Bankruptcy / Restructuring

Describe your practice area and what it entails.

Restructuring is a dynamic practice that has both transactional elements and litigation elements. We represent companies, creditors of distressed companies, and funds looking to potentially invest in the distressed space, among others. Our practice is primarily focused on dealmaking and contingency planning to allow companies to either avoid a Chapter 11 altogether or ensure their stay in Chapter 11 is as expeditious and successful as possible.

What types of clients do you represent?

In the United States, our practice is approximately 75-80% company side and 20-25% creditor/investor side. In London, Munich, and Hong Kong, it is the reverse, although our offices in the United States and internationally are fully integrated. We represent the largest and most complex clients and are industry agnostic. During my time at Kirkland, there have been waves of restructurings in various industries: oil and gas, retail, telecom, health, and most recently, crypto. Among other large clients, we have represented Intelsat, J.C. Penney, and Energy Future Holdings.

What types of cases/deals do you work on?

As a group, we largely prepare companies for an expeditious stay in Chapter 11. We work hard to negotiate consensus with as many creditor constituencies as possible, but we are prepared to litigate where necessary. We advise companies on out-of-court deleveraging transactions (e.g., a debt-for-equity swap, an amendment and extension of debt facilities, and/or sale transactions). I’ve spent much of my time with Kirkland on Energy Future Holdings, which was the third-largest operational filing in history. Since then, I have worked on several high-profile matters. Across all these representations, I have touched a range of industries, creditor constituencies, and complex and novel implementation and structuring issues.

How did you choose this practice area?

I liked that restructuring has a mix of litigation and corporate elements and that we can help companies during what is typically a high-stress time for them. The job is equal parts classic IQ and strong EQ, as we are advising tier-one management teams at a pivotal time in the life of their companies. Helping to reorganize a company, stabilize its operations, save jobs, and keep the lights on is hugely satisfying. There are real people with real jobs and livelihoods that depend on a successful restructuring outcome, and that is both humbling and rewarding. I also appreciate that the practice affords an opportunity to both sit at the negotiating table and present arguments in court, providing a very comprehensive experience.

What is a “typical” day like and/or what are some common tasks you perform?

I have been at Kirkland for over 13 years; a typical day for me at this stage is a mix of fielding questions from a senior management team and board members, navigating complex deal or litigation issues both internally with other Kirkland practice groups or with creditor constituencies, and as needed, preparing for court. I am also constantly staying in communication with my co-advisors (within and outside Kirkland) to ensure that we are working together as cohesively as possible.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

While in law school, take a broad base of classes touching on business organizations, evidence, federal tax, accounting, trial advocacy, and legal writing. A Secured Transactions class may also be helpful to understand bankruptcy basics. An opportunity to clerk with a bankruptcy judge could also be beneficial for understanding restructuring from the bench’s perspective. All that said, Kirkland offers a wealth of training sessions on key topics, and nothing beats on-the-job training.

What is unique about your practice area at your firm?

Kirkland’s restructuring practice is a young, highly energized group that has grown quickly and continues to grow but retains a small-group feel. The group leaders are laser-focused on ensuring that young lawyers have opportunities as early as possible, maximizing the group’s diversity and encouraging a healthy work-life balance. Our cases are generally staffed leanly, reducing the layers between senior partners and most-junior associates, providing ample opportunity for more substantive work earlier.

How do you see this practice area evolving in the future?

Ten years ago, this was a relatively small industry somewhat unprepared for the waves of restructurings necessitated by technological advances and, most recently, COVID. As restructurings become more commonplace, I think companies will increasingly see deleveraging as a positive rather than focusing on the negative press of a Chapter 11. This will hopefully facilitate companies approaching restructuring professionals earlier, increasing the likelihood of out-of-court solutions.

What kinds of experiences can summer associates gain in this practice area at your firm?

Shadow, shadow, shadow! The best way to know if you want to be a restructuring lawyer is to see what we do. Summer associates should take advantage of every opportunity to sit in on calls, go to bankruptcy court hearings, go to bankruptcy settlement conferences, and familiarize themselves with what key bankruptcy documents look like. They should also spend time with associates and partners at different levels. For me, it was key to spend time with (and shadow) junior associates, senior associates, income partners, and share partners to see if I could see myself doing their job one day.

How do you see this practice area evolving in the future?

Learn from your peers in other practice groups: The goal is not to become an expert in other practice groups but to be able to spot issues that other specialists should weigh in on. I consider myself a little bit of a tax, debt, capital markets, and litigation expert, to the extent that I know when to raise my hand and ask for help from the experts. Being at the center of it all is an exciting and perfect way to learn what everyone else does.

Describe your practice area and what it entails.

Anu: I represent companies, boards of directors, and sponsors across industries in both in-court and out-of-court restructurings. For in-court matters, I handle everything from negotiating transactions, advising boards and management, working with all constituencies, and appearing on behalf of the company in bankruptcy court. On the out-of-court side, I work closely with our liability management team on refinancings and other structures to help businesses extend runway, gain liquidity, and enhance flexibility, focusing on governance and building a strong record.

Allie: My practice involves representing companies and other stakeholders in distressed situations, with most of my work on the debtor side preparing companies filing for Chapter 11. I also represent creditors and handle out-of-court restructurings. My matters largely take place in Delaware and the Southern District of Texas, with some in New York. The broad scope of responsibilities reflects what I love about this practice—the blend of corporate and litigation work and the fast-paced nature of this work. One week I’m drafting deal documents, and the next, I’m researching, drafting pleadings, and presenting motions in court.

What types of clients do you represent?

