Bankruptcy/Restructuring: Nationwide

THE FIRM Davis Polk is a New York-based group renowned for its preeminent creditor-side representations, specifically acting for financial institutions, hedge funds and acquirers of distressed assets. It has also developed impressive niche capabilities undertaking debtor representations in the airline sector. Recent highlights for the group include advising Citi as administrative agent and lead arranger of a $950 million debtor-in-possession credit facility for Eastman Kodak during its bankruptcy case. The group also advised JPMorgan in connection with similar debtor-in-possession credit facilities for The Great Atlantic & Pacific Tea Company and NewPage during their respective bankruptcies. In what is an increasingly diverse practice, it is also representing the former board of directors of MF Global during its Chapter 11 bankruptcy.

Commercial Awareness "Highly impressive with the level of research and communicating outcomes but undoubtedly have a very commercial view and give practical insights taking into account commercial reality."

KEY INDIVIDUALS Co-head of the restructuring and insolvency department Donald Bernstein enjoys a reputation as "one of a handful of the best bankruptcy attorneys in the country." As someone who "sees the bigger context," Bernstein is seen as a senior figure in any negotiation, where his gravitas alone is seen as influential.

Fellow co-head Marshall Huebner is known as a "an authority on all things bankruptcy." The "smart, creative and participatory" Huebner is lead counsel to JPMorgan as agent and lender in relation to DIP credit facilities for The Great Atlantic & Pacific Tea Company and NewPage during their respective bankruptcies.

THE FIRM Jones Day boasts an unrivalled nationwide footprint with a leading team in New York being ably supported by strong teams in Chicago, San Francisco, Los Angeles, Dallas, Cleveland and Columbus. The business restructuring and reorganization group represents both creditor and debtor-related entities in all manner of bankruptcy matters. It currently represents prominent bread manufacturer Hostess Brands in its Chapter 11 proceedings. The group has also recently acted for premier gifting company Harry & David. Since publication, a highly regarded team led by the esteemed Bruce Bennett has arrived from Dewey & LeBoeuf.

Client Service "Their service has been superb, they're clearly at the top of the food chain. They make an effort to be highly organized in what they do so as to not waste the client's time or money and they succeed at it better than most large law firms do."

KEY INDIVIDUALS The "incredibly impressive" Paul Leake leads the firm's business restructuring and reorganization practice and is based in New York. He is "good and effective in court, a clear mind and an effective speaker and litigator," according to sources. 

Corinne Ball is co-head of the firm's practice group in New York. She is a leading authority in distressed M&A and debtor-side representations. She filed the Hostess Brands Chapter 11 bankruptcy proceedings.

Richard Wynne is a senior partner in Jones Day's Los Angeles office. Clients describe Wynne as someone who "does exceptionally well in court, as well as providing very solid overall case management."

Heather Lennox operates out of the New York office having recently moved from the firm's Cleveland office. She is lead counsel to Cayman Islands investment entity Zais Investment Grade VII during its recent restructuring. She continues to "grasp issues really quickly and apply her knowledge of the Bankruptcy Code," according to commentators. 

David Heiman is based in Cleveland and is a founding member of the firm's bankruptcy practice. He is known as "an extremely effective attorney with great judgment and a fine style."

Lead among the team arriving from Dewey & LeBoeuf is the eminently respected Bruce Bennett. Market sources believe him to be "one of the very smartest and most highly experienced, imaginative and creative bankruptcy lawyers in the country." He is also recommended for his commercial approach; "he thinks like an investor as much as he thinks like a lawyer," mentioned one interviewee. Prior to joining Jones Day, led in the representation of the LA Dodgers during its bankruptcy.

THE FIRM Kirkland & Ellis's restructuring practice group is one of the most formidable and successful bankruptcy groups in the country, with large groups in Chicago and New York. It is capable of handling large-scale company-side representations on a national and international scale. Kirkland is known as a debtor-side practice, acting as lead debtor counsel in a significant proportion of the biggest Chapter 11 bankruptcies filed in recent years. The group aims to complete reorganizations outside of the courtroom and recently completed the complex out-of-court restructurings of YRC Worldwide, Horizon Lines, Keystone Automotive Operations. In the context of Chapter 11 debtor-side filings, it is has acted for The Great Atlantic & Pacific Tea Company, Local Insight Media Holdings and MSR Resort Golf Course in each of their respective bankruptcies. 

Client Service "They are acutely aware of the client's goals and tailor advice and strategy toward achieving them. They are always available and very responsive to deadlines. They remain deferential to client input and feedback."

Commercial Awareness "They have entered every one of my engagements with an acute desire to become aware of and fully understand the commercial context of the business, its predicaments and its opportunities."

KEY INDIVIDUALS James Sprayregen is described by market sources as a "fantastic business generator" and a "great negotiator." He splits his time between Kirkland's New York and Chicago offices. In an incredibly busy year, Sprayregen has led the group's team during the high-profile restructurings of YRC Worldwide, The Great Atlantic & Pacific Tea Company, Horizon Lines and MSR Resort Golf Course.

