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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.
Most recently, numerous transactions on which Cadwalader had a prominent advisory role were named to the Winner's Circle by the Global M&A Network Turnaround Atlas Awards including the General Motors restructuring, which was named Chapter 11 Reorganization of the Year ($5 billion plus), and the reorganization and sale of Chrysler to Fiat S.p.A., which took the Special Situation M&A Deal of the Year ($500 million plus) as well as Landsource Communities Development LLC transaction, which was named Chapter 11 Reorganization of the Year ($1 billion plus), in which the firm represented Barclays Capital, as Agent, under the First Lien Credit Agreement to Landsource; the pre-packaged Chapter 11 Reorganization of the Year ($1 billion plus) of CIT Group; and the Delphi Corporate Turnaround Deal of the Year ($5 billion plus). In addition, Cadwalader was recognized at the 2010 IFLR Americas Awards in acknowledgment of the firm's role as lead counsel to the United States Treasury Department in the restructuring of CIT Group, a matter that was awarded Restructuring Deal of the Year and was named Law Firm of the Year by The M&A Advisor 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.
In 2009, the firm was the recipient of two awards at the Global M&A Network Turnaround Atlas Awards, with Department Co-Chairman John Rapisardi being named Restructuring Legal Advisor of the Year and the firm's representation of JPMorgan Chase Bank in the Centro Properties Group restructuring being tapped as Out-of Court Restructuring of the Year and won the 2009 IFLR Americas Awards for Restructuring Team of the Year and for Deal of the Year, as counsel on a matter for CIFG Holding, Ltd. In 2007, M&A Advisor named Cadwalader Law Firm of the Year: Reorganization and Bankruptcy Practice in recognition of the team's record of achievement as well as 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.
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.
Practice Co-Chairs Deryck A. Palmer and John Rapisardi and partners in the Financial Restructuring Practice, Ingrid Bagby, George A. Davis, Peter Dodson, Mark C. Ellenberg, Peter Friedman, Christopher R. Mirick, Gregory M. Petrick, and Andrew M. Troop 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.
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