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Bankruptcy and Financial Restructuring
Chadbourne’s bankruptcy and financial restructuring group has an impressive record of achieving successful outcomes for its clients in Chapter 11 cases and corporate restructurings both in the United States and abroad. We are active in all areas of business restructurings and insolvencies, in matters ranging from the largest multinational mega-cases to significant regional businesses.
Our practice includes:
- Representing U.S. and non-U.S. banks, investment banks, insurance companies, bondholders and funds in dealing with their exposures to financially troubled companies, including leading roles in the Enron, Refco, and Mirant Chapter 11 cases.
- Representation of ad hoc and official creditors’ committees in large and complex Chapter 11 cases and out-of-court restructurings. Major committee representations include Spiegel, Inc./Eddie Bauer Inc., ACA Financial Guaranty, and Parmalat USA Corp.
- Representation of significant businesses that require financial restructuring.
- Playing a leading role in many of the most significant cases brought under provisions of the Bankruptcy Code governing U.S. proceedings ancillary to foreign administration and liquidation cases. For example, we currently represent the interim receiver appointed in the Russian bankruptcy of Yukos Oil; and have commenced a Chapter 15 in the U.S. on the receiver's behalf.
Our bankruptcy and financial restructuring lawyers have extensive experience in corporate finance, structured finance, leveraged lease transactions, mergers and acquisitions, and in litigation and appellate practice. Members of Chadbourne’s project finance, corporate finance, tax, and litigation groups regularly join our restructuring teams so that we can draw effectively upon the combined resources of our lawyers located around the globe. Our clients have come to rely upon our resourcefulness and poise in the face of overwhelming complexity, and they often engage us for their most challenging matters.
Representative Experience
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Out of Court Restructuring
Ad Hoc Committee of ACA Financial Guaranty Corp.
Representation of an ad hoc committee, comprised of the world's largest financial institutions, of counterparties of a major monoline insurance company that has required restructuring because of the sub-prime crisis.
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Chapter 11 Bankruptcy Case
Official Committee of Unsecured Creditors of Spiegel, Inc./Eddie Bauer Inc.
Representation of the Official Creditors' Committee in the Chapter 11 of this well-known retailer in which Chadbourne implemented a reorganization strategy that resulted in unsecured creditors receiving full recovery on claims and where the Eddie Bauer business was preserved and reorganized for the benefit of all constituencies.
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Chapter 15 Ancillary Proceeding
Official Receiver of Yukos Oil Company
Representation of the official receiver appointed in the bankruptcy case of one of the largest producers of oil and gas in Russia, in the first major test of cross-border insolvency under new Chapter 15 of the U.S. Bankruptcy Code.
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Refco Inc. Chapter 11
Numerous Account Holders of Refco Inc.
Representation of some of the largest account holders, with claims aggregating over $500 million, in the Chapter 11 proceedings of Refco Inc., a fraud-riddled financial services company.
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Mirant Corporation Chapter 11
Citigroup and Credit Suisse
Representation of Citibank and Credit Suisse as bank agents under various credit facilities totaling over $2 billion in the Chapter 11 case of Mirant Corporation, one of the world's largest energy suppliers.
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PRC, LLC Chapter 11
The Royal Bank of Scotland
Representation of The Royal Bank of Scotland as DIP Lender.
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[ more representative experience ]
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