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Title

Bankruptcy and Restructuring

Description
Kramer Levin has represented creditors’ committees, bondholders and companies in many of the largest and most complex U.S. bankruptcies over the past three decades.
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  • Recognition
  • For more than 30 years, creditors, debtor corporations, investors, lenders and acquirers have turned to Kramer Levin to solve complicated bankruptcy and restructuring problems, to structure and lead negotiations that harmonize divergent interests and achieve consensual solutions, and to win suits in bankruptcy court, courts of appeal and the U.S. Supreme Court. Representing clients throughout the United States, we typically take on cases that involve multiple debtors with competing secured and unsecured creditors, complex restructurings, and contested interdebtor and intercreditor issues.

    Always at the forefront in negotiating resolutions both in and out of court, our lawyers have developed and utilized case-defining strategies in historic Chapter 11 or out-of-court reorganizations of industry leaders, governments and municipalities, including: 

    Creditor Representations

    • Toys “R” Us
    • Seadrill Ltd.
    • FirstEnergy Solutions
    • Caesars Entertainment Operating Co.
    • Energy Future Holdings Inc.
    • General Motors
    • NII Holdings (Nextel International)
    • Peabody Energy Corp.
    • Residential Capital LLC (GMAC Mortgage)

    Company Representations

    • Genco Shipping & Trading Ltd.
    • General Maritime
    • First Mariner Bancorp
    • Saint Vincent’s Hospital
    • Targus
    • Constellation Enterprises

    Municipal/Government Representations

    • Argentina
    • Puerto Rico
    • Detroit

    Kramer Levin has consistently been recognized as a leading corporate restructuring and bankruptcy firm in New York and nationwide by Benchmark Litigation, Chambers USA, Chambers Global, and U.S. News & World Report and Best Lawyers.

    Distinguishing characteristics of our core team: 

    • A bench of 30 bankruptcy lawyers
    • Two senior partners who are leading practitioners in New York City and nationwide
    • Two veteran partners who have deep experience representing companies as well as a diverse range of secured and unsecured creditors
    • Five experienced, up-and-coming partners who have figured prominently in some of the largest corporate and municipal bankruptcies in recent years
    • Three partners dedicated to bankruptcy litigation
    • One partner who is an industry leader in all aspects of claims trading
    • Deep experience across a wide range of industries, including health care, retail, shipping and telecommunications

    Defining Matters

    • Kramer Levin Advises Bondholders in Successful Restructuring of AES Puerto Rico L.P., Ensuring Continued Viability of Critical Energy-Generating Assets

      Kramer Levin negotiated a comprehensive restructuring of AES Puerto Rico L.P. (AES-PR) and its liabilities in a complex and unanimously consensual out-of-court restructuring that was consummated through the dual closing of a consensual bond exchange and new-money financing, through which participating bondholders received their pro rata share of new super-senior notes, tax-exempt bonds and preferred equity in the parent of AES-PR. AES-PR’s parent, AES Corp., will continue to own AES-PR and operate its generating assets. The Puerto Rico Electric Power Authority (PREPA) also supported the restructuring, by entering into a new Power Purchase and Operating Agreement (PPOA) with AES-PR, which provides necessary economic enhancements that will enable AES-PR to continue to provide energy to the commonwealth for years to come. Kramer Levin represented UMB Bank N.A. as indenture trustee on behalf of investors in the municipal bonds that were indirect obligations of AES-PR.
    • Kramer Levin Selected as Counsel to Unsecured Creditors Committee of GenesisCare

      Kramer Levin is pleased to announce that the firm has been selected as counsel to the official committee of unsecured creditors of GenesisCare. Burdened by more than $1.7 billion of debt, the company sought Chapter 11 protection in the bankruptcy court in the Southern District of Texas, Houston Division, on June 1, 2023. The seven-member committee consists of Accuray Inc., ASD Specialty Healthcare LLC (Amerisource Bergen), Block Imaging Parts & Service LLC, Elekta, Cardinal Health 414 LLC, Centrex Revenue Solutions and Boston Scientific Corp.
    • Kramer Levin Represents Ad Hoc Committee of Governmental Entities and Plaintiffs Executive Committee in Mallinckrodt Chapter 11

