Bankruptcy/Restructuring: New York

THE FIRM This group is preeminent in representing lenders and a favorite among financial institutions, with a client roster that includes names such as JPMorgan, Bank of America and Goldman Sachs. The group has continued as lead counsel to the Federal Reserve Bank of New York and the US Treasury on various financing and capital management transactions for AIG. The team has also been active on the company side, advising Ford on its debt restructuring plans and serving as lead bankruptcy counsel to Frontier Airlines and its subsidiaries in connection with their Chapter 11 proceedings. Sources highlight the team’s quality at partner level but are especially impressed by the strength of its associate ranks. 

Sources Say: “Phenomenally strong in bankruptcy, restructuring and capital markets. The group’s ability to work with management teams is nothing short of amazing.”

KEY INDIVIDUALS Both Donald Bernstein and Marshall Huebner lead the group in terms of its bankruptcy and restructuring capabilities and are seen as equally responsible for the firm’s outstanding reputation in the sector. Bernstein is lauded as a foremost authority on US and international bankruptcy matters. In addition to having “the experience to handle any type or size of bankruptcy case,” he is admired by sources for his “extraordinarily smart, creative and thoughtful” approach. Huebner is “extremely well respected in the community” and highlighted for his collegiality. This “exceptionally bright and knowledgeable” attorney is also recognized as a formidable litigator.

THE FIRM This team’s growth and increased bench strength in recent years have greatly impressed sources and seen it further distance itself from the rest of the pack in terms of debtor work, both in New York and internationally. The group has been active in some of the largest cases, including representing Charter Communications in its prearranged bankruptcy, acting for Chemtura in its Chapter 11 restructuring and acting for auto suppliers such as Lear and Visteon in their Chapter 11 proceedings. 

Sources Say: “These are the premier debtor lawyers in the country. They take into account not only the law but also the motives and personalities of all those involved.”

KEY INDIVIDUALS Richard Cieri has a fantastic reputation for “his terrific management of large-scale cases and flawless strategy skills.” He has led the group on behalf of Charter and Chemtura and “excels in keeping expectations realistic and in accordance with the constraints of a case.” Restructuring specialist Paul Basta receives accolades for “always keeping in mind what’s best for the company and providing consistently good advice on extremely difficult and challenging issues.” Jonathan Henes is developing a strong reputation as “a real hands-on and roll-up-your-sleeves attorney who has terrific negotiation skills.”

THE FIRM Skadden’s sizable corporate restructuring group is widely lauded for its debtor work, in addition to being regarded as a force on the lender side. In particular, sources highlight the group’s expertise and experience in exchange offers. The firm is strong in both transactional and contentious restructurings and attracts praise for the caliber of its attorneys from top to bottom and its cross-industry prowess. Work includes advising CIT Group during one of the largest prepackaged bankruptcy matters of recent times. Other highlights include representing Centro Group and its affiliates in out-of-court restructuring, among other matters. 

Sources Say: “Skadden is one of the leaders of the debtor field. Its lawyers thoroughly and effectively address all the issues and discuss them with the client before taking action.”

KEY INDIVIDUALS Gregory Milmoe is co-head of the firm’s corporate restructuring group. He is considered a dean of corporate restructurings and a leading authority on exchange offers. He has been recently involved in advising CIT on its financial restructuring. Fellow co-head Jay Goffman is described as a “smart, knowledgeable and experienced restructuring specialist who clients use for difficult issues that require a lot of thought.” He played a key role in the firm’s representation of Centro Group. Kenneth Ziman recently joined the firm from Simpson Thacher. He is recommended as “extraordinarily smart and knowledgeable, skilled in navigating around difficult legal and business issues.”

THE FIRM The team at Wachtell is renowned as a compact, efficient and expert group devoted in large part to creditor representation, which includes acting for hedge and private equity funds and financial institutions. The team is particularly noted for its prominence and prowess in distressed M&A and its work on behalf of banks. Recently, the group represented the largest bondholder and chair of the official creditors’ committee in the Delphi bankruptcy matter, acted for JPMorgan Chase in the Chapter 11 and Securities Investor Protection Act proceedings of Lehman Brothers and displayed its skill in strategic acquisitions by advising Bank of America on its acquisition of Merrill Lynch. 

