Bankruptcy/Restructuring: Illinois

THE FIRM The Chicago-based restructuring group at Kirkland & Ellis continues to work with the firm's New York office on some of the largest bankruptcy-related matters in the country. The group is best known for debtor-side expertise across all manner of industries including retail, automotive, real estate, media and telecoms. The team is also commended for its expertise in resolving large-scale matters out-of-court, evidenced by the restructuring of YRC Worldwide. Recent highlights also include engagements for Corus Bankshares, The Great Atlantic & Pacific Tea Company, Green Valley Ranch Gaming and MSR Resort Golf Course in their respective Chapter 11 proceedings. While debtor-side representations are a particular strength, the team also regularly represents clients with other interests. It currently represents an ad hoc group of holders of senior notes in TerreStar Networks in a sale relating to TerreStar’s Chapter 11 cases.

Sources say: "They have incredible depth and are able to quickly assemble a top-notch team to address any issue very quickly and effectively." 

KEY INDIVIDUALS James Sprayregen continues to excel since rejoining the group in 2008 and is widely regarded as a preeminent restructuring attorney. He is praised by commentators, who say he "gets the big cases" because of his "incredible work ethic and skill." Sprayregen, who splits his time between Chicago and New York, fosters an exemplary reputation in representing troubled companies and their directors in a range of matters and industries. 

Anup Sathy advises various corporate entities on various issues relating to restructurings, workouts and Chapter 11 reorganizations. He has been involved in many of the team's more impressive representations recently, including acting for Innkeepers USA Trust, Conseco and YRC Worldwide. 

David Seligman focuses on acting for public entities and privately held portfolio companies during both in- and out-of-court restructuring matters. He also has niche expertise in cross-border insolvencies. Clients admire this "smart, professional problem solver" for his extremely collegial approach. He played a pivotal role in the Chapter 11 restructurings of Green Valley Ranch Gaming, Corus Bankshares and Japan Airlines.

David Eaton represents a broad range of clients, including debtors, committees and secured creditors. His experience in the field of investment banking and turnaround consulting has also equipped him with an excellent skill set in the cross-border restructuring sector. Eaton provided essential advice in the out-of-court restructuring of YRC Worldwide. 

James Stempel has a growing reputation among commentators, who say that he is "extremely bright and creative in his approach; really easy to work with." He is strong across the spectrum of bankruptcy-related matters and regularly advises purchasers of distressed companies. 

THE FIRM Latham & Watkins' Chicago office houses a restructuring, insolvency and workout team of nearly 20 lawyers that has developed an outstanding reputation in acting for secured and unsecured lenders. Recent highlights include representing Goldman Sachs Credit Partners as first lien agent in the recapitalization of Quiznos, as well as acting for GE Capital as secured creditor and agent under a DIP credit facility in the Chapter 11 bankruptcy of Real Mex Restaurants. Efforts to bolster a growing debtor-side practice continue to bear fruit, as the team recently acted for Graceway Pharmaceuticals and National Envelope during their respective bankruptcies. 

KEY INDIVIDUALS The "phenomenal" David Heller is chair of the firm's global finance department. Splitting his time between the New York and Chicago offices, he is "immensely experienced" in advising secured and unsecured lenders. He is also increasingly impressive in debtor-side representations where he leads the teams acting for Graceway Pharmaceuticals and National Envelope. "He was excellent in what was an incredibly touchy and sensitive process," mentioned one impressed client.

Josef Athanas continues to build an excellent reputation in the Chicago bankruptcy and restructuring sector. He is active within a number of the team's main practice areas but has earned particular praise for his role in the firm's burgeoning debtor-side representations. Clients admire his ability in always "keeping an even keel."

Richard Levy has an excellent reputation for his work on behalf of major financial institutions. He led the teams representing Goldman Sachs Credit Partners as first lien agent in relation to the recapitalization of Quiznos and a group of financial entities as lead co-arrangers of a $1.7 billion credit facility in the recapitalization of Dynegy. 

