In recent months, clients have turned to Sullivan & Cromwell for some of the most complex, high-profile bankruptcies, including those of FTX Trading and SVB Financial Group, the parent of Silicon Valley Bank. Other active assignments include representing Major League Baseball in the bankruptcy of Diamond Sports Network, which operates 19 regional sports networks. In June, we secured a major win for MLB when a federal bankruptcy judge held that the networks must pay the full fees due under their telecast rights agreements with four teams, earning American Lawyer “Litigator of the Week” honors. We also represent Kidde-Fenwal as debtor in the first bankruptcy involving the wave of PFAS tort liability in the United States.
Our broad-based Restructuring practice represents a range of domestic and international participants across the U.S., Europe and Asia-Pacific, including debtors, creditors and private equity investors, as well as sovereign entities, boards and sponsors. We have handled ongoing and recent matters for:
- Instrumental creditors in a wave of pharmaceutical, medical device company and healthcare restructurings in the United States, including those of Athenex, Endologix, Lannett Company, Mallinckrodt, Melinta Therapeutics, Pipeline Health Systems and SiO2 Medical Products;
- The nation of Belize in its historic “Blue Bond” restructuring to support ocean conservation;
- Garrett Motion in its Chapter 11 reorganization through a series of transactions that includes a settlement with its former parent company Honeywell;
- California Resources Corporation, the largest oil and natural gas producer in California, in proceedings that led to its quick exit from Chapter 11;
- Revolving lenders of Cineworld;
- LSC Communications in the printing company’s Chapter 11 proceeding, including in the sale of substantially all of LSC’s assets under Section 363 of the U.S. Bankruptcy Code; and
- Ambatovy Minerals in the restructuring of an $8 billion nickel and cobalt mining enterprise in Madagascar.
S&C’s restructuring practice is a fully integrated part of the Firm. S&C’s top lawyers—including the senior lawyers of every practice group—are available to restructuring clients. As a result, we have a remarkable record of importing into a restructuring assignment cutting-edge legal techniques from beyond the normal restructuring playbook.