Cadwalader, Wickersham & Taft LLP

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Financial Restructuring

"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
  • Cable
  • Commodities
  • Electronics
  • Energy
  • Financial products and services
  • Gaming and resorts
  • Healthcare
  • Insurance
  • Manufacturing
  • Media
  • Military and defense
  • Municipal finance
  • Oil and gas
  • Rail
  • Real estate
  • Retail
  • Shipping
  • Steel
  • Telecommunications
  • Utilities

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.

Experience

  • 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)

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Diversity

 

We believe that our continued strength lies in ensuring that we attract, retain, and nurture the very best talent from all backgrounds, and we expect the future complexion of Cadwalader, Wickersham & Taft LLP will, with each passing year, more closely reflect the global community that we serve. 

Cadwalader has worked diligently to promote an inclusive work environment and, over the years, has developed many initiatives to fit our unique goals and challenges on issues of diversity and inclusion.  With the creation of the Cadwalader Center for Diversity & Inclusion (CCDI), a central resource for the firm’s diversity programs, initiatives and policies, we aim to improve upon our successes and follow through on our promise to weave diversity and inclusion principles into the fabric of our culture. 

The mission of the CCDI is to enhance gender, racial/ethnic, and LGBT diversity and inclusion within the firm to create an unrivalled environment that attracts, retains and promotes the best and brightest talent available to serve our clients. Governed by the Global Diversity Committee, chaired by Patrick T. Quinn, Managing Partner, the CCDI is a vehicle to support the work we currently perform, to reinforce our dedication to that work, to recognize outstanding effort and to communicate - to each other and to the clients we serve - our longstanding commitment to diversity and inclusion.

Recent Programs & Events

The Cadwalader Center for Diversity and Inclusion hosts programs and events throughout the year that are designed to increase cultural competence, celebrate history and heritage and educate attorneys on how to work effectively on diverse teams.

From Megan’s Law to Bernie Madoff: A Conversation with Judge Chin

- July 23, 2015

The Cadwalader Asian Pacific American Attorney Resource Group hosted a conversation with the Honorable Denny Chin, United States Circuit Judge for the Second Circuit.  During the interactive conversation, Judge Chin discussed his experiences as a federal judge and his path to the bench. Attendees had the opportunity to network and speak with Judge Chin during the cocktail reception that followed.

The Fight for Marriage Equality in the Supreme Court

- June 9, 2015

The Cadwalader LGBT Network and the Gay & Lesbian Advocates & Defenders (GLAD) hosted a Pride Month event, The Fight for Marriage Equality in the Supreme Court, featuring Mary Bonauto, GLAD’s Civil Rights Project Director and Janson Wu, GLAD’s Executive Director. During the presentation Mary discussed her experience arguing before the U.S. Supreme Court for marriage equality and Janson discussed the future of the LGBT rights movement.

Justice Denied: Wards Cove Packing Co. v. Atonio

- May 12, 2015

Members of the Asian American Bar Association of New York, including Cadwalader attorneys and the Honorable Denny Chin of the U.S. Court of Appeals for the Second Circuit presented a case reenactment of Wards Cove Packing Co. v. Atonio, a landmark employment discrimination case. The presentation told the story of the Wards Cove workers through narration, reenactment of court proceedings, and historic photographs. To view the performance, click here.

The Partner Track

- May 5, 2015

The Cadwalader Asian Pacific American Attorney Resource Group and the Women’s Leadership Initiative co-hosted a panel discussion with Cadwalader Partners, Ingrid Bagby, Kathy Chin and Athena Eastwood, focusing on their career experiences and paths to partnership. The panel was moderated by Helen Wan, author of The Partner Track, a fictional story about a young Asian-American corporate associate up for partner at her New York law firm.

“From Selma to Ferguson to Today: Why Civil Rights Matter,” featuring Professor Charles Ogletree, Harvard Law School

- April 29, 2015

The Cadwalader Black and Latino Association hosted a conversation with Charles Ogletree, Harvard Law School Jesse Climenko Professor of Law, and Founding and Executive Director of the Charles Hamilton Houston Institute for Race and Justice.  The conversation was followed by a cocktail reception where attorneys had the opportunity to network  and speak with Professor Ogletree.

The Art of Building Business Relationships and Executive Presence

- March 25, 2015

The Women’s Leadership Initiative and Diane Darling, Founder of the Darling Institute, hosted a workshop on building business relationships and executive presence.  This interactive presentation explored how professionals at all stages of their career can integrate networking and relationship-building into their everyday lives. 

WLI London Client Event: “Walking the Nile” by Levison Wood

– March 12, 2015

The Women’s Leadership Initiative hosted a special evening at our London office with Levison Wood, explorer, writer, and photographer. Formerly an officer in the British Parachute Regiment, Wood has led pioneering journeys into undiscovered regions, travelling to more than 80 countries. His nine-month walk along the length of the Nile, from source to sea, is chronicled in a recent Channel 4 documentary. During the presentation Wood described the amazing people, breathtaking places and shocking sights he encountered on his ground-breaking expedition.


 

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