Bankruptcy/Restructuring: Texas

THE FIRM Fulbright & Jaworski is preeminent in Texas for a whole host of bankruptcy and restructuring issues, particularly in cases of national significance. The group is especially strong in transactional matters on behalf of creditors, including lenders and hedge funds, as evidenced by its recent representation of the official committee of unsecured creditors of ASARCO. The team also wins plaudits on the debtor side, having advised Idearc on its Chapter 11 bankruptcy case, one of the largest ever filed in Texas.

Sources say: "The firm's client service is outstanding and the attorneys are available around the clock for any kind of crisis."

KEY INDIVIDUALS Toby Gerber is one of the country's leading experts in bankruptcies occurring in the airline industry and in the transportation sector more generally. Offering "phenomenally practical advice and solutions," he is described as a "consummate restructuring professional" who is "incredibly knowledgeable about the bankruptcy process, extremely assertive and convincing in both written and oral presentations." Head of the bankruptcy and insolvency group, Lou Strubeck is "an outstanding lawyer who fights very hard for his client but also sees the endgame and is an effective negotiator when necessary." He predominantly represents creditors, including banks and hedge funds, acting on behalf of clients such as CoBank, JPMorgan Chase and Union Bank. As a former bankruptcy judge, William Greendyke contributes an enormous amount of experience and credibility to his representations. He is immensely respected as a mediator and arbitrator and is able to use "his vast experience to advise his clients effectively on the most complex issues and problems," according to interviewees. Berry Spears, the leader of the practice group in Houston, is "an outstanding practitioner who combines strong technical abilities with first-class negotiating and consensus-building skills." He is particularly experienced in issues relating to the electric utility sector. His highlights have included assisting Toby Gerber in the group's representation of Idearc. Zack Clement is one of the team's most experienced specialists. He is a long-established and respected authority in the sector, and undertakes a wide array of bankruptcy and restructuring matters and associated litigation.

THE FIRM With one of the strongest bankruptcy and restructuring groups in Texas, this firm is praised for its comprehensive and all-encompassing coverage in the region and for its ability to handle cases occurring at a national level. The group maintains a sterling debtor-side practice as well as a leading caseload representing acquirers - particularly hedge and private equity funds - in distressed M&A transactions. Recent highlights include acting for Americas Mining Corp (AMC), the corporate parent of ASARCO, and representing the official committee of unsecured creditors in the reorganization of yellow-pages publisher Idearc.

Sources say: "The group enjoys a well-earned reputation - it's top-notch in complex restructuring matters."

KEY INDIVIDUALS Praise could hardly come higher for star player Robert Albergotti. As one of the sector's leading authorities, he is considered "one of the intellectuals of the industry" and "extremely pragmatic and commercially oriented" in his representations. Sources praise his ability to effectively handle any and all types of bankruptcy and restructuring issues. The "highly respected and experienced" Charles Beckham is recommended for his deep expertise in representing secured lenders and secured lender groups. He recently led in the firm's representation of AMC with respect to ASARCO's Chapter 11 filing. Robin Phelan is "one of the lions of the Texas restructuring world" and a dean of the region's bankruptcy Bar. "Vigorous in representing his client's interests," he remains one of the most experienced specialists in the area of insolvencies and reorganizations. His recent highlights include representing the official committee of unsecured creditors in Idearc. Practice group chair Stephen Pezanosky is "a solid legal practitioner, respected by peers, and a fierce player in the courtroom." In addition to his prominence as a bankruptcy litigator, he has a strong debtor-side practice and an impressive distressed M&A caseload on behalf of acquirers. Patrick Hughes is similarly lauded for his expertise across a broad range of debtor and secured creditor representations. He recently won acclaim for his lead role in acting for offshore oil and exploration and production companies Palm Energy Partners and Pisces Energy in their Chapter 11 cases.