Anu: I primarily represent companies, including domestic and multinational corporations, boards, and sponsors across a range of industries, including healthcare, telecommunications, energy, and retail. We work closely with management and directors to evaluate options, craft creative solutions, negotiate with stakeholders across the capital structure, and implement transactions that stabilize the business, deleverage the balance sheet, and position it for a successful path forward.

Allie: I represent large corporations across multiple industries. On the public side, I’ve worked with recognizable names such as The Container Store, CareerBuilder + Monster, and 2U. I’ve also handled pharmaceuticals, technology, oil and gas, automotive, and real estate matters. Our practice advises both public and private companies, and I also work on creditor-side matters, which gives me a full view of the capital structure.

What types of cases/deals do you work on?

Anu: In court, I handle the full life cycle of the case from negotiating the restructuring framework prior to filing to implementing and litigating the outcome in court. Out of court, I evaluate strategic options to afford a company flexibility to extend runway and liquidity while assessing risks and rewards. In either situation, I work closely with board members and management to develop strategies, address constituent concerns, and determine efficient means of implementation. Some of my recent matters include Mallinckrodt’s prearranged and prepackaged Chapter 11 cases, Virgin Orbit’s sale of its assets, Vroom’s recapitalization of unsecured convertible notes and equity through a prepackaged Chapter 11, and CommScope on a strategic refinancing.

Allie: I focus on in-court restructurings, including prepack-aged and prearranged Chapter 11 cases, and longer-running cases driven by litigation. I worked with Anu on Mallinckrodt’s prepackaged Chapter 11 case and Vroom’s recapitalization of unsecured convertible notes and equity through a prepackaged Chapter 11. Though my personal practice has been more in court, our group increasingly handles out-of-court restructurings and liability management transactions, so I’ve gained increasing exposure to different deal types and strategies.

How did you choose this practice area?

Anu: I found restructuring through a mix of happenstance and intention. In law school, I joined the American Bankruptcy Institute Law Review because I liked the practical focus of the publication. Alumni and a judge encouraged me to clerk in bankruptcy court, leading me to spend two years clerking in New Jersey. Seeing cases from the bench, learning the Bankruptcy Code, and watching parties craft and implement complex deals solidified my desire to practice in this field.

Allie: I expected to become a litigator. During my summer here, I worked primarily on litigation matters, including research on a bankruptcy case, for the litigation team. Even after a lengthy stint on capital markets matters, I still thought I’d do litigation. Then I was staffed on a restructuring matter with a senior associate who mentored me, brought me into partner and client meetings, and taught me the basics I hadn’t learned in law school. I discovered that I loved restructuring’s variety, speed, and client advisory work and the chance to mix transactional work with brief writing and advocacy.

What is a “typical” day like and/or what are some common tasks you perform?

Anu: Most days I’m on calls advising clients about strategy, options, and implementation. Bankruptcy necessitates a highly collaborative environment, even with adversaries: Once you reach an economic deal, you have to figure out how to implement it, either with broad support or over objections. Therefore, the majority of my days pass as a fast-moving, hands-on mix involving client and stakeholder meetings, drafting and reviewing pleadings and transaction documents, and preparing for court.

Allie: A typical day for me spans corporate and litigation tasks. I might draft first-day pleadings, term sheets, restructuring support agreements, and plan documents while coordinating with financial advisors, investment bankers, communications firms, and the claims and noticing agent. We quarterback cross-practice work with tax, employee benefits, and capital markets/public company teams. I regularly attend board meetings, prepare board materials, and draft minutes.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Anu: Start with a general Bankruptcy course to understand the code and process and take Secured Transactions, which is invaluable given the Article 9 interplay in our practice. Pursue a breadth of classes that cover how different areas like intellectual property (IP), tax, employment, and governance impact corporations, as restructuring demands a specialist’s depth with a generalist’s eye. Build an internal network across practice areas and learn from prior cases and transcripts to see how arguments are framed. Building comfort with collaboration, fact-intensive problem-solving, and fast-paced, hybrid work will serve you well.

Allie: If you know you’re interested, take Bankruptcy and adjacent courses to build a foundation. Finance and Securities courses will come in handy for understanding credit and capital structure documents. Beyond coursework, any clinic that develops client-facing skills is valuable. I didn’t take Bankruptcy courses, but strong research and writing from my legal writing courses carried over. I was also on my law school’s Dispute Resolution Society negotiation team and later coached it, and those negotiation skills translate directly to restructuring.

What do you like best about your practice area?

Anu: I’m drawn to the hybrid and highly creative nature of restructuring. We negotiate complex transactions and then present them to a court of equity focused on fair outcomes, which pushes us to craft solutions that bring stakeholders together. I enjoy being an honest broker and driving everyone toward consensus—even when we start in an adversarial posture—and developing the strategy to get there. Restructuring constantly evolves in terms of legal outcomes and strategies. No two cases begin or end alike, and the issues that arise are often unique to a particular industry or business. This variety, pace, and collaboration keep the work intellectually engaging.

What is unique about your practice area at your firm?

Allie: The hybrid nature of restructuring and the breadth of associate responsibilities from day one are unique. I blend corporate deal work with litigation: drafting deal documents and then researching, writing, and even presenting first-day motions in court as a junior. We quarterback cross-functional teams across the firm and coordinate external advisors as well as board and independent director meetings. You can tailor your path, pursuing pure adversary, pure transactional, or a mix, and those skills translate to pro bono litigation, a part of my practice that I find particularly fulfilling.

What are some typical tasks that a junior lawyer would perform in this practice area?