Sources Say: “A leading firm for representing bank groups, which is rightly famous for the excellence of its lawyers.”

KEY INDIVIDUALS Chair of the restructuring and finance department Harold Novikoff is “a walking encyclopedia of the bankruptcy code and a first-rate attorney with fantastic strategic knowledge.” He has been heavily involved in the group’s recent representation of JPMorgan and played a key part in the firm’s work for the US Treasury. Scott Charles is “an extremely commercial, well-connected and strategic thinker” who clients highlight for his ability to confidently handle complex distressed M&A and bankruptcy issues. The “intellectually gifted” Philip Mindlin is noted for his involvement in recent Lehman-related matters and in the acquisition of Merrill Lynch. Clients say that he excels at “pulling victory from the jaws of defeat.” Richard Mason has “a fantastic and masterful presence in the courtroom” and is adept at “negotiating the best possible outcome for his clients.”

THE FIRM Weil Gotshal continues to be a giant in the debtor world. The team is recommended for the depth of its bench and the stellar reputation of its specialist members. The near-legendary Harvey Miller’s recent return to the firm was another coup for a group that continues to experience huge success, edging ahead of its competition across a range of industries. The team is further bolstered by the seamless integration of colleagues in the firm’s leading structured finance, M&A and litigation practices. Work highlights include its much-praised role as lead debtor counsel to Lehman Brothers, as well as its efficient handling of the GM Chapter 11 filing and its performance on behalf of General Growth Properties and Washington Mutual in their Chapter 11 cases.

Sources Say: “Weil Gotshal has a stable of extraordinarily talented bankruptcy lawyers who are first-rate in debtor cases and frequently seen in the megacases.”

KEY INDIVIDUALS Harvey Miller is an undisputed star of the bankruptcy sector, described as “a luminary in the field and one of the most talented lawyers you’ll ever see.” He has won much acclaim for his lead role in the GM filing. Head of the business finance and restructuring group Marcia Goldstein“epitomizes what clients want in an attorney: she is the perfect blend of tough, flexible and knowledgeable.” Sources also praise her “excellent courtroom presence and her credibility with judges across the country.” Stephen Karotkin has led in a number of the group’s most prominent cases, including its work on behalf of Aleris International. According to clients, “strategy flows well with him.” Lori Fife has fantastic analytical skills and is “among the best in dealing with complex situations and figuring out solutions.” She is also recommended for her impressively creative and technically savvy approach. The “highly effective and knowledgeable” Richard Krasnow has developed an excellent reputation as a formidable negotiator who “does a great job in standing up for his clients.” Jeffrey Tanenbaum continues to attract headlines with his continued representation of GM in the Delphi Chapter 11 cases and is considered "a great lawyer." Shai Waisman is cultivating an impressive reputation as “a fantastic, smart and effective younger partner.” Joseph Smolinsky is also highly praised: sources describe him as “an excellent strategic thinker who is well versed in the intricacies of bankruptcy law.” He has continued to flourish at the firm since joining from Chadbourne & Parke in April 2009.

THE FIRM This firm excels at bondholder work and in advising creditors’ committees, and houses some of the market’s foremost authorities and specialists. Recent highlights include representing the official committee of unsecured creditors of Nortel and advising the creditors’ committee of WCI Communities in Chapter 11 proceedings. 

Sources Say: “The team is strategic, well prepared and extremely client-friendly. Its members anticipate needs and deliver the final product in a way that makes things phenomenally easier for the client.”