THE FIRM This preeminent Texas-based group has an excellent national reputation for bankruptcy work, one supported by an increasingly prominent team in New York. With its broad and deep practice, the team deftly undertakes both debtor and creditor-side representations. The firm remains a leading player in the energy space in particular, acting in major Chapter 11 proceedings on behalf of clients such as Clearwater Natural Resources and Crusader Energy Group. In major highlights, the group represents BI-LO and various affiliate companies in their jointly administered Chapter 11 filings, and served as co-counsel to the ad hoc group of first-lien lenders in the Chapter 11 case of Texas Rangers Baseball Partners.

Sources say: "The team is capable of providing first-class representation on every front."

KEY INDIVIDUALS Practice group founder and leader Dan Stewart is lauded for the depth of experience he possesses in a whole host of bankruptcy and restructuring issues. Handling a broad range of debtor and creditor representations, he utilizes his experience in "maintaining a fantastic overall view of how the bankruptcy systems work in the USA." He recently represented Clearwater Natural Resources in its Chapter 11 case, and acted on behalf of JPMorgan Chase as administrative agent for a syndicate of lenders owed approximately $7 billion in relation to Idearc's filing. Stewart also led in the firm's involvement in the Texas Rangers bankruptcy alongside his colleague William Wallander. An attorney with "an immensely deep understanding of bankruptcy law," Wallander is most known for his expertise in acting for lenders, such as JPMorgan. He is also well versed in a variety of matters on behalf of lenders, creditors, committees, trustees, bondholders and debtors. Josiah Daniel's recent workload has been dominated by his lead on behalf of debtors BI-LO, a role for which he receives masses of praise from market sources. With in-depth experience across a broad range of bankruptcy and restructuring matters, he is "a fantastic strategist and a solid sounding board for his clients." Bankruptcy litigation specialist James Lee is considered to be one of the strongest courtroom presences in this sector. In addition to his decades of experience, he brings to the table his "unparalleled understanding of litigation strategy." Paul Heath comes recommended for his ability to drive cases, "meet objectives, get people focused and reach agreements in complex proceedings." While an expert in handling both company and creditor representations, his recent caseload has trended toward acting for debtors and buyers in distressed M&A matters. Harry Perrin is increasingly renowned as a leader in restructurings occurring in the energy arena. He also comes highly recommended as "an excellent oral advocate" and for his "phenomenal bankruptcy litigation skills."

THE FIRM This firm's Dallas and Houston-based teams play a crucial part in the firm's preeminent national and global business finance and restructuring practice. As such, the group comes recommended for providing clients with access to a number of the world's strongest bankruptcy specialists and resources. The team similarly becomes involved in an impressive proportion of the country's most significant company-side bankruptcies, having played lead roles in the firm's representations of Blockbusters, Texas Rangers Baseball Partners, Pilgrim's Pride and Semgroup.

Sources say: "Consummate bankruptcy professionals."

KEY INDIVIDUALS Heading the practice group in Houston is the "consistently well-prepared, personable and solid leader" Alfredo Perez. He represents debtors and claimants in a variety of sectors, and wins masses of acclaim for his recent lead in the Chapter 11 filings of BearingPoint and Express Energy Resources. Martin Sosland is a lead attorney in Dallas. Peers hold him in especially high regard for undertaking an impressive number of the state's most high-profile, sizable and complex debtor representations, having recently acted for Crescent Resources, Pilgrim's Pride, Semgroup and Texas Rangers. Sources commend his "superbly creative and extremely well thought-out strategies." Assisting him in the group's representation of Pilgrim's Pride was Stephen Youngman, whom numerous sources admire for his calm, efficient and collected approach during tense proceedings. One source commented that he is "someone who never loses his cool; he's like Iceman in 'Top Gun'."

THE FIRM Baker Botts is widely admired for its expertise in acting for debtors in a whole host of bankruptcy and restructuring issues. The team possesses particular experience in the energy, mining and natural resources sectors and in cases involving environmental and asbestos liabilities. The group also undertakes a significant amount of creditor-side representations and work involving bankruptcy acquisitions. The attorneys recently received a tremendous amount of acclaim for their successful representation of ASARCO in one of the state's most significant Chapter 11 proceedings.

