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    Home /  Practices /  General Practice /  Restructuring and Special Situations

    Restructuring and Special Situations

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    Sullivan & Cromwell’s award-winning Restructuring and Special Situations practice is pound-for-pound the most successful practice of its type. With six restructuring partners in New York and four internationally, we have had the honor of successfully resolving many of the most complex global chapter 11 cases ever filed (typically at a fraction of the cost expected) and representing distressed investors in the most profitable strategic and loan-to-own acquisitions implemented in chapter 11. The secret to this success is the integration of the Restructuring practice with the rest of S&C and the Firm’s unique ability to bring “first chair” transactional, litigation and regulatory talent to bear in a distressed environment. 

    Restructuring is the ultimate team sport for lawyers. And no other law firm can mobilize a team like Sullivan & Cromwell because no other law firm has the same combination of talent and trust. S&C’s famous transactional and litigation practices contain many of the leading names of their generations. More importantly, S&C’s celebrated internal culture means that all S&C lawyers are available to assist on every matter as if it were their own. Restructuring clients can harness all of this firepower for every Restructuring assignment, and the differential results achieved for S&C clients have been truly extraordinary.

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    Spotlight

    Jim Bromley Discusses Debt-for-Nature Swap Transactions with Latin Lawyer

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    Ben Beller Featured on M&A Science Podcast

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    S&C Earns “Restructuring Deal of the Year” at IFLR Asia-Pacific Awards

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    Mimi Wu Featured on M&A Science Podcast

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    S&C Shortlisted for Two Financial Times Innovative Lawyers Awards Asia Pacific

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    • Experience
    • Rankings and Recognitions
    • News
    • Publications, Videos and Podcasts
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    Experience

    Experience

    Recent Assignments

    We represent a range of both 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 in Chapter 11, Chapter 15 and other restructuring matters.

    • Garrett Motion Inc., as lead debtor’s counsel in its Chapter 11 reorganization through a series of transactions that includes a settlement with its former parent company Honeywell Inc.
    • California Resources Corporation, as lead debtor’s counsel to the largest oil and natural gas producer in California in proceedings that led to its quick exit from Chapter 11.

    • LSC Communications Inc., as lead debtor’s counsel to the printing company in its Chapter 11 proceeding, including in the sale of substantially all of LSC’s assets under Section 363 of the U.S. Bankruptcy Code to an affiliate of Atlas Holdings LLC.
    • White Star Petroleum, as lead debtor’s counsel to the upstream oil and natural gas company, in its Chapter 11 proceeding, including through the sale of assets to Contango Oil & Gas Company as part of this Chapter 11 and through a multitude of litigation in Chapter 11.

    Sullivan & Cromwell lawyers have been involved in hundreds of restructuring transactions, including as they pertain to the COVID-19 pandemic and environmental, social and governance (ESG), among other current relevant issues. Representative matters include the following, and more specific credentials are available upon request for any industry or jurisdiction.