KEY INDIVIDUALS Daniel Golden is famed for his representation of bondholder and creditors’ committees. He recently led in the WCI Communities matter, in which he demonstrated his capabilities as “a tremendously experienced and seasoned bankruptcy lawyer who has seen virtually every situation and can bring that experience to bear.” Michael Stamer possesses strong negotiation skills and is “fantastic to have on your side of the table.” He has been representing an informal group of noteholders in connection with the Lehman Brothers bankruptcy cases. The “exceptionally well-prepared” Fred Hodara leads the firm’s bankruptcy group. He is recommended as a “constructive problem-solver who is always ahead of the curve.” Lisa Beckerman is admired by peers and clients for her intelligence and innovative style. She recently led in the firm’s representation of an ad hoc group of noteholders of Panolam Industries International. Beckerman was also involved in the group’s work on behalf of WCI Communities. The "exceptionally smart and practical” Ira Dizengoff is increasingly admired for his debtor work, as well as for his expertise in creditor-side matters. Talented committee counsel David Botter enters the tables as someone who is “fantastic at keeping his clients up to speed, balancing differing interests and forging consensus.”

THE FIRM Cadwalader’s financial restructuring department has had a resoundingly successful year, having secured leading roles in some of the most significant bankruptcies of recent times. Key among the group’s highlights has been advising the Presidential Task Force on the Auto Industry and counseling the US Treasury on CIT Group’s proposed exchange offer. The firm also represented LyondellBasell in one of the largest bankruptcy cases of 2009. 

Sources Say: “Cadwalader excels on both the debtor and creditor sides, and has one of the most prominent and successful groups of the year.”

KEY INDIVIDUALS Group cochair Deryck Palmer is “extremely intelligent, creative and calm; he is not an attorney who is easily flustered.” He and fellow cochair John Rapisardi were key to the firm’s work for LyondellBasell. Rapisardi has an eminent national reputation for his expertise in domestic and international restructurings and is praised for his “extraordinary knowledge and skill set.” George Davis has an all-encompassing practice that covers work for debtors, creditors, lenders and investors across a range of industries.

THE FIRM This highly regarded team continues to rise in the estimation of the market, and it has played a key role in some of the largest bankruptcy matters. The group’s work as lead counsel to Nortel Networks and its affiliates stands out, demonstrating the firm’s capacity for cross-border and international proceedings. The group’s prowess in distressed M&A work was demonstrated by its representation of Barclays Capital during its $1.75 billion acquisition of Lehman Brothers’ North American investment banking and capital markets businesses.

Sources Say: “In addition to its talent for litigation, the group has a great blend of transactional and regulatory expertise and does an excellent job of communicating issues and maximizing its resources.”

KEY INDIVIDUALS Head of the firm’s global bankruptcy and restructuring practice James Bromley wins plaudits for his work leading the team acting for Nortel and for his representation of the UAW in the Chapter 11 proceedings and related Section 363 sales of GM and Chrysler. Sources describe him as “extremely articulate, forceful when necessary, and a great problem solver.” Lindsee Granfield led in the Barclays matter and wins praise for being “direct, easy to understand and knowledgeable on all the issues.” Lisa Schweitzer is a highly recommended younger partner whose involvement in a matter “provides an extremely strong backbone” to proceedings.

THE FIRM Jones Day’s New York business restructuring and reorganization team achieved fame recently following its landmark representation of Chrysler and its affiliated debtors in their Chapter 11 cases. Such highlights, which also include advising Lehman Brothers Holdings and its affiliated debtors, have cemented this group’s position at the vanguard of debtor practices. The firm’s international capability is a substantial boon to clients involved in multi-jurisdictional cases, including Chapter 15 issues. The New York team’s talents also encompass distressed M&A matters.

Sources Say: “This extremely talented group of partners and associates has had a very strong year and remains a leading light for debtor representation.”

KEY INDIVIDUALS Corinne Ball, a prominent debtor and distressed M&A expert, has impressed sources with her successful handling of Chrysler’s Chapter 11 reorganization. She also played a lead role in negotiating a $20 million debtor-in-possession financing facility for Metaldyne and its subsidiaries following their Chapter 11 filings. Interviewees describe her as "a real force" in this area. Group co-head Paul Leake is “a tremendously even-keeled, thoughtful and dedicated attorney who not only has excellent knowledge of the law but also its practical implications.” An expert in debtor work, he also has an active practice in the distressed M&A area.