Sources say: "The group is able to effectively and quickly navigate the treacherous waters of complex Chapter 11s."

KEY INDIVIDUALS Jack Kinzie is the firmwide practice chair and partner-in-charge of the Dallas office. Having led the team acting for ASARCO, he maintains a high profile in the market as "an outstanding bankruptcy attorney" and someone whose "wonderful demeanor and focused approach help find a way to make a deal in circumstances where others can't." Tony Davis is an expert in a range of creditor and debtor assignments. He is highly respected in the sector, particularly in relation to bankruptcy proceedings involving real estate, environmental and insurance aspects. Judith Ross is a widely respected bankruptcy litigator undertaking work for a number of the group's largest clients, including Goldman Sachs, whom she represented in connection with the appointment of a receiver of a billboard company. James Prince is a younger attorney quickly establishing himself as a major player in the region. He wins plaudits for his broad practice covering debt restructuring, bankruptcy litigation, and sales and acquisitions of distressed assets. Luckey McDowell enters the tables this year as a future star. He represents a range of creditors, lenders, debtors, and buyers of distressed assets. He is also well known for his expertise with bankruptcy litigation.

THE FIRM This firm is recognized for its solid regional practice and for its particular strength in the oil and gas sector. As such, the group undertakes a variety of bankruptcy issues on behalf of unsecured creditors' committees, secured lenders and debtors with interests in the energy and natural resources sector. The team also maintains particular expertise in healthcare and sports-related bankruptcies and restructurings, having recently represented the first and second-lien secured creditor, as well as the agent for the second-lien lenders, in relation to the Texas Rangers bankruptcy proceedings.

Sources say: "A go-to firm in Texas for bankruptcies involving oil and gas issues."

KEY INDIVIDUALS Richard Roberson is "widely known as an effective deal-maker and a smart and highly respected litigator." In addition to his broad-ranging practice representing debtors, trustees, creditors' committees and secured lenders, he is recommended for his expertise with bankruptcies in the oil and gas sector. He recently represented Dorado Beckville Partners in its Chapter 11 reorganization. Holland O'Neil also manages a broad bankruptcy and restructuring practice with a subspecialty in oil and gas issues. She wins increasingly high praise as "an extremely strong advocate and a bulldog of a litigator." Sources also commend her in-depth industry knowledge and her ability to "quickly come up to speed on intensely complicated cases." Practice leader Deirdre Ruckman acts for both creditors and debtors, and is praised for her niche in the healthcare sector. Her recent highlights include acting for the liquidating officer of Wadley Regional Medical Facility. Stephen McCartin undertakes a full range of regional and national bankruptcy issues. He is particularly well versed in bankruptcies involving real estate matters, having recently represented EverBank in relation to the Crescent Resources Chapter 11 real estate issues. John Melko is one of the group's go-to experts for oil and gas-related bankruptcies and reorganizations. He also possesses expertise in manufacturing, retail, healthcare, airline and financial services matters.

THE FIRM Andrews Kurth has a prominent regional practice group that sees involvement in a number of the state's most significant cases, exemplified by the team's recent representation of the official creditors’ committee of Pilgrim's Pride. The firm has hit the ground running since the recent departure of one of its key players, and remains a leader in bankruptcy proceedings involving complex oil and gas, tax and fraudulent transfer aspects. The group is also recommended for its strong links with the firm's New York practice groups.

Sources say: "A full-service law firm with extremely good attorneys in a range of legal disciplines."