Richard Cieri is another of the group's most eminently experienced and well-respected practitioners. He led the teams involved in the Chapter 11 bankruptcies of yellow pages publisher Local Insight Media Holdings and foreign affiliate Caribe Media respectively.

Paul Basta has garnered a fantastic reputation among many commentators as "a strategic thinker who is well seasoned and gives extraordinary advice." Clients are particularly impressed with his dedication to ensuring that his clients are satisfied, as well as using his ability to use his "superior people skills" to his and their advantage.

The "excellent" Marc Kieselstein is a massively experienced practitioner in both the Chicago and New York markets. He practices on a national scale and leads Kirkland's representation of Nebraska Book Company during its large pre-arranged Chapter 11 filing.

Anup Sathy is increasingly recognized by respondents for his hard work and technical strength. He has been a key player in many of the team's recent high-profile representations, including as counsel in the Innkeepers USA Trust and YRC Worldwide restructurings.

THE FIRM Milbank has highly ranked financial restructuring teams in New York and Los Angeles. The group has a national presence and is recognized as one of the premier practices in the country for representing bondholders and creditors' committees, as well maintaining formidable debtor-side expertise. It recently acted for the official unsecured creditors committee in the Great Atlantic & Pacific Tea Company Chapter 11 bankruptcy. It is also acting for an ad hoc group of senior lenders in the restructuring of NewPage. On the debtor-side, Milbank is representing large Mexican glass manufacturer, Vitro DAB de CV, during its bankruptcy proceedings. 

Commercial Awareness "The attorneys at Milbank understand the commercial and practical implications of the legal strategies they are recommending."

KEY INDIVIDUALS Co-head of the financial restructuring group Dennis Dunne is highly respected as one of the foremost bankruptcy law experts in debtor, committee and bondholder engagements, regularly leading on the group's major representations. He is praised as a "go-to" lawyer for clients, who feel that they can "trust him with anything."

The "terrific" Paul Aronzon is based in the firm's Los Angeles office. He often operates on a national scale, with experience in a plethora of large scale corporate restructurings, on both debtor and creditor-side engagements. He has found prominence as a leading player in the group's ongoing representation of the unsecured creditors' committee in the Lehman Brothers bankruptcy.

Gerard Uzzi recently joined the team from White & Case LLP. He is fast gaining a strong reputation in the sector, one source describes him as one of the "best strategic attorneys on the creditor side."

THE FIRM Skadden lays claim to one of the largest bankruptcy groups in the country, with prominent teams in New York, Chicago, Wilmington and Los Angeles. The group is regularly considered one of the country's leading groups for large-scale corporate reorganizations and bankruptcies. The firm is internationally recognized as preeminent for its corporate and M&A practices, which are leveraged by the bankruptcy group to assist distressed companies with out-of-court restructuring and bankruptcy filings. Largely acknowledged as one of the strongest debtor-side groups in the country, it is also building a strong creditor-side practice. Recent examples of work include being selected as counsel to the unsecured creditors’ committee of American Airlines' parent company, AMR Corp, during its Chapter 11 proceedings. 

Sources say: "With their team they are creative in thinking outside of the box. They have worked on complicated out-of-court transactions, which is an art in and of itself." "Very good at providing large, high quality teams that can really attack a process."

KEY INDIVIDUALS Jay Goffman is global head of Skadden's corporate restructuring practice. He is lead counsel on behalf of the unsecured creditors' committee in the American Airlines bankruptcy. Goffman is known for his "particular ability to work with companies and get prepackaged bankruptcies done." He is praised among commentators for his commercially focused approach.  

Jack Butler is an extremely experienced and well-respected attorney who practices out of the firm's Chicago office. He is described by sources as being "brilliant strategically and phenomenally hard working." Recent highlights for Butler include securing Skadden's engagement as counsel to the unsecured creditors’ committee of AMR Corp in the American Airlines bankruptcy proceedings.

Gregory Milmoe is eminently respected as a practitioner of tremendous experience and influence in the bankruptcy industry. Clients are appreciative of his effective advocacy; "he has great experience and applied that to my situation and came up with a creative solution to get it done quickly."

Kenneth Ziman, who is based in New York, is deputy head of the global corporate restructuring practice. "He brings the whole package together," say impressed sources. George Panagakis operates from the Chicago office. He sits alongside Ziman as one of the deputy heads of the practice. Both were instrumental in Skadden's initial filing of MF Global Holdings' Chapter 11 bankruptcy.

THE FIRM Weil's internationally renowned business finance and restructuring group is one of the strongest in the industry. Along with its flagship office in New York, the group also boasts leading teams in Houston and Dallas. With widely acclaimed litigation, M&A and structured finance practices, the group has the ability to seamlessly integrate matters in both a geographical and disciplinary sense. The firm has a preeminent group in New York, which houses industry icon Harvey Miller. Weil has acted as debtor's counsel on a range of prominent recent filings, with the most notable being its representation of AMR Corp, the parent company of American Airlines, in one of the biggest bankruptcies of 2011. Other recent highlights include acting for Washington Mutual, Advanta Corp, Dallas Stars and DSI Stores in their respective bankruptcy proceedings. 