      Kramer Levin represented the Ad Hoc Committee consisting of (i) seven state attorneys general and (ii) the Plaintiffs Executive Committee (PEC) in the multidistrict opioid litigation in the bankruptcy cases of Mallinckrodt plc and its debtor affiliates. The representation included prepetition restructuring and settlement negotiations that culminated in a Restructuring Support Agreement (RSA) that served as the catalyst for the commencement of Mallinckrodt’s bankruptcy cases and provided the framework for the eventual Plan of Reorganization.
    • Kramer Levin Selected as Counsel to Unsecured Creditors Committee of Forever 21

      Kramer Levin has been selected as counsel to the official committee of unsecured creditors of Forever 21. The retailer sought Chapter 11 protection in federal court in Wilmington, DE, on Sept. 29, 2019.
    • Toys R Us Chapter 11 Plans Confirmed

      Burdened by more than $5 billion of debt, Toys R Us Inc. sought Chapter 11 protection in federal court in Richmond, VA, on Sept. 18, 2017.
    • Puerto Rico Bondholders Win Landmark Appeal

      On Aug. 8, 2018, the U.S. Court of Appeals for the First Circuit upheld the right of Kramer Levin’s bondholder clients to seek a receiver for the Puerto Rico Electric Power Authority (PREPA) — the first appellate court in the history of municipal bankruptcy to do so. The First Circuit reversed U.S. District Judge Laura Taylor Swain, who presides over all proceedings under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA).
    • Kramer Levin Dramatically Increases Recovery for Unsecured Creditors of Seadrill

      In July 2018, Seadrill, one of the world’s largest offshore drilling contractors, emerged from Chapter 11 bankruptcy in the Southern District of Texas.
    • Kramer Levin Steers Subaru and Mazda Through Takata Restructuring

      Kramer Levin represented two large original equipment manufacturers (OEMs), Subaru and Mazda, in connection with the global restructuring of Takata Corp., the Japanese automotive supplier subject to the largest recall in history for its faulty air bag inflators.
    • Kramer Levin Represents Secured Lenders in Acquisition of Westmoreland Coal’s Assets Under Chapter 11 Plan

      On March 15, 2019, Westmoreland Coal Company and most of its subsidiaries – the 6th largest coal company in the United States with over $1 billion in sales, active mines in four states and two Canadian provinces, and almost 3,000 employees – consummated a Chapter 11 plan which transferred substantially all of their assets to a new company owned by the holders of $700 million in secured debt and $110 million in debtor-in-possession loans.
    • Retail industry swoons

      While retailers are accustomed to market fluctuations, fickle customers and waiting until the fourth Friday in November to turn a profit, they face increasingly strong headwinds and complex challenges to compete and stay relevant in today’s marketplace. Among the biggest challenges to brick-and-mortar establishments are the disruptive effects of e-commerce and shoppers’ desire for more engaging and personalized in-store experiences. Toys R Us is a case in point. ... Kramer Levin, representing the unsecured creditors committee in Toys R Us, has a key role in preserving the rights of vendors, landlords and other creditors as well as in maximizing the ongoing business value of Toys R Us’ international operations.
    • Energy sector not out of the woods yet

      U.S. corporate bankruptcy and restructuring activity was dominated by the energy sector in 2017 as oil and coal prices struggled to recover from their 2016 troughs, putting pressure on producers, field services companies, and midstream and upstream companies alike. In addition, independent power producers faced renewed headwinds from stagnant consumer demand and a lack of pricing power. The energy industry is certainly no stranger to volatility and cyclical highs and lows. Throughout the ups and downs in the sector, Kramer Levin’s Bankruptcy and Restructuring team has been actively engaged in the most significant and complex cases, leading negotiations and finding consensual solutions.
    • The Official Committee of Unsecured Creditors of Seadrill Ltd. selects Kramer Levin

      Kramer Levin has been selected as counsel to the Official Committee of Unsecured Creditors of Seadrill Ltd., one of the world's largest offshore drilling companies. The seven-member committee consists of Nordic Trustee AS, Deutsche Bank Trust Company Americas, Computershare Trust Co., Daewoo Shipbuilding & Marine, Samsung Heavy Industries Co. Ltd., Pentagon Freight Services Inc. and Louisiana Machinery Co. LLC.