THE FIRM Milbank Tweed is extremely well versed in the issues facing bondholders and large creditors’ committees and has additional expertise in debtor and company-side work. Although it has seen some departures over the years, the group maintains a deep bench of leading experts. It is seen acting on some of the largest bankruptcies around, including representing the official committee of unsecured creditors in the Lehman Brothers bankruptcy, an ad hoc group of senior secured lenders in the Lyondell Chemical  bankruptcy and an ad hoc committee of bondholders in relation to the Nortel bankruptcy. 

Sources Say: “This is a team of high-quality, technically proficient attorneys who have phenomenal negotiation skills and are extremely responsive.”

KEY INDIVIDUALS Dennis Dunne, head of the financial restructuring department, is credited with having established an extremely strong practice group. He is considered an authority in the field and “has the ability to really come up with the solutions and be a tough negotiator when necessary, while always being willing to compromise if that’s the best line to take.” The “tremendously bright, responsive and reliable” Matthew Barr is recommended as a talented bankruptcy attorney and “a measured, strong advocate.” Abhilash Raval's profile has quickly risen since becoming one of the group’s partners. Well liked by sources, he is praised for being “dedicated to his clients’ goals, which includes applying business objectives to strategy.”

THE FIRM This firm's bankruptcy and corporate reorganization group is greatly respected for its expertise in representing bondholders and creditors’ committees. Recent highlights include advising the lenders’ steering committee of CIT Group in relation to its bankruptcy, and representing an ad hoc committee of bondholders in relation to the Charter Communications reorganization and Chapter 11 proceedings. The group’s expertise in debtor work also wins acclaim. 

Sources Say: “Paul Weiss is a great bankruptcy and restructuring shop, particularly with regards to bondholder work, and excels at straddling the creditor-debtor divide.”

KEY INDIVIDUALS Practice group chair Alan Kornberg is famed for his “strong leadership skills and fantastic business head.” Interviewees also highlight his “very calming effect on tense situations, which is a result of his even-keeled approach.” Andrew Rosenberg played a key role in representing the lenders’ steering committee in the CIT matter. Sources are impressed by “his ability to unify disparate groups of creditors” and his “highly intelligent and commercial advice.” Stephen Shimshak led the group representing Ericsson in connection with its purchase of a number of businesses belonging to Nortel. Deputy chair of the group Jeffrey Saferstein has been acting on behalf of AbitibiBowater in its Chapter 11 restructuring. Brian Hermann is new to the table this year. He is described by interviewees as “an extraordinarily intelligent, hard-working and results-oriented” partner.

THE FIRM Simpson Thacher is considered one of the go-to firms for lenders in large restructurings and represents the likes of Wells Fargo, JPMorgan and Barclays Capital. The firm also has a substantial private equity practice in this area, which has seen an increase in debtor-side work in recent years. Highlights include advising JPMorgan as administrative agent of an $8.4 billion credit facility entered into with Charter Communications. The team also acted for JPMorgan in relation to Chrysler’s bankruptcy proceedings.

Sources Say: “An excellent firm with a top-notch, bank-side bankruptcy and restructuring practice.”

KEY INDIVIDUALS Practice leader Peter Pantaleo is a greatly experienced and respected expert on advising lenders and creditors’ committees. He is particularly noted for his strength in out-of-court restructurings. Steven Fuhrman is a leading figure when it comes to representing banks and financial institutions.

THE FIRM Willkie Farr has traditionally been best known for its work on the debtor side; in recent years, however, it has balanced this with expertise in creditor and hedge fund issues as well. Highlights include representing a large group of post-petition debtor-in-possession lenders to auto parts supplier Delphi. Key debtor-side matters include acting for Journal Register Company and its affiliates in its Chapter 11 proceedings. 

Sources Say: “This team can outcharm and outwork an opponent. Its lawyers are tough and business-minded.”