Client Service "Weil's reputation for quality work is well earned. They coordinate well between offices and provide a high level of client service and responsiveness."

KEY INDIVIDUALS Practice group founder Harvey Miller is a "godfather of the business," according to sources. He has filed some of the biggest bankruptcies in US history, including those of General Motors and Lehman Brothers.

Marcia Goldstein leads Weil's business finance and restructuring practice. She is lead counsel in a number of the group's most prominent bankruptcy filings. She has "terrific judgment," according to sources, especially when balancing conflicting positions; she is "very good at being collaborative and getting people on board but when there were differences she was firm and extremely effective." 

Stephen Karotkin is lead counsel in the firm's representation of AMR Corp, the parent company of American Airlines, during its Chapter 11 bankruptcy. He has the ability to "identify problems and then to come up with a creative solution," according to interviewees. 

Martin Sosland is based in the firm's Dallas office. He is regularly involved in some of largest bankruptcy cases in Texas and plays an integral role in many matters originating from New York. He has displayed "strong leadership, insight and technical capabilities," during his recent leading roles for the debtors in the bankruptcies of Blockbuster and Dallas Stars. 

The "seasoned" and "dedicated" Lori Fife continues to be pivotal in the firm's ongoing representation of Lehman Brothers. She is praised by clients for her relentless dedication to their interests. 

Alfredo Perez is another of Weil's Texas-based attorneys, operating out of its Houston office. He is praised for his practical and commercial approach to issues; "he served as our business adviser as well as our legal adviser," mentioned one impressed client. He is currently playing an integral role in the firm's representation of AMR Corp in the American Airlines bankruptcy.

THE FIRM Akin's financial restructuring practice boasts one of the most impressive creditor and creditor committees side groups in the country. The group's New York and Washington, DC-based teams integrate seamlessly in undertaking many of the most prominent committee engagements in the country. Able assistance is provided by two Texas-based teams that have also built a prominent reputation in the oil and gas bankruptcy sector. Recent highlights include acting for the official committee of unsecured creditors in the $9.9 billion bankruptcy of Dynegy Holdings. The group also represented official creditors' committees in the Nortel Networks, Washington Mutual and Saint Vincent's Catholic Medical Centers bankruptcies. In the ongoing high-profile bankruptcy of Eastman Kodak, Akin is acting for an ad hoc committee of second-lien noteholders.

Client Service "Very smart and very knowledgeable, with a breadth of talent on any issue. They do a good job of making sure we're not wasting money and time."

KEY INDIVIDUALS Fred Hodara is chair of Akin's financial restructuring practice group. He leads the firm's creditors' committee representations of Nortel Networks and Washington Mutual. He is noted for having "an ability to take charge of a room and control the dialogue rather than reacting; very proactive."

Daniel Golden is known as one the more formidable creditor-side and creditors' committee attorneys in the country. He is playing a leading role in acting for Aurelius Capital Management, the largest senior noteholder in the Tribune bankruptcy. He is described by sources as an "excellent advocate for ensuring the correct Akin resources are always available."

The "exceptional" Michael Stamer is known among market sources for finding "a good middle ground between aggression and negotiating; a good strategist who excels at putting things together." This year he acted for an ad hoc group of first-lien lenders in the YRC Worldwide out-of-court restructuring.

Ira Dizengoff is an "unbelievably skillful" attorney, according to peers, who "is not hyper technical and brings a business-oriented approach." He was lead counsel for an ad hoc committee of second-lien lenders in the NewPage bankruptcy and also leads on the firm's debtor-side matters.

The "extraordinarily capable" Charles Gibbs operates out of the firm's Dallas, Texas office. He acts for debtors and creditors and is known as an expert in the oil and gas industry. 

THE FIRM The New York-based Cleary Gottlieb group is noted for its capabilities in cross-border and international bankruptcies. A market leading sovereign debt practice forms an integral part of this. The group is US debtors' counsel to Nortel Networks, having recently concluded a record-breaking Section 363 bankruptcy sale of Nortel's US and foreign patent assets. It is also counsel to several major financial institutions in complex bankruptcy litigation arising from the international Madoff fraud.

Client Service "First rate, highest level of quality service."

KEY INDIVIDUALS James Bromley is leader of Cleary Gottlieb’s global restructuring and insolvency practice. He has been widely praised for his work in the Nortel Networks bankruptcy and Section 363 sale. Bromley is experienced in cross-border bankruptcies and distressed M&A. Clients note that "he knows how to get a deal done."

