Group. She is a frequent speaker and author on bankruptcy and insolvency matters and serves as an Editor of the newly launched Bloomberg Bankruptcy Treatise.

Lorraine is described by colleagues, clients and others as ”tireless,” “ubiquitous,” “driven, determined, dedicated and devoted” and “a multi-faceted, multi-dimensional, multi-successful person on so many levels.”



  • Restructuring
  • Distressed Real Estate Transactions

Marc Levinson Senior Counsel Restructuring, Distressed Real Estate Transactions


Marc A. Levinson is a senior counsel in the Restructuring Group.

Marc's practice concentrates on insolvency planning, bankruptcy cases, out-of-court reorganizations and workouts. He represents secured and unsecured creditors, acquirers of assets from insolvent companies, debtors, indenture trustees, committees, public entities and bankruptcy trustees.



  • Public Finance

Kevin Roche Partner Public Finance

New York

Kevin Roche, a partner in the New York office, is a member of the Public Finance Department. He has broad experience serving as bond counsel, disclosure counsel, underwriter’s counsel and borrower’s counsel across a wide range of public finance sectors.

Kevin’s expertise includes various general obligation and revenue bond financings, including those relating to transportation, multi-family housing, higher education, public power, sewer and water, and hospitals.

He has extensive knowledge and experience with federal securities laws issues in public finance, including both initial and continuing disclosure issues, material events disclosure, public statements liability, public offerings and private placements and other matters.

Kevin is a frequent speaker at conferences, seminars and webinars given by trade and professional organizations within the public finance industry.

Prior to entering private practice, Kevin was an Assistant Corporation Counsel in the Municipal Finance Division of the New York City Law Department.