KEY INDIVIDUALS Jason Brookner is increasingly praised as "an exceptional bankruptcy attorney" who continues to make his name in a number of the state's most high-profile cases. He recently represented debtor NextMedia and its subsidiaries in its Chapter 11 filing, and also acted for the official creditors' committee of Pilgrim's Pride alongside his colleague Robin Russell. Russell is the firm's practice cochair. Clients hold her in particularly high regard, describing her as an attorney "who works extraordinarily hard, and is extremely knowledgeable and easy to work with." Her practice covers a range of both transactional and litigious bankruptcy and restructuring matters, and she is especially well known for her expertise in fraudulent transfers and valuation issues. Jeffrey Spiers is a seasoned authority in a wide variety of bankruptcy cases, but has particular strength in representing secured creditors and financial institutions. According to interviewees, he is "astoundingly competent, knowledgeable and efficient in getting the job done for his clients." David Zdunkewicz also provides "top-notch legal advice for his clients." He has a broad-ranging practice advising the firm's corporate clients on transactional bankruptcy concerns across a multitude of industries.

THE FIRM Bracewell has an excellent regional practice largely known for undertaking creditor-side assignments, representing committees and creditors, as well as trustees, in bankruptcies throughout Texas and the Southwest. One of the team's greatest strengths lies in its representations of clients in the oil and gas sector, particularly exploration and production companies such as Energy Partners, TXCO Resources and Viking Drilling. The group also acts for debtors, having recently represented offshore vessel owner Deep Marine Technology in its bankruptcy filing.

Sources say: "Great lawyers who provide superb, practical legal advice."

KEY INDIVIDUALS Trey Wood has had a resoundingly successful year representing the first-lien agents and lenders in out-of-court restructurings for the firm's exploration and production company clients. He also represented EnerVest in connection with the acquisition of an oil and gas company out of bankruptcy. He is "an incredibly knowledgeable and gifted bankruptcy attorney who is excellent in understanding what diminishes value and how to create value in proceedings." Marcy Kurtz is an expert bankruptcy litigator, whom sources recommend for her "brilliantly tough approach and solid judgment." She led in the group's representation of Deep Marine Technology, and is also experienced in a range of creditors' rights matters and bankruptcy issues relating to M&A transactions. Samuel Stricklin has an impressive caseload acting on behalf of creditors' committees in the real estate, retail and restaurant sectors. He is described as "an absolute bulldog on behalf of his clients: aggressive, competent and highly respected."

THE FIRM With five offices spread across Texas, Cox Smith is a solid local firm handling a good balance of both creditor and debtor assignments. The group has an active oil and gas-related caseload, and additional strength in retail, aviation, healthcare and real estate issues. The firm represented debtor TXCO Resources in its recent sale of assets, and also acted for the financial adviser to the official committee of unsecured creditors of ASARCO.

Sources say: "They are excellent: very hands-on, knowledgeable and highly respected in the industry."

KEY INDIVIDUALS Practice group leader Deborah Williamson "does an excellent job of representing her clients in every case she's involved in." She is recommended for her experience in handling both debtor and creditor cases at a national level, and is especially respected for handling cases involving the sale and acquisition of distressed assets. Mark Andrews largely represents debtors, and has particular expertise in construction and retail-related restructurings. He recently represented the debtor and subsequent Chapter 11 trustee in AGE Refining's bankruptcy. The eminently experienced George Tarpley has a broad-ranging practice acting for both debtors and creditors across a wide cut of industries. "A pleasure to deal with," clients describe him as "unerringly responsive and supportive in all his dealings."

THE FIRM Forshey Prostok is one of the best bankruptcy boutiques in the state and a go-to practice group in Fort Worth. The team covers all manner of restructuring and insolvency matters, including debtor, creditor and creditor committee representations. The firm is also a first choice among peers as local conflicts counsel, and recently acted as such on behalf of Texas Rangers Baseball Partners in the Chapter 11 case pending in Fort Worth.

Sources say: "The outfit's vast experience leaves little uncharted ground, and its specialists provide timely, sharp answers with alternatives at the ready."

KEY INDIVIDUALS Robert Forshey and Jeff Prostok have practices that complement each other's well. Forshey is recommended for his formidable bankruptcy litigation expertise and for his "excellent analysis and dealings with the bankruptcy courts," while Prostok is praised for his "superb strategy and creativity" in more advisory reorganization roles, largely assisting his clients to avoid filings and litigation. Matthew Maben, one of the group's most recommended associates, is frequently sought out by the firm's clients for major reorganization assignments.

