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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

    Sullivan & Cromwell Recognized in IFLR1000 UK 2025 

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    Sullivan & Cromwell Recognized by Chambers UK 2026

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    S&C’s Leading Role in FTX’s Successful Bankruptcy Recognized with TMA’s ‘Mega Company Turnaround/Transaction of the Year’ Award

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    • Experience
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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.

    • FTX in the use of chapter 11 to successfully resolve the most significant financial collapse of the digital era, confirming a plan that the Chief Judge in Delaware called the “model for a mega-case” and distributing over $15 billion to victims and stakeholders around the world without material plan litigation
    • SVB Financial Group in the resolution of the diversified holding company in the largest bank failure since the 2008 financial crisis

    • Kidde-Fenwal in the first “forever chemicals” product liability bankruptcy, implementing a comprehensive settlement to resolve national mass tort liability
    • The Office of the Commissioner of Major League Baseball (MLB) and a number of MLB clubs in the chapter 11 proceedings of Diamond Sports Group LLC, including winning a two day trial on telecast rights agreements, securing a substantial adequate protection package and aiding in the renegotiation of several telecast rights agreements
    • Respironics in the use of chapter 11 ringfencing techniques to help settle the mass tort exposure of one of Phillips’ US subsidiaries at a fraction of the multi-billion-dollar expectations of public market analyses
    • Deerfield Management Company as leading creditor in the chapter 11 cases of Invitae Corp., Sientra Inc., Nanostring Technologies, Pipeline Health Systems, Mallinckrodt plc, and Endologix Inc.
    • Oaktree Capital Management as leading creditor in the chapter 11 restructuring of SiO2 Medical Products, Inc., Athenex Inc., and Impel Pharmaceuticals
    • Garrett Motion in its legacy asbestos liability management activities, chapter 11 proceeding and global reorganization
    • California Resources Corporation in its restructuring of $4.4 billion in debt, including $1.1 billion debtor-in-possession financing and complex chapter 11 plan of reorganization, completed in under three months
    • The unexpected rescue of Eastman Kodak in a two-year, 135-country global reorganization, including the exit of Kodak from dozens of business lines to concentrate on its future
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    Rankings and Recognitions

    Rankings and Recognitions

    • ‘Corporate Practice of the Year’

      November 15, 2024
      ‘Corporate Practice of the Year’
    • Eight Sullivan & Cromwell Partners Named Law360 MVPs 2025

      November 12, 2025
    • Sullivan & Cromwell Recognized in IFLR1000 UK 2025 

      October 31, 2025
    • Sullivan & Cromwell Recognized by Chambers UK 2026

      October 23, 2025
    • S&C’s European Restructuring Practices Again Recognized by Turnarounds & Workouts

      October 22, 2025
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    News

    News

    • S&C Defeats $944 Million in Claims Against SVB Financial Trust

      October 13, 2025
    • S&C Obtains Dismissal of Claims for Argentina in Litigation Over GDP-Linked Securities

      October 3, 2025
    • S&C Named Law360 ‘Legal Lions’ for Appellate Win for Republic of Argentina in Securities Dispute with Hedge Funds

      July 17, 2025
    • S&C Assists Creditors in Reaching Important Milestones in Two Restructurings of Chinese Companies

      July 7, 2025
    • 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
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    Publications, Videos and Podcasts

    Publications, Videos and Podcasts

    • German Federal Court of Justice Decision on Wirecard Insolvency

      S&C Memos |  November 14, 2025
    • Third Circuit Confirms Scope of Estate-Owned Claims in Bankruptcy

      S&C Memos |  September 12, 2025
    • 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
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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
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    Brian D. Glueckstein Headshot Photo
    Brian D. Glueckstein
    New York
    +1-212-558-4000
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    Related Practices

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