"Cadwalader excels on both the debtor and creditor sides, and has one of the most prominent and successful groups of the year"
- Chambers USA

Cadwalader's Financial Restructuring Practice is a premier restructuring, bankruptcy, insolvency and workout group, distinguished by our broad experience, the diverse nature of our clients, our significant global expertise and our experienced attorneys. Our practitioners, many of whom are internationally recognized leaders in their field, bring clients the business acumen and in-depth legal knowledge necessary to successfully navigate complex restructurings and reorganizations.

The department has a preeminent full-service restructuring group with dedicated experience and professionals in both the United States and the United Kingdom, allowing our attorneys to quickly respond to cross-border restructurings. Our restructuring and insolvency attorneys in the U.S. and U.K. have been at the forefront of some of the most complex, recent international insolvencies, and we routinely advise clients with interests in North America, Europe, Asia, Latin America, and Africa. By using a multidisciplinary approach, our clients benefit from Cadwalader's strong experience in debtor financial restructuring and bankruptcy, municipal finance, corporate transactions, finance, real estate, capital markets, litigation, and tax structuring.

Cadwalader's recent high profile representations include representing Lyondell Chemical Company as debtor's counsel, securing approval of a debtor-in-possession financing package that ranks among the largest and most complex DIP financings in history, acting as lead outside counsel to the United States Treasury Department Presidential Auto Task Force with respect to the restructuring of Chrysler LLC and General Motors Corporation and their related finance companies, which led to the emergence from bankruptcy of Chrysler in 42 days and General Motors in 41 days. In addition, Cadwalader advised the Auto Task Force on General Motors' exposure to Delphi Corporation and worked with the major stakeholders in Delphi's bankruptcy to achieve a successful emergence of Delphi from bankruptcy that involved a sale of substantially all of Delphi's assets to its lenders and General Motors. Cadwalader was also selected by the United States Treasury Department to handle the restructuring of CIT, the distressed bank holding company, and represented Morgan Stanley in the chapter 11 bankruptcy case of Lehman Brothers Holding Inc. In another recent company representation, Cadwalader represented Xerium Technologies in a streamlined debt restructuring effectuated through a pre-packaged process.

Cadwalader has also been active in real estate workouts and restructurings in numerous real estate markets. The Financial Restructuring Practice, in conjunction with Cadwalader's premier Real Estate Finance Practice, advised several major investment banks with respect to their real estate investments in various residential property developments; and JPMorgan Chase Bank, as administrative agent in the 2008-2011 cross-border out-of-court restructuring of Centro Properties Group, heralded as one of the most complex restructurings completed during that period. We also advised on the out-of-court restructuring of premier ski resort and adventure travel operator Intrawest Holdings, which involved a complex, multi-jurisdictional debt restructuring completed in the midst of the 2010 Winter Olympics hosted at Intrawest's Whistler-Blackcomb ski resort.

Cadwalader's prestigious Financial Restructuring practice is continually recognized for its preeminent and renowned work within the field. Recent accolades include:

US News & World Report and Best Lawyers in America: Our Financial Restructuring practice earned a National First Tier ranking and Metropolitan First-Tier rankings in New York and Washington, DC for bankruptcy law and the Firm was described as having "exceptional restructuring attorneys with the highest integrity."

Law360: Our Financial Restructuring practice was honored as a Bankruptcy Group of the Year. The Bankruptcy Group of the Year accolade is conferred upon the top five law firms "that did the hard work behind the headlines in 2010's big-dollar bankruptcies, whether it was for debtors or their creditors." The Firm was praised for its exceptional work on the LyondellBasell chapter 11 bankruptcy as well as for the team's ability to obtain consistent results on behalf of all clients in many notable bankruptcies and restructurings in 2010. Law360 noted that the judge overseeing the LyondellBasell restructuring called the deal that ended the case "one of the most complex settlements" he had ever seen.

Financial Times Innovative Lawyers Report: In the 2012 edition, the Financial Times honored Cadwalader as one of the most innovative law firms in America and further designated the firm as "highly commended" in the Finance space for its bankruptcy litigation efforts in the Dynegy restructuring.  In the 2011 edition, Cadwalader was one of only three firms ranked as "standout" for exceptional work in the automotive sector for advising the U.S. Treasury Department Presidential Auto Task Force in the historic restructuring of General Motors and Chrysler and in the restructuring category for its work on the chapter 11 of petrochemical giant LyondellBasell.

Investment Dealers' Digest: Cadwalader won recognition in for its work as debtor's counsel to LyondellBasell in its chapter 11 case, which was named 2010 Restructuring Deal of the Year. IDD noted that the workout involved "many unique twists." The awards celebrate dealmakers that created the most value for their corporate clients and for their investors.

IFLR Americas Awards:

• 2013 Restructuring Deal of the Year for the Lehman Brothers Chapter 11 proceedings. Residential Capital's DIP facility was also shortlisted for the award.
• 2012 Restructuring of the Year for advising an ad hoc group of senior unsecured noteholders in the Angiotech Pharmaceuticals restructuring.The Caribbean Petroleum restructuring was also shortlisted for the award.
• 2011 Restructuring of the Year, shortlisted, in recognition of the Firm's role as debtor's counsel to LyondellBasell in its chapter 11 case.
• 2010 Restructuring of the Year for the Firm's role as lead counsel to the United States Treasury Department in the restructuring of CIT Group.
• 2009 Restructuring Team of the Year and Restructuring of the Year for the CIFG Holding, Ltd. restructuring.