Douglas Bacon has nearly 30 years' experience in the bankruptcy and restructuring sector, and recently acted for GE Capital. One client said: "He really was outstanding when I worked with him; absolutely impeccable."

THE FIRM Sidley Austin's Chicago-based team forms an essential part of the firm's outstanding national and international corporate reorganization and bankruptcy group. The team is equally adept in both debtor and creditor-side representations and has recently enjoyed increasing prominence and recognition as a major player in many of the country's highest-value bankruptcies. Significant debtor highlights include representing Dynegy Holdings, the Tribune Company and Merisant Worldwide in their respective Chapter 11 proceedings. On the creditor-side, the team acts for senior debt syndicates with substantial claims against Heartland Publications and NextMedia Group arising out of their bankruptcies. It also acts for the primary mortgage lender and collateral agent in the restructuring of Station Casinos. 

KEY INDIVIDUALS James Conlan leads the team in representing Dynegy and Tribune during their Chapter 11 bankruptcies. He is praised as an "extremely bright guy, incredibly hardworking, and he knows the small details about cases." In addition to his exemplary technical knowledge, clients also respect the fact that he is "very practical in his approach, easy to work with no matter on which side of the table. He is also forthright in representing his client." Conlan cochairs the group with partner Lawrence Nyhan. In line with the rest of the group, Nyhan focuses primarily on representing debtors but also handles a large portion of its creditor and secured lender-side representations. These have included the team's involvement in the Heartland Publications and NextMedia Group bankruptcies. He is described as "very succinct and knowledgeable on nuances of bankruptcy law. A good negotiator - top-notch."

Bryan Krakauer is increasingly recommended for his expert handling of matters in the syndicated finance and corporate reorganization sectors. He is regularly praised as a "very bright, very client-oriented individual" who is able to help his clients "get through and accomplish a number of significant transactions."

THE FIRM Skadden's corporate restructuring group is one of the largest in Chicago, with 27 full-time bankruptcy attorneys. Working in tandem with the New York office, Skadden continues to be recognized as one of the best groups in the country for large-scale corporate reorganizations and liquidations. The group draws on the firm's leading M&A, banking and capital markets expertise in providing exemplary corporate governance and early bankruptcy advice. The group also has access to the firm's superb private equity, hedge fund, energy, transportation, financial and healthcare sector expertise. Despite its reputation as a market leader for debtor-side representations, Skadden recently demonstrated its wide-ranging capabilities by being selected as counsel to the unsecured creditors’ committee of American Airlines’ parent company, AMR Corp, in the airline's bankruptcy proceedings. 

Sources say: "Terrific; very good at providing large, high-quality teams that can really attack a process."

KEY INDIVIDUALS Jack Butler continues to garner praise from all corners, with peers noting that he is "brilliant strategically and phenomenally hardworking." His corporate restructuring expertise has led to him being involved in many of the most significant matters of recent years. One impressed source said: "He is highly personable, easy to work with and I trust him."

George Panagakis is leader of Skadden's corporate restructuring team in Chicago and was recently appointed as one of the deputies of the firm's global practice. He represents a wide range of clients in complex business reorganizations and debt restructurings, and has also recently led in a number of successful out-of-court restructurings. He is acclaimed for his work in representing debtor financial institutions Amcore Financial and ShoreBank in the winding down of operations following seizure of subsidiaries by the Federal Deposit Insurance Corporation.

Felicia Perlman has played a number of important roles for the team recently and has developed expertise in the energy, telecom and technology industries, as well as a burgeoning practice in the healthcare sector. She recently represented Chapter 11 debtors Comdisco, a global technology provider, and Fairview Ministries, a non-profit owner and operator of senior living campuses. 

John Lyons acts for various corporate entities in business reorganizations and acquisitions. He recently represented Calliope Capital and affiliated lenders during the bankruptcy proceedings of PPM Technologies.

