A Distinctive Approach to Complex Restructurings

S&C's Restructuring Group clients benefit from our three competitive strengths:

  • Multidisciplinary Excellence. S&C is unique in its ability to handle all elements of a corporate or sovereign restructuring with world-class resources. Few firms match the quality of S&C across major corporate and litigation disciplines.
     
  • Innovative Techniques. We approach a restructuring situation as sophisticated deal lawyers, adopting novel capital markets and M&A techniques—whether using an insolvency proceeding or not—to enable our clients to emerge from the restructuring in the strongest position. 
     
  • Specialization in Going Concern Reorganizations. We have a different mindset and toolbox from typical bankruptcy lawyers. We specialize in going concern reorganizations and are equally comfortable with bankruptcy and non-bankruptcy execution paths in the United States and under foreign insolvency regimes.
We represent a range of 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. When necessary, our restructuring lawyers work with the elite litigators in our Bankruptcy Litigation practice to find the optimal solutions for our clients.



Recent assignments
  • 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
Recent publications
 

 

SELECTED REPRESENTATIONS

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)