Practice/Industry Group Overview
"Cadwalader excels on both the debtor and creditor sides, and has one of the most prominent and successful groups" - Chambers USA
Cadwalader's restructuring, bankruptcy, insolvency and workout group is distinguished by broad experience, the diverse nature of our clients, our significant global expertise and our leading attorneys. Our practitioners, many of whom are internationally recognized in their field, bring clients the business acumen and in-depth legal knowledge necessary to successfully navigate complex restructurings and reorganizations.
Our team includes professionals in both the United States and the United Kingdom who advise clients with interests in North America, Europe, Asia, Latin America, and Africa, quickly responding to cross-border restructurings and advising on some of the most complex international insolvencies.
We represent leading public and private corporations, business entities, commercial and investment banks, investment management firms, funds, and insurance companies in their varied capacities as debtors, bondholders, creditor committee members, borrowers, asset purchasers, and other roles involved in financial restructuring transactions and reorganization cases.
By using a multidisciplinary approach, our clients benefit from Cadwalader's strong experience in financial restructuring and bankruptcy, municipal finance, corporate, finance, real estate, capital markets, litigation, and tax structuring.
On behalf of our diverse client base, we are involved in all facets of bankruptcy, complex reorganizations, insolvencies, restructurings, and workouts in a wide range of industries:
- aerospace and air transportation
- financial products and services
- gaming and resorts
- military and defense
- municipal finance
- oil and gas
- real estate
Our Financial Restructuring team is actively involved in teaching, lecturing and writing on a wide variety of topics relating to bankruptcy and restructuring. Many have authored internationally recognized treatises, articles, and other materials relating to creditors' and debtors' rights, both within and outside of the United States. The team is supported by more than 30 attorneys with experience in bankruptcy matters.
- Bank of America/Merrill Lynch ("BAML") as counterparty with respect to several interest rate swaps with the City of Detroit having an aggregate termination value of $400 million
- MBIA in the restructuring of Punch Taverns Finance B Limited, a whole business securitization vehicle owned by Punch Taverns Finance Plc
- Official Committee of Unsecured Creditors of Mirant Americas Generation LLC
- The Joint Provisional Liquidators of Lehman Re Ltd., a former Bermuda reinsurance subsidiary of Lehman Brothers, in its U.S. chapter 15 case and related litigation, including obtaining a settlement between Lehman Re and the Lehman U.S. debtors resolving over $1 billion in claims
- The Royal Bank of Scotland plc in its capacities as the single largest prepetition secured lender and as the postpetition DIP financing lender in Marco Polo Seatrade B.V.'s chapter 11 cases
- Whippoorwill Associates and Edge Asset Management as bondholders DIP Lenders, Exit Lenders and new equity holders in the chapter 11 case of Trailer Bridge
- MBIA as a member of the Official Committee of Unsecured Creditors in the chapter 11 cases of Residential Capital, LLC
- Holders of certain floating rate notes issued by Angiotech Pharmaceuticals Inc. in connection with an exchange offer for the floating rate notes and Angiotech's bankruptcy cases commenced in the U.S. and Canada
- Barclays as agent to the senior lenders in the pre-bankruptcy distressed debt of a technology company
- Secured lenders in the chapter 11 case of radio station operator Inner City Media Corporation
- An ad hoc group of holders of certain pass-through certificates issued in connection with the 1999 leveraged lease transaction effectuated by AES Eastern Energy, L.P. and certain owner trusts
- An ad hoc group of holders of certain bonds issued by Homer City, an affiliatef of Edison Mission Energy regarding a restructuring
- An ad hoc group of holders of debt issued with respect to leveraged leases of two Dynegy power generation facilities
- Apollo Health Street, Inc. in contesting an involuntary bankruptcy petition filed against Apollo by certain of the company's creditors
- Colorado Housing and Finance Authority in the Lehman Brothers bankruptcy regarding Lehman's demand for a material additional payment with respect to the termination of several swap agreements by CHFA
- MBIA concerning the monoline's exposure relating to the A13 road in East London
- Majority of holders of ERC Ireland Finance's €350 million Floating Rate Notes in connection with the expected restructuring of Eircom Group Limited's capital structure
- Icahn Global Enterprises as secured lender in the Blockbuster chapter 11 cases
- JPMorgan Chase Bank, N.A. and Deutsche Bank AG as exit CMBS lenders to the Centerbridge-Paulson-Blackstone consortium in the Extended Stay, Inc. chapter 11 cases
- Lyondell Chemical Company in its chapter 11 cases
- Caribbean Petroleum Corporation in its chapter 11 cases
- Official Committee of Unsecured Creditors of Truvo USA LLC and its affiliates
- Official Committee of Unsecured Creditors of Mirant Energy, LLC
- JPMorgan Chase Bank, N.A. in connection with the Stations Casino chapter 11 cases as one of two mortgage lenders and their participation with Fertitta Gaming as the successful bidder on certain Stations Casino properties
- The senior secured noteholders of Black Gaming LLC in their prepackaged bankruptcy filing
- Merrill Lynch as senior secured prepetition lender to Fred Leighton Holding, Inc. and certain of its affiliates in their chapter 11 cases
- Merrill Lynch as Administrative Agent for first lien lenders to BLB Management Services, Inc. (Twin River casino in Lincoln, RI)
Articles Authored by Lawyers at this office:
CFTC Adopts Margin Requirements for Uncleared Swaps
Patrick A. Calves,Nihal S. Patel,Jeffrey L. Robins,Michael Sean Selig, December 30, 2015
Yesterday, the Commodity Futures Trading Commission (“CFTC”) held an open meeting at which it voted to adopt final rules (the “CFTC Margin Rules”)1 governing margin requirements for uncleared swaps (“Swaps”) entered into by swap dealers and major swap...
Contractual Recognition of Bail-In - Are You Ready?
Assia Damianova,Nick Shiren, December 29, 2015
The aim of the EU Bank Recovery and Resolution Directive (the “BRRD”)1 is to establish a framework for the recovery and resolution of EU credit institutions and significant investment firms and to equip EU national authorities with harmonised powers and tools to tackle financial crises...
Illinois Court Strikes Down Chicago Pension Reforms, Deepening City's Financial Crisis
Ingrid Bagby,Thomas J. Curtin,Mark C. Ellenberg,Daniel Gwen,Ellen Halstead, August 10, 2015
On July 24, 2015, Judge Rita M. Novak of the Circuit Court of Cook County, Illinois struck down recently enacted legislation designed to shore up two of the City of Chicago’s severely underfunded pension plans by, among other things, reducing benefits.1 Judge Novak viewed as controlling a...