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"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 expert 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 experts 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, corporate transactions, finance, real estate, capital markets, litigation, and tax structuring.
Cadwalader's recent high profile representations include having acted 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. Most recently, Cadwalader was also selected by the United States Treasury Department to handle the restructuring of CIT, the distressed bank holding company, and represented Citigroup Inc. in the chapter 11 bankruptcy case of Lehman Brothers Holding Inc. Cadwalader represented Lyondell Chemical Company, the world's third largest petrochemical 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. 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 Centro Properties restructuring. Cadwalader restructuring attorneys also represented CIFG Holding, Ltd., a Bermuda domiciled monoline insurer, in reaching a settlement with credit default swap counterparties and bondholders, commuting approximately $12 billion in ABS CDO exposure.
US News & World Report: Our Financial Restructuring practice was named a National Tier One firm for bankruptcy law and the firm was described as having "exceptional restructuring attorneys with the highest integrity."
Law360, a Portfolio Media, Inc. newswire: Our Financial Restructuring practice was honored as a Bankruptcy Group of the Year by Law360. 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: Cadwalader was one of only three firms ranked as "standout" for exceptional work in 2010 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.
Global M&A Network Turnaround Atlas Awards: Cadwalader has been recognized for its advisory roles in the following:
- 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 Restructuring Legal Advisor of the Year: John Rapisardi
- 2009 Out-of Court Restructuring of the Year: Centro Properties Group
IFLR Americas Awards: Cadwalader was short-listed for the 2011 Restructuring of the Year Award in recognition of the firm's role as debtor's counsel to LyondellBasell in its chapter 11 case. In 2010, Cadwalader was recognized for the firm's role as lead counsel to the United States Treasury Department in the restructuring of CIT Group, a matter that was also awarded Restructuring Deal of the Year. In 2009, the firm was named Restructuring Team of the Year and won Deal of the Year for CIFG Holding, Ltd.
IFLR Europe Awards: Cadwalader won the 2011 Restructuring of the Year Award in recognition of the firm's role as debtor's counsel to LyondellBasell in its chapter 11 case.
M&A Advisor Turnaround Awards: Cadwalader was the recipient of:
- 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 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
- 2009 Restructuring Legal Advisor of the Year for Department Co-Chair John Rapisardi who won the award in connection with the dirm's representation of JPMorgan Chase Bank in the Centro Properties Group restructuring which was also tapped for Out-of Court Restructuring of the Year
- 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
Turnarounds & Workouts:
- Scott Greenberg named to list of 2011 Outstanding Young Restructuring Lawyers.
- Linda Z. Swartz, Adam Blakemore, Mark P. Howe, David S. Miller, Richard M. Nugent and Gary T. Silverstein named to list of 2011 Bankruptcy Tax Specialists.
- George A. Davis named to list of 2010 Outstanding Restructuring Lawyers.
- John Rapisardi named to list of 2009 Outstanding Restructuring Lawyers.
- Ingrid Bagby named to list of 2008 Outstanding Young Restructuring Lawyers.
- Christopher Mirick named to list of 2007 Outstanding Young Restructuring Lawyers.
Law360: Peter Friedman named a Rising Star by Law360 for his role in advising the U.S. Treasury Department in the General Motors and the Chrysler bankruptcies, as well as his role as a senior member in the LyondellBasell Industries restructuring.
The Washingtonian: Mark Ellenberg named to list of Top Lawyers in the Washington, D.C. Area.
Our clients 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. We also represent many Fortune 500 companies and other leading public and private corporations and business entities. 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
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- financial products and services
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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.
Our attorneys, 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 practice is led by co-chairs John Rapisardi and George Davis along with partners Ingrid Bagby, Mark Ellenberg, Peter Friedman, Scott Greenberg, Richard Nevins and Gregory Petrick, all of whom are 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 a team of more than 50 other attorneys with experience in bankruptcy and restructuring matters. They combine their talents with those of our Corporate Finance, Litigation, Distressed M&A, Real Estate and Tax attorneys to enhance results by providing an interdisciplinary and innovative approach to problems.
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