THE FIRM Kramer Levin's corporate restructuring and bankruptcy group is based in New York and is noted for its expertise in creditor-side representations and cases involving bankruptcy litigation. The group continues to build on this reputation and significantly was recently appointed as counsel to the official committee of unsecured creditors of Hostess Brands in its high-profile Chapter 11 bankruptcy. It also regularly represents various major financial institutions, including American Capital, BNP Paribas and Credit Suisse, as creditors in some of the more prominent restructurings in the sector, both in and out-of-court. 

Sources say: "They have the skills in the group to be a bulldog and tenacious, but on other hand the senior partners are good at finesse and building bridges to come up with the best solution."

KEY INDIVIDUALS Thomas Moers Mayer is cochair of the group. He is regularly singled out among commentators as an attorney whose intelligence is "something to be reckoned with" in negotiations and the courtroom; "you can explain something to him once and he immediately understands it and knows where to go with it," say sources. 

Fellow cochair Kenneth Eckstein garners praise for his strategic decision making. Clients note that he takes a "scholarly approach to looking at issues; he sits back, asks questions and comes up with a conclusion based on all possible outcomes."

THE FIRM This firm's restructuring, insolvency and workouts group lays claim to leading teams in Los Angeles, New York and Chicago. It is nationally recognized for its outstanding secured and unsecured lender practice, as well as for some prominent recent debtor filings. It recently acted for a group of co-lead arrangers of a $1.7 billion debtor-in-possession credit facility for Dynegy Holdings during its high profile bankruptcy proceedings. On the debtor-side, the group was lead counsel to Boston Generating during its Chapter 11 bankruptcy filing.

Client Service "They don't tell us what we can't do, they work very hard to give us a number of options to obtain the results that we need and the risks involved in each option."

KEY INDIVIDUALS David Heller chairs Latham's global finance department and splits his time between the New York and Chicago offices. He was lead counsel for National Envelope during its recent Chapter 11 bankruptcy. "He's an asset every time we work with him," say clients; "he was excellent in what was an incredibly touchy and sensitive process." 

Jan Baker is global cochair of the restructuring, insolvency and workouts group. He operates from the New York office and is tremendously respected for his "extraordinary talent, sophistication and collaboration." He leads many of the firm's major debtor engagements and is lead counsel to Boston Generating during its bankruptcy. Market sources note that "his style in getting people on the same page is exceptional." 

Peter Gilhuly leads the firm's Los Angeles-based team. He has seen a number of high-profile representations recently, acting for global law firm Howrey during its dissolution and bankruptcy, as well representing General Electric Capital as secured lender in the Chapter 11 case of Centurion Properties III.

Mitchell Seider cochairs the global restructuring group alongside Jan Baker. Interviewees describe him as "incredibly knowledgeable and very creative." 

THE FIRM Paul Weiss is another leading bankruptcy and reorganization group based in New York. It has increasingly become one of the most respected and sought-after teams in the sector in relation to bondholder and creditor group representations. The group recently represented significant ad hoc committees of bondholders in the bankruptcies of Dynegy Holdings and Horizon Lines. The group is also highly active in advising on distressed M&A, and recently acted for Ericsson as a leading participant in the consortium that purchased Nortel Networks' patent portfolio for $4.5 billion in a Section 363 auction. The group has also undertaken a number of high-profile debtor representations over recent years.

Client Service "They keep the costs low. The team knows my issues and knows how to handle my business partners. Their client service is great. We work with them so much and have gotten to know each other so well."

KEY INDIVIDUALS The "meticulous, well-prepared and balanced" Alan Kornberg is chair of Paul Weiss's bankruptcy and corporate reorganization group. His clients value his advice and perspective and say he is "equally comfortable doing company and creditor-side stuff." He leads the group's representation of Silver Point Capital as agent bank in connection with a DIP credit facility for bankrupt bread manufacturer Hostess Brands.

Andrew Rosenberg is described as "very efficient, pragmatic and deal-oriented." He is lead counsel for ad hoc committees of bondholders in both the Dynegy Holdings and Horizon Lines bankruptcies. In an example of the faith that clients put in him, one source noted that "he, more than anyone, is a one phone call hire." 

THE FIRM Sidley Austin boasts an enviable national footprint for bankruptcy and restructuring work, with teams in Chicago, Los Angeles, New York and Washington, DC. The group is equally comfortable undertaking both debtor and creditor-side representations. The team has experienced a stellar year and is fast becoming a firm to be reckoned with in many of the country's largest high-profile bankruptcies. It has been particularly active in company-side representations recently, acting for the likes of Dynegy Holdings, Tribune Company and Merisant Worldwide during their respective Chapter 11 proceedings.

Sources say: "They're extremely experienced and very creative in terms of coming up with solutions for situations. They're extremely diligent and always available." "Their practical approach informed by their hard work allows them to reach effective resolutions."

KEY INDIVIDUALS The "focused and highly experienced" Lawrence Nyhan is co-head of Sidley's corporate reorganization and bankruptcy group. He primarily acts on company-side engagements, but is also comfortable undertaking creditor-side matters. He is described as "very succinct and knowledgeable on nuances of bankruptcy law; a good negotiator - he is top-notch."

