S&C's restructuring and bankruptcy litigation practice has been involved in a number of the most significant restructuring matters in recent years. Our business model rests on three competitive strengths:
- Multidisciplinary Excellence. A significant corporate reorganization is a multidisciplinary assignment. Few firms match the quality of S&C across the major corporate and litigation disciplines. S&C is unique in its ability to handle all elements of a corporate restructuring – whether or not an insolvency proceeding may be used as a tool – with world-class resources.
- Innovative Techniques. We approach a restructuring situation as sophisticated deal lawyers, with broad experience in corporate law and global transactional practice. We are equally comfortable with bankruptcy and non-bankruptcy execution paths. In bankruptcy, our cases are marked by the successful adoption of innovative capital markets and M&A techniques to the legal requirements of Chapter 11 or foreign insolvency regimes.
- Specialization in Going Concern Reorganizations. We specialize in going concern reorganizations. As a result, we have a different mindset, culture and toolbox than generalist 'bankruptcy' lawyers.
SELECTED REPRESENTATIONSSullivan & Cromwell lawyers have been involved in hundreds of restructuring transactions, and more specific credentials are available upon request for any industry or jurisdiction. Representative matters include:
- 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
- California Resources Corporation in its pending Chapter 11 bankruptcy proceedings
- 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)
- 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 stalking horse bid to acquire John Varvatos Enterprises (which filed voluntary petitions for relief under Chapter 11) and in Lion’s commitment to provide DIP financing; and Lion Capital in its investment in, and the consideration of restructuring alternatives for, Bumble Bee Foods
- LSC Communications Inc. and its subsidiaries in their pending 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 in connection with its Chapter 11 bankruptcy and other related matters
- 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)