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Municipal and Government Insolvencies

We have played a leading role in many of the largest municipal insolvencies of recent years — including those of Puerto Rico, Argentina, Detroit and Jefferson County.

  • Combining creativity, sophistication and a deep knowledge of municipal finance, bankruptcies and financial restructuring, Kramer Levin’s Bankruptcy and Restructuring lawyers represent bondholders and other investors, as well as indenture trustees in Chapter 9, and other in- and out-of-court municipal restructurings throughout the U.S. and around the world.

    We guide clients at each stage of a municipal restructuring, from early negotiations through final resolution and debt enforcement. Our firm has played a leading role in many of the largest municipal insolvencies of recent years— including those of Puerto Rico, Argentina, Detroit and Jefferson County, AL — negotiating with key stakeholders, driving to consensus and litigating when necessary.

    Defining Matters

    Offers notable expertise with regards to bondholder representations in municipal restructurings, taking major roles in the recent insolvencies of both Argentina and Puerto Rico.
    — Chambers USA

    Practice Contacts

  • Perspectives

    • Media Mentions
      Jan. 10, 2024
      Law360: Kramer Levin Names Bankruptcy And Restructuring Co-Chair
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    • Announcements
      Jan. 08, 2024
      Kramer Levin Names Amy Caton Co-Chair of the Firm’s Bankruptcy and Restructuring Practice
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    • Announcements
      Dec. 01, 2020
      Kramer Levin Recognized by Law360 with Practice Group of the Year Designations for Real Estate and Bankruptcy and Restructuring
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    • Announcements
      Oct. 29, 2019
      Kramer Levin Wins USA Law Firm of the Year and Three Deal Awards at 2019 M&A Atlas Awards
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    • Media Mentions
      Sept. 25, 2017
      The Bond Buyer: PREPA Bondholders Deny Disclosure Claims
      Read More
    • Announcements
      March 02, 2016
      Kramer Levin Represents Funds in $4.65 Billion Argentina Bond Litigation Settlement
      Read More
    • Media Mentions
      Feb. 02, 2016
      The New York Times: A Warning on Bankruptcy in Puerto Rico’s Debt Crisis
      Read More
    • Announcements
      Feb. 01, 2016
      Thomas Moers Mayer to Testify in Congressional Hearings on Puerto Rico
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    • Announcements
      July 07, 2015
      Kramer Levin Wins First Circuit Appeal Declaring Puerto Rico’s Restructuring Act Unconstitutional
      Read More
    • Announcements
      Feb. 07, 2015
      Kramer Levin Clients Franklin and Oppenheimer Have Big Win With Puerto Rico Recovery Act Declared "Unconstitutional"
      Read More
    • Announcements
      Nov. 07, 2014
      City of Detroit Adjustment Plan Confirmed in Largest Municipal Bankruptcy Case in U.S. History
      Read More
    • Defining Matters
      Kramer Levin Plays Lead Role in Puerto Rico Restructuring
      Read More
    • Defining Matters
      SCOTUS: Federal Bankruptcy Code Pre-empts Puerto Rico’s Debt Enforcement and Recovery Act
      Read More

  • Recognition

    2005 – 2024
    Chambers USA/Chambers Global
    Recognized for Bankruptcy and Restructuring in Chambers USA (2005 – 2023) and Chambers Global (2006 – 2024)
    2009 – 2023
    Legal 500 US
    Ranked in Top Tier for Restructuring (Including Bankruptcy): Municipal (2019 – 2023); Recognized for Restructuring and Bankruptcy; Corporate Restructuring Law Firm of the Year (2014, 2022)
    2019
    Global M&A Network’s Americas M&A Atlas Awards

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

    2006-2017
    Chambers Global
    Recognized for Bankruptcy and Restructuring
    2010 – 2023
    U.S. News & World Report and Best Lawyers’ Best Law Firms
    Tier 1 for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law (New York: 2010 – 2023); Tier 1 for Bankruptcy Litigation (National: 2023; New York: 2015 – 2023); Bankruptcy Litigation Law Firm of the Year (2011 – 2012)
    2010-2014
    U.S. News & World Report and Best Lawyers’ Best Law Firms
    Tier 1 for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law (National)
    2017
    M&A Advisor’s Turnaround Awards
    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)
    2017
    M&A Advisor’s Turnaround Awards
    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)
    2014
    M&A Advisor’s Turnaround Awards
    Bankruptcy Law Firm of the Year

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