KEY INDIVIDUALS Practice group cochair Marc Abrams is highly respected as a debtor expert and for being “energetic, bright and extraordinarily quick on his feet; he can quickly adapt to changing circumstances and take the right route.” Fellow cochair Matthew Feldman rejoined the team after a period on assignment to the US Treasury. His expertise in debtor matters and experience of cross-border and bankruptcies is seen as “a powerful combination.” Debtor specialist Michael Kelly impresses clients with “his superb focus on the business aspects of any transaction.” John Longmire enters the tables this year as “a fantastically strong and analytical lawyer, who has excellent business sense and negotiation skills.” Rachel Strickland is also acclaimed as a future star of the group. She is “a tough and experienced attorney who you’d definitely want on your side in a fight,” says one interviewee. The experienced and respected senior counsel Myron Trepper is “near-legendary in the sector.” He is highlighted for his knowledge of all sides and stages of business reorganizations: “He has the authority to command the attention of any room; when he speaks, everyone listens." Margot Schonholtz recently joined the firm from Kaye Scholer, where she was cochair of the business reorganization and creditors’ rights group. She is renowned for her litigation ability in major cases. Interviewees describe her as “someone you really want on your side in a fight” who "will never hesitate to tell a client exactly what the risks are.”

THE FIRM This group is widely admired for its strength in complex negotiations and its recent prominence in many of the most significant bankruptcies. Highlights include representing a mortgage loan certificate holder in connection with the Extended Stay Hotels Chapter 11 case and advising Cooper-Standard Automotive Holdings and its US subsidiaries in relation to their Chapter 11 proceedings. In addition to the group’s in-depth expertise and resources, clients benefit from the firm’s skill in specialties such as real estate, corporate, M&A and securities.

Sources Say: “These guys know the law back to front and will not back down from a fight. They bring wide-ranging experience to any transaction.”

KEY INDIVIDUALS Sources admire practice leader Brad Scheler for his “phenomenal intelligence and strategic skill” and for his “ability to bring a new perspective to particularly complex restructuring situations.” Gary Kaplan is “a gifted younger lawyer” who observers commend for his impressive performance in bankruptcy litigation. He has experience on both debtor and creditor sides.

THE FIRM Hughes Hubbard continues to establish itself in this field following the acquisition of the boutique firm Luskin, Stern & Eisler LLP in 2008. It has a good reputation for representing banks and creditors and has increased its capacity on the debtor side. Its enviable client roster includes the likes of Citibank, Scotiabank and ABN AMRO. Much of the team's recent marketplace profile originates with the appointment of group cochair James Giddens as trustee for the liquidation of Lehman Brothers.

Sources Say: “The firm has done an excellent job at demonstrating its ability to handle large, sophisticated and international cases.”

KEY INDIVIDUALS Cochair of the corporate reorganization and bankruptcy team Richard Stern is renowned for his ability in complex transactions and workouts involving large groups of banks. According to sources, “he is excellent at conveying matters in a way that bankers understand." James Giddens has been busy with his ongoing role as trustee in the Lehman bankruptcy proceedings. Managing one of the largest claims processes in history demonstrates his aptitude in this area. Michael Luskin has an eminent reputation in contentious bankruptcy and insolvency matters. Clients describe him as “a technically sound lawyer with in-depth knowledge of the relevant bankruptcy codes.”

THE FIRM Kasowitz Benson has carved itself a strong niche in the complex bankruptcy disputes arena representing creditors. Recent highlights include acting on behalf of an indenture trustee in relation to Tribune’s Chapter 11 cases and counseling the Wilmington Trust as an indenture trustee in connection with Lyondell Chemical’s Chapter 11 proceedings.

Sources Say: “In demand for the creativity and aggressiveness of its attorneys in negotiations and court proceedings.”

KEY INDIVIDUALS David Friedman, head of the bankruptcy team, has a long-standing reputation as “an effective advocate of his clients who is extremely insightful into the psychologies involved in bankruptcy disputes.” Recently, he has been advising Donald Trump in relation to the Chapter 11 proceedings of Trump Entertainment Resorts and its affiliates. David Rosner is an eminently experienced bankruptcy litigator and expert in creditors’ rights matters.

THE FIRM Kramer Levin is sought after for its strength on the creditor side and in bankruptcy litigation. It receives particular praise for its work on behalf of investment funds. The group has had an impressive track record of late, representing the official unsecured creditors’ committees in both the GM and Chrysler bankruptcy proceedings. The team also acted for a number of distressed investors in the Charter Communications and Tribune Chapter 11 cases. 

