Bankruptcy and Financial Restructuring TRANSACTIONAL

From billion-dollar fraudulent transfer litigation and appellate resolution of cutting-edge bankruptcy issues to multi-national Chapter 11 restructurings, WilmerHale has been at the forefront of complex financial restructuring and bankruptcy litigation and policy matters for decades.


Legal issues in bankruptcy are often complex and evolve at a fast pace. Addressing these issues requires the persistence, focus and dedication of counsel with sophisticated legal skills in order to turn difficult financial issues into opportunities. Our lawyers have decades of experience advising clients in virtually all aspects of financial restructuring matters—both in and out of court—and in complex bankruptcy litigation, regulation and policy matters across the globe. We collaborate regularly with lawyers in the firm’s corporate, debt finance, securities, derivatives, real estate, tax, international trade, intellectual property, venture capital, regulatory, and insurance groups to advise clients and achieve successful results for them. We have unparalleled experience where bankruptcy and financial institutions issues intersect, and on matters where bankruptcy and intellectual property issues overlap.

Contacts

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Sigel, John

John D. Sigel

Chair, Bankruptcy and Financial Restructuring Practice Group

+1 617 526 6728 (t)

john.sigel@wilmerhale.com

Anker_Phil.jpg

Philip D. Anker

Vice Chair, Bankruptcy and Financial Restructuring Practice Group

+1 212 230 8890 (t)

philip.anker@wilmerhale.com

Goldman, Andrew N.

Andrew N. Goldman

Vice Chair, Bankruptcy and Financial Restructuring Practice Group

+1 212 230 8836 (t)

andrew.goldman@wilmerhale.com

Anker_Phil.jpg

Philip D. Anker

Partner

+1 212 230 8890 (t)

philip.anker@wilmerhale.com

Goldblatt, Craig

Craig Goldblatt

Partner

+1 202 663 6483 (t)

craig.goldblatt@wilmerhale.com

Goldman, Andrew N.

Andrew N. Goldman

Partner

+1 212 230 8836 (t)

andrew.goldman@wilmerhale.com

Jenkins, Dennis L.

Dennis L. Jenkins

Partner

+1 617 526 6491 (t)

dennis.jenkins@wilmerhale.com

Ochs, Justin L.

Justin L. Ochs

Partner

+1 202 663 6303 (t)

justin.ochs@wilmerhale.com

Schnall, Matt

Matthew Schnall

Partner

+1 617 526 6892 (t)

matt.schnall@wilmerhale.com

Sigel, John

John D. Sigel

Partner

+1 617 526 6728 (t)

john.sigel@wilmerhale.com

White, Thomas W.

Thomas W. White

Partner

+1 202 663 6556 (t)

thomas.white@wilmerhale.com

Experience

Bankruptcy Litigation, Regulation and Policy

  • Defended a Fortune 20 company against a suit brought by a litigation trust on behalf of creditors of a former subsidiary in US District Court, related to the spinoff of the former subsidiary prior to its bankruptcy.
  • Tried and settled claims of the Getty Petroleum Marketing Inc. estate against multi-national defendant Lukoil, related to Lukoil’s spinoff of Getty, following the assignment of those claims to a liquidating trust through Getty’s confirmed Chapter 11 plan.
  • Represented a leading national mortgage servicer in connection with a number of disputes in bankruptcy courts across the country relating to the treatment of home mortgages in Chapter 13, and in connection with its residential mortgage business generally, helping the bank to navigate the evolving policy and regulatory regimes in that area.
  • Represented financial institutions in their defense of claims arising from the Lyondell and Tribune Company bankruptcies, related to the leveraged buyouts that preceded those bankruptcy filings, as well as other financial institutions in their defense of claims relating to the bankruptcies of Refco and the SPhinX Funds.
  • Represented the Loan Syndication and Trading Association as amicus curiae in the US Supreme Court RadLAX case, regarding the right of a secured creditor to credit bid its claim in bankruptcy, and the Securities Industry and Financial Markets Association as amicus curiae in a Second Circuit Madoff appeal, regarding the Bankruptcy Code’s safe-harbor provisions relating to securities contracts.

Financial Restructuring

  • Represented the Official Committee of Unsecured Creditors in the Chapter 11 cases of Getty Petroleum Marketing, Frontier Airlines, and Alamo/National Car Rental.
  • Represented lenders and bondholders in the restructurings and exchanges of Tribune, American Airlines, Bicent Power, RJ O’Brien, Inergy, ATA Holdings, Satmex and McLeod.
  • Represented the first-lien agents and DIP agents in the Chapter 11 cases of Digital Domain Media Group and Workflow Management.
  • Represented Constar, KB Toys, Kmart, and PSINet as debtors in their Chapter 11 restructurings, and the involuntary petitioners in the Chapter 11 filing for a Houston sports cable network.
  • Represented buyers and sellers in Section 363 sales in the bankruptcy cases of Kodak, Coach America, Nortel, BearingPoint and TLO, among others.

Publications & News

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August 5, 2014

Can Chapter 15 be an Ally to Bondholders in Foreign Insolvency Cases?

An article written by George Shuster and Benjamin Loveland, published in the American Bankruptcy Institute Journal, Vol. XXXIII, No. 8, August 2014.

July 29, 2014

Whose Refund Is It? The Sixth Circuit Weighs in, Finding Tax Sharing Agreement Between Bank and Holding Company Ambiguous on Ownership of Refunds

In its recent AmFin decision, the Sixth Circuit joined a growing line of cases considering whether tax refunds paid to a bank holding company pursuant to a tax sharing agreement between the holding company and its subsidiary bank, but attributable to losses incurred by the bank, are the property of the holding company's bankruptcy estate or of the FDIC as receiver for the bank.

