Cadwalader’s Distressed Energy team brings unparalleled synergies to protecting client interests in energy companies and projects. With deep experience across energy, commodities, finance, bankruptcy, litigation, and derivatives, our attorneys tackle complex problems affecting all aspects of energy companies, infrastructure, and privatization projects.

Our exceptional energy expertise and multi-disciplinary approach ensure cost-effective solutions for all issues ranging from development, to construction and operations, to failed financing, to regulatory upheaval, and to counterparty failures. Working as one team, we address the full array of project disciplines and participants – banks, private equity, investment funds, insurance companies, multilateral financing organizations, export credit agencies, developers, sponsors, trustees, and sovereigns. Whether debtors or creditors, in regulatory, bankruptcy and judicial proceedings, we get the best results for clients facing reorganizations, workouts, spin-off transactions, acquisitions or divestitures.

Experience

• AES Eastern Energy, L.P.: Represent an ad hoc group of holders of certain pass-through certificates issued pursuant to a leveraged-lease transaction in the chapter 11 cases of AES, a New York-based electric power company.
• Dynegy: Represent the indenture trustee for certain notes and pass-through certificates issued as part of several financing transactions in the chapter 11 cases of Dynegy, a Texas-based power generation company.
• Homer City: Represent an ad hoc group of holders of certain bonds issued by Homer City, a Pennsylvania-based power producer and affiliate of Edison Mission Energy, regarding a restructuring.
• Marco Polo Seatrade B.V.: Represent The Royal Bank of Scotland plc in its capacities as the single largest prepetition secured lender, and as the postpetition DIP financing lender, in the chapter 11 cases of Marco Polo, an international commercial vessel management company.
• Reliant Energy: Represented Reliant Energy (now GenOn Energy), a U.S.-based power producer, in various aspects of its non-bankruptcy restructuring.
• Advised financial institutions considering debt and equity positions in distressed and special situation power generation asset restructuring efforts throughout the U.S., including projects such as MACH Gen, La Paloma, Entegra, Liberty, Lake Road, Boston Gen, Metcalf, Milford, Southaven, Granite Ridge, Desert Power, and Cottonwood Energy.
• Caribbean Petroleum Corp.: Advised Caribbean Petroleum, a Puerto Rico-based company involved in the import, offloading, storage, distribution, and retailing of petroleum products, in a complex restructuring and voluntary chapter 11 cases.
• Tronox, Inc.: Represented a lender in the chapter 11 cases of Tronox, the world’s fifth largest producer and marketer of titanium dioxide pigment.
• LyondellBasell Industries.: Represented LyondellBasell, the world’s third largest petrochemical company, in its highly acclaimed chapter 11 cases, discharging over $24 billion of secured debt against the company (all of which was guaranteed by its non-debtor European affiliates) without the commencement of any foreign restructuring proceedings.
• American Renewables: Represented American Renewables in the negotiation of a $472 million project financing for the development of a biomass-fired production facility located in Texas.
• EDF Trading: Represented EDF Trading in the acquisition of Tanner Street Generation.
• First Energy: Represented Avon's creditors in a negotiated bond repurchase in connection with FirstEnergy Corp.'s sale of Avon Energy Partners Holdings to Aquila, Inc.
• Macquarie: Represented Macquaire Bank in the acquisition of Constellation's wholesale gas assets and Integry's wholesale power assets.
• Powergen: Represented an ad hoc committee of UK utility Avon Energy Partners Holdings (AEPH) bondholders in $1.1 billion sale of bonds to Powergen UK plc.
• Alpha Shipping plc: Represented a major financial institution in connection with the restructuring, foreign bankruptcy, and corresponding U.S. ancillary proceedings of Alpha Shipping, a U.K.-based commercial vessel operator with a fleet including several oil and chemical tankers.
• Amer Reefer: Advised Amer Reefer, a multinational shipping company, on protecting its £370 million fleet of reefer vessels in the face of potential foreclosure by its bondholders.
• Cammell Laird Holdings plc: Represented KPMG in its capacity as the Joint Administrators of Cammell Laird Holdings plc., a U.K.-based shipbuilder. Cadwalader was instrumental in establishing the administration on behalf of the holders of the €125 million 12% Senior Notes due 2010 issued by Cammell Laird Holdings plc.
• Panda Global Energy Co.: Represented Credit Suisse First Boston Corporation, the largest holder of bonds issued by Panda, an electric power generator, in the restructuring of Panda and its corporate parent.
• Mobile Energy Services Co.: Advised Credit Suisse First Boston Corporation, the largest holder of a series of bonds issued by Mobile, an on-site energy facility that supplies steam and electricity, in the company’s chapter 11 cases.
• SeaDragon Offshore Limited: Provided specialist restructuring advice to SeaDragon, a mobile oil rig operator, in negotiations with its principal lender, its new construction manager and other stakeholders.
• Calpine Corp.: Represented similarly situated ad hoc groups of noteholders and successfully restructured leveraged lease financings in connection with the chapter 11 cases of Calpine, an independent wholesale power generation company.
• Calpine Canada Energy Finance: Represented ad hoc group of bondholders in Calpine Canada’s chapter 11 case and Canadian CCAA proceedings.
• CalGen Corp.: Represented certain third lien lenders in connection with CalGen’s chapter 11 cases.
• Mirant Americas Generation: Represented the official committee of unsecured creditors in the U.S.-based power generator’s chapter 11 case.
• VeraSun Energy: Represented an ad hoc group of secured bondholders and roll-up DIP lenders in connection with the chapter 11 cases of VeraSun, a renewable fuel producer.
• Enron: Served as counsel to Enron, a U.S.-based energy, commodities, and services company, on energy and derivatives issues before and during its chapter 11 case.
• British Energy: Advised a creditors committee in connection with a bond restructuring/equitization by British Energy, a U.K.-based power generator.
• Avon Energy: Represented an ad hoc committee of bondholders for Avon Energy Partners Holdings, the parent company of Midlands Electricity plc, whose principal operating subsidiary is the fourth largest electricity distribution network in England and Wales.
• Teesside Gas Processing Plant: Acted for the London Branch of Deutsche Bank in connection with its investment in the Teesside Gas Processing Plant.
• Elektrownia Turow: Advised an ad hoc committee of bondholders in liaising with the Polish Economy and Treasury Ministries and Turow relating to the prospective event of default in their bonds caused by the prospective abolition of long-term power purchase agreements in Poland.

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.