THE FIRM Goldberg Kohn's bankruptcy and creditors' rights group has developed an outstanding reputation undertaking midmarket secured creditor representations. The group combines effectively with the firm's commercial finance and real estate groups in working for a range of senior and junior lenders, including Wells Fargo, Bank of America, JPMorgan and RBS Citizens Bank. Recent highlights include representing Fifth Third Bank as lead counsel in the Chapter 11 proceedings of Giordano's Enterprises.

Sources say: "Excellent business sense linked with knowledge of the technical aspects of the law. They are able to develop unique approaches that others just don't come up with."

KEY INDIVIDUALS Randall Klein is the practice group chair. He specializes in protecting and enforcing creditors' rights and is regularly singled out for praise by respondents. Clients commend his "exact combination of business acumen combined with legal experience, with just as strong a level of creativity and the ability to think his way through complex situations. He gives us the best advice possible." 

The "very smart and very able" Ronald Barliant is a former bankruptcy judge with a well-rounded practice encompassing both creditor and debtor-side representations. 

A new entry this year, Dimitri Karcazes is praised for his ability to "not only work through and find a problem, but also bring solutions" He mirrors the group's expertise in acting for senior and junior lenders in all aspects of corporate workouts and bankruptcies. 

Jeremy Downs is consistently identified by sources as an attorney with a bright future in the industry. He specializes in acting for secured lenders but continues to develop a superb reputation for representing large unsecured creditors and committees. 

THE FIRM Greenberg Traurig's Chicago team forms an integral part of the firm's diverse nationwide business reorganization and financial restructuring practice group. It covers the full range of bankruptcy matters, with noted strengths in company-side representations and the acquisition of distressed assets. It has recently been retained by additive manufacturer ShengdaTech in its Chapter 11 bankruptcy proceedings. The group was also involved in the Chapter 11 proceedings and subsequent Section 363 sale of prominent football equipment manufacturer Schutt Sports. The team also acts for an impressive roster of secured lenders, including Bank of America.

Sources say: "They are excellent lawyers who are business-focused, responsive and creative. Wide-ranging specialties in the way that they cover the spectrum."

KEY INDIVIDUALS Group cochairs Nancy Peterman and Keith Shapiro are lauded as attorneys who are "zealous but focused on the win-win. They don't flog a dead horse but meet objectives." Both focus on debtor and committee representations, with particular expertise in the healthcare sector. They both acted in the group's representations of Schutt Sports and ShengdaTech during their respective bankruptcies. 

Andrew Cardonick is an expert in the secured lending sector. He is a key player in the group's prominent company-side practice with an exemplary reputation in DIP financings and distressed asset acquisitions. 

THE FIRM This firm builds upon a rich history in the bankruptcy and restructuring sector with a solid collection of well-regarded practitioners. The Chicago group is particularly noted for its expertise in conducting bankruptcy-related litigation, as well as for an emerging specialty in the sovereign debt sector. It has been highly active in representing, among others, CME Group in relation to MF Global's bankruptcy, and the liquidation trustee of Sentinel Management Group in ongoing investment advisor fraud proceedings.

Sources say: "Highly qualified, very thorough and helpful, both from a strategic and practical perspective."

KEY INDIVIDUALS Daniel Murray is chair of the firm's bankruptcy, workout and corporate restructuring practice group. He is immensely experienced and highly respected for his involvement in Lehman's and GM's bankruptcies.

Vincent Lazar leads the group acting in the Sentinel Management Group matter, and also represents the debtor in Canopy Financial's Chapter 11 bankruptcy. Clients appreciate his hard work and admire the fact that he is "very thorough and detailed. His overall knowledge is very good and his experience in related bankruptcies is excellent."

Ronald Peterson focuses on insolvency litigation but also advises clients on a variety of corporate restructuring-related issues. He continues to act for Lancelot Investments, a feeder fund and creditor of Thomas Petters, one of the largest Ponzi schemes in the US. He is noted as "very hardworking and tenacious in representing his clients."

The "talented" Catherine Steege provides further strength to the firm's bankruptcy litigation offering. She is particularly noted for her expertise in the healthcare, employee benefits and real estate sectors. A first choice among many commentators, she is noted for her dedication to her clients.