July 8, 2014

The Whole Loaf, or Only a Slice?: Interstate Bakeries and the Increased Importance of Integration Clauses in Contracts with Bankrupt Counterparties

As a recent number of bankruptcy cases have illustrated, contract integration clauses can have profound and unintended effects when, upon the bankruptcy of a counterparty, the contract becomes subject to section 365 of the Bankruptcy Code.

June 9, 2014

US Supreme Court Resolves Executive Benefits on Narrow Grounds, Leaving Unresolved Many Important Questions About Bankruptcy Court Authority

The US Supreme Court earlier today issued its much anticipated decision in Executive Benefits Insurance Agency v. Arkison, No. 12-1200 (June 9, 2014), a follow-on case to the Court's landmark decision in Stern v. Marshall, 131 S. Ct. 2594 (2011), regarding the scope of bankruptcy courts' authority under Article III of the Constitution.

May 27, 2014

All or Nothing: Delaware Bankruptcy Court Decision in Physiotherapy Holdings Addresses Contract “Integration” for Purposes of Assumption Under Section 365(a)

An article co-authored by Dennis Jenkins and Isley Gostin, published by Pratt's Journal of Bankruptcy Law, June 2014.

May 23, 2014

Chambers USA Ranks Top WilmerHale Lawyers and Practices in 2014 Edition

We are pleased to announce the names of the individuals and practice areas that are ranked in the 2014 edition of Chambers USA: America's Leading Lawyers for Business.

May 16, 2014

Pushing the Borders of Chapter 15: When a Foreign Representative “Flouts” the Purposes of Cross-Border Insolvency in the United States

The case law interpreting Chapter 15 of the US Bankruptcy Code continues to demonstrate that there are rarely simple answers to the complex issues presented by cross-border insolvency cases.

May 1, 2014

Whose Refund Is It? Ninth Circuit Holds Tax Refund Belongs to Bankruptcy Estate of Bank Holding Company, Not to Receivership Estate of Subsidiary Bank

The Ninth Circuit's recent decision in the IndyMac Bancorp bankruptcy case, which holds that disputed tax refunds belong to the bankruptcy estate of holding company IndyMac Bancorp, rather than to the FDIC as the receiver for IndyMac Bank, suggests that courts may limit the Eleventh Circuit decisions to their facts.

April 25, 2014

WilmerHale Attorneys Recognized in Annual Washington DC Super Lawyers Listing

The annual edition of the Washington DC Super Lawyers magazine, published by The Washington Post Magazine, released its 2014 listing which includes 37 WilmerHale attorneys.

April 11, 2014

All or Nothing: Delaware Bankruptcy Court Decision in Physiotherapy Holdings Addresses Contract “Integration” for Purposes of Assumption Under Section 365(a)

Among the many tools the Bankruptcy Code provides a debtor in bankruptcy is the ability to assume and reject executory contracts and unexpired leases. This powerful tool is not without limits, however. Among other things, it is an “all or nothing” proposition—a debtor must assume or reject the entire agreement.

Recognition

The excellence of WilmerHale’s Bankruptcy and Financial Restructuring practice consistently receives wide recognition in the professional press and throughout the business sector.

  • Business Week – Named WilmerHale as one of the nation’s "top bankruptcy shops”
  • Chambers USA: America's Leading Lawyers for Business – In 2013 and 2014, Chambers named our Bankruptcy/Restructuring practices among the top in Massachusetts and Washington DC, with sources saying our attorneys are "...just terrific in this space...very responsive and thoughtful" and "truly brilliant." Phil Anker, Craig Golblatt, Andrew Goldman, Dennis Jenkins and John Sigel were individually honored as leaders in the field.
  • Chambers USA: America's Leading Lawyers for Business – Acknowledged our "increasingly prominent" bankruptcy/restructuring practices in 2010-2013 with band one rankings, quoting sources as saying our team is "a top notch group of lawyers with great depth and breadth.” In the most recent edition, Craig Goldblatt, Andrew Goldman, Dennis Jenkins and John Sigel were individually honored as leaders in the field. The department has received top rankings in Chambers USA every year since 2004.
  • U.S. News - Best Lawyers® – In the 2010-2014 "Best Law Firms" rankings, the firm was honored with first-tier national rankings in Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law, as well as first-tier metropolitan rankings in that same category in Boston, Washington DC and New York. The firm is also recognized with second-tier national rankings in Banking and Finance Law.
  • Best Lawyers in America – Recognized nearly 100 partners, naming nine "Lawyer of the Year" for2015. In 2012 and 2013, Best Lawyers named William Perlstein as the Washington DC "Bankruptcy Lawyer of the Year" and named six other WilmerHale attorneys as "Lawyers of the Year" in their respective areas of practice.
  • The Best Lawyers in America – Ranked WilmerHale in 2010-2014 number one for Bankruptcy and Creditor-Debtor Rights Law in Boston and Massachusetts and also recognized Phil Anker, Bill Perlstein and John Sigel for their bankruptcy practices.
  • The Legal 500 United States – In the 2009 edition, WilmerHale was recognized for bankruptcy in the Northeast and also identified John Sigel as a leader in this practice area.
  • Washington Business Journal – In 2008, WilmerHale Partner Craig Goldblatt was named a "Top Lawyer" for his outstanding knowledge and experience in the area of Bankruptcy
  • American College of Bankruptcy – Partners Paul Daley, William Perlstein and John Sigel are fellows of the American College of Bankruptcy