James Conlan co-heads the group alongside Nyhan. He is also lead counsel for Dynegy and Tribune in their bankruptcies. He is "very practical in his approach, easy to work with no matter on which side of the table; he is forthright in representing his client," according to sources. 

THE FIRM Simpson Thacher is another prominent New York-based bankruptcy group. It is widely recognized for representing senior lenders, and the team counts high-profile creditors such as JPMorgan Chase, Barclays Capital, The Blackstone Group and Deutsche Bank as clients. Market sources regularly point out Simpson Thacher's quality of work as a differentiator. Recent highlights include acting for JPMorgan as agent for a $1.2 billion unsecured credit facility and $300 million secured credit facility during the Chapter 11 bankruptcy of MF Global Holdings.

Commercial Awareness "They add value to a transaction, not only understanding the law but also giving practical and commercial advice. A lot of it is being creative to get the best result possible. The firm is quick on its feet, very practical and gets work done in timely manner."

KEY INDIVIDUALS "Business person's attorney" Peter Pantaleo is leader of the bankruptcy and restructuring group. He counts JPMorgan Chase as a regular client and currently acts for JPMorgan in providing various credit facilities during the MF Global bankruptcy. He is described as "very thoughtful, creative and has a good handle on the issue."

THE FIRM Wachtell's highly respected restructuring and finance group operates out of New York. The team is able to leverage upon a prominent corporate practice and has built a reputation as a creditor-side powerhouse in the sector. It primarily acts for major financial institutions, hedge funds and private equity clients. As an example of recent work, Wachtell has represented senior secured lender JPMorgan Chase during the high-profile Chapter 11 proceedings of MF Global Holdings. 

Sources say: "Super smart, effective lawyers." "We bring them in on the particularly difficult stuff."

KEY INDIVIDUALS Harold Novikoff is chair of the restructuring and finance practice group. He is noted among sources as one of the foremost creditor-side bankruptcy attorneys in the country, a sweet spot that has led some to comment that "there is no one like him for what he does." Novikoff is regularly involved in the group's major matters, including being lead counsel to JPMorgan as senior secured lender in the MF Global bankruptcy.

Richard Mason mirrors the group's creditor-side restructuring and finance expertise. He is an expert in hotels, retail and resorts industries and acts for bank and bondholder groups and acquirers of distressed assets.

The "incredibly cerebral and responsive" Scott Charles practices across a range of industries and is particularly capable within the distressed M&A sector. Sources are particularly impressed with his foresight; "when you're trying to be very strategic, Scott is one of the guys that I use," mentioned one happy client.

THE FIRM This New York-based reorganization and restructuring department is highly regarded for its expertise in company-side work, and has a strong lender and hedge fund-related practice. It has been involved in many nationally significant bankruptcies, including most recently representing Angiotech Pharmaceuticals, a large pharmaceutical and medical device company, during its restructuring. Creditor-side highlights include acting for Bank of America, which has secured and unsecured credit exposure to MF Global Holdings.

Commercial Awareness "They are extremely smart and know the process very well. Very commercial; good at assessing business issues and practical business limitations."

KEY INDIVIDUALS Marc Abrams has earned a tremendous reputation for his debtor-side expertise. He leads Willkie's representation of Angiotech Pharmaceuticals during its bankruptcy. Clients are pleased with his relationship skills and his commercial approach in that "he understands businesses as well as he does the law." He cochairs the practice group alongside Matthew Feldman, who undertakes a wide range of engagements for both debtors and creditors. He is described as "an extremely experienced guy who is a fierce advocate for his clients."

The "very effective" Margot Schonholtz is famed for her creditor-side expertise. She is lead counsel to Bank of America as a significant creditor to MF Global Holdings. Schonholtz is "excellent in getting a bank group in line and also dealing with clients and standing up to parties and other adverse groups," according to interviewees.

THE FIRM Bingham's financial restructuring group spans teams in New York and Boston and has developed excellent capabilities in international cases or matters with cross-border elements. The group primarily acts for bondholders and creditor committees. An example of this can be found in its representation of a secured lending group in the $200 million restructuring of global first stage drug company Molecular Insight Pharmaceuticals.

Sources say: "They exceeded all expectations. The attorneys could connect the dots and make very sound judgment calls; crafted an ingenious strategy and the outcome was fantastic."

KEY INDIVIDUALS Michael Reilly is cochair of financial restructuring alongside Jeffrey Sabin. Both are located in New York. Reilly, a "bright strategist and strong technician," specializes in cross-border restructurings. Sabin is noted among market sources for his visionary tactics; "he sees connections coming down the road that others don't see - his ability to see the future and keep issues alive at the same time is pretty unique." 

THE FIRM Cadwalader has built a formidable financial restructuring department with a national footprint and offices in New York and Washington, DC. The practice is recognized for its expertise in both creditor and debtor-side engagements, as well as having niche experience in the automotive sector. It is currently acting for US Bank National Association as trustee for certain notes and certificates in connection with the Dynegy Holdings Chapter 11 bankruptcy proceedings. The team is also representing a group of senior lenders in relation to radio broadcaster Inner City Media's high-value bankruptcy.