    Focus Areas

    • Bankruptcy Litigation and Investigations
    • Bondholder, Lender and Other Creditor Representations
    • Claims Trading and Investment Advice
    • Creditor Committee Representations
    • Crisis Management
    • Debtor and Company-Side Representations
    • Distressed Investing
    • Distressed Mergers and Acquisitions
    • Municipal and Government Insolvencies
    • Municipal and Infrastructure Special Situations
    • Real Estate Workouts, Restructurings and Distressed Debt
    • Special Situations
    Diverse bankruptcy and restructuring practice active on behalf of a range of clients, including investors, acquirers of distressed assets and debtor-in-possession lenders.
    — Chambers USA

    Practice Contacts

      • Kenneth H. Eckstein

        • Partner
        • Partner, Co-Chair, Bankruptcy and Restructuring
        • New York
        • keckstein@kramerlevin.com
        • T 212.715.9229
        • F 212.715.8229
      • vcard
      • Amy Caton

        • Partner
        • Partner, Co-Chair, Bankruptcy and Restructuring; Chair, Municipal and Infrastructure Special Situations
        • New York
        • acaton@kramerlevin.com
        • T 212.715.7772
        • F 212.715.8000
      • vcard
      • Alice J. Byowitz

        • Partner
        • New York
        • abyowitz@kramerlevin.com
        • T 212.715.9201
        • F 212.715.8201
      • vcard
      • Daniel M. Eggermann

        • Partner
        • Partner, Co-Head, Distressed Investing
        • New York
        • deggermann@kramerlevin.com
        • T 212.715.9495
        • F 212.715.8495
      • vcard
      • Thomas Moers Mayer

        • Counsel
        • New York
        • tmayer@kramerlevin.com
        • T 212.715.9169
        • F 212.715.8169
      • vcard
      • Rachael Ringer

        • Partner
        • Partner, Co-Head, Distressed Investing
        • New York
        • rringer@kramerlevin.com
        • T 212.715.9506
        • F 212.715.8187
      • vcard
      • Adam C. Rogoff

        • Partner
        • Partner, Bankruptcy and Restructuring; Co-Head, Health Care
        • New York
        • arogoff@kramerlevin.com
        • T 212.715.9285
        • F 212.715.8265
      • vcard
      • Robert T. Schmidt

        • Counsel
        • New York
        • rschmidt@kramerlevin.com
        • T 212.715.9527
        • F 212.715.9528
      • vcard
    • Perspectives

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        Title
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        Title
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        Dec. 01, 2024
        Title
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        Title
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        Oct. 14, 2024
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        June 06, 2024
        Title
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        Title
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        May 17, 2024
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        May 03, 2024
        Title
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        March 21, 2024
        Title
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        Feb. 15, 2024
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    • Recognition

      Year
      2005 – 2025
      Name
      Chambers USA/Chambers Global
      Description
      Recognized for Bankruptcy and Restructuring in Chambers USA (2005 – 2024) and Chambers Global (2006 – 2025)
      Year
      2010 – 2025
      Name
      U.S. News & World Report and Best Lawyers’ Best Law Firms
      Description
      Tier 1 for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law (New York: 2010 – 2025); Recognized for Bankruptcy Litigation (National: 2023 – 2025; New York: 2015 – 2025); Bankruptcy Litigation Law Firm of the Year (2011 – 2012)
      Year
      2025
      Name
      The M&A Advisor Turnaround Awards
      Description
      Restructuring of the Year ($5B to $10B) for Restructuring of Endo Pharmaceuticals; Restructuring of the Year ($250M TO $500M) for Restructuring of Peer Street
      Year
      2009 – 2024
      Name
      Legal 500 US
      Description
      Ranked in Top Tier for Restructuring (Including Bankruptcy): Municipal (2019 – 2024); Recognized for Restructuring and Bankruptcy (Including Bankruptcy): Corporate (2024); Corporate Restructuring Law Firm of the Year (2014, 2022)
      Year
      2022
      Name
      IFLR Americas Awards: Restructuring Deal of the Year
      Description
      Hertz Global
      Year
      2022
      Name
      Benchmark Litigation: Law Firm of the Year for New York
      Year
      2012, 2014, 2020
      Name
      Law360 Practice Group of the Year: Bankruptcy
      Year
      2019
      Name
      M&A Advisor Awards
      Description