Sources Say: “This team is extremely smart and effective, with some of the most experienced bankruptcy partners around. They always have a dramatic impact on a case rather than just letting other teams lead.”

KEY INDIVIDUALS Clients laud the intelligence and knowledge of practice cochair Thomas Mayer. He “knows the intricacies of the bankruptcy code like no one else and really understands the practical considerations,” says one. In particular, sources note his expertise in restructurings involving unions and investment funds. Fellow cochair Kenneth Eckstein is recognized for his “fantastic strategic vision” and for the lead roles he has played in the group’s automotive cases.

THE FIRM Latham & Watkins has broad bankruptcy and restructuring capabilities, with a creditor practice and experience representing debtors and financial institutions.

KEY INDIVIDUALS Group cochair Jan Baker joined the team in 2009 and has strengthened its capability on the debtor side. Robert Rosenberg has been recently advising creditors committees. Mark Broude has experience representing agents and lenders in bankruptcy proceedings. Second group cochair Mitchell Seider has been working particularly on cross-border matters.

THE FIRM Quinn Emanuel is increasingly recognized as a go-to group for bankruptcy-related litigation. The firm has an excellent reputation for representing hedge funds and is lauded for its expertise in creditors’ rights disputes. Sources have been particularly impressed by the group’s work on behalf of the official committee of unsecured creditors in connection with the Lehman Brothers bankruptcy and for Access Industries, the parent company of LyondellBasell.

Sources Say: “Quinn Emanuel is outstanding in bankruptcy litigation and has become one of the top referral firms in conflicts. The firm excels at combining litigation with traditional bankruptcy and corporate finance expertise.”

KEY INDIVIDUALS Susheel Kirpalani’s name has been synonymous with the group’s success in the bankruptcy litigation arena, particularly in relation to matters on behalf of bondholders and hedge funds. He is heralded by peers and clients alike as “a terrific litigator – tough but always polite, and with a practical approach to problem solving and a great business sensibility.”

THE FIRM This firm offers global reach and often acts on insolvencies and workouts with cross-border elements.

KEY INDIVIDUALS Thomas Lauria, who also has a practice in Florida, is credited with the group’s success in New York.

THE FIRM This firm is highly recommended for its cross-border insolvency expertise and its capacity for large and complicated international bondholder matters. The group’s prominence in creditor work on a worldwide basis is demonstrated by its recent role as counsel to bondholders of Controladora Comercial Mexicana, Mexico’s third largest retail group. In addition to its representation of creditors in Lehman Brothers-related Chapter 11 cases, the team’s highlights also include advising the official creditors’ committees for both LandAmerica Financial Group and BearingPoint.

Sources Say: “We’ve consistently found Bingham’s team to be thoughtful, hard-working and goal-oriented.”

KEY INDIVIDUALS Practice group co-leader Michael Reilly is lauded for his negotiation and deal-making talents. In addition to his extensive experience in the field, sources highlight his “skill at taking on extremely complex situations and creating solutions.” Jeffrey Sabin, who joined the firm as group co-leader in 2008, is greatly appreciated by clients, who report: “He always knows how to come up with the best legal strategies, think outside the box and gain leverage in negotiations.” Ronald Silverman is admired for his “total command of tough cases” and for his ability “to turn complex information into digestible pieces, which allows a committee member to make an informed decision.”

THE FIRM Brown Rudnick is well known for its strength on behalf of creditors, has an impressive client base and is becoming more prominent in debtor work. The group continues to represent a large number of ad hoc creditor groups, while maintaining a sterling track record advising hedge funds.

Sources Say: “The smart, aggressive and creative attorneys in this team are excellent at dealing with difficult situations and securing positive outcomes.”

KEY INDIVIDUALS Edward Weisfelner is chair of the bankruptcy and finance department and head of the bankruptcy and corporate restructuring group. He is recognized for the significance of his workload and well known among peers as “a smart and tough attorney who does a phenomenal job for his clients.” Corporate restructuring specialist Robert Stark continues to raise his profile in the market, and has been involved in an impressive number of cases recently.