Commercial Awareness "They are very pragmatic and understand our business concerns. They look at the big picture and find innovative ways to get through the bankruptcy process." 

KEY INDIVIDUALS Mark Ellenberg is highlighted by respondents as an attorney who "takes the theoretical to practical." Working out of the firm's Washington, DC office, Ellenberg plays an integral part in several of the practice's major engagements. He is noted for "figuring out how to move a case forward and achieving the best results, whether it be by negotiating or litigating."

THE FIRM Quinn Emanuel is traditionally revered for its commercial litigation practice. Its restructuring group has built upon that background and has grown into one of the sector's go-to bankruptcy litigation teams. It is also regularly chosen as conflicts counsel by peers. Recent highlights include acting for the official committee of unsecured creditors for New Stream Secured Capital. 

Sources say: "Very precise and knowledgeable; they put the law into a tactical and strategic context and help to get a positive achievement."

KEY INDIVIDUALS Department head Susheel Kirpalani is known as an "incredibly smart bankruptcy attorney." He was recently appointed as examiner for the Chapter 11 bankruptcy of Dynegy Holdings and is admired as very knowledgeable and creative when it comes to bankruptcy and its intricacies. 

THE FIRM White & Case's financial restructuring and insolvency group has strong branches in New York, Miami and Los Angeles. The firm's international capabilities enable the team to present particular expertise when it comes to undertaking cross-border insolvencies and reorganizations. The group acts across a range of areas and regularly represents debtors, bondholders, lenders and investors in distressed M&A. It recently acted for an ad hoc committee of senior noteholders in the Washington Mutual bankruptcy and, on the debtor side, the firm is special litigation counsel to Dynegy Holdings during its reorganization activities.

Sources say: "Very assertive and aggressive when they need to be. They have a lot of creative energy and come up with solutions."

KEY INDIVIDUALS Thomas Lauria is the practice group leader. He has heightened his reputation in the competitive New York market and is well known for his relentless pursuit of his clients' interests. He leads the group's involvement in acting for an ad hoc committee of senior noteholders in the Washington Mutual bankruptcy. 

THE FIRM Brown Rudnick's bankruptcy and corporate restructuring group has well-regarded teams located in Boston and New York. The group is principally known for representing litigious creditors, often on behalf of unsecured creditor committees. It recently represented an ad hoc committee that opposed settlement and initiated litigation in order to establish ownership rights during the high profile Washington Mutual Chapter 11 case. The group also acted for Wilmington Trust as indenture trustee in litigation relating to the Tribune Company bankruptcy.

KEY INDIVIDUALS Edward Weisfelner chairs the bankruptcy and corporate restructuring group. He recently acted for an ad hoc consortium of senior secured noteholders, where he conducted litigation to protect their collective interests during the bankruptcy of The Great Atlantic and Pacific Tea Company.

Robert Stark is famed for his passionate defense of his clients' interests during litigation and negotiations. He leads the firm's engagements in the Washington Mutual and Tribune Company bankruptcies. "He is thinking of things two moves ahead, and has relentless drive and will do anything for his clients," according to sources.

THE FIRM Fried Frank's bankruptcy and restructuring group is based in New York. It focuses on both debtor and creditor representations. The group comes highly recommended for its cross-border expertise, where it is lead counsel to Mexico’s third-largest supermarket retailer, Controladora Comercial Mexicana, during its financial restructuring. It also harbors creditor-side expertise and is in representing the largest creditor, Appaloosa Management, among others, during the Chapter 11 bankruptcy of Washington Mutual.

KEY INDIVIDUALS Brad Eric Scheler is the practice group chair. He is lead counsel for creditor Appaloosa Management during Washington Mutual's Chapter 11 bankruptcy. He also acts for Vornado Realty Trust in the Borders and Great Atlantic & Pacific Tea Company bankruptcies. He is known among commentators as "a deal guy; a good negotiator and people manager." 

THE FIRM Greenberg Traurig has an admirable national presence, with teams in Atlanta, Chicago, Dallas, Houston, Wilmington and New York, working alongside a leading group in Miami. The group is ready for all manner of creditor, lender, investor and debtor client representation, largely due to its impressive global footprint and full-service capabilities. Highlights recently include high-profile debtor representations of Indianapolis Downs and Satélites Mexicanos during their recent restructurings.

Sources say: "They are very effective and understand their market and the client’s industry." "They work seamlessly across any internal organizational lines to bring the right resource to bear on each issue."

KEY INDIVIDUALS Bruce Zirinsky is based in New York and cochairs the firm's business reorganization and bankruptcy practice. He has been involved in a number of nationally recognized bankruptcy proceedings in recent years. He is respected by commentators for his intelligent and balanced approach.

