Restructurings & Bankruptcies Taxation


Cadwalader tax attorneys have extensive experience working with our Financial Restructuring team on the special tax issues of troubled and insolvent corporations and other entities, including preserving debtors' net operating losses and other tax attributes and achieving viable restructurings. We represent both debtors and creditors, as well as investors, committees and other creditor groups, in cross-border restructurings, bankruptcy proceedings, workouts and other distressed situations.

Our practice is international in scope and our domestic offices work closely with our London attorneys in connection with cross-border financings.  By using a multidisciplinary approach, our clients benefit from Cadwalader’s strong experience in finance, capital markets, financial restructuring, bankruptcy, litigation, regulation, corporate transactions, and tax structuring.

Given the effort expended when structuring transactions to maximize tax and pension-related efficiencies for all parties, it is imperative to take those efficiencies into account when developing a restructuring strategy. Our attorneys have extensive experience in advising a variety of clients on the tax ramifications of workouts, foreclosures and bankruptcies. Our expertise encompasses all bankruptcy-related tax matters, including international tax, which is critical to workouts involving restructuring foreign debt or investment of new money by foreign companies, as well as ERISA issues, and REMIC tax issues.

  • LyondellBasell Chemical Company as lead debtor's counsel in its chapter 11 case.
  • Centerbridge Partners LP on cross-border tax issues in connection with the financial restructuring of ATU Investment GmbH & Co. KG.
  • The Official Committee of Unsecured Creditors of Truvo USA LLC and its affiliated debtors in connection with their chapter 11 proceedings in the Bankruptcy Court for the Southern District of New York.
  • Xerium Technologies in its prepackaged chapter 11 cases and in in tax matters in connection with its $80 million DIP loan from lenders led by Citigroup Global Markets Inc.
  • The U.S. Department of Treasury counsel to the Presidential Task Force on the Auto Industry, including advising on the bankruptcy filings of General Motors, Delphi and Chrysler.
  • Icahn Global Enterprises as secured lender in the chapter 11 reorganization of Blockbuster.
  • The U.S. Treasury in restructuring CIT and in its investments in certain financial institutions through the Capital Purchase program.
  • St. Vincent's Catholic Medical Centers in its chapter 11 reorganization case.
  • Northwest Airlines in its chapter 11 cases.
  • Caribbean Petroleum Corporation in its chapter 11 cases.
  • JPMorgan Chase Bank, N.A. in connection with the Stations Casino chapter 11 cases as one of two mortgage lenders, and in its participation with Fertitta Gaming as the successful bidder on certain Stations Casino properties.
  • Merrill Lynch as agent lender in BLB/Twin Rivers Casinos chapter 11 cases.
  • Lehman as agent lender for approximately $2 billion debt in the Intrawest restructuring.
  • Barclays as agent lender for $1 billion debt in the LandSource chapter 11 cases.
  • Morgan Stanley, JPMorgan and their respective affiliates on tax issues relating to the restructuring of secured debt of Capital Trust Inc.
  • Ice Edge Holdings on tax matters relating to its bid to acquire the National Hockey League Phoenix Coyotes franchise.
  • Lenders on tax issues in connection with VeraSun’s DIP financing.
  • Creditors regarding tax advice in the restructuring of Heartland Automotive.
  • Black Gaming LLC and eight affiliated debtors in their chapter 11 case.
  • CIFG in its settlement with credit default swap counterparties and bondholders.

3 Attorneys

Blakemore, Adam Partner London
T. +44 (0) 20 7170 8697
Howe, Mark P. Partner Washington
T. +1 202 862 2236
Swartz, Linda Z. Partner New York
T. +1 212 504 6062