THE FIRM Munsch Hardt has a robust statewide practice supported by teams in Dallas, Houston and Austin. The group undertakes work on all sides of bankruptcy proceedings, including debtor, secured creditor, committee, receivership and trustee representation. Recent highlights include representing Alex Rodriguez, the trustee to the official committee of unsecured creditors in the Texas Rangers bankruptcy.

Sources say: "The group consistently provides extremely high-quality advice." 

KEY INDIVIDUALS Practice group leader Joseph Wielebinski receives a tremendous amount of positive press following his lead in representing Alex Rodriguez. "A consummate and professional practitioner," sources are thoroughly impressed by his wide-ranging expertise, particularly in matters on behalf of creditors and fiduciaries. Founding partner and former practice chair Russell Munsch also has a practice covering the gamut of insolvency and restructuring issues. Of late, he has been extremely active in representing secured creditors and lenders. He recently acted for BNP Paribas in its role as administrative agent for a syndicate of senior secured lenders. Lee Morris is "an exceptionally impressive young bankruptcy attorney" undertaking work on behalf of debtors, creditors and trustees.

THE FIRM This firm has an increasingly renowned bankruptcy and restructuring practice undertaking the entire range of creditor and debtor-side representations. The group is especially strong in handling cases in the energy sector, with highlights including its recent representation of various parties, including Anadarko and its affiliates, as creditors in Semcrude's Chapter 11 filing. The firm also acted for a number of creditors and lenders in relation to the Chapter 11 cases of Lyondell Chemical and Bigler.

Sources say: "Excellent restructuring attorneys."

KEY INDIVIDUALS John Higgins possesses tremendous experience in bankruptcies and workouts. He comes most recommended for his expertise in energy-related cases, and also undertakes bankruptcy litigation and a range of debtor-side assignments. The "aggressive, creative and solutions-oriented" David Jones has a sterling practice handling a variety of debtor and trustee cases.

Since publication, David R Jones has left this practice.

THE FIRM This firm remains a major player in bankruptcy and restructuring cases occurring in the energy sector, and also comes highly recommended for its work involving CMBS issues. The group's highlights have also included prominent cases on behalf of major financial institutions, such as The Bank of New York Mellon Trust, which the team represented as indenture trustee with regards to the Pilgrim's Pride Chapter 11 cases. Other major clients include Baseline Oil & Gas, Cross Canyon Energy and Goldman Sachs.

Sources say: "They are down-to-earth, practical, efficient and knowledgeable attorneys who demonstrate superb courtroom skills."

KEY INDIVIDUALS Sources unanimously agree that Rhett Campbell is one of the state's preeminent experts in energy-related bankruptcies and creditors' rights issues. According to sources, "he does a phenomenal job on behalf of his clients; he communicates well and commands a lot of respect and attention in the courtroom." David Bennett is also an expert in bankruptcies relating to the oil and gas sector. He is praised for his creativity: "He's fantastic in the way he thinks outside of the box."

THE FIRM Akin Gump's Texas-based bankruptcy and restructuring group forms a key part of the firm's solid national practice, and is often seen working closely with its leading team in New York. The group has developed a strong niche in midmarket oil and gas company restructurings, and has a strong line in real estate-related issues, including matters involving CMBS trusts. The team recently represented the official unsecured creditors' committee of LandAmerica.

Sources say: "The group has an excellent reputation inside and outside Texas for restructuring issues."

KEY INDIVIDUALS The "extraordinarily capable" Charles Gibbs specializes in the representation of debtors as well as secured and unsecured creditors. He is especially experienced in matters involving real estate and energy.

THE FIRM This Dallas-based firm handles the gamut of bankruptcy and restructuring work, including a significant amount of bankruptcy litigation, on behalf of both debtors and creditors. The group is particularly strong in work on behalf of creditors' committees, as well as indenture trustees, in an array of industries.

Sources say: "A stable of fine attorneys with excellent litigation and bankruptcy expertise."