Mark Bloom cochairs the national practice alongside Zirinsky. He is based in the firm's Miami office and is extremely well respected and experienced, and known by clients as "extremely bright and very articulate; when you combine his skills and his ability to articulate his positions it's a great combination."

THE FIRM This creditors' rights and bankruptcy group is based in New York. It is best known for its formidable expertise in conducting contentious bankruptcy proceedings, particularly on behalf of creditors. Recent highlights include acting for the Law Debenture Trust Company as indenture trustee for senior notes issued by Tribune Company. Not limited to creditor-side representations, the group also recently acted as lead counsel to Borders bookstores in its highly publicized Chapter 11 bankruptcy.

Sources say: "They don't overstaff, are smart people and they're very quick about getting things done. They cut to the chase and focus on what's important; they're effective advocates." 

KEY INDIVIDUALS David Friedman is co-head of the practice and acts as lead counsel to Borders in its Chapter 11 proceedings. He garners praise as someone who combines being a "deal-making bankruptcy lawyer" with being a "very good trial lawyer;" a combination which clients believe makes him a strong advocate on their behalf.

THE FIRM Morrison & Foerster operates a bi-coastal bankruptcy and restructuring group, with teams in New York and San Francisco. It has experienced a tremendous year with a number of high profile engagements that have signaled its arrival as a major player in the sector. Already commonly known as a creditor committee-focused team, MoFo recently represented the official unsecured creditors committees of Ambac Financial Group and Los Angeles Dodgers in their respective Chapter 11 bankruptcy cases. On the company-side, the group has also secured engagements as lead counsel to residential mortgage company Residential Capital during its out-of-court restructuring, and was also appointed as lead counsel to Louis Freeh, Chapter 11 trustee for MF Global Holdings.

Sources say: "They're very commercial and really good at giving advice and being very clear as to what they think is an appropriate course of action."

KEY INDIVIDUALS Brett Miller has been a key player in the group's recent rise to prominence. He leads the committee engagements in the Los Angeles Dodgers bankruptcy and is lead counsel to trustee Louis Freeh in MF Global's Chapter 11 bankruptcy.

THE FIRM Pachulski Stang is a leading bankruptcy boutique with a nationwide presence and teams in Los Angeles, San Francisco, Wilmington and New York. While regularly cited as a leader in representing debtors, the group undertakes a range of matters, including a number of large roles on behalf of creditors. The Wilmington branch of the practice has also garnered adulation from peers as a go-to local conflicts counsel in many significant bankruptcies.

Sources say: "It's a deep group of professionals in the restructuring community." "When they say something, the judges pay attention." 

KEY INDIVIDUALS Richard Pachulski chairs the firm with an impressive reputation as one of the "top bankruptcy lawyers in the whole western part of the USA." He regularly engages on matters of national scale and acts for the gamut of clients, including debtors and creditors' committees.

THE FIRM Sullivan & Cromwell offers bankruptcy and restructuring teams in Los Angeles and New York. The group is able to draw upon the firm's wider breadth and strength in many other areas of law to find specialist expertise in almost any industry or sector. Sullivan's stellar business client base has enabled the growing bankruptcy group to have an input in matters at a very early stage and thus heighten the chance of restructuring its clients' companies out-of-court. The group's momentum is exemplified by its role as lead counsel to Eastman Kodak during Kodak's high-profile Chapter 11 bankruptcy.

Sources say: "Amazing competence in restructuring and an amazingly diligent and hard-working legal team."

KEY INDIVIDUALS Andrew Dietderich is head of Sullivan's bankruptcy and restructuring group. He is lead counsel for Eastman Kodak during it's Chapter 11 bankruptcy. Dietderich is well respected for his intelligence and analysis of complex issues.

THE FIRM This firm is based in Texas, with premier restructuring and reorganization teams in Dallas and Houston. Its well-regarded team in New York also continues to gain momentum in the sector. The Texas-based groups generally focus on company-side matters, whereas the New York team is regarded for their creditor representations. The group wins frequent recognition for its involvement in retail, real estate and energy-related bankruptcies.

Sources say: "Highly professional, responsive, effective and efficient." 

KEY INDIVIDUALS The Dallas-based Dan Stewart garners tremendous respect as founding partner of the group. He brings massive amounts of respect to any bankruptcy-related matter and leads for the firm in many of its biggest engagements.

THE FIRM Debevoise is based in New York and boasts an international presence which enables the bankruptcy and restructuring group to provide considerable expertise in international and cross-border matters. The group is renowned for its strength in the airline and insurance sectors. The group recently undertook the role of 'special aircraft counsel' in the high profile AMR and American Airlines Chapter 11 bankruptcy.

Sources say: "As skilled and knowledgeable and experienced as any major law firm. They also provide a service level that truly sets them apart." 

KEY INDIVIDUALS The New York-based Steven Gross and Richard Hahn chair the firm's business restructuring and workouts group.

