Corporate Reorganization and Bankruptcy


Sidley’s Global Corporate Reorganization and Bankruptcy group consists of over 60 full-time restructuring lawyers, located principally in our Chicago, Hong Kong, Houston, London, Los Angeles and New York offices. Our role is typically one of the primary roles in a restructuring (e.g., lead debtor’s counsel, committee counsel or lead counsel to the senior debt syndicate) and our matters generally involve the restructuring of large and mid-size companies throughout North America, Europe and Asia. We have extensive experience in navigating our clients through some of the largest and most challenging restructurings in the U.S. and globally.

  • For the sixth consecutive year, we received a first-tier national ranking in the 2016 U.S. News – Best Lawyers “Best Law Firms” rankings for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law.
  • The Asian Lawyer awarded us with the 2015 “Finance Deal of the Year: Insolvency and Restructuring” for our debt restructuring representation of LDK Solar.
  • Chambers USA 2016: “The firm is fantastic; the lawyers are not only exceptional technically but they're practical, commercially savvy and get deals done. They’re highly respected and formidable in court – they provide the full package.”
  • Bankruptcy Team of the Year 2012 for the United States by Chambers & Partners

Our capabilities extend to virtually every aspect of the reorganization practice, but we have practical experience in guiding our clients through comprehensive consensual restructurings and recapitalizations, both in and out of court.

Throughout our history, the firm has played a major role in some of the most high profile and complex chapter 11 cases. One of the many reasons Sidley’s restructuring clients are able to take advantage of opportunities and overcome the challenges they face, is the breadth of the experience of Sidley’s restructuring lawyers. Because we have represented a broad variety of stakeholders, we understand the central strategic and tactical issues and interests of various constituencies and how to manage those diverse interests to our clients’ benefit. 

In serving our clients, we often team up with many Sidley lawyers in our other practice areas to support our strategic objectives, including Capital MarketsCommunications RegulatoryComplex Commercial Litigation, Employee BenefitsEnergy, Environmental, Global Finance, Insurance Disputes, Intellectual Property Litigation, Labor, Employment and ImmigrationM&A, Private Equity, Products LiabilityReal Estate, Securities and Shareholder LitigationSupreme Court and Appellate, Tax and Technology & IP Transactions. The extensive experience of the firm’s other practice areas enables us to marshal a team of professionals to address the wide range of problems which frequently arise in bankruptcy and insolvency matters.

Sidley’s Global Corporate Reorganization and Bankruptcy group consists of over 60 full-time restructuring lawyers, located principally in our Chicago, Hong Kong, Houston, London, Los Angeles and New York offices. Our role is typically one of the primary roles in a restructuring (e.g., lead debtor’s counsel, committee counsel or lead counsel to the senior debt syndicate) and our matters generally involve the restructuring of large and mid-size companies throughout North America, Europe and Asia. We have extensive experience in navigating our clients through some of the largest and most challenging restructurings in the U.S. and globally.

  • For the sixth consecutive year, we received a first-tier national ranking in the 2016 U.S. News – Best Lawyers “Best Law Firms” rankings for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law.
  • The Asian Lawyer awarded us with the 2015 “Finance Deal of the Year: Insolvency and Restructuring” for our debt restructuring representation of LDK Solar.
  • Chambers USA 2016: “The firm is fantastic; the lawyers are not only exceptional technically but they're practical, commercially savvy and get deals done. They’re highly respected and formidable in court – they provide the full package.”
  • Bankruptcy Team of the Year 2012 for the United States by Chambers & Partners

Our capabilities extend to virtually every aspect of the reorganization practice, but we have practical experience in guiding our clients through comprehensive consensual restructurings and recapitalizations, both in and out of court.

Throughout our history, the firm has played a major role in some of the most high profile and complex chapter 11 cases. One of the many reasons Sidley’s restructuring clients are able to take advantage of opportunities and overcome the challenges they face, is the breadth of the experience of Sidley’s restructuring lawyers. Because we have represented a broad variety of stakeholders, we understand the central strategic and tactical issues and interests of various constituencies and how to manage those diverse interests to our clients’ benefit. 

In serving our clients, we often team up with many Sidley lawyers in our other practice areas to support our strategic objectives, including Capital MarketsCommunications RegulatoryComplex Commercial Litigation, Employee BenefitsEnergy, Environmental, Global Finance, Insurance Disputes, Intellectual Property Litigation, Labor, Employment and ImmigrationM&A, Private Equity, Products LiabilityReal Estate, Securities and Shareholder LitigationSupreme Court and Appellate, Tax and Technology & IP Transactions. The extensive experience of the firm’s other practice areas enables us to marshal a team of professionals to address the wide range of problems which frequently arise in bankruptcy and insolvency matters.