KEY INDIVIDUALS Stephen Goodwin has a robust corporate bankruptcy and restructuring practice and is widely respected for his "phenomenal bankruptcy litigation expertise." His practice covers all manner of reorganizational issues on behalf of a range of clients, including major banks, creditors' committees, debtors, trustees and bondholders. The well-respected Michael Sutherland is described as "an immensely smart attorney who brings significant years of experience to the table." His practice includes a range of company, creditor and lender-side representations.

THE FIRM Greenberg Traurig's business reorganization and bankruptcy practice has one of the country's best and broadest nationwide presences, and its teams in Texas play a crucial part in this. As such, the group is well placed and well resourced to handle cases of national significance. It has a broad-based practice acting on all sides of bankruptcy proceedings. Recent highlights include representing Radical Pitch in preparing for and participating in the auction of the Texas Rangers baseball team, and acting for the official committee of unsecured creditors in the Chapter 11 cases of Bigler Petroleum.

Sources say: "I am consistently impressed by the depth of knowledge its attorneys exhibit within their specialties."

KEY INDIVIDUALS Clients love Clifton Jessup's "realistic and well thought-out advice," and describe him as "a wonderful peacemaker when you have a case where emotions run high." He is an expert in a range of bankruptcy, reorganization and creditors' rights issues, and counts his lead acting for Mark Cuban, the owner of Radical Pitch, in the Texas Rangers bankruptcy as one of his biggest highlights of late. Bruce White also played a key role in the Texas Rangers case. He is known as "an excellent, smart and knowledgeable deal-maker who remains entirely focused on getting results for his clients," say sources.

THE FIRM Jones Day's Texas-based business restructuring and reorganization teams form an integral part of the firm's leading national practice. The group has significant distressed M&A expertise, backed by the firm's excellent corporate practice group, and has been actively involved on both creditor and debtor-side representations. Highlights include the team's representation of Specialty Products Holding and Bondex International, specialty chemical product line producers, in their Chapter 11 cases.

Sources say: "A great national firm chosen for its level of preparation and professionalism."

KEY INDIVIDUALS Gregory Gordon is an immensely experienced restructuring and bankruptcy litigation expert based in Dallas. In additional to his knowledge of sales and acquisitions of distressed assets, he has particular expertise in a number of industries, including technology, energy, healthcare, retail, natural resources and textiles. Houston-based Thomas Howley is one of the group's go-to experts in bankruptcy issues relating to the energy sector. He is similarly experienced in representing hedge and private equity funds.

THE FIRM Kane Russell operates out of offices in Dallas and Houston and is highly regarded for undertaking small to midmarket insolvency and restructuring work. The group has a very broad-based practice acting on behalf of secured and unsecured creditors, creditors' committees and debtors. The team recently represented the official unsecured creditors' committee for Hereford Biofuels, and also acted for the liquidating trustee in Crusader Energy's post-confirmation bankruptcy proceeding.

Sources say: "These extremely competent attorneys have great depth and experience."

KEY INDIVIDUALS Joseph Coleman, one of the firm's founding partners, leads the firm's insolvency and creditors' rights group. He undertakes a wide variety of cases on behalf of unsecured creditors' committees, trustees, creditors and debtors.

THE FIRM This firm is widely respected as a major player in debtor representations, ably assisting companies and equity sponsors through Chapter 11s across a range of sectors. The group has been acting on behalf of clients involved in energy-related bankruptcies, evidenced by its high-profile representation of Bigler Petroleum in its Chapter 11 case. The team also acted for Lone Star Funds in relation to the BI-LO bankruptcy proceedings.

Sources say: "The firm does an excellent job, especially on the debtor side, and the overall quality of its lawyers never fails to impress."

KEY INDIVIDUALS The "phenomenally talented" Henry Kaim is a leading expert in all manner of financial restructuring, Chapter 11 reorganization and bankruptcy litigation cases. His expertise reflects that of the group in his particular strength in acting for debtors and equity sponsors.