Companies in financial distress choose us as their restructuring counsel because of our broad financial capabilities and our deep commitment to value creation. We represent companies and boards of directors, including special or other board committees, in a variety of industries and jurisdictions in the US and abroad, as they navigate financial crises, in restructurings including chapter 11 bankruptcies in the US, out-of-court exchange and consent restructuring transactions, and other insolvency proceedings. Our Cross-Border and International Insolvency specialists are leaders in company administration in England. Our engagements have included some of the most high-profile, complex restructuring proceeding in the world, including, most recently, Westinghouse Electric, Boart Longyear, Outer Harbor Terminal, Caesars, Frederick’s of Hollywood, Eagle Bulk Shipping, LightSquared, Virgin America, Stations Casinos, and Vitro.
Our team collaborates with leaders in other Milbank practices that are critical for managing the special challenges confronting distressed companies. With recognized authorities in Litigation & Arbitration, Tax, Capital Markets, labor and ERISA, we’re veterans at tackling the unique challenges of navigating troubled companies through times of distress.
Unmatched experience―as company counsel in most of the headline-grabbing restructurings of recent years, we’re trusted to get results.
Recapitalization―we represented Boart Longyear, a Utah-based global drilling services company that is also publicly listed in Australia in reaching a binding recapitalization agreement with key creditors representing over 75% of its secured lenders and 90% of its unsecured lenders.
Chapter 11―we represented Caesars Entertainment Corp. in the chapter 11 reorganization of more than $18 billion in debt held by its subsidiary, Caesars Entertainment Operating Co. We also represent the Special Committee of the Board of Directors of Westinghouse Electric Company LLC in connection with Westinghouse’s jointly administrated chapter 11 bankruptcy cases. Westinghouse is a Pennsylvania-based nuclear power company with global operations and over 12,000 employees worldwide.