THE FIRM This group has at its disposal the departments, resources and specialists housed throughout the firm’s global network of offices, which means it is well equipped to handle a broad mix of both debtor and creditor work. Traditionally, the team has been praised for its work on behalf of insurance companies, such as IDS and Principal Mutual Life Insurance. Recent highlights also include advising Delta Air Lines on its Chapter 11 case.

Sources Say: “Bright lawyers who are good at negotiating the dynamics of a big group, particularly in workout situations."

KEY INDIVIDUALS Group cochair Steven Gross is an “inordinately knowledgeable bankruptcy lawyer, well versed in a range of matters, both in and out of court.” He undertakes both debtor and creditor-side work and is distinguished by his "experience and judgment" and his “strong analytical and business skills.” Fellow cochair Richard Hahn is “an extraordinarily skilled attorney who has a calming influence in contentious situations.” Michael Wiles is a respected bankruptcy and commercial litigator who "excels at achieving consensus between parties and is well respected by the Bar.” My Chi To enters the table this year following praise for her “extremely thoughtful and personable” manner. She continues to develop her expertise in creditor matters and maintains strong relationships with a number of the firm's major insurance company and hedge fund clients.

THE FIRM Schulte Roth is well regarded for its representation of private equity and hedge fund clients, as well as banks and other financial institutions, in the distressed investment space. It is also acclaimed for its work on behalf of both debtors’ and creditors’ committees. In particular, interviewees highlight the group's enviable and long-standing relationship with Cerberus Capital Management, which it recently represented in a fraudulent transfer suit filed by bankrupt department store operator Mervyn’s.

Sources Say: “The team is excellent in building up a strong relationship with its clients and demonstrates great commercial awareness and reliability.”

KEY INDIVIDUALS Head of the business reorganization team Michael Cook is “an incredibly efficient, clear, well-prepared and astute” attorney appreciated by clients for his support during intense proceedings. Adam Harris wins accolades for his “immensely commercial approach and up-to-date knowledge of bankruptcy issues,” as well as for his confident management of large and complex reorganizations. Up-and-comer David Hillman is “an extremely talented attorney” who draws praise for his work on behalf of hedge funds.

THE FIRM Sources are impressed by this firm’s international platform and its world-class M&A practice, which is a boon to clients involved in distressed acquisitions as well as Chapter 15 and cross-border matters. The group has a solid reputation for its work on behalf of banks such as Citibank and Credit Suisse, and maintains an enviable track record in Chapter 11 debtors' and creditors’ committee matters.

Sources Say: “The firm is excellent in terms of its international staffing, with its offices just where we need them.”

KEY INDIVIDUALS Practice group leader Douglas Bartner is frequently seen leading some of the team’s most significant cases. He is described as “an extraordinarily intelligent and diligent lawyer who is highly thought of in the legal community." James Garrity is a former judge in the US Bankruptcy Court for the Southern District of New York and is praised for his “fantastic judgment in relation to court processes.”

THE FIRM This firm is respected for its all-around strength across the gamut of issues in the financial restructuring sector, being able to draw upon expertise in a plethora of corporate and financial fields. The team is particularly respected for its capabilities in creditor roles and has had a strong year acting on behalf of bondholders. In a recent and very high-profile matter, the team represented an ad hoc group of bondholders in relation to the restructuring of Trump Entertainment’s Atlantic City gaming operations, while other highlights have included the firm’s representation of an ad hoc committee of bondholders in connection with Lear’s bankruptcy proceedings.

Sources Say: “Extraordinarily smart and practical, the group displays a lot of interconnectedness concerning the appointment of the relevant experts on individual cases.”

KEY INDIVIDUALS Cochair of the financial restructuring group Kristopher Hansen is renowned for his excellent following in the ad hoc bondholder committee space. According to sources, “he’s a superb advocate and deal-maker, tremendously responsive to creating solutions when situations change.” Since joining the firm in March 2009, Andrew DeNatale has maintained his reputation as “a superbly experienced veteran of the bankruptcy Bar." He leads the firm’s special situations lending group and is well known for his work on behalf of banks. Lawrence Handelsman has extensive experience on both the creditor and debtor sides, with additional expertise in representing clients in the airline and healthcare arenas.