       

      Technology Deal of the Year (over $1B): Acquisition of eFront by BlackRock; Restructuring Deal of the Year (over $1B): Restructuring of COFINA; Equity Financing of the Year: Majority recapitalization of SchoolAdmin by Quad Partners
      Year
      2019
      Name
      Global M&A Network’s Americas M&A Atlas Awards
      Description

      Restructuring Deal of the Year –  COFINA (Puerto Rico’s Sales Tax Financing Corp.)

      Year
      2019
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description

      Turnaround of the Year – Mega (above US $10 billion): Oi S.A multi- jurisdiction restructuring

      Year
      2019
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description
      Cross Broder Turnaround of the Year – Mega (above US $5 billion): Seadrill restructuring
      Year
      2019
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description
      Chapter 11 Restructuring of the Year – Middle Markets: Lombard Public Facilities Corporation (LPFC) restructuring
      Year
      2008, 2009, 2014, 2017 – 2021
      Name
      IFLR1000
      Description

      Leading US Restructuring and Insolvency Practice; Leading New York Restructuring and Insolvency Practice (2018, 2020, 2021)

      Year
      2018
      Name
      M&A Advisor’s Turnaround Awards
      Description

      Law Firm of the Year

      Year
      2018
      Name
      M&A Advisor’s Turnaround Awards
      Description

      Refinancing Deal of the Year Award for the Restructuring of the Lombard Public Facilities Corporation

      Year
      2018
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Restructuring of the Year (Over $5B)’ for the Restructuring of Takata Corporation
      Year
      2018
      Name
      M&A Advisor’s Turnaround Awards
      Description

      Restructuring of the Year Award (over $500MM to $1B) for the Restructuring of VER Technologies and Sale to L Catterton

      Year
      2019
      Name
      Vault Law Firm Survey
      Description

      Top 15 Best Law Firms for Restructuring/Bankruptcy

      Year
      2018, 2019
      Name
      Benchmark Litigation
      Description
      Recognized for Bankruptcy
      Year
      2018
      Name
      International Tax Review's Americas Tax Restructuring Deal of the Year
      Description

      Toys “R” Us restructuring

      Year
      2018
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description

      Corporate Turnaround of the Year ($5 billion – $15 billion) for the restructuring of CHC Group Ltd.

      Year
      2018
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description

      Turnaround of the Year (above $10 billion) for the reorganization for Caesars Entertainment Operating Company Inc. and its affiliated Debtors

      Year
      2018
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description
      Chapter 11 Restructuring of the Year ($5 billion – $15 billion) for the restructuring of Peabody Energy Corporation
      Year
      2018
      Name
      M&A Advisor’s Turnaround Awards
      Description

      Restructuring Deal of the Year Award (Over $1B to $5B) for the Representation of CHC Group Limited