Anu: Junior associates take on wide-ranging, substantive work early. You’ll research legal and practical precedents, draft pleadings and transaction documents, and join diligence and client-facing calls to gather facts. Because bankruptcy moves fast and generates substantial filings, we entrust responsibility to associates to maintain team efficiency. This means early court and client exposure and helping the team implement deals, providing a hands-on, iterative learning environment that accelerates growth.

Allie: Junior associates take real ownership early. You’ll be responsible for multiple work streams and documents on a matter, coordinating calls, managing documents, and drafting first-day pleadings and deal documents. You’ll prepare for and attend board meetings, take minutes, and coordinate across advisors and multidisciplinary teams and may earn the opportunity to argue first-day motions in court. Because we staff leanly, you work directly with partners and assist on deal documents such as term sheets and debtor-in-possession/ credit agreements.

What advice do you have for navigating the multidisciplinary nature of bankruptcy practice?

Anu: Build and nurture your relationships and establish an internal network across the firm. Identify your go-to colleagues in tax, employment, governance, IP, and finance and develop peer connections that grow over time. Restructuring requires the skill and foresight to spot issues across disciplines and know when to bring in the right team. Working with as many people as possible and staying proactive in coordinating cross-practice teams will make you more effective and adaptable.

Allie: Keep an open mind and try everything, from adversary work to deal work and out-of-court matters. Treat unfamiliar assignments as chances to build your toolbox so you can earn trust and responsibility to run work streams early. Seek mentors who will loop you into substantive work streams, including partner and client meetings, and explain the “why” behind tasks. On-the-job training is a major part of restructuring, so the more adaptable you are, the faster you’ll develop your practice as a whole.

Alexandra (Allie) Lisner represents companies, lenders, shareholders, and other parties across various industries in both in-court and out-of-court restructurings, as well as in other distressed situations.

She maintains an active pro bono practice, providing assistance to individuals seeking asylum and survivors of gender violence seeking legal permanent resident status in the United States. She also represents parents of students with disabilities and special education needs.

Anupama (Anu) Yerramalli represents companies, bondholders, lenders, official and ad hoc committees, and other creditors and investors in some of the market’s most complex restructurings both in and out of court. A solutions-driven and creative problem solver, Anu advises on matters throughout every stage of a restructuring. Her practice encompasses a range of bankruptcy cases, out-of-court restructurings, and other distressed situations. She draws on her broad corporate governance and liability management experience to help public and private companies navigate a variety of sensitive issues that arise in connection with high-stakes insolvency matters.

Anu is a member of the Junior Advisory Board of Her Justice and a member of the board of the City Bar Fund. She serves on Latham’s Inclusion, Opportunity & Community Committee.

Describe your practice area and what it entails.

We advise debtors, creditors, private equity sponsors, and other major parties on all aspects of traditional Chapter 11 bankruptcy cases, out-of-court restructurings, and cross-border insolvency matters. We also assist our clients in structuring high-risk loans; facilitate the purchase and sale of financially distressed companies; and represent clients in all types of Chapter 11 litigation, including defending or prosecuting challenges to complex transactions such as leveraged buyouts. The multidisciplinary nature of our practice requires us to work very closely with our colleagues in our corporate finance and securities, real estate, litigation and arbitration, intellectual property, and tax groups on a regular basis. Our restructuring attorneys in the United States and London also collaborate with our attorneys in Germany, Singapore, Hong Kong, Tokyo, and São Paulo to address complex issues arising in our international insolvency matters.

What types of clients do you represent?

We represent high-profile clients involved in many of the largest and most complex restructuring matters in past decades, including the cases of DISH Network, Gol Airlines, Ligado Networks, Steward Healthcare, Celsius Network, Avianca Airlines, AMC Entertainment, Envision Healthcare Corp., the Federal Housing Finance Agency, PG&E, LifeScan, Incora, Intelsat, Guitar Center, Talen Energy, and Cirque du Soleil. We repre-sent official and informal creditor groups, as well as many of the world’s largest financial institutions interested in providing credit to Chapter 11 debtors and acquiring or selling financially distressed companies, among others. We also represent companies facing a distressed situation and boards of directors in a variety of industries and jurisdictions in the United States and abroad as they navigate through financial crises.

What types of cases/deals do you work on?

Our practice consists of the most complex, cutting-edge restructuring work in the country. Whether it is advising clients on novel financing structures or navigating the political currents in large cases such as those of Puerto Rico, DISH Network, or PG&E, our team is engaged in primary roles in virtually every large restructuring. We represent debtors, creditors, official creditor committees, private equity sponsors, and purchasers of distressed assets. Representing secured and unsecured creditors, sponsors, and debtors in Chapter 11 cases and out-of-court workouts in the United States and internationally, we have engagements across an array of industries.

How did you choose this practice area?

Dennis: While a summer associate, I rotated through the litigation and corporate departments. There were elements of each that I liked (courtroom advocacy and negotiating deals) and elements that I disliked (Bates-stamping documents and interminable due diligence). During my third year of law school, I worked in the financial restructuring group of a law firm. I found that the financial restructuring and Chapter 11 work involved the best of each practice area without the undesirable (but necessary) aspects of either.

Nelly: I was a summer associate at the height of the aftermath of the financial crisis, so summering in the financial restructuring group was a no-brainer. I enjoyed the work the group did for many of the same reasons that Dennis mentioned. Most notably, I was drawn to the variety of the work in terms of the clients we represent, the industries we cover, and the day-to-day assignments. This variety continues to be what keeps the practice interesting. Every deal is a new lesson.

What is a “typical” day like and/or what are some common tasks you perform?

