March 28, 2014
Cadwalader, Wickersham & Taft LLP, a leading counselor to global corporations and financial institutions, was honored with two major awards at this year’s IFLR Americas Awards Ceremony, held at The Pierre in New York City on March 27. The annual event recognizes firms involved in the most innovative and successful transactions of the past year.
Cadwalader’s Financial Regulation Group was named Financial Regulation Team of the Year for its work in the regulatory arena representing some of the world’s largest sell-side and buy-side institutions in the financial markets, while the firm’s Financial Restructuring team took home the Restructuring Deal of the Year honor for its work in connection with the restructuring of Central European Distribution Corporation (CEDC).
The Financial Regulation Group advises a broad range of clients, including broker-dealers, banks, investment advisers, funds of all types, pension plans, securities and futures exchanges, and clearing corporations. The group’s groundbreaking work in structuring and documenting the International Swap and Derivatives Association (ISDA) master agreements governing swaps in order to comply with Dodd-Frank; representing clients in connection with the extraterritorial aspects of U.S. regulation; and advising global banks on the Volcker Rule, the Lincoln Amendment and Title VII compliance was a key factor in earning the IFLR award.
IFLR commended the Cadwalader team for its preeminent reputation in the industry: “In areas where both innovation and deep knowledge matter, Cadwalader is proving the firm of choice for international banks. The team has a breadth of experience on matters relating to banking compliance following Dodd-Frank implementation. Cadwalader regularly advises international trade associations on new and developing regulation including the International Swaps and Derivatives Association, Managed Funds Association, and Canadian Bankers Association. The firm's broker-dealer regulatory group remains one of the best in the U.S.”
Cadwalader’s award for Restructuring of the Year is based on the firm’s representation of a steering committee of CEDC’s senior secured noteholders in connection with the restructuring of the Poland-based vodka producer. Through the novel use of chapter 11 to restructure a group whose principal operations are in Poland, Russia, Ukraine and Hungary, Cadwalader’s cross-border team of attorneys in New York and London helped to successfully implement a restructuring designed to eliminate approximately $665.2 million in debt from CEDC’s balance sheet, while maximizing value to the stakeholders. The CEDC chapter 11 case itself was unique in that it involved the use of a reverse Dutch auction process incorporated successfully into a Chapter 11 reorganization plan. The team included Gregory Petrick, co-chair of the firm’s Financial Restructuring Group and managing partner of the London office, partners Ingrid Bagby and Richard Nevins, and associates Michele Maman.
“This complex, cross-border, multi-jurisdictional matter brought out the best in our team,” said Petrick. “Our approach led to a successful and equitable resolution of myriad cross-border business and legal issues and won overwhelming creditor support. Our success in CEDC illustrates the effectiveness of Cadwalader’s seamless US/UK restructuring capabilities.”
In addition to the two wins, the firm was shortlisted for Structured Finance and Securitisation Deal of the Year for its work on MAV II, which was led by Richard Schetman, co-chair of Cadwalader’s Financial Services Group, and for the Restructuring Team of the Year and Structured Finance and Securitisation Team of the Year awards.
In 2013, Cadwalader received the IFLR Structured Finance and Securitisation Team of the Year and the Restructuring Deal of the Year awards.
IFLR is a leading magazine for in-house counsel and practitioners in the financial markets, covering the innovations in areas such as capital markets, banking, project finance, corporate governance, bankruptcy, litigation, fund management, and M&A. The International Financial Law Review awards are based on research from IFLR's journalists in consultation with private practice lawyers, in-house counsel and financing specialists at investment banks around the world.