Bankruptcy/Restructuring - Illinois
What the team is known for Continues to be a powerhouse in the market, with a strong bench of attorneys who are widely recognized as experts in the field. Operates as part of an integrated international network, frequently achieving success in some of the most high-profile cross-border cases. Particularly renowned for its strength acting for debtors in Chapter 11 proceedings, with additional substantial experience advising creditors and purchasers of distressed assets in transactions and out-of-court restructurings.
Strengths (Quotes mainly from clients)
"I think Kirkland is world-class – they're probably the marquee debtor shop of today. They actually have all the resources. A lot of distress firms don't have top-shelf private equity expertise, but they do."
"Extraordinary service, unfailingly hard-working and highly responsive."
"They're fast, and they seem to be very good about using associates rather than partners if it's practical. They've been really good about making sure that we're not bombarded with huge bills."
What's new? Marc Kieselstein returned to the Chicago office after spending four years in the firm's New York office, adding further depth to the group's bankruptcy offering in Illinois.
Work highlights Represented Hawker Beechcraft (now known as Beechcraft) in connection with its $2.5 billion financial and operational restructuring following its Chapter 11 filing.
Acted on behalf of AMF Bowling Worldwide with regards to its Chapter 11 filing and related $300 million restructuring process.
The "spectacular" James Sprayregen is hailed as "the godfather of restructuring," with one source noting that there is "not a question or a nuance that I can ask him that he won't know about." Interviewees are impressed by his "boundless energy to work on issues" and his ability to "translate the law into practical application," agreeing that he is "one of the major stars of the industry." He represented Hawker Beechcraft as mentioned above.
Sources describe the "intellectually gifted" Anup Sathy as "an individual of high personal character," who is "creative and resilient," with "a terrific bedside manner." He has a wealth of experience advising buyers, investors and companies, and was recently part of the team providing restructuring advice to Fisker Automotive.
David Seligman "is a thoughtful attorney," whom interviewees find "particularly effective when considering highly complex legal matters," noting that he is "able to communicate those complex matters to his clients in a way that those issues can be understood and acted upon by boards." Of late he has been representing the liquidators of Lehman Brothers Australia in connection with a substantial restructuring process.
James Stempel advises a diverse client base of companies, purchasers and creditors across a broad spectrum of bankruptcy and restructuring matters. Interviewees highlight that he is practical in his approach to matters.
The "very highly regarded" Patrick Nash is "wonderful to deal with, very smart and very capable." He recently acted for AMF Bowling Worldwide on issues arising from its Chapter 11 filing.
David Eaton regularly represents bondholders, unsecured creditors, financial institutions and debtors, among other clients, in bankruptcy litigation, negotiations and restructuring matters. He is well liked in the industry and commended for his abilities in the sector.
Interviewees admire that the "very business-savvy" Marc Kieselstein "is very practical in his advice," highlighting that he "understands how companies work and is able to cut through to what is important and what needs to be addressed." He provided restructuring advice to Maxcom Telecomunicaciones on its potential filing under Chapter 11.
Significant clients Dex One, Fisker Automotive, Edison Mission Energy, hibu, Liquidators of Lehman Brothers Australia.