Dennis: From arguing in court and advising a board of directors to creating new and innovative structural solutions, I would say one of the most rewarding things about this practice is that there is no typical day. Everything we do is bespoke, and it’s rewarding and challenging.

Nelly: I believe restructuring lawyers are the backbone of the case. We have to be prepared to make quick decisions when issues arise. We are constantly working through the different pieces of the puzzle while balancing the various legal issues and desired outcomes. The result is often satisfying.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Dennis: Explore all areas of law in law school. Wherever you follow the course book, you’ll end up using that knowledge in this practice. Although not crucial to being successful in the practice, any courses on bankruptcy, secured transactions, or anything that teaches you how to negotiate contracts would be helpful.

Nelly: There isn’t a specific requirement, but there are certain classes that would be helpful, including Corporate Tax, Securities Regulation, Secured Transactions, and Bankruptcy.

What is the most challenging aspect of practicing in this area?

Dennis: The path to a successful restructuring can be tricky. There are often a variety of actors and interests involved as well as various legal considerations to take into account. A successful restructuring requires an in-depth understanding of a company’s challenges. As a result, restructuring attorneys must not only understand the applicable business but also be proficient in many areas of the law. Because every company has a unique set of problems, we are not a form-based practice. No finite set of documents or delineated universe of precedents guides our work. We are truly the last of the “generalists.”

What do you like best about your practice area?

Nelly: What attracted me to bankruptcy and restructuring, and what I continue to enjoy, is that there is no one-size-fits-all aspect to it. There is always something new and different to learn and an opportunity to structure innovative solutions. This practice provides the unique opportunity to work with attorneys in other practice groups, including M&A, corporate finance and securities, and litigation, which has been invaluable for my career development.

What misconceptions exist about your practice area?

Dennis: People have the misimpression that restructuring and bankruptcy is a niche practice. To the contrary, it is one of the last bastions of general practice and pure lawyering. Financial restructuring is often the broadest practice area of any department in a large firm as it involves knowledge of a variety of departments. Bankruptcy is undoubtedly a hybrid litigation and transactional practice. Its transactional aspect spans many areas, each of which often constitutes its own department within a firm. For instance, on any given day, lawyers in the group may negotiate bank deals and related documents, distressed M&A transactions, or transactions that entail bond debt. We also negotiate and help craft the key aspects of the charter and by-laws for reorganized companies. The practice area is vast and never boring.

What is unique about your practice area at your firm?

Whether we are in economic booms or swoons, you couldn’t be in a better practice because we are always busy. Naturally, in a downturn or during a pandemic, the practice can be unusually busy. However, because Milbank has a first-rate restructuring practice that often handles some of the largest complex situations, we are uniquely positioned to have attorneys from other groups—corporate, corporate finance and securities, and litigation—who often advise on restructuring matters and are, therefore, able to provide tremendous support during a downturn. More companies are recognizing the benefits to restructuring as a preferred commercial path for a company that is overleveraged, even during market climbs. There is always an industry going through its own unique headwinds that requires restructuring, whether it be in-court or out-of-court transactions.

Nelly Almeida is a partner in the New York office of Milbank and a member of the firm’s financial restructuring group. She represents debtors, creditors, lenders, official committees, equity holders, investors, and other interested parties in both in- and out-of-court domestic and international corporate restructurings and distressed financings and acquisitions, including in the cases of Celsius Network LLC (preferred equity holders); Sorrento (official committee of unsecured creditors); Cirque du Soleil (ad hoc group of lenders); RentPath Holdings, Inc. (ad hoc group of cross holders); Cinepolis (ad hoc group of creditors); FullBeauty Brands (ad hoc group of lenders); Toys “R” Us (equity holders); Toisa, Ltd. (counsel to lenders); GulfMark Offshore, Inc. (ad hoc group of noteholders); International Shipholding, Inc. (debtor-in-possession lender and plan sponsor); Ultra Petroleum Corp. (ad hoc committee of noteholders); Southern Air Holdings, Inc. (debtor); Chassix Holdings, Inc. (debtor); and Great Atlantic & Pacific Tea Company, Inc. (debtor). Nelly has also worked to structure a number of innovative financings that enabled U.S. airline carriers to collateralize the future cash flows of their loyalty programs and has represented monoline insurers with exposure to municipal debt, including in the Chapter 9 cases of Stockton and San Bernardino, California, and the restructuring of certain entities in Puerto Rico.

A distinguished restructuring practitioner, author, and speaker, Dennis Dunne is a partner in the New York office of Milbank. He is a member of the firm’s Global Executive Committee and has served in this position since 2008. He also serves as the Global Chair of the firm’s financial restructuring group. Dennis has extensive experience in representing companies and creditors in reorganization cases and out-of-court workouts, acquirors of financially distressed companies, providers of financing, and boards of directors of public and private companies. Dennis plays a leadership role in these matters, frequently as counsel to companies or official and unofficial committees representing key creditor constituencies, such as bondholders, agents for lender syndicates, and large debt or equity holders. He also regularly represents private equity funds, hedge funds, and other financial institutions acquiring control positions in financially distressed companies both in and out of court. In all such matters, he is a trusted advisor to his clients and draws upon his broad experience across several disciplines to craft practical solutions and build the consensus required to implement those solutions. Dennis also has unparalleled courtroom experience, and clients seek him out for his in-court advocacy skills. His engagements have ranged across a wide array of industries, including automotive, airline, apparel, cable and broadcasting, chemical, construction, gaming, healthcare, housing, infrastructure, manufacturing, pharmaceutical, energy, retail, shipping, telecommunications, and textiles.