Experience

Recent Debtor Representations. Sidley has extensive experience in representing companies in U.S. chapter 11 reorganizations and out-of-court restructurings. Many of our company-side engagements are characterized by billions of dollars of funded debt, substantial alleged tort or other litigation claims, a complex capital structure with numerous affiliates in the U.S. and globally, and a broad range of challenging legal issues. We have represented more than 20 companies in their chapter 11 proceedings over the past 10 years. A selected list of some of our recent debtor engagements is set forth below:

  • Budget Group, Inc.
  • Dynegy Holdings, LLC
  • Energy Future Holdings Corp.
  • Federal-Mogul Corporation
  • LDK Solar Co., Ltd.
  • Owens Corning
  • R.H. Donnelley Corporation
  • Smurfit-Stone Container Corporation
  • Tribune Company
  • UCI International, LLC

Recent Senior Debt Syndicate, Administrative Agent and Major Creditor Representations. Sidley has wide-ranging experience representing virtually every type of major creditor constituency in corporate reorganization cases, insolvency proceedings and out-of-court work-outs. In particular, we have represented numerous senior debt syndicates, administrative agents, senior noteholders, subordinated noteholders and other key creditors in recent high-profile matters, including the following:

  • Adelphia Communications
  • Anthony Crane Rental, L.P.
  • Florida Gaming Centers, Inc.
  • Hawker Beechcraft, Inc.
  • Lehman Brothers
  • Molycorp Inc.
  • Overseas Shipholding Group
  • Republic Airlines
  • Station Casinos
  • TI Automotive Limited

Recent Committee Representations. In addition, Sidley has also represented many official unsecured creditors’ and noteholder committees, official equity holder committees and informal ad hoc committees in a variety of restructuring matters. A selected list of some of our recent committee engagements follows:

  • Allied Systems Holdings, Inc. (official committee of unsecured creditors)
  • American Roads LLC (ad hoc committee of secured bondholders)
  • Blockbuster Inc. (ad hoc committee of senior secured noteholders)
  • Columbia Gas Transmission Corporation (official committee of unsecured creditors)
  • Edison Mission Energy (co-chair of official unsecured creditors’ committee)
  • First Capital Holdings Corp. (official committee of unsecured creditors)
  • Genco Shipping & Trading Limited (official committee of equity security holders)
  • Penson Worldwide, Inc. (informal committee of unsecured noteholders)
  • Powerwave Technologies, Inc. (official committee of unsecured creditors)
  • Wolverine Tube (ad hoc committee of senior noteholders)

Recent Strategic Purchaser and Investor Representations. Sidley has considerable experience in guiding clients through the sale of distressed companies, or their assets, both in and out of bankruptcy. In particular, we have represented numerous purchasers, strategic investors and bidders in Section 363 sales in U.S. bankruptcy cases, in sale processes under confirmed chapter 11 plans of reorganization, and in other similar public or private proceedings. Some of our recent representations of successful purchasers or strategic investors in the distressed sale context are set forth below:

  • A123 Systems, Inc.
  • Allied Nevada Gold
  • CODA Energy Holdings
  • Delaware & Hudson Railway Co.
  • Fisker Automotive Holdings
  • Florida Gaming Centers, Inc.
  • Lykes Bros. Steamship Co., Inc.
  • Montreal, Maine & Atlantic Railway, Ltd.
  • San Diego Television, Inc.
  • Santa Fe Gold Corporation

Recent Cross-Border Restructuring Representations. Sidley is one of the most experienced law firms in cross-border restructurings. We have had major roles in representing debtors, joint provisional liquidators, senior debt syndicates, purchasers, strategic investors and other key stakeholders in at least 35 recent matters implicating the insolvency laws of multiple jurisdictions in the U.S., North America, Europe, Asia and Australia, including the following:

  • Arcapita Investment Holdings Limited
  • Atlas Iron Ltd.
  • Baha Mar Ltd.
  • Federal-Mogul Corporation
  • Kaisa Group Holdings Ltd.
  • LDK Solar Co., Ltd.
  • Lehman Re Ltd.
  • Montreal, Maine & Atlantic Railway, Ltd.
  • Murray Holdings Limited
  • Parmalat S.p.A.
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