Matthew A. Clemente

MATTHEW CLEMENTE leads the Chicago Restructuring group and has more than 20 years of experience representing clients in complex and high-profile in-court and out-of-court restructurings and insolvencies spanning a wide variety of industries. Matthew’s strategic and practical advice is highly sought after by companies, boards of directors, and sponsors facing existential financial challenges to their organizations. Matthew skillfully guides companies, boards of directors and executive teams through the complex web of duties and options they confront during the life cycle of a restructuring. Additionally, Matthew routinely advises other clients facing a variety of restructuring challenges and opportunities, including lenders/creditors, committees, strategic investors, and purchasers/sellers. Not only is Matthew a fixture in bankruptcy courts throughout the country, Matthew’s experience is global in nature, having been involved in multiple large cross-border restructurings. 

Strong advocacy on behalf of his clients and innovative solutions in multi-layered restructurings has earned Matthew acknowledgment in numerous industry publications, including Chambers USA (2018–2025), The Best Lawyers in America for Litigation-Bankruptcy (2015 – 2022) The International Who’s Who for Restructuring & Insolvency Lawyers, and The Legal 500 US 2010.  Chambers USA notes that Matthew is “responsive” and “bright” and, according to The Legal 500 US, Matthew is “extremely knowledgeable and experienced in handling complex bankruptcy.” Matthew has received several awards including from the Turnaround Management Association and the Atlas Awards.

In addition to numerous non-public representations, samples of Matthew’s public representations include the following:

• Highland Capital Management, LP (Chapter 11; Client — Official Committee of Unsecured Creditors) — represents the Official Committee of Unsecured Creditors in the Highland Capital Management, LP Chapter 11 proceedings. Highland entered bankruptcy with over US$1 billion of claims asserted against it and is one of the few Chapter 11 cases involving an investment manager.
• Samarco Mineracão S.A.  (Brazilian Judicial Reorganization and Chapter 15; Client — MUFG Bank, Ltd.; Sumitomo Mitsui Banking Corporation; Mizuho Bank, Ltd) — represents the bank group in connection with the restructuring of Samarco Mineracão S.A, a Brazilian producer of iron ore pellets and a joint venture between Vale and BHP.  Samarco Mineracão S.A. filed for judicial reorganization in Brazil and chapter 15 in the United States in April 2021, after suffering a dam collapse in 2015.
• Garrett Motion Inc. (Chapter 11; Client — Potential Equity Plan Sponsor) — represented Atlantic Park in connection with a proposed US$1.35 billion preferred equity offering under the Official Committee of Equity Holder’s plan of reorganization in the Garrett Motion Chapter 11 proceedings in the Bankruptcy Court for the Southern District of New York.  
• Borden, Inc. (Chapter 11; Client — Official Committee of Unsecured Creditors) — represented the Official Committee of Unsecured Creditors in the Borden, Inc. Chapter 11 cases. The Borden cases involve an iconic brand, a credit bid sale, and over US$300 million in debt.
• Nine West Holdings Inc. (Chapter 11; Client — Ad Hoc Group of Noteholders) — represented the ad hoc group of Noteholders in the Nine West Holdings, Inc. Chapter 11 cases. The aggregate holdings of the group exceeded US$550 million.
• Dynegy Holdings, LLC (Chapter 11; Client — Debtor) — represented Dynegy Holdings and certain of its subsidiaries in connection with their Chapter 11 proceedings. Dynegy Holdings and its affiliates had approximately US$6.2 billion in liabilities.
• Smurfit-Stone Container Corporation (Chapter 11; Client — Debtor) — represented Smurfit-Stone Container Corporation and its affiliated debtors in their Chapter 11 and Canadian CCAA proceedings. Smurfit-Stone converted approximately US$2.9 billion in debt to equity through its restructuring proceedings, which involved joint main proceedings for Smurfit-Stone’s Canadian subsidiaries under Chapter 11 and the CCAA. The Smurfit-Stone restructuring was named the 2010 “Large Turnaround of the Year” by the Chicago/Midwest Chapter of the Turnaround Management Association. 
• Merisant Worldwide, Inc. (Chapter 11; Client — Debtor) — represented Merisant Worldwide and its subsidiaries, the maker of Equal and other products, in their Chapter 11 cases. Merisant emerged from Chapter 11 in less than one year and removed approximately US$500 million in debt from its balance sheet. Merisant funded its Chapter 11 proceeding through a combination of cash collateral usage and a unique second lien debtor-in-possession financing facility. The Merisant restructuring received an Atlas Award as “Corporate Turnaround of the Year” (US$500 million plus category). 
• Budget Group, Inc./Budget Rent-a-Car (Chapter 11; Client — Debtor) — represented Budget Group, Inc. and its subsidiaries in their Chapter 11 cases. At the time of the Chapter 11 filing, Budget Group and its affiliates operated the third largest vehicle rental system in the world. Budget negotiated a sale of substantially all of its assets to an affiliate of the Cendant Corporation. The sale was approved pursuant to Section 363 of the Bankruptcy Code and formed the basis of Budget’s Chapter 11 plan which was confirmed in 2004.
• Zenith Industries, Inc. (Chapter 11; Client — Debtor) — represented Zenith Industries, Inc. in its chapter 11 case. Zenith was a tier 1 and tier 2 automotive supplier of stamped metal products. 
• Jack Cooper Ventures, Inc. (Chapter 11; Client — Official Committee of Unsecured Creditors) — represented the Official Committee of Unsecured Creditors in the Jack Cooper Ventures, Inc. Chapter 11 cases. The Jack Cooper cases involved in excess of US$575 million in secured debt and significant debt related to withdrawal liability from multi-employer pension funds.
• Yoga Works (Chapter 11; Client — Private Equity Sponsor) — represented the private equity sponsor and former senior secured lender in connection with a successful Chapter 11 sale that resulted in a confirmed Chapter 11 plan.
• Scottish Re (Chapter 11, Chapter 7, Delaware Insurance Insolvency Proceedings; Client — Creditor) —represents Merced Capital in connection with various claims and interests in the Scottish Re proceedings.
• Edison Mission Energy (Chapter 11; Client — Co-Chair of Unsecured Creditors Committee) — represented Commonwealth Edison and Exelon in its capacity as the co-chair of the unsecured creditors committee.
• Allied Systems Holdings (Chapter 11; Client — Official Committee of Unsecured Creditors) — represented the Official Committee of Unsecured Creditors in Allied System’s Chapter 11 proceedings. Allied Systems has approximately US$275 million of senior secured debt and the proceedings involve significant litigation against and among Allied’s private equity sponsors.
• Orchard Brands/Appleseed’s (Chapter 11; Client — Ad Hoc Group of First Lien Holders) — represented the ad hoc group of holders of Appleseed’s US$325 million first-lien secured notes in Appleseed’s pre-negotiated Chapter 11 case. Appleseed’s is a leading multichannel marketer of apparel and home products focused on serving the needs of women and men over the age of 55. Appleseed’s successfully restructured approximately US$725 million in funded debt pursuant to its confirmed Chapter 11 plan in less than 90 days. 
• Wolverine Tube, Inc. (Chapter 11; Client — Ad Hoc Group of First Lien Holders) — represented the ad hoc group of holders of Wolverine Tube’s US$131 million first-lien notes. Wolverine Tube, with its affiliates, is a global manufacturer of copper and copper alloy tube and metal joining products.
• Outboard Marine Corporation (Chapter 11 and Chapter 7; Client — Senior Debt Syndicate) — represented the Senior Debt Syndicate in the Chapter 11 and Chapter 7 cases of Outboard Marine Corporation and its affiliates. Outboard Marine was the maker of Johnson and Evinrude boat motors along with Chris Craft, Four Winns, Lowes and other boats. Outboard Marine sold substantially all of its assets in a sale under Section 363 of the Bankruptcy Code.
• Venture Holdings Company, LLC (Chapter 11 and Chapter 7; Client — Senior Debt Syndicate) — represents the Senior Debt Syndicate that was owed in excess of US$430 million on the petition date in Venture Holdings and its affiliates Chapter 11 and subsequent Chapter 7 cases. Venture Holdings and its affiliates sold substantially all of their assets to the Senior Debt Syndicate in a credit bid that was approved pursuant to Section 363 of the Bankruptcy Code and thereafter converted their Chapter 11 cases to Chapter 7 cases. 
• Deluxe Pattern Corporation (Chapter 11; Client — Senior Debt Syndicate) — represents the Senior Debt Syndicate that was owed in excess of US$430 million on the petition date in Deluxe Pattern’s and affiliates’ Chapter 11 cases. Deluxe Pattern and its affiliates sold substantially all of their assets to the Senior Debt Syndicate in a credit bid approved pursuant to Section 363 of the Bankruptcy Code. 
• Verdant Brands, Inc. (Out of Court; Client — Senior Secured Lender) — represented the Senior Secured Lender to Verdant Brands and its affiliates, a Minneapolis-based pest-control and fertilizer manufacturer.
• Dana Corporation (Chapter 11; Client — Purchaser of Coupled Products Division) — represented the Purchaser of Dana’s Coupled Products Division in a sale under Section 363 of the Bankruptcy Code. 
• Florida Coast Paper Company (Chapter 11; Client — 50% Equity Holder) — represented a 50% equity holder in Florida Coast’s Chapter 11 case.
• Intermet Corporation (Chapter 11; Client — Board of Directors) — represented the board of directors in connection with the analysis, structuring, and appropriateness of third-party releases that were an integral part of the Intermet Chapter 11 plan.
• American Home Mortgage Corporation, et. al. (Chapter 11; Client — Party to Bilateral Gestation Facility);
• Iron Age Shoe (Exchange Offer; Client — Largest Noteholder) — represented the largest noteholder in structuring, soliciting, and implementing an out-of-court exchange of substantially all of the notes in connection with restructuring of Iron Age Shoe. 
• LifeTime Capital Corporation (Federal Court Receivership; Client — Purchaser of US$140 million face value of viaticals and life settlements) — represented Silver Point Capital in connection with structuring, documenting, and executing the purchase of a portfolio of life settlements and viaticals in a federal court receivership proceeding.