THE FIRM Fulbright's bankruptcy and insolvency group undertakes a range of restructuring engagements from its offices in Dallas and Houston. The group is proficient in both transactional and litigation-related bankruptcy matters, with particular expertise in acting for creditors, creditor committees and senior lenders. Recent highlights include representing the chief restructuring officer of the Texas Rangers, as well as SeaHawk Drilling, during those companies' respective Chapter 11 bankruptcies.

Sources say: "A deep team who can give you everything you need. They know each other well and can reach in and grab knowledge from anywhere in the firm if necessary."

KEY INDIVIDUALS The "highly respected" Lou Strubeck leads the firm's global bankruptcy and insolvency group. He represents a number of prominent creditor clients, including JPMorgan Chase and Wells Fargo. Clients praise his temperament; "He doesn't get flustered in nasty acerbic cases, but communicates well with all parties and focuses on what is core to his client's needs."

Toby Gerber harbors expertise in transportation and airline-related bankruptcies. Respondents are pleased with his "understanding of client expectations, being available 24/7 and providing sophisticated analysis and excellent legal advice."

THE FIRM This firm originates in Texas, with specialist bankruptcy and business restructuring teams based in Dallas, Forth Worth, Houston and San Antonio, as well as an increasingly prominent New York group. The team undertakes a broad range of creditor and debtor-side engagements, and has been particularly active in distressed M&A matters. The group recently represented Midland Loan Services as the special servicer for the largest secured creditors in the Innkeepers USA Trust Chapter 11 bankruptcy.

Sources say: "I feel the group conducts its business in the best interests of its client. They receive the highest marks from me."

KEY INDIVIDUALS Robert Albergotti is based in the firm's Dallas office and is immensely experienced across the bankruptcy spectrum. Clients note that he is "very good at explaining the legal implications of issues and the reason for a specific strategy - it enables clients to make the best decision at each critical point."

Robin Phelan is commonly referred to by sources as one the deans of the Texas bankruptcy Bar. Interviewees are particularly impressed by his "brilliant foresight."

Charles Beckham is also based in Dallas. His calm demeanor in difficult situations is what sets him apart from competitors, say sources, many of whom also note that it is a "pleasure to deal with him." He is praised for his practical approach; "he understands the legal and business perspectives and finds the best result for all involved." 

THE FIRM Klee Tuchin continues to be regarded as one of the top bankruptcy boutique practices in the country. Based in Los Angeles, the firm is regularly singled out by sources for the intelligence and ability of its attorneys and the depth of its bench. Recent highlights include being selected as lead counsel to Jefferson County during its continued restructuring operations. It also recently acted for practice head Kenneth Klee as the examiner in the high-profile Tribune Company bankruptcy.

Sources say: "Creative, hard working, committed and very clever; very helpful in finding solutions."

KEY INDIVIDUALS The "intelligent and highly experienced" Kenneth Klee garners tremendous respect among commentators as one of the preeminent bankruptcy attorneys in California. He is highly regarded nationally and sources note that "his knowledge and performance in bankruptcy hearings, making arguments on behalf of his clients, is impressive."

Lee Bogdanoff is another of this firm's highly regarded founding partners. "He's extremely smart, very knowledgeable, and gives good, frank advice on the merits of legal questions," according to impressed interviewees. 

Michael Tuchin is praised as "a joy to deal with" by clients. He leads the firm's work on behalf of MGM in its ongoing prepackaged Chapter 11 proceedings. "He's good at figuring out what's most likely to happen from the beginning and pursue it through to the end," say commentators. 

THE FIRM Orrick's bankruptcy group has teams spanning the East and West Coasts. This national footprint enables it to draw from an extensive knowledge bank. The group regularly acts for lenders, creditors and investors in distressed M&A. Active clients include Bank of America, Levi Strauss & Co and Wells Fargo Bank. A significant recent highlight is the ongoing representation of the City of Vallejo, California, in its Chapter 9 bankruptcy.

Sources say: "Wonderful." "Quality work, very fast, 100 per cent responsive and accurate."

KEY INDIVIDUALS Roger Frankel is cochair of the firm's bankruptcy and restructuring department. He is eminently experienced and respected among respondents, who praise him for being "very levelheaded in volatile situations" and for his vast "body of experience and maturity." He splits his time between the firm's Washington, DC and New York offices. 

THE FIRM Ropes & Gray's bankruptcy and business restructuring group operates on a national scale, with prominent offices in Boston and New York. The group is proficient across a wide range of bankruptcy-related areas and is particularly adept at arranging out-of-court restructurings and distressed M&A transactions. It recently acted for an ad hoc committee of second priority noteholders during the bankruptcy of Mexican satellite operator, Satélites Mexicanos SA de CV.

Sources say: "Very commercially oriented with interesting and creative approaches. The team does such an excellent job."

KEY INDIVIDUALS Mark Bane is "effective, businesslike and good to deal with," according to interviewees. He is chair of the business restructuring group and is based in the New York office. He recently led the firm's representation of an ad hoc committee of second priority noteholders in the Satélites Mexicanos restructuring.