Restrukturierung

Practical Solutions
Global Experience

From serving as chief bankruptcy counsel in one of the largest filings of a U.S. city to representing several of the world’s largest banks in a $6 billion toll-road debt restructuring … to advising on the restructuring of the bank debt of a leading European aviation company … our restructuring team has established a record of creative solutions that help our clients achieve their business objectives.

Creditors, debtors, committees, lenders and other parties value the practical, commercial solutions we bring to every matter. We’ve been on both sides of the table, and that enables us to understand and address the goals and motivations of all parties. We offer distinctive strength in niche industries and products, and our record of success includes some of the most complex bankruptcy cases and out-of-court restructurings in the United States, France, Italy, the United Kingdom, Germany, China, Japan and Korea.

Our team is honored to be recognized for our restructuring work. Chambers’ USA and Europe editions recognize our team for leadership in the United States and Italy. The Legal 500 reports that we have “unequivocal expertise” and that “the team is well versed in complex international insolvencies and understands the importance of managing relationships and maximizing negotiations.” We consistently rank among the top 10 bankruptcy law firms as listed by The Deal.

  • Financial Restructuring, Bankruptcy and Enforcement

    Financial institutions such as The Royal Bank of Scotland, Citi, Commerzbank and Credit Agricole rely on our team to navigate high-profile, multibillion-dollar restructuring and bankruptcy cases. We advise on in- and out-of-court restructurings, in particular enforcement proceedings, debtor-in-possession loans, post-reorganization exit facilities, 363 sales, consensual foreclosure and prepackaged plans. Our experience spans numerous sectors. For example, we have been selected as counsel in some of the most challenging engagements in the shipping industry – including Genco and Eagle Bulk. Our team also has unmatched experience in tribal finance, including advising on the restructuring of Foxwoods Casino, considered the largest, most complex Native American tribal debt restructuring in history.

    Distressed Investments

    We represent a range of clients in the purchase and sale of distressed products worldwide. Our lawyers are well-versed in LSTA, LMA and ISDA standard trade documentation and are equally skilled in crafting bespoke documents tailored to suit the individual needs of our clients and their investments. We are actively involved in various global multijurisdictional transactions and work with colleagues in Spain, Portugal and Luxembourg on a regular basis. Our teams in the United States and France also regularly represent clients in connection with the purchasing and selling of French loans and assist with the registration and filings in all relevant French districts. We are also working on unique opportunities in the United States. We represent Citigroup Financial Products Inc. in the purchase and sale of over $100 million of bankruptcy claims against GT Advanced Technologies and its affiliates, and subsequently as a creditor, in the case pending before the United States Bankruptcy Court for the District of New Hampshire. We are also working with various clients in connection with vendor put agreements and litigation finance opportunities.

    Energy and Infrastructure Projects

    Together with our market-leading Infrastructure team, we have developed deep experience representing creditors in workouts of P3 projects. Project Finance cited our work on the restructuring of the $6 billion debt of the Indiana Toll Road and related concessions as the “North American Transport Deal of the Year.” We represented an Australian infrastructure fund with the successful handover of a Virginia parkway in exchange for the reduction of $512 million in secured debt, ensuring that the road continues to operate without interruption or cost to the state taxpayers. We are also active in connection with several bankruptcies in the renewable energy, oil and gas, and coal sectors.

    Municipal Debt

    As the nation’s No. 1 municipal finance firm, we bring unique insights to distressed situations. We represented Stockton, California, in its “bet-the-city” litigation seeking Chapter 9 protection. One of the largest municipal bankruptcies in U.S. history, the case relieved the city of more than $500 million in debt and produced significant savings through new labor contracts and pensions. We also represented Vallejo, California, in a bankruptcy that was an important test case on pension obligations. The American Lawyer twice recognized our team as “Dealmaker of the Year” for this work.

    Structured Products

    Secured lenders, financial institutions and other sophisticated investors turn to our restructuring team to devise multibillion-dollar structures of complex financial products to limit bankruptcy and commercial risk. We also assist clients in handling the repercussions of busted and failed deals. We have advised on synthetic and leveraged leases including EETCs in nearly every major airline bankruptcy in the U.S. We have advised numerous derivative counterparties in the Lehman and other broker deals bankruptcies. We also assist various fund and banking clients, including Portigon AG, Fortress, ABN AMRO, RBS and KBC, with the workout, foreclosure, restructuring and potential bankruptcy of life settlement portfolios.

    European Restructurings

    Our team has helped clients navigate many successful European restructurings. We assisted one of the continent’s leading wine and spirits groups in avoiding bankruptcy through an intensive restructuring plan with its creditors and shareholders. We advised EuroDisney’s board on the company’s €1 billion restructuring and assisted with Club Med’s €900 million take-private. And we guided Italian natural gas infrastructure company Snam on a multifaceted debt restructuring following a sell-off by one of its largest stakeholders. We continue to advise the company on a series of innovative debt financings.

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