      Year
      2017
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Utilities Deal of the Year Award for the Representation of the Major Bondholder Group in the Debt Restructuring of Puerto Rico Electric Power Authority (PREPA) (Representing the Major Bondholder Group)
      Year
      2017
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Restructuring Deal of the Year Award ($5bn-$10bn) for the Representation of the Official Committee of Unsecured Creditors in Arch Coal
      Year
      2017
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Restructuring Deal of the Year Award (>$10bn) for the Representation of the Major Bondholder Group in the Debt Restructuring of Puerto Rico Electric Power Authority (PREPA)
      Year
      2017
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Materials Deal of the Year Award (>$250mm) for the Representation of the Major Bondholder Group in the Restructuring of Molycorp
      Year
      2017
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Chapter 11 Reorganization of the Year Award ($1bn-$5bn) for the Representation of the Major Creditor in RCS Capital Corp.
      Year
      2017
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description
      Industrials Restructuring of the Year Award for the Representation of Constellation Enterprises
      Year
      2017
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description
      Financial Services Restructuring of the Year Award for the Representation of a Major Creditor in RCS Capital
      Year
      2017
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description
      Corporate Turnaround of the Year Award (>$5bn) for the Representation of the Official Committee of Unsecured Creditors in Arch Coal
      Year
      2016
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Restructuring Deal of the Year Award (>$1bn) for the Representation of the Official Committee of Unsecured Creditors in NII Holdings
      Year
      2016
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description
      Turnaround of the Year Award (>$2.5bn) for the Representation of the Official Committee of Unsecured Creditors in NII Holdings
      Year
      2016
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description
      Special Situation M&A Deal of the Year Award for the Representation of the Official Committee of Unsecured Creditors in Patriot Coal and Sale of Assets
      Year
      2015
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Industrial Manufacturing/Distribution Deal of the Year Award for the Representation of Genco Shipping & Trading Ltd.
      Year
      2014
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Section 363 Sale of the Year Award (>$1bn) for the Representation of the Official Committee of Unsecured Creditors in Residential Capital LLC
      Year
      2014
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Bankruptcy Law Firm of the Year
      Year
      2014
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Energy Deal of the Year Award for the Representation of the Official Committee of Unsecured Creditors in AES Eastern Energy, L.P.
      Year
      2014
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description
      Creditors Restructuring Law Firm of the Year
      Year
      2014
      Name
      AQI’s M&A Awards
      Description
      New York Corporate Restructuring Law Firm of the Year
      Year
      2013
      Name
      M&A Advisor
      Description
      Industrial Manufacturing and Distribution Deal of the Year Turnaround Award for the Representation of General Maritime Corporation
      Year
      2013
      Name
      Global M&A Network
      Description
      Turnaround of the Year (Large Markets) Award for the Representation of General Maritime Corporation
      Year
      2013
      Name
      Corporate INTL Magazine
      Description
      New York Restructuring Law Firm of the Year
      Year
      2012
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Turnaround Community Impact Deal of the Year and Healthcare/Life Sciences Deal of the Year Awards for the Representation of Saint Vincent Catholic Medical Centers of New York
      Year
      2012
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description
      Healthcare Services Turnaround of the Year Award for the Representation of Saint Vincent Catholic Medical Centers of New York
      Year
      2012
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description
      Chapter 11 Reorganization Deal of the Year Award (Large Markets) for the Representation of the Official Committee of Unsecured Creditors in Capmark Financial Group Inc.
      Year
      2011
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Chapter 11 Reorganization of the Year Award (Upper Middle Market) for Cooper Standard Holdings
      Year
      2011
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description
      Industrial Products & Manufacturing Award for Smurfit-Stone Container Corp.
      Year
      2011
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description
      Corporate Turnaround of the Year Award (>$500mm) for Cooper-Standard Holdings
      Year
      2010
      Name
      Global M&A Network’s Turnaround Atlas Awards
      Description
      Chapter 11 Reorganization of the Year Award (Middle Market) for Bally Total Fitness
      Year
      2010
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Distressed M&A Deal of the Year Award (>$100mm)
      Year
      2010
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Business Services Sector Deal of the Year Award
      Year
      2010
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Consumer Services Sector Deal of the Year Award
      Year
      2009
      Name
      M&A Advisor’s Awards
      Description
      Middle Market Deal of the Year and Professional Services Industry Sector Deal of the Year
      Year
      2007
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Chapter 11 Reorganization of the Year Award for WCI Steel
      Year
      2007
      Name
      M&A Advisor’s Turnaround Awards
      Description
      Law Firm of the Year

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