ArentFox Schiff‘s team represents a premier restructuring practice with experience in bond workouts, municipal bankruptcy, municipal finance and public pensions. Attorneys’ expertise extends to remedies outside of bankruptcy, including a range of services from negotiating workouts to restructuring advice. The firm has specialists with dedicated Chapter 9 skills and municipal bond default workout expertise, having represented clients in a wide array of the most impactful municipal bankruptcy and Chapter 9 proceedings of the past several years. New York-based Les Jacobowitz primarily handles work-outs of multifamily housing and not-for-profit loans and recently led the firm’s efforts in the restructuring of a $27bn of existing COFINA bonds to $18bn of COFINA bonds. David Dubrow represents clients in structuring and evaluating high-yield below-investment grade credits, whereas Mark Angelov represents a range of parties in connection with a broad variety of municipal and corporate workouts and bankruptcies. Situated in Washington DC, Randall Brater handles litigation for public finance clients, including representing trustees in civil litigation and bankruptcy proceedings. Mike Guippone focuses on distressed municipal bonds, the proceeds of which are used to finance public sector projects, including for healthcare and housing. San Francisco-based Jena Watson joined the team in September 2023 and advises financial institutions as well as private and public companies in a wide variety of commercial finance transactions. Unless otherwise stated, all lawyers mentioned are based in New York.

The bankruptcy and restructuring team at Kramer Levin Naftalis & Frankel LLP is skilled at representing financial creditors such as bondholders and holders of unsecured debt/claims in restructurings. Key attorneys in the team include Kenneth Eckstein and Thomas Mayer, who played prominent roles in complex bankruptcy cases, often involving in-and out-of-court restructurings, and have represented territories such as Puerto Rico in insolvency proceedings. The firm has handled bankruptcy trials and appeals and has found success in litigation and defending discovery disputes, with co-chair Amy Caton offering vast experience in representing parties in large and complex bankruptcies. Rachel Ringer has represented clients across a diverse range of industries including health care, alongside having represented the official creditors’ committee of the Boy Scouts of America. Jennifer R. Sharret is noted for her involvement in multifaceted bankruptcies and restructurings in the energy and automotive industries. All lawyers mentioned are based in New York.

Led by Boston-based William Kannel, who is skilled at representing bondholders and indenture trustees, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. has ‘unmatched sector expertise‘ in connection with Chapter 9 municipal bankruptcies and governmental unit restructuring, with the team having a prominent role in proceedings related to issues of the debt crisis in Puerto Rico, Chapter 9s of health care districts and a number of out-of-court workouts. The firm also regularly advises a range of parties, including institutional investors, on municipal tax-exempt and taxable securities. New York-based Nathan Coco has advised on Chapter 9 cases involving the City of Detroit, Puerto Rico, Coalinga Regional Hospital and the City of San Bernardino, while Ian Hammel represents indenture trustees and bondholders in bankruptcy and other out-of-court and in-court matters. Eric Blythe is noted for his expertise in municipal restructuring and securities.

Orrick, Herrington & Sutcliffe LLP is focused on sovereign debt restructuring matters, standing out in particular for the firm’s central role in the $65bn Republic of Argentina debt restructuring, and also advises and assists an array of municipalities on restructuring debt and long-term liabilities. The practice continues to advise large financial institutions such as the Bank of Nova Scotia as well as advising several US cities on their out-of-court restructuring efforts. Situated in San Francisco, Marc Levinson has represented various California municipalities in their Chapter 9 cases, including the City of Vallejo and City of Stockton, while New York based Lorraine McGowen is experienced in representing bondholder committees. Thomas Laryea, based in Washington DC, is a standout name for his expertise in sovereign debt restructuring.

Ballard Spahr LLP offers a combination of public and municipal bankruptcy expertise, especially in connection with major Chapter 9 cases, municipal recovery and high yield municipal bonds to provide an all round practice within the restructuring world. The firm has been active in representing the City of Chester, Pennsylvania in its Chapter 9 bankruptcy and the City of Detroit’s bankruptcy filing. Philadelphia-based William Rhodes  is the practice leader of the firm’s Municipal Recovery Initiative, and regularly represents issuers, broker-dealers and investors in all areas of public finance, while Minneapolis-situated William Wassweiler represents financial institutions serving as corporate trustees financial institutions serving as corporate trustees involving municipal and corporate bonds, as well as corporate trustees. Situated in Wilmington, litigation partner Tobey Daluz focuses on corporate restructuring, workouts and general bankruptcy litigation, whereas Megan McCarthy is noted for her focus on public finance matters, and Delaware-based Laurel Roglen is a key name and is experienced in bankruptcy-related litigation.

Cadwalader, Wickersham & Taft LLP‘s New York team has been involved in complex restructuring cases involving state and local governments, with the firm having had a major role in the municipal bankruptcies occurring in the US including Jefferson County and Detroit, alongside Puerto Rico. The firm is comprised of specialists in municipal credit and securitization, as well as distressed municipal credit risk. Lary Stromfeld has a reputation in complex transactions and is currently representing the Federal Reserve’s Alternative Reference Rates Committee in navigating the cash markets through LIBOR transition. ‘Best in class‘ Ivan Loncar is focused on derivatives, structured finance and municipal finance, including distressed municipal finance. Ingrid Bagby  represents a range of parties including creditors and debtors in chapter 9 and chapter 11 proceedings, while Casey Servais has worked on a number of municipal bankruptcy cases.

Norton Rose Fulbright‘s municipal restructuring and bankruptcy group has represented key parties in-court and out-of-court debt adjustment proceedings, alongside representing creditors in Chapter 9 cases including in Detroit and Jefferson County Alabama. New York-based Eric Daucher  heads the practice and has represented major stakeholders and parties including ad hoc groups of insured bondholders in large municipal restructurings, including the restructuring of Puerto Rico’s finances. Ryan Manns , located in Dallas, co-head’s the practice and has been involved in different stages of restructurings involving advising on bond holdings, whereas Rebecca Winthrop, in Los Angeles, has represented secured and unsecured creditors, as well as debtors in insolvency proceedings. James Copeland, in New York is noted for his varied practice, including advising foreign representatives in Chapter 15 proceedings.

O'Melveny & Myers LLP plays a role in municipal restructurings involving a wide variety of industries, including transportation, telecommunications, energy, gaming, real estate and entertainment. John Rapisardi in New York chairs the global restructuring practice and has been focused on the ongoing representation of the Puerto Rico’s government with respects to the financial restructuring of its debt obligations. Dallas and New York Lou Strubeck Jr. handles matters for institutional noteholders and bondholders, while Maria DiConza is advising the City of Long Beach in the face of a $140m  judgement against the the City. Washington DC-based Peter Friedman is a key name from the firm.

Reed Smith LLP concentrates on complex financial restructurings, workouts and bankruptcy matters involving financially distressed situations. The team has cross-border capabilities across the world, with a joint practice focused on creditor and investor side work, including acting for secured and unsecured creditors both in-court and out-of-court. Based in Wilmington and New York, Kurt Gwynne is the head of the department, with key names from the firm including Philadelphia and Princeton-based Derek Baker, Pittsburgh-situated Luke Sizemore and Houston-based Paul Moak.

Squire Patton Boggs‘ restructuring and insolvency group provides an integrated approach to municipal restructuring matters, combining the team’s expertise in public finance, policy and governmental affairs in connection with out-of-court restructurings. Situated in San Francisco, Karol Denniston  is experienced in representing debtors, creditors, bondholders and other parties in litigated bankruptcy cases and out-of-court transactions, as well as working with stressed and distressed governmental entities having represented cities and special districts. Cincinnati and New York-based Stephen Lerner handles cross-border Chapter 15 proceedings and Chapter 9 municipal restructurings, while Miami-based Pedro Hernandez specializes in representing a variety of clients in public finance matters including the State of Florida and the Commonwealth of Puerto Rico. Cleveland-situated Maura McIntyre is noted for her focus on workout proceedings on behalf of financially distressed municipal entities and their creditors.