Lorraine McGowen is a lead restructuring partner with over 30 years of experience joining clients on the front lines of their recovery crisis and investment strategies with entrepreneurial enthusiasm and a true passion for innovation.

For more than 30 years, Lorraine has assessed our clients' challenges and chances for recovery in the most difficult situations. She sees through the morass of legal and financial distress to discover the best strategies for returns and growth.

Lorraine advises financial institutions, syndicated lender groups, creditor committees and other parties from the U.S., Europe, Asia and Africa who seek to maximize recovery or reduce exposure. She also advises investors and acquirers of companies. She 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.

Success in her work requires innovation. Lorraine's mission is to find the best possible path to recover or grow her client's investments. She continually seeks new and better solutions; carefully listens, analyzes and looks forward. She strives to be there for her clients throughout the process – and to see into the future – finding the very best path for them. Lorraine is described by colleagues, clients and others as “tireless,” “driven, determined, dedicated and devoted” and “a multi-faceted, multi-dimensional, multi-successful person on so many levels.”

Lorraine recently was the lead bankruptcy attorney representing Toyota in the highly complex global restructuring of Takata Corporation, one of the world’s largest manufacturers and distributors of automotive safety systems, including airbags. Takata’s restructuring, which included the sale of substantially all of its assets other than its inflator business, was implemented through in-court bankruptcy proceedings in the U.S. and Japan, and out-of-court in Europe, China, and other jurisdictions. Toyota was one of the largest creditors, with claims against Takata in excess of $7 billion. The transaction was awarded Restructuring of the Year (Over $5B) 2018 by The M&A Advisor and Cross Border Distressed M&A Deal of the Year (Mega: Above $1 billion USD) by Global M&A Network.

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

Lorraine is a leading advocate for diversity and inclusion (D&I) in the legal profession and creates programs for women, people of color and LGBTQ attorneys. She is a mentor, sponsor and chair of Orrick’s firm-wide, global D&I Initiatives. For Lorraine, and for Orrick, D&I is not just the right thing to do. Providing our clients with diverse teams is simply good business: diverse teams are more creative, collaborative and successful.

Lorraine recently completed two terms of service on the firm’s 11-member Board of Directors and currently co-leads Orrick's Automotive Technology & Mobility group. She previously chaired Orrick’s Restructuring Group. She is on the Board of Directors of The New York Lawyers for the Public Interest and of the Institute for Inclusion in the Legal Profession, the Board of Legal Advisors for Legal Outreach in New York City, and the Advisory Committee for the Vance Center for International Justice.