THE FIRM Chadbourne & Parke has an excellent reputation for work primarily on the creditor side, representing both official committees and senior lender groups. The group is particularly well versed in distressed financial matters and praised for its expertise in the monoline insurance sector. Recent highlights include acting on behalf of the official creditors’ committee in Tribune’s Chapter 11 proceedings.

Sources Say: “They’re great guys to work with, possessing high-quality expertise and a great negotiation style. They do a fantastic job in getting to the right answer and negotiating a settlement.”

KEY INDIVIDUALS Global practice chair Howard Seife is “a deeply experienced lawyer who manages his team extremely well.” He is particularly noted for his expertise in cross-border and Chapter 15 issues, and for his ability “to take a practical stance in a situation and come up with the means to achieving consensus."

THE FIRM Kaye Scholer is lauded for its formidable capabilities in representing senior lender groups and for its prominent creditors’ rights practice. The firm is praised for the breadth of its practice, which covers structured products, derivatives, monoline insurance, litigation and, increasingly, work for debtors. Bank of America is a major client of the firm, and was represented by the team as administrative agent in connection with the $2.8 billion debt restructuring of FairPoint Communications, as well as in relation to the restructuring of SemGroup.

Sources Say: “They are excellent at managing disparate groups with significantly different points of view.”

KEY INDIVIDUALS Mark Liscio cochairs the firm's business reorganization and creditors' rights practice group.

THE FIRM Morgan Lewis has a reputation for its work on behalf of financial institutions. The group’s debtor-side workload continues to grow, and the team is prominent in cross-border matters.

KEY INDIVIDUALS Group cochair Richard Toder has expertise in an array of creditor, debtor and committee-related matters. Fellow cochair Howard Beltzer is acclaimed for his expertise across the spectrum of Chapter 11 issues.

THE FIRM This firm is recognized for its dedicated and effective work on behalf of creditors’ committees and lenders. The group also receives praise for its litigation capabilities, with sources highlighting its visibility in a number of Chapter 11 matters, notably on behalf of clients in the retail sector.

Sources Say: “Strong for creditors’ committee work and a one-stop shop for high-pressure bankruptcy litigation.”

KEY INDIVIDUALS Lead practitioner Scott Hazan is well known for his expertise in representing midsized creditors’ committees. Sources also highlight his experience of matters involving clients in the airline and electronics sectors.

THE FIRM Sources are impressed by this group's presence in a number of the highest profile bankruptcy cases, including its representation of the official committee of unsecured creditors of Charter Communications. Praise is also leveled at the team's work on behalf of a steering committee of lenders in connection with the $1.5 billion GM term loan. The firm has experience of acting for both creditors and debtors, and in matters concerning private equity funds.

Sources Say: “This group of lawyers is extremely thorough, smart and works incredibly well together.”

KEY INDIVIDUALS Practice group co-head Mark Bane takes the lead in a substantial number of cases, including work on behalf of portfolio companies, bondholders, boards of directors and private equity entities. Clients praise the “quality of his representation, terrific demeanor and knowledge of the courtroom.” Keith Wofford is a new entry to the tables this year. He is noted as one of the team’s leading practitioners in work relating to the automotive sector and is lauded as “an outstanding negotiator; tough and savvy in knowing where the leverage points are and on how to bring pressure to bear on the opposition."

THE FIRM Sonnenschein has a good profile for its work for creditor and equity committees, as well as debtors. Recent highlights include representing the largest secured creditor in the restructuring of Tropicana and acting for Young Broadcasting as debtor and debtor-in-possession in Chapter 11 proceedings.

Sources Say: “The team provides a great standard of representation.”

KEY INDIVIDUALS Carole Neville has a sterling reputation for his work on behalf of creditor and equity committees and has increased her visibility through representation of a number of investors in Madoff-related fraud cases. Clients describe her as “thorough, detailed and extremely reassuring.” Peter Wolfson has led on a number of the firm’s most high-profile cases and has a broad-ranging bankruptcy practice that covers the spectrum of creditor, bondholder and equity committee work.