THE FIRM The Chicago-based bankruptcy group of Mayer Brown is renowned for its expertise in the enforcement of creditors’ rights. It operates with a particular emphasis on institutional lenders, committees and distressed investors. Significant recent highlights include representing Bank of America as administrative agent of a $7 billion bank credit facility for gaming and entertainment company MGM Mirage. Further major financial institution clients include Barclays Bank, Merrill Lynch, BNP Paribas and Deutsche Bank.

Sources say: "They are very good, very practical, business-minded and responsive." 

KEY INDIVIDUALS Thomas Kiriakos focuses on representing commercial and corporate banks and financial institutions, with expertise in acquiring distressed assets. He led the team representing Bank of America in the MGM Mirage matter. He "does a great job in very large, complicated, contentious situations" and "is excellent in getting bank groups in line and also dealing with clients," say sources.

Sean Scott is admired by clients for his rounded approach. One impressed client said: "He is very focused on what the best path is to get the best results for us and our interests."

THE FIRM Proskauer Rose's bankruptcy and restructuring group focuses on representing distressed companies in out-of-court workouts, restructurings and Chapter 11 proceedings. A solid range of midmarket representations has enhanced its reputation in a variety of industries including healthcare, hedge funds, power, media and distribution. Recent high-profile Chapter 11 debtor representations include acting for both Philadelphia Newspapers and Sumner Regional Health Systems in their bankruptcies. 

Sources say: "A nice balance between business practicality and legal intricacy."

KEY INDIVIDUALS Group co-head Jeff Marwil is praised for his well-rounded advice to large companies in complex distressed situations. Clients praise the way he "balances commercial and legal expertise. He is extremely pugnacious and can think outside the box." 

Marwil's co-head Mark Thomas led the team in the Philadelphia Newspapers Chapter 11 proceedings. Clients are particularly appreciative of his "really down-to-earth, hardworking approach and good understanding of the need for compromise and mutually agreeable deals."

THE FIRM This prominent Chicago bankruptcy boutique continues to garner acclaim for its specialized work in solving complex bankruptcy and commercial litigation issues relating to midmarket companies and high net worth individuals. The group is deeply involved in fraudulent conveyance defense litigation and also comes highly recommended for its work in the acquisition of distressed assets, as well as for being a first choice among peers for referral work and as conflicts counsel.

Sources say: "A fine local bankruptcy boutique with top-notch lawyers."

KEY INDIVIDUALS The group is headed by Howard Adelman and Chad Gettleman who are described as "experienced and outstanding lawyers." They mirror the firm's reputation for solving complex bankruptcy and commercial litigation issues and are renowned for their innovative workout-related approaches and solutions.

THE FIRM DLA Piper's Chicago office has undergone significant growth in line with the firm's wider strategic development in the bankruptcy sphere. Richard Chesley has joined the Chicago team as cochair of the US restructuring group. Also joining the team are Chris Dickerson and Matt Murphy, formerly of Skadden Arps. These additions further bolster the group's expertise in acting for debtors and secured lenders in both national and international bankruptcy and restructuring matters. Recent highlights include representing debtor PJ Finance Company in its Chapter 11 bankruptcy, as well as acting for Black Diamond Capital Management in relation to acquiring distressed assets from bankrupt entity White Birch Paper Company.

KEY INDIVIDUALS Richard Chesley is the newly appointed group cochair and Chicago office managing partner. He focuses on bankruptcy litigation and transactional restructurings. He led in the PJ Finance Company bankruptcy and acts for senior lender Starwood Capital Group in connection with the bankruptcy of Viceroy Anguilla Resort and Residences. He is noted as having "very deep bankruptcy and restructuring experience; very attentive to client needs." 

Christopher Dickerson's "creativity and approach and overall client service are most impressive," say sources. He has a broad-ranging bankruptcy practice, and particular expertise in acting for secured lenders in the acquisition of distressed assets. Dickerson recently acted for Black Diamond Capital Management in the White Birch Paper Company matter.

