A Distinctive Approach to RestructuringClients working with S&C on a restructuring benefit from our three competitive strengths:
- Best Practices from Restructuring and Beyond. S&C's restructuring practice is a fully integrated part of the Firm. S&C's top lawyer in every area – including the senior lawyers of every practice group – are available to every restructuring client. As a result, we have a remarkable record of importing into a restructuring assignment cutting-edge legal techniques from beyond the normal restructuring playbook. Real dollar differences in M&A, finance, litigation, tax and executive compensation results demonstrate the value of our approach.
- Taking Bankruptcy Litigation Seriously. Our restructuring assignments have the support of the entire 300+-person litigation group at S&C – arguably the most elite team of generalist business litigators in the world. We prepare for bankruptcy litigation in the same comprehensive manner we prepare for other Federal court litigation, and we win.
- Independence. Our restructuring lawyers are widely respected as some of the smartest on the street. Yet we have never seen ourselves as members of the restructuring 'club' dependent on referrals from repeat players in the bankruptcy industry. Our uncompromisable loyalty is to the client and is the bedrock of everything we do.
We represent a range of both domestic and international participants, 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.
Recent client highlights
- S&C Advises Belize in Historic “Blue Bond” Restructuring To Support Ocean Conservation
- S&C Guides Global Knowledge Through Acquisition
- S&C Advises Ministry of Finance of Belize on Debt Relief to Address COVID-19 Crisis
- Judge Approves Lion Capital's Chapter 11 Asset Purchase from Varvatos
- ABI Journal Article: “Confessions” of a Forum-Shopper: Part I
- Latin Lawyer Guide to Corporate Crisis Management: United States Bankruptcy Proceedings for Latin American Corporates
- Critical Insights Podcast: Fiduciary Duty Conversations During COVID-19: Ways to Save a Business
- Critical Insights Podcast: Best Practices for Boards Navigating Bankruptcy
- Critical Insights Podcast: Business Continuity Planning for Boards During COVID-19
- Bloomberg Law Article: Fiduciary Duties in the Zone of Insolvency
SELECTED REPRESENTATIONSSullivan & 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)