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 extensive experience where bankruptcy and financial institutions issues intersect, and on matters where bankruptcy and intellectual property issues overlap.

Contacts

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Anker_Phil.jpg

Philip D. Anker

Co-Chair, Bankruptcy and Financial Restructuring Practice Group

+1 212 230 8890 (t)

philip.anker@wilmerhale.com

Goldman, Andrew N.

Andrew N. Goldman

Co-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

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

Class, Jamie N.

Jamie N. Class

Special Counsel

+1 617 526 6871 (t)

jamie.class@wilmerhale.com

Manzer, Nancy L.

Nancy L. Manzer

Special Counsel

+1 202 663 6183 (t)

nancy.manzer@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 22, 2017

The “Absolute Priority Rule” and Other “Rules” of “Priority” in Bankruptcy

Phil Anker, in this article published by DailyDAC's Commercial Bankruptcy Alternatives, explores the “Absolute Priority Rule” and other “Rules” of “Priority” in bankruptcy and if they are really “absolute,” if they are really “rules,” and if they always provide “priority” to some claimants over others.

August 7, 2017

Time Is Money: Historical Strip Prices and Valuation in Oil & Gas Bankruptcies

Timing is key to valuation of all types and in all contexts. But in bankruptcy, valuation timing can take on heightened importance because a central element of bankruptcy involves distributing value as of a specific point in time.

August 4, 2017

SunTx Capital Partners Portfolio Company Completes Refinancing for New Capital Structure

WilmerHale represented an ad hoc group of bondholders in a comprehensive $600 million restructuring of Interface Security Systems, a provider of network, physical security and business intelligence services over a cloud-based network.

July 19, 2017

Isley Gostin Honored as Emerging Leader by The M&A Advisor

The 2017 award winners have been chosen from a pool of prominent nominees for their notable accomplishments in business and in service to the community.

July 7, 2017

MKS Instruments Successfully Completes Third Repricing of Secured Term Loan

On July 6, 2017, MKS Instruments, Inc., a global provider of technologies that enable advanced processes and improve productivity, announced the third successful repricing of its existing secured term loan.

June 8, 2017

Insolvency at Its Limits: What Management and Creditors of Insolvent LLCs and LPs Should Know About Fiduciary Duties Waivers and Standing, Inside and Outside of Bankruptcy

Delaware law allows members and partners of limited liability companies and limited partnerships to waive the fiduciary duties of their management in their LLC or LP agreements. This WilmerHale Client Alert was republished in Pratt's Journal of Bankruptcy Law.

May 26, 2017

WilmerHale Lawyers and Practices Recognized in 2017 Edition of Chambers USA

Chambers and Partners announced its rankings for the 2017 edition of Chambers USA: America's Leading Lawyers for Business, with WilmerHale listed among the nation's best in 50 practice area categories. Chambers also ranked 86 WilmerHale lawyers as leaders in their respective fields.

May 5, 2017

Upside Down in Chapter 15

An article by George Shuster and Benjamin Loveland, published by the American Bankruptcy Institute Journal, delving into the question: Can US Entities Qualify as “Foreign” Debtors in the US?

May 2, 2017

Coming to America?—Applying Bankruptcy Code Section 109(a) to Vet Foreign Companies Filing US Bankruptcy Cases Under Chapter 15

Chapter 15 of the US Bankruptcy Code provides a doorway for non-US companies to obtain creditor protection and other benefits of a US bankruptcy in support of insolvency proceedings for those companies in their “home” jurisdictions. But how wide open is that doorway? Recent decisions interpreting section 109(a) of the US Bankruptcy Code in the chapter 15 context provide answers—but not necessarily consistent ones—to this question.

March 31, 2017

Supreme Court Rules in Favor of WilmerHale Client in Closely Watched Bankruptcy Law Case

WilmerHale earned a significant victory when the US Supreme Court ruled in favor of the petitioner and WilmerHale client—a group of truck drivers formerly employed by Jevic Transportation Inc.—in Czyzewski v. Jevic, finding that so-called “structured dismissals” to end Chapter 11 cases cannot be used in a way that violates the Bankruptcy Code's priority scheme.

Recognition

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

  • Best Lawyers in America – Recognized 107 attorneys, naming nine partners as "Lawyer of the Year" in the 2018 edition of its peer-reviewed publication. Partners Phil Anker, Craig Goldblatt and John Sigel were also recognized in the 2018 edition.
  • Chambers USA: America's Leading Lawyers for Business  – Named our Bankruptcy/Restructuring practices among the top in Massachusetts and Washington DC in 2013-2017 and in New York in 2016-2017, with sources commenting, "They're the pinnacle of professionalism, competent and possess all the virtues of first-class lawyers." Phil Anker, Craig Goldblatt, Andrew Goldman and John Sigel were individually honored as leaders in the field.
  • The M&A Advisor – Named WilmerHale a recipient of the 2017 Restructuring Community Impact Deal of the Year Award for the firm's work on the restructuring of Jumio, Inc.
  • U.S. News - Best Lawyers® – In the 2010-2017 "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 and New York, and in Litigation - Bankruptcy in New York and Washington DC. The firm is also recognized with second-tier national rankings in Banking and Finance Law.
  • American College of Bankruptcy – Partner John Sigel is a fellow of the American College of Bankruptcy