Alan Solow is a tremendously experienced bankruptcy practitioner specializing in creditor-side representations. He regularly represents the Federal Deposit Insurance Corporation (FDIC) as receiver during bankruptcy proceedings involving bank holding companies.

THE FIRM Celebrating its 10th anniversary in Chicago, this group maintains a strong practice undertaking out-of-court workouts, restructurings, asset sales and acquisitions. It is best known for its work on behalf of lenders and fund clients, including Bank of America, Citigroup and Invesco. It also represents Cantor Fitzgerald Securities as administrative agent to the senior lenders of Caribe Media, as well as entertainment and media company 4Kids in its Chapter 11 proceedings. 

KEY INDIVIDUALS Founder of the Chicago office Michael Solow has recently been promoted as Kaye Scholer's global managing partner. He leads a majority of the group's largest matters, including the recent representation of GSC Group in its high-profile Chapter 11 bankruptcy. One impressed client said: "He offers opinions on strategy and offers many suggestions to be sure we have weighed all options."

The immensely experienced Sheldon Solow represents a number of the firm's lender and fund clients and successfully defended Greif & Co, an investment bank involved in litigation relating to a failed buyout of Californian company EZ Lube. 

THE FIRM This bankruptcy boutique maintains a strong reputation in the sector. Although primarily known for its bankruptcy litigation focus, the group also undertakes a wider range of insolvency-related matters. Peers highlight the team as a go-to choice as conflicts counsel, and recommend its experience in a range of issues, including distressed asset acquisitions and representations of trustees, DIPs, and creditor and equity committees. 

Sources say: "Fantastic lawyers."

KEY INDIVIDUALS The "outstanding" practice heads Steven Towbin and Robert Fishman are both immensely experienced and respected practitioners who excel in providing straightforward and efficient solutions to complex midmarket bankruptcy and reorganization issues. 

THE FIRM The corporate reorganization, bankruptcy and insolvency group at Vedder Price is well known for its stellar representations of secured lenders and banks. With partners that frequently publish in the area, the group has particular expertise in the equipment and aircraft financing field and has become known as a go-to team in the aviation bankruptcy sector. A recent example of this is seen in the firm's representation of several significant aircraft lessors and lenders in the American Airlines bankruptcy.

KEY INDIVIDUALS The "drop-dead fabulous" Douglas Lipke continues to build upon his reputation as "one of the leading aircraft lawyers" in Chicago and nationwide. He leads the team in the American Airlines bankruptcy and cochairs the group alongside Michael Eidelman. Eidelman continues to be known among clients as "a real businessman’s attorney." He is lauded for an approach that is "fresh and different" and advice that is "well crafted and thoughtful." Commentators further admire that "he spends his time discussing the business points and applies them to his legal knowledge."

THE FIRM This team forms part of Denton's global restructuring and insolvency service. The Chicago team's general practice in this arena sees it regularly advise debtors, creditors, committees and investors in distressed assets, and draws upon the firm's expertise in the insurance, real estate and labor sectors. It has also been involved in many prominent airline-related bankruptcies in recent years. 

KEY INDIVIDUALS Fruman Jacobson is chair of the firm’s corporate reorganization and bankruptcy practice in conjunction with serving as chief administrative officer of SNR Denton's office in Paris. He is praised by commentators as a "consensus builder with wonderful people skills."

Robert Millner is a bankruptcy and commercial litigation expert who specializes in acting for insurance companies during Chapter 11 proceedings. Clients recognize that "his ability to strategize and reach the most appropriate resolution is unparalleled; a creative thinker, he is practical, and extremely well respected by members of the bench."

THE FIRM This firm takes its place in the rankings thanks to the recent merger of Wildman Harrold and Edwards Angell Palmer & Dodge. With a five-partner team, the Chicago-based restructuring and insolvency group retains an excellent reputation in dealing with Chapter 11 proceedings in the financial services, technology and insurance sectors. The group can point to impressive highlights in representing and defending several former executives of the Tribune Company during its high-profile bankruptcy, as well as litigating on behalf of two secured lenders in the River Road Hotel Partners case. 