Describe your practice area and what it entails.

Brian: Restructuring is really a mix between corporate and litigation. You’re dealing with a company that is in some form of distress. Think of it as a sick patient; you don’t have endless time to come to a solution. Multiple parties are involved, and everyone is trying to get to a deal to fix the company. If it’s a Chapter 11 case, you’re negotiating a deal with court supervision, so there’s a litigation component. Even though restructuring requires specific expertise, it touches many areas of law, so you have to be a generalist as well.

Lauren: My work is more at the intersection of restructuring and finance. I work with all the constituencies of a company in distress—for example, if there’s a need for available liquid capital, a large chunk of their debt is facing a repayment deadline, or they’re facing market pressures. A big part of my practice is figuring out if there’s an out-of-court solution and executing a transaction to help the company through difficulties.

What types of clients do you represent?

Brian: Many firms either represent companies that are going through restructuring: the debtor companies or the creditors, the parties owed money by the companies. Our practice is a balance of both. Recently, for example, we represented 23andMe, Diamond Sports Group, Enviva, Forever 21, Mitel Networks, Party City, and Rite Aid in their Chapter 11 bankruptcies and handled significant out-of-court restructurings for MSG Networks and Xplore. We represented key creditor groups in the restructurings of AMC Entertainment, Dish Network, Saks Global, Serta Simmons, and many others. We also represent parties that buy companies in distress.

Lauren: I represent a broad range of financing providers, including traditional private equity sponsors, large mutual funds, and hedge funds. My clients include my previous employer, Davidson Kempner. All of the larger funds interact with our group in different ways. If they have a portfolio company that’s not performing well, they might be looking to explore a restructuring. Alternatively, if market fluctuations present opportunistic ways to get a discount or to raise money, we can proactively explore alternatives that can avert, or at least mitigate, the negative consequences that may happen if there is a fulsome restructuring.

What types of cases/deals do you work on?

Brian: My practice spans all the major parties in restructuring. I recently represented Diamond Sports, the largest regional sports network in the country, in its successful restructuring. On the creditor side, I’m currently representing a group of lenders to Serta Simmons, the mattress giant, that was excluded from a debt restructuring deal and won a major victory on appeal. Now we’re back in the bankruptcy court for trial. I also advised a group of lenders to AMC Entertainment in connection with its recapitalization.

Lauren: Brian and I worked together on the AMC transaction, which is a great example of the successful intersection of restructuring and the financing elements that are my specialty. What started as something with a litigation posture and a potential bankruptcy ended up with our clients exchanging their debt for new bonds in a really productive transaction.

How did you choose this practice area?

Lauren: I started in tax right out of law school, but as a junior attorney you usually have a peripheral role in a large transaction led by other departments. When I was looking at other practices, the restructuring and finance groups seemed to have the broadest mandates. I liked that I didn’t have to choose between something litigation or corporate focused because restructuring can be both. I ended up loving it. At Davidson Kempner I was head of restructuring, but that only partly described what I did, and I ended up working on any of the firm’s positions that involved debt modification, which was great preparation for the interdisciplinary nature of my current practice. This crossover between restructuring and finance, as in the hybrid capital and special situations practice, has really taken off across the industry in recent years because they’re so intertwined.

Brian: I worked on Wall Street before going to law school. I thought I wanted to be an M&A lawyer, but as a summer associate, I did a rotation in restructuring and enjoyed it. So I followed my gut. At that time, not that many people went into the practice, and most of the bankruptcies were handled in court; today, many are handled out of court.

What is a “typical” day like and/or what are some common tasks you perform?

Lauren: My days are heavily focused on client work—a multifaceted process that goes beyond the matters on my plate at any given time. In an active deal, a lot of time is spent managing the deal flow and making sure things are moving: reviewing documents and checklists, delegating tasks, guiding junior colleagues, and so on. But client work goes well beyond active transactions and involves developing and strengthening relationships through client calls or meetings, as well as regularly exploring market or regulatory trends with colleagues or external partners in finance, capital markets, and other areas to identify developments that may affect our clients down the line. I also spend a lot of time working with junior attorneys helping them learn about the life cycle of a transaction, develop their skills, and build their professional networks.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Brian: I’ve always believed that, as a young lawyer, your main goal is to learn good lawyering skills; the practice you may choose is secondary. If you know you’re interested in restructuring, take a Restructuring class and perhaps a Secured Transactions or Commercial Law class so you understand basic terminology and concepts. But I don’t view anything as a prerequisite. There are things that are helpful to have, but if you don’t have them, you’ll learn on the job.

What misconceptions exist about your practice area?

Brian: There’s a misconception that it’s a narrow, specialized practice because there’s an idea that you’re wedded to the Bankruptcy Code and to a defined body of case law, but it’s really one of the last great generalist practices in a BigLaw firm. You’re exposed to a whole universe beyond the Bankruptcy Code. You handle multiparty transactions with different groups that each have different perspectives and motivations. You’re exposed to litigation components and transactional components, you’re working both in and out of court, and you’re touching multiple areas of law in a particular restructuring.

Lauren: Another misconception is that there’s a zero-sum game in some of these situations. There are instances of creditors turning against each other, but as more capital providers have come online and more dispersed groups are providing money, there are opportunities for creativity and flexibility in finding capital solutions that benefit all parties.

What is unique about your practice area at your firm?

Brian: There aren’t many firms with the balanced mix of debtor and creditor work that we have. The founder of the practice, Alan Kornberg, was a big believer that a Paul, Weiss bankruptcy lawyer should know how to do anything that comes in the door that’s restructuring related—debtor, creditor, in-court, out-of-court, litigation, and transactional. That’s how most of us were trained, and that’s how we continue to train our associates today. As a result, we’re very comfortable taking on different roles in a restructuring.