IFLR Europe Awards:

• 2013 Restructuring Deal of the Year, shortlisted, for SEAT Pagine Gialle S.p.A
• 2011 Restructuring Deal of the Year Award in recognition of the Firm's role as debtor's counsel to LyondellBasell in its chapter 11 case.

American College of Bankruptcy: Mark Ellenberg was elected by the Board of Regents of the American College of Bankruptcy (ACB) to become a Fellow in the College -Fifteenth Class 2004.

Turnarounds & Workouts:

• Cadwalader was named to the list of 2012 European Restructuring Practices of Major U.S. Law Firms
• Cadwalader was named to the list of 2011 European Restructuring Practices of Major U.S. Law Firms
• Linda Z. Swartz, Adam Blakemore, Mark P. Howe, David S. Miller, Richard M. Nugent and Gary T. Silverstein were named to the list of 2012 and 2011 Bankruptcy Tax Specialists
• Ingrid Bagby was named to the list of 2008 Outstanding Young Restructuring Lawyers

Super Lawyers: Sharon Richardson was recognized as one of the top 30 women attorneys in bankruptcy in New York.  Mark Ellenberg is recognized as a top bankruptcy attorney in Washington, D.C.

The Washingtonian: Mark Ellenberg was named to the list of Top Lawyers in the Washington, D.C. Area.

Lawdragon: Mark Ellenberg was named one of the top 500 lawyers in the United States.

Global M&A Network Turnaround Atlas Awards:

• 2010 Chapter 11 Reorganization of the Year: General Motors
• 2010 Special Situation M&A Deal of the Year: Reorganization and sale of Chrysler to Fiat
• 2010 Chapter 11 Reorganization of the Year: LandSource Communities Development
• 2010 Pre-Packaged Chapter 11 Reorganization of the Year: CIT Group
• 2010 Turnaround Deal of the Year: Delphi Corporation
• 2009 Out-of-Court Restructuring of the Year: Centro Properties Group

M&A Advisor Turnaround Awards:

• 2011 Industrial Goods and Basic Resource Deal of the Year award in recognition of the Firm's role as debtor's counsel to LyondellBasell in its chapter 11 case
• 2010 Law Firm of the Year Award in recognition of work on numerous high-profile matters this past year including working on matters involving Chrysler, General Motors, and Lyondell Chemical Company, among others
• 2010 Turnaround Award of the Year in recognition of work on the Chapter 11 bankruptcy of Lyondell Chemical Company in which we served as debtor's counsel
• 2010 M&A Chapter 11 Reorganization of the Year Award and Industrial Manufacturing/Distribution Deal of the Year for work on the restructuring of General Motors
• 2009 Out-of-Court Restructuring of the Year for the Centro Properties Group restructuring
• 2009 Magnus Deal of the Year for the Firm's role as lead counsel to the United States Treasury Department Presidential Auto Task Force with respect to the restructuring of Chrysler LLC
• 2008 Magnus Deal of the Year for the Firm's work on the Northwest Airlines Corporation restructuring and chapter 11 proceedings
• 2007 Law Firm of the Year: Reorganization and Bankruptcy Practice, Chapter 11 Reorganization of the Year and Consumer Products & Services Turnaround Deal of the Year for work as lead debtor's counsel on the Northwest Airlines Corporation chapter 11 proceedings

We represent many Fortune 500 companies and other leading public and private corporations and business entities. Our clients also include many of the largest financial institutions in the world, including commercial and investment banks, investment management firms, mutual funds, insurance companies, and pension funds. Our practice includes the representation of companies, bondholders, creditors' committees, borrowers, asset purchasers, and other entities involved in financial restructuring transactions or reorganization cases.

On behalf of our diverse client base, we are involved in all facets of bankruptcy, complex reorganizations, insolvencies, restructurings, and workouts in a wide range of industries:

aerospace and air transportation cable commodities electronics energy financial products and services gaming and resorts healthcare insurance manufacturing media

military and defense municipal finance oil and gas rail real estate retail shipping steel telecommunications utilities

Our attorneys have broad experience and capabilities in both the transactional and litigation aspects of the practice and work closely with clients in developing bankruptcy-sensitive products and structuring corporate, commercial, and securities transactions to preserve and enhance value. The department's broad transactional experience ranges from negotiating company reorganizations and restructurings, sales of equity securities, new credit facilities, and the purchase or sale of going-concern businesses and assets. Our attorneys are adept at handling the intricacies involved with international chapter 11 bankruptcies and restructurings, chapter 15 (former Section 304) proceedings brought in the United States on behalf of foreign representatives, and related matters. The department also is involved in the acquisition, sale and financing of troubled companies, their business lines and assets. Through extensive experience in representing both debtors and creditors, our attorneys are able to readily assess the multiple perspectives underlying a complex restructuring. We take pride in our ability to quickly and efficiently negotiate solutions, redocument matters, resolve disputes, and respond to emergencies.

Practice Co-Chairs Gregory Petrick and Mark Ellenberg, along with partners Ingrid Bagby, Richard Nevins and Yushan Ng, are well regarded in the field. They are actively involved in teaching, lecturing and writing on a wide variety of topics relating to bankruptcy and restructuring. Many have authored internationally recognized treatises, articles, and other materials relating to creditors' and debtors' rights, both within and outside of the United States. They are supported by more than 50 other attorneys with experience in bankruptcy matters.

As appropriate, the Firm combines the talents of our financial restructuring attorneys with those of our corporate, litigation, project finance, real estate, and tax attorneys to staff major matters, to provide an interdisciplinary approach to problems, and to enhance results.