She was selected as a 2019 Rainmaker by the Minority Corporate Counsel Association (MCCA) and as one of Savoy Magazine’s Most Influential Black Lawyers for 2018 and 2015, and received Legal Outreach’s Pipeline to Diversity 2017 Champion Award and the New York City Bar Association Diversity and Inclusion 2012 Champion Award. IFLR 1000 Rankings named Lorraine a leading lawyer in the U.S. She was selected by Direct Women to be a 2016 Board Institute member. She is a frequent speaker and author on bankruptcy and insolvency and diversity and inclusion.
    • Takata Corporation and its Subsidiaries. Toyota in the highly complex global restructuring of Takata Corporation. Takata is one of the world's largest manufacturers and distributors of automotive safety systems, including airbags. Toyota was one of the largest creditors in the proceedings, with claims allowed against Takata in excess of $7 billion. Takata's restructuring, which included the sale of all of its assets other than the inflator business, was implemented through in-court bankruptcy proceedings in the U.S. and Japan, and out-of-court in Europe, China, and other jurisdictions.
    • Indiana Toll Road. Steering Committee counsel and subsequently The Royal Bank of Scotland plc and Wilmington Trust, as Administrative Agent to the Lenders, in connection with the $6 billion restructuring of the Indiana Toll Road and related concessions. The Indiana Toll Road runs 156.28 miles east–west across northern Indiana from the Illinois state line to the Ohio state line and has been advertised as the “Main Street of the Midwest.” Over the duration of the case, Orrick helped negotiate many aspects of a restructuring that culminated in 2014 with a September Chapter 11 filing. The parties filed a prepackaged restructuring plan which received nearly universal approval. Lorraine also was the lead bankruptcy attorney representing IFM Investors Pty Ltd (“IFM”), on behalf of IFM Global Infrastructure Fund, in connection with its selection as the winning bidder to acquire 100% of the membership interests of ITR Concession Company, the wholly owned subsidiary of Statewide Mobility Partners, a Cintra / Macquarie joint venture. 
    • Oil and Gas Exploration and Production Company. Advised a private equity fund focused on energy related projects globally in connection with its proposed $650 million investment in an oil and gas exploration and production company.
    • South Bay Expressway. Bank syndicate counsel  in connection with the bankruptcy case of South Bay Expressway, the owner and operator of a toll road on State Route 125 South running south from San Diego to the Mexican border, having claims in excess of $340 million. Bank group acquired ownership of toll road through a confirmed bankruptcy plan and then sold the toll road to the San Diego Association of Governments.
    • Lehman. Lorraine represents municipal, corporate and financial counterparties with swap, forward contracts, repurchase agreements and other derivative products in various aspects of the Lehman Brothers proceedings pending in the United States and the United Kingdom. Claims include termination payments, indemnity and guaranty claims, and contractual breaches.
    • Tronox. Lead bankruptcy attorney for Exxaro Resources Limited in connection with its claims against, and joint venture interest with, Tronox Incorporated. Lorraine also was the lead bankruptcy attorney in connection with Exxaro's post-bankruptcy $3.4 billion contribution of its South African and Australian mineral sands business to Tronox Incorporated in exchange for Class B shares representing 38.5 percent of Tronox's common stock.
    • Stone & Webster. Creditors Committee in the Chapter 11 cases of Stone & Webster, an international engineering and construction enterprise with 72 subsidiaries (creditor claims initially totaled in excess of $6 billion). Lorraine continues to represent the SWE&C Liquidating Trust, which was formed upon the confirmation of the Stone & Webster Inc. joint plan of liquidation, among other matters, to resolve claims against Stone & Webster Engineers & Constructors, Inc., and its direct and indirect subsidiaries totaling in excess of $1 billion, to liquidate the Trust’s remaining assets, and to prosecute insurance coverage actions against insurers for environmental and professional liability losses.
    • Suppliers and Customers. Lorraine represents various suppliers, customers and other trade vendors regarding their rights in bankruptcy, including rights to enforce, terminate, or obtain payment under supply agreements, forward contracts, licensing agreements, and joint venture agreements, and prosecuting and defending claims brought by and against them in the bankruptcy case (including, for example, fraudulent conveyance, preference and other avoidance actions.
    • Derivative Transactions. Lorraine represents various counterparties who have been affected by the liquidity crisis involving distressed financial institutions, monoline insurers and other parties, advising them regarding their rights, bankruptcy and other insolvency proceedings, including rights to enforce, terminate, or obtain payment under swap agreements, repurchase agreements, forward contracts, and other derivative transactions.
    • Aviation Restructurings and Bankruptcies. Lorraine represented lenders, credit enhancers and other financing parties in domestic leveraged leases, EETCs, liquidity facilities and mortgage indentures in the US Air I, US Air II, United Airlines, Northwest Airlines, Delta Airlines and Atlas Air bankruptcies.
    • General Motors. Counsel to the National Dealers Council (consisting of approximately 6,000 U.S. GM dealers) in connection with the restructuring and bankruptcy of General Motors Corporation.
    • Finance Transactions. Regularly provides commercial law and bankruptcy advice in connection with the financing and refinancing of transactions for public and private issuers, not-for-profit organizations, including colleges and universities, secondary schools (including charter schools), and other not-for-profit corporations.