I’d also say that we are a super-collegial, tight-knit team. We truly enjoy practicing together, and we are deeply committed to mentoring our junior team members.

Lauren: As Brian says, the restructuring practice is very collegial, so even though hybrid capital and special situations is a relatively new practice area, created out of a recognition that the traditional streams of financing have changed, it’s been integrated really well into the overall practice group. It has added a new dimension and new alternatives to the traditional restructuring path, allowing clients to explore alternative financing solutions not available in a classic restructuring.

What are some typical tasks that a junior lawyer would perform in this practice area?

Brian: Junior attorneys do a lot of the same work in our practice as in other practice areas, such as researching and writing sections of briefs and helping to draft agreements. Because our practice is a mix of transactional and litigation work, they get to have meaningful input on a wide variety of assignments. They work hand in hand with the senior lawyers they shadow and interact closely with clients and develop relationships with them. They are also tasked with keeping track of workflow and assignments, which for some of the massive, sprawling matters we work on, is a crucial responsibility.

What advice do you have for navigating the multidisciplinary nature of bankruptcy practice?

Lauren: As Brian says, restructuring matters touch many different areas, and many different circumstances arise. No one person could ever be an expert in each type of company or firm that may hire you. It’s powerful to know what you don’t know and not to be afraid to ask questions. We’re a close-knit and mutually supportive practice here at Paul, Weiss, so I encourage junior attorneys not to be embarrassed about asking questions and to have an open mind.

Brian: To be a good restructuring lawyer, you have to be able to react quickly and pivot where necessary. It’s a bit like football: You can plan for a lot of things, and then things happen that are unplanned, and you have to be able to react and adjust the play or call another play. So the people who do it well tend to be those who can do multiple things at one time and be quick on their feet.

Lauren Bilzin is a partner in the restructuring department and a partner in the hybrid capital and special situations finance practice. She focuses on distressed investments and liability management transactions, advising sponsors, investors, issuers, and creditors on a broad range of sophisticated and bespoke debt, equity, and hybrid capital solutions. Lauren earned her B.S. from Duke University and her J.D. from Yale Law School.

Co-head of Paul, Weiss’ restructuring department and a member of firm management, Brian Hermann handles a wide range of restructuring matters for both debtor and creditor clients. He has extensive experience representing clients in complex out-of-court restructurings and Chapter 11 cases nationwide. Brian has led major restructurings of companies representing many industries, including the sports, music, media, telecommunications, energy, retail, and industrial sectors. Brian earned his B.B.A. from Pace University and his J.D. from UCLA School of Law.

Describe your practice area and what it entails.

I focus on bankruptcy and restructuring, including advising debtors and creditors in complex Chapter 11 proceedings and out-of-court restructurings. My work involves developing and executing strategies that balance financial, legal, and business considerations, often in multiple-party, high-stakes contexts. I frequently coordinate across corporate, litigation, and regulatory dimensions to help clients navigate financial distress, optimize outcomes, and implement liability-management and capital-structure strategies.

What types of clients do you represent?

I represent a diverse set of clients across industries and geographies, including corporate borrowers and issuers, lenders, investment funds, sponsors, purchasers, and commercial counterparties. My clients include both public and private companies, and I have worked with notable clients such as Kidde-Fenwal, FTX, Oaktree Capital Management, and Deerfield Management on Chapter 11 and other restructuring matters.

What types of cases/deals do you work on?

I work on a broad range of complex bankruptcy and restructuring matters, including Chapter 11 reorganizations, out-of-court restructurings, and liability management transactions. My work spans all stages of the restructuring process, from liability management to debtor-in-possession financings and debt-for-equity swaps to later-stage litigation and stakeholder negotiations necessary to implement strategic solutions.

For example, I represented Kidde-Fenwal, Inc., in its Chapter 11 proceedings following multidistrict litigation arising out of the sale of PFAS; FTX and its affiliates in their Chapter 11 cases; Deerfield Management in the Chapter 11 cases of Invitae Corp., Sientra Inc., NanoString Technologies, Pipeline Health Systems, Mallinckrodt plc, and Endologix Inc.; and Oaktree Capital Management in the Chapter 11 restructuring of SiO2 Medical Products, Inc., Athenex, Inc., and Impel Pharmaceuticals.

How did you choose this practice area?

I chose my practice area at the very end of my time as a summer associate. From the beginning of the summer, I knew that I wanted to go into the corporate group. I tried a number of corporate practices throughout the summer, although none of them really stuck with me. At the very end of my sum-mer, I was assigned to a bankruptcy matter, and it just felt right. It felt like the right mix of law and policy and business decision-making. At the end of the day, it was a complex problem-solving exercise. I really enjoyed the two or three weeks that I was working on it before the summer ended, so I decided to pursue it full-time when I graduated, and I’ve been doing it for 12 years now.

What is a “typical” day like and/or what are some common tasks you perform?