Sources say: "They were very impressive on billing efficiency and getting right to the heart of the matter; they were outstanding." 

KEY INDIVIDUALS David Fischer has been appointed worldwide chair of the restructuring and insolvency practice for Edwards Wildman. He is well known for providing precise advice, while at the same time effectively resolving problems. He is renowned in particular for his expertise in the distressed real estate market.

THE FIRM Foley & Lardner undertakes a wide range of bankruptcy issues and is particularly recommended for representing indenture trustees and undertaking bond defaults and municipal work, especially in the healthcare sector. It recent highlights include representing holders of a large amount of senior secured notes in the Real Mex Mexican restaurant bankruptcy. 

Sources say: "They understand the corporate trust business as well, if not better, than almost anyone else out there. They are very responsive and well respected."

KEY INDIVIDUALS Harold Kaplan leads Foley & Lardner's corporate trust and bondholder rights team. He focuses on representing indenture trustees, bondholders and financial institutions. He is also a prominent expert in the municipal sector, focusing on healthcare work.

THE FIRM The Chicago office of this nationally prominent firm plays an integral role in many of the group's most significant matters. The group represents debtors, creditors and secured lenders, and also undertakes distressed assets acquisitions and Section 363 sales. The group recently played a significant role in Jones Day's representation of premier gifting company Harry & David in connection with its Chapter 11 proceedings in Delaware.

Sources say: "Tremendous international practice."

KEY INDIVIDUALS Brad Erens leads the Chicago office. He mirrors the firm's broad practice in representing debtors, creditors and lenders. He assisted in the Harry & David bankruptcy and is lauded as a "very smart, solid attorney and individual."

THE FIRM Neal Gerber’s six-member financial restructuring and bankruptcy group has fast become a significant player in the local Chicago bankruptcy sector. The team is known for representing a broad range of debtors, creditors, lenders and purchasers of distressed assets. Key recent highlights include representing the senior secured lender in Chapter 11 proceedings involving River East Plaza building in downtown Chicago. 

Sources say: "The group operated very effectively. They are always were on top of things and they are very proactive." 

KEY INDIVIDUALS Mark Berkoff is the practice group chair. He focuses on representing debtors, creditors’ committees and secured lenders, and recently led in the representation of a senior secured lender in the River East Plaza matter. 

THE FIRM A new entrant into this year's rankings, Perkins Coie's Chicago bankruptcy and restructuring team covers the spectrum of bankruptcy matters and primarily acts for small to midmarket business debtors, creditors, committees and trustees. The group has quickly become a recognized leader in national hotel-related bankruptcies and workouts. The team recently acted as Chapter 11 counsel to the Hart Group, the owners of various hotels across the country, including the River Road Hotel and the RadLAX Gateway Hotel. 

Sources say: "Extremely good at what they do. They really know their stuff."

KEY INDIVIDUALS Group cochair David Neff is a preeminent hotel bankruptcy expert and is currently arguing in front of the Supreme Court in the matters relating to the RadLAX Gateway Hotel Chapter 11 proceedings. Clients admire his "practical and business-oriented advice. He is great at laying out strategy and sees the different ways things can play out."

Daniel Zazove recently represented the official creditors' committee in the Burr Oak Cemetery bankruptcy. Zazove is "innovative and creative in fashioning solutions; his grasp of the law and its practical application is phenomenal."

THE FIRM While traditionally known for a prominent creditor-side practice, this group is involved in a broad range of cases, including some debtor matters, and has a niche practice in the healthcare arena. It regularly represents institutional lenders. The group recently represented Black Diamond Commercial Finance as an agent and purchaser of distressed assets in the GSC Group bankruptcy proceedings. 

KEY INDIVIDUALS The bankruptcy practice is led by Matthew Botica, who brings strength in acting for companies and creditors. Respondents admire his well-rounded approach and praise the fact that he "cuts to the chase and gives practical and creative solutions."

Brian Swett is involved in many of the group's secured lender representations. He recently represented a large financial institution in the restructuring of a high-profile continuing care retirement community company.