Elite Teams Resolving Complex Bankruptcy LitigationS&C's Bankruptcy Litigation practice combines the talents of our elite Restructuring and Litigation Group attorneys who collaborate to devise the optimal solutions for clients in a mix of complex domestic and international distressed situations. We represent debtors, creditors, financial institutions and purchasers in significant disputes and crisis management situations, including plan litigation and adversary proceedings in Chapter 11, Chapter 15 and other contexts.
- Eastman Kodak in offensive and defensive litigation integral to its successful Chapter 11 case and global reorganization, including litigation to protect Kodak's intellectual property rights.
- Fiat Chrysler Automobiles (FCA) in the global insolvency proceedings and restructuring of Takata Corporation, including the pending Chapter 11 cases of TK Holdings Inc. and its affiliates; in multidistrict litigation relating to Takata airbags; and in post-closing litigation relating to enforcement of the sale order approving the historic bankruptcy acquisition of Chrysler's assets.
- Garrett Motion Inc. in its ongoing Chapter 11 reorganization that includes a multitude of litigation with creditors and shareholders and has resulted in a settlement with its former parent company Honeywell International, Inc.
- JPMorgan Chase in the Washington Mutual Inc. (WaMu) Chapter 11 proceeding arising from JPMorgan Chase's acquisition of the assets of Washington Mutual Bank from the FDIC-receiver following WaMu's closure by federal regulators.
- Standard Chartered Bank in the successful defense of claims brought in Chapter 15 proceedings involving the liquidation of Bernard L. Madoff Investment Securities LLC.
- White Star Petroleum in connection with its Chapter 11 bankruptcy, including litigation concerning novel M&M lienholder issues that facilitated settlements in favor of White Star.
Recent client highlights
- S&C Advises LSC Communications as Chapter 11 Plan Is Confirmed and Claims Settled
- California Resources Corporation Emerges from Chapter 11 Restructuring
- S&C Guides Global Knowledge Through Acquisition
- S&C Advises Ministry of Finance of Belize on Debt Relief to Address COVID-19 Crisis
- 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’s recent bankruptcy litigation experience includes:
- Banco Santander (Brasil) in a litigation against American Airlines seeking a declaratory judgment that their co-brand credit card agreement has been terminated as a result of American Airline’s cessation of flights to Brazil as a result of the COVID-19 crisis
- Eastman Kodak, in both offensive and defensive litigation integral to its successful Chapter 11 case and global reorganization, including successful litigation to protect Kodak’s intellectual property rights.
- FXI Holdings, a leading manufacturer of furniture, bedding, carpet cushion and automotive foam products, was accused of being liable for an 11-year price-fixing conspiracy. The court held that FXI did not incur the liabilities of its predecessor corporation, Foamex International, whose assets FXI acquired in a bankruptcy sale auction.
- JPMorgan Chase as creditor in the Global A&T Electronics Ltd. Chapter 11 proceedings
- DISH Network Corporation, EchoStar Corporation and L-Brand Acquisition, LLC in litigation related to purchases of LightSquared L.P. secured debt by SP Special Opportunities Holdings LLC
- SunEdison resolution of litigation between non-debtor subsidiaries and their debtor parent (Terraform Power and Terraform Global), and sale of those non-debtor subsidiaries to third party with debtor cooperation (largest restructuring of the year; Standout: “Managing Complexity and Scale,” Financial Times 2017)
- Fiat Chrysler Automobiles (FCA) in connection with the global insolvency proceedings and restructuring of Takata Corporation, including the pending Chapter 11 cases of TK Holdings, Inc. and its affiliates; in multidistrict litigation relating to Takata airbags; and in post-closing litigation relating to enforcement of the sale order approving the historic bankruptcy acquisition of Chrysler’s assets
- JPMorgan Chase in the Washington Mutual Inc. (WaMu) Chapter 11 proceeding arising from JPMorgan Chase’s acquisition of the assets of Washington Mutual Bank from the FDIC-Receiver following WaMu’s closure by federal regulators