One of the great things about the practice is that it’s multidisciplinary; every day can be very different depending on what stage of restructuring the matters are in. In the early stages, you’re working on transactional matters and figuring out what the transaction you’re trying to achieve looks like. Once you’ve figured that out, the questions become, “How are we going to implement that, and will that require litigation?” Even within a day, the work and the common tasks vary widely across that spectrum. A typical day is often filled with phone calls and internal meetings and also often involves a long stretch of time where I’m reviewing a brief that’s going to be filed in court. It may also involve reviewing some sort of transaction document that is going to implement the restructuring transaction. Often a single day involves all of that. So, the common tasks are doing whatever the deal needs, whether that’s on the transaction side of it, on the litigation side, or is a mix.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

A Bankruptcy class in law school is very useful. It’s not required, but it can certainly help. Bankruptcy and restructuring is primarily a “world of credit,” so any classes relating to secure transactions, or even just a Leveraged Finance class, are helpful in familiarizing yourself with that world. Any sort of clinic, internship, or externship in and around the world of finance and credit investing, or really any transactional exposure, is helpful for starting to gain experience and skills in the area. For a young lawyer, understanding how legal documents work and how transactions get done, even if it’s in an M&A deal, can be very useful to the restructuring practice. At the root, the restructuring practice is a means to implement a transaction. Often, we’re working on M&A transactions in a distressed M&A context or in a Chapter 11 context, or we’re working on the finance transaction inside the Chapter 11. In- and out-of-court restructuring is inherently some sort of financing transaction. Any exposure to modern finance, either practical or educational, can be very useful.

What do you like best about your practice area?

What I like best is what I would refer to as “multidimensional chess.” We’re playing and problem-solving where it’s not just a binary, two-party system. Our situations involve anywhere from 4 to 70 different parties who all want different things or who want some of the same things. We are figuring out how to get a “yes,” as they say in the world of negotiation. We have to balance competing interests and figure things out in a practical way that often doesn’t come through in other practices where you have less of a zero-sum game. In bankruptcy and restructuring, the pie is only so big, and the “fight” is over how to split it up. In other transactions, the boundaries are a little more flexible, and how you solve those problems, especially in a two-party situation, in my mind, is often simpler. The complexity of our practice is what I like best.

What is unique about your practice area at your firm?

This is a multidisciplinary practice, especially at S&C, which is the case at fewer and fewer firms out there. The restructuring group handles transactional, advisory, and litigation work and matters all at the same time, and in many ways, these matters can’t be separated. Litigation is how you implement the transaction, and the transaction is only worth what you can get done through litigation. It’s very important for restructuring lawyers to be able to practice and understand both. When it comes down to it, they are inseparable in our practice.

What are some typical tasks that a junior lawyer would perform in this practice area?

I sometimes talk about restructuring lawyers as the Swiss Army knife lawyers because we pull out all types of tools depending on what the situation requires. The typical tasks vary a lot, which is one of the nice things about the practice. Junior lawyers are asked to do legal research, review and mark up transactional documents, and prepare issue lists of changes or questions that arise from negotiating transaction documents. They’re also asked to really help manage the process. When you’re working in a BigLaw firm, the work is complex with a lot of moving pieces and a lot at stake. We rely heavily on junior lawyers to be very organized and focused on helping man-age the process. They make sure that issues are raised in an anticipatory way so that nothing falls through the cracks.

What advice do you have for navigating the multidisciplinary nature of bankruptcy practice?

I think the most important piece of advice is to not lose the forest for the trees. It’s important to always ask, “What are we really trying to achieve here? What is the practical side of all of this?” It’s easy when you’re researching something and getting into all the complexity to lose track of what we’re trying to achieve and why you’re doing it.

Junior associates who contextualize what they’re doing and understand the bigger picture not only have the most success but also, most importantly, receive the most fulfillment from the work. When you do this, it feels like the work you’re doing matters, and it’s not just being taken and used for a higher purpose that has nothing to do with you. I call this work the “scaffolding”: Maybe it comes down at some point, but it’s necessary to do the rest of the construction. All of the work that underlies the end product is necessary. I would also say to trust your instincts. If something doesn’t make sense to you, raise it and ask. I think people are often a little afraid of asking questions for fear of looking dumb or clueless, but asking questions is how you become “clue-full” rather than “clue-less.” You can’t really ask questions if you’re not paying attention and thinking about the bigger picture, so those two pieces of advice also go hand in hand.

Benjamin Beller is a partner in Sullivan & Cromwell’s general practice group. His practice focuses on restructuring and special situations. After earning his J.D. from Columbia Law School, he clerked for the Honorable Robert E. Gerber and the Honorable Shelley C. Chapman of the U.S. Bankruptcy Court, Southern District of New York. Ben was an associate at a prominent international law firm for six years prior to joining S&C in June 2020.

Describe your practice area and what it entails.

I practice in FRI, where I focus on advising clients involved in complex corporate and financial restructurings with significant litigation components. I provide strategic advice on all aspects of bankruptcy proceedings and related matters to a diverse set of clients across industries and situations. This often involves collaborating closely with colleagues in other practice areas and offices worldwide. Ultimately, the goal is to leverage the firm’s wide range of expertise to create tailored, comprehensive solutions designed to maximize value and achieve business objectives.

What types of clients do you represent?

I represent all types of clients as parties in interest in bankruptcy proceedings, including debtors, creditors, investors, financial institutions, official committees, special committees, and litigation trustees.

What types of cases/deals do you work on?

I work on all types of situations across industries, including energy, retail, entertainment, financial services, transportation, cryptocurrency, automative, and healthcare. Recent cases involved companies engaged in medical device manufacturing, battery storage, cryptocurrency trading, and technology services. Matters can range from evaluating distressed investment opportunities, helping companies and lenders contingency plan before a bankruptcy filing, and litigating or otherwise resolving issues in bankruptcy or other related proceedings, including formulating plans of reorganization, negotiating settlements, and pursuing appeals, for example.

How did you choose this practice area?

I chose the practice area because it is dynamic, fast-paced, high-stakes, and in-demand. The work is engaging and impactful, there’s immediate access to opportunity, and the ceiling is very high. For me, these were all important qualities to look for in a career. From the beginning, I was focused on finding the right fit not just for immediate purposes when starting out as a junior associate but also for planning long-term. I’d encourage anyone starting out to think both about what’s important to them now and what they think will continue to drive them going forward.

What is a “typical” day like and/or what are some common tasks you perform?

Each day is different, but common tasks include drafting filings, negotiating with other parties, appearing in court, researching industries and situations, and working closely with clients and other advisors to develop strategy. Some days, you’re locking in and diving deep, and other days, you’re switching between a dozen or more tasks. You’re often collaborating closely with the client or with any number of other colleagues, either within the restructuring group or other practice areas at the firm or at other shops.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

In terms of classes, Bankruptcy, Business Enterprises, and Secured Transactions are all musts. You also may want to consider Evidence, Trial Advocacy, Negotiation, and any advanced transactional seminars your school may offer.

As for extracurricular activities, being involved in a clinic, judicial externship, moot court, or journal can each be helpful in different ways. Pursue whichever of these opportunities is available to you, and whatever you do, make the most of it by giving it your all. Focus on developing qualities that can help you in a complex, high-stakes practice: home in on details, think both critically and creatively, develop endurance, and be quick on your feet. Ultimately, the practice requires a combination of skill sets, so getting exposure to a range of experiences and used to being nimble are key.

What do you like best about your practice area?

What I like best about the restructuring practice is that it’s always evolving. Each case presents something new and different, but at the end of the day, it’s grounded in a code (i.e., the Bankruptcy Code). To me, it’s the best of both worlds. There’s some black and white and some shades of grey—not always one or the other. There’s also this throughline that allows you to develop enduring expertise but that still leaves plenty of room for there never to be a dull moment.

What is unique about your practice area at your firm?

A really unique thing about the FRI group at White & Case is the variety of mandates we take on. We represent companies, banks, bondholders, contract counterparties, committees, sovereigns, post-confirmation trustees—you name it; I could go on. We do it all and at the highest level, which keeps things exciting. Not all firms operate that way, and it’s also not for everyone, but I enjoy it. Some prefer a more specialized practice, but for me, variety is the spice of life!

What are some typical tasks that a junior lawyer would perform in this practice area?

Typical tasks that a junior lawyer in a restructuring practice might perform include reviewing diligence materials, performing legal research, and drafting filings. For example, you might be tasked with reviewing loan documents or other contracts to identify provisions that could impact the restructuring process in any number of ways. You might be tasked with researching bankruptcy or other federal or state law issues and analyzing how the law applies to the facts presented in your case, either analogizing or distinguishing. You could also be tasked with developing and drafting arguments to include in briefings to be filed with the court or may be first to draft a memorandum to the partners or the client. Overall, you can expect to perform a variety of tasks that will allow you to develop a range of knowledge and skills.

What advice do you have for navigating the multidisciplinary nature of bankruptcy practice?

My advice: be humble! Stay open-minded and don’t rush the process. You will be expected to have both deep and wide-ranging expertise, but through hard work and persistence, it will come in time. As you get started, focus on developing solid foundations, learning how to leverage others’ expertise, being a good team player, and remembering to have fun. A positive attitude, willingness to roll up your sleeves, and a healthy dose of resilience will take you far. That’s true both in bankruptcy practice and overall in life.

Erin Rosenberg is a partner in White & Case’s financial restructuring and insolvency (FRI) practice. She has significant experience representing Chapter 11 debtors, secured and unsecured creditors, and official unsecured creditors’ committees in complex bankruptcy proceedings, as well as handling related commercial litigation and appellate matters. Prior to joining White & Case, Erin served as staff counsel at the U.S. Court of Appeals for the Fourth Circuit and clerked for the Honorable Martin L.C. Feldman of the U.S. District Court for the Eastern District of Louisiana.

Erin’s recent work includes representing Zachry Holdings, Inc., and ConvergeOne Holdings, Inc., as debtors in their respective Chapter 11 cases; KKR as pre-petition lender in the Chapter 11 case of Powin, LLC; and the litigation administrator for Celsius Network LLC and its affiliated post-effective date debtors. Other representative matters have included advising the Boy Scouts of America and Hertz Global Holdings on their Chapter 11 cases and various official committees, lenders, and creditor groups in cases including Rite Aid, iHeartMedia, Mallinckrodt, Cox Operating, National CineMedia, GCX Ltd., Sanchez Energy, and Acosta, Inc.

Describe your practice area and what it entails.

Megan: My work involves representing clients in Chapter 11 bankruptcy cases, out-of-court restructurings, and other distressed situations.

Xander: I represent clients in Chapter 11 cases, out-of-court restructurings, and cross-border insolvencies, as well as in out-of-court liability management and insolvency-sensitive transactions.

What types of clients do you represent?

Megan: A combination of creditors’ committees, debtors, and ad hoc groups across all different industries.

Xander: I represent companies, distressed investment funds, institutional investors and ad hoc groups of creditors.

What types of cases/deals do you work on?

Megan: Recently I have been involved in several of our mass tort cases, including representing state attorneys’ general in Mallinckrodt’s first bankruptcy case, creditors’ committees in the Rite Aid and Endo International plc bankruptcy cases, and tort claimants in the Red River Talc bankruptcy case. Each of these cases included a combination of issues attendant to mass tort cases as well as cutting-edge litigations and lien challenges.

Xander: I’m currently representing creditors of a multinational specialty pharmaceutical company in connection with its ongoing restructuring efforts. Recently, I was involved in our representation of bