Employing a multidisciplinary approach to provide a well-rounded offering, the municipal bond recovery practice at ArentFox Schiff is well-equipped to advise on the full range of mandates, including Chapter 9s, defaults on tax exempt bonds, and municipal bond refinancings, as well as Title III proceedings, municipal bond restructurings, and obligation compliance. With robust capabilities, the group is a trusted advisor to Trustees and mutual fund investors spanning a variety of sectors, including higher education, student housing, and public utilities, to name a few. The department is under the joint leadership of David Dubrow and Mark Angelov, both of whom have considerable experience handling high-profile matters; Dubrow regularly represents creditors, bond holders, and insurers in defaulted bond negotiations, workouts, and transactions, while Angelov is adept at leading on bond recoveries and out-of-court workouts. The team also benefits from the aptitude of Les Jacobowitz, an expert in multifamily housing, healthcare loan, and tax credit workouts. Other notable practitioners include Mike Guippone and District of Columbia’s Randall Brater. All attorneys are based in New York unless otherwise stated.

A powerhouse in the US municipal bankruptcy space, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. has a strong track record advising bond holders, insurers, and indenture trustees on defaults, workouts, and restructurings, as well as bankruptcies and recoveries. The group, which has considerable experience handling high-profile Chapter 9 cases, is well-equipped to assist notable clients from a broad range of industry sectors, including healthcare, senior living, and higher education. Spearheading the team is New York’s Nathan Coco, a specialist in municipal restructurings, distressed debt transactions, and creditor rights enforcement issues. On the financing front, Boston-based Ian Hammel and Eric Blythe are the names to note, both of whom have expertise in distressed municipal, nonprofit, and distressed university financings. The department also benefits from the aptitude of New York’s Megan Preusker, who stands out for her distressed and defaulted credits prowess. Other key practitioners include Aaron Williams – who focuses on debt restructurings and workouts – and Tim McKeon, who is adept at advising on distressed sales. Both are based in Boston. William Kannel is no longer at the firm.

Norton Rose Fulbright is a reference in the US municipal restructuring and bankruptcy market, acting on the key Chapter 9 cases of recent, including Puerto Rico, Detroit, and Jefferson County. The group’s longstanding reputation for handling high-profile, high-value mandates makes it a go-to for bondholders, non-profits, creditors, and debtors seeking assistance on complex municipal debt adjustment proceedings, restructurings, and bankruptcies, as well as Title III proceedings, bond restructurings, and out-of-court settlements. At the helm of the practice is New York’s Eric Daucher, who comes highly recommended for his municipal restructuring, Chapter 9 bankruptcy, and Title III restructuring prowess. He is regularly turned to by stakeholders, debtors, and creditors’ committees. Daucher is supported by Dallas-based Ryan Manns, an expert in both in and out-of-court restructurings, with a focus on the non-profit, healthcare, and senior living sectors. He is also well-equipped to advise on related transactions and litigation. In LA, Rebecca Winthrop is the name to note, with considerable experience representing creditors and purchasers of distressed assets in financial restructurings and insolvency proceedings, in addition to out-of-court workouts.

Praised by clients for providing ‘excellent brief writing, wise counsel, and solid legal advice,’ Ballard Spahr LLP is solid choice for creditors and debtors seeking assistance with municipal restructurings and bankruptcies. The group is well-equipped to handle complex Chapter 9 cases, most notably acting on the City of Chester, Pennsylvania’s bankruptcy, cementing its reputation in the US market. Co-leading the department are Philadelphia’s William Rhodes and Matthew Summers, who is based between Delaware and Baltimore; Rhodes specializes in municipal recoveries, with an emphasis on the education sector, while Summers stands out for his experience representing creditors in municipal bankruptcies. Summers’ track record includes acting on the Detroit and San Bernadino, California Chapter 9s, and has led on related litigation and receivership proceedings. The practice also benefits from the expertise of Delaware-based Tobey Daluz, who is noted for being ‘strategically focused’ on restructurings, bankruptcies, and workouts. Other key practitioners include Delaware’s Laurel Roglen and Minneapolis-based William Wassweiler.

The financial restructuring group at Cadwalader, Wickersham & Taft LLP, under the seasoned leadership of Douglas Mintz and Casey Servais, is geared to support on municipal bankruptcies, financings, and distressed municipal credit risk. With experience advising on high-value and high-profile mandates spanning the non-profit, senior living, and energy sectors, the group is a trusted advisor to creditors, debtors, and lenders. The practice’s capabilities have been bolstered by the arrival of department co-lead Mintz, who joined from the now merged McDermott Will & Schulte in June 2025, who brings with him expertise in finance and technology restructurings. Servais stands out for his aptitude for distressed municipal finance and municipal debt restructurings, and notably represented a creditor in connection with the Puerto Rico case. Also specializing in municipal finance are Lary Stromfeld and Ivan Loncar, while Andrew Greenberg concentrates on in and out-of-court restructurings affecting the real estate and manufacturing industries. All attorneys mentioned are based in New York.

Herbert Smith Freehills Kramer‘s New York-based bankruptcy and restructuring group, under the seasoned leadership of Kenneth Eckstein and Amy Caton, is well-equipped to advise creditors and debtors on significant, high-value mandates ranging from restructurings and bankruptcies to related litigation. With considerable experience handling complex, high-profile cases, the group continues to attract new clients to its roster which is made up of creditor committees, shareholders, and trustees, in addition to municipal entities. Eckstein stands out for his strong track record representing municipalities in restructuring litigation and settlement negotiations, while Caton is the main point of contact for Chapter 9 proceedings, municipal bankruptcies, and special situations. The team also benefits from the aptitude of bankruptcy specialist Rachael Ringer, Thomas Mayer – who is noted for his activity in the Puerto Rico bankruptcy – and litigation authority David Blabey. Other key practitioners in the department include Natan Hamerman, Ariel Lavinbuk, and Adam Rogoff.

Turned to by clients for its ‘excellent communication skills’ and ‘highly experienced’ team, O'Melveny is capable of advising on high-profile municipal restructurings and bankruptcies, as well as related litigation. Most notably, the group is representing the Puerto Rico Electric Power Authority (PREPA), the Puerto Rico Fiscal Agency & Financial Advisory Authority, and the Puerto Rico Aqueduct and Sewer Authority on Puerto Rico’s debt restructuring, including PREPA’s Title III proceeding. Lou Strubeck Jr., who is based between Dallas and New York, jointly steers the practice alongside Peter Friedman, who works between the firm’s New York and Washington DC offices. The department benefits from the aptitude of New York’s Maria DiConza, who stands out for her representation of Puerto Rico, advising its government entities in debt restructurings, and advising the City of Long Beach, New York on its settlement with a real estate developer to sell debt in order to fund the project. John Rapisardi retired in January 2026.

Orrick, Herrington & Sutcliffe‘s restructuring group, under the capable leadership of New York’s Raniero D’Aversa, is regularly sought out by creditors and debtors seeking assistance with Chapter 9 bankruptcies. The team is particularly adept at handling high-profile, high-value matters arising in the real estate sector, and most notably worked on City of Cle Elum, Washington State’s municipal bankruptcy, representing City Heights Holdings, LLC in its related claim. In San Francisco, Marc Levinson is the main point of contact and stands out for his considerable restructuring prowess. His experience includes acting as lead insolvency counsel in both the City of Stockton and the City of Vallejo’s municipal bankruptcies. He works alongside New York’s Lorraine McGowen, who is well-equipped to represent bondholder committees in sovereign debt restructurings, and stands out for acting on the Puerto Rico case. The department also benefits from the aptitude of Thomas Laryea, who is based in Washington DC and concentrates on restructurings involving government entities.