    • Abengoa SA steering committee of banks in the global Chapter 11 reorganization and Spanish homologation proceedings (“Restructuring Deal of the Year,” IFLR Europe 2018; “Legal Advisor of the Year,” Institute of Financial Turnaround 2017)
    • The international dealer-managers in the $102.5 billion sovereign debt restructuring of the Republic of Argentina
    • Ascent Resources Marcellus in its successful prepackaged Chapter 11 filing
    • AT&T in its $1.875 billion section 363 acquisition of Nextel Mexico
    • BHP Brazil in its role in a joint venture with Vale S.A. in Samarco Mineração S.A. in Samarco’s judicial reorganization in connection with its financial indebtedness
    • California Resources Corporation in its successful emergence from Chapter 11
    • Deerfield Management as senior secured creditor, DIP lender and plan sponsor in the Chapter 11 cases of Endologix and of Melinta Therapeutics
    • Eastman Kodak Company in its successful global Chapter 11 reorganization
    • Energy Future Holdings official committee of unsecured creditors (largest operating Chapter 11 case ever filed in Delaware and the largest M&A transaction, by cash consideration, completed in a Chapter 11 proceeding)
    • Garrett Motion in its pending Chapter 11 bankruptcy proceedings
    • Koninklijke Philips, the largest unsecured creditor, in relation to Gibson Brands Inc.’s Chapter 11 bankruptcy (“Mid-Size Company Transaction of the Year,” TMA 2019)
    • Lion Capital in its affiliate’s DIP financing for and acquisition of John Varvatos Enterprises in a Section 363 sale process
    • LSC Communications Inc. and its subsidiaries in their Chapter 11 proceedings
    • Quality Care Properties, Inc. in the proposed acquisition of HCR ManorCare, Inc. through a plan of reorganization
    • The Interim Government and the National Assembly of the Bolivarian Republic of Venezuela in connection with the future restructuring of Venezuela’s external debt and the debt of certain of its state-owned instrumentalities
    • White Star Petroleum LLC as lead debtors’ counsel to the E&P company in its Chapter 11 proceeding
    • Zim Integrated Shipping Services in its out-of-court restructuring (“Restructuring Deal of the Year,” Marine Money 2015; “Financial Restructuring Award,” The IFT 2015; “Restructuring Deal of the Year,” M&A Advisor Dealmakers 2014)
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    Rankings and Recognitions

    Rankings and Recognitions

    • ‘Corporate Practice of the Year’

      November 15, 2024
      ‘Corporate Practice of the Year’
    • S&C Earns “Restructuring Deal of the Year” at IFLR Asia-Pacific Awards

      April 22, 2025
    • S&C Shortlisted for Two Financial Times Innovative Lawyers Awards Asia Pacific

      April 7, 2025
    • Umberto Hassan Named ‘Rising Star’ at IFLR Europe Awards

      April 4, 2025
    • Andy Dietderich, Jim Bromley and Alexa Kranzley Named Top Dealmakers by The American Lawyer 

      March 20, 2025
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    News

    News

    • Jim Bromley Discusses Debt-for-Nature Swap Transactions with Latin Lawyer

      May 30, 2025
    • Ben Beller Featured on M&A Science Podcast

      April 22, 2025
    • Mimi Wu Featured on M&A Science Podcast

      April 10, 2025
    • S&C Advises Industrious in $800 Million Acquisition by CBRE

      January 27, 2025
    • S&C Advises the Ambatovy Project on Restructuring Plans

      December 4, 2024
    • S&C Advises MLB in Diamond Sports Group Plan Confirmation

      November 18, 2024
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    Publications, Videos and Podcasts

    Publications, Videos and Podcasts

    • Liability Management Update: Fifth Circuit Rejects Controversial Serta Transaction

      S&C Memos |  January 2, 2025
    • Ari Blaut and Ben Beller Co-Author Article for The Review of Banking & Financial Services

      Articles |  December 10, 2024
    • S&C Sidebar – A Conversation with Jay Clayton and Benjamin Beller

      Podcasts |  December 6, 2024
    • Delaware Chancery Update: Director and Creditor Liability in Distressed Companies

      S&C Memos |  November 26, 2024
    • Supreme Court Business Review

      S&C Memos |  July 8, 2024
    • Supreme Court Overturns Purdue Bankruptcy Plan

      S&C Memos |  June 30, 2024
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    Practice Contacts

    Practice Contacts

    James L. Bromley Headshot Photo
    James L. Bromley
    New York
    +1-212-558-4923
    Email
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    Andrew G. Dietderich Headshot Photo
    Andrew G. Dietderich
    New York
    +1-212-558-3830
    Email
    vCard
    Brian D. Glueckstein Headshot Photo
    Brian D. Glueckstein
    New York
    +1-212-558-4000
    Email
    vCard
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    Related Practices

    Related Practices

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    • Environmental, Social and Governance (ESG)
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    • Financial Services
    • Foreign Investments and Trade Regulations
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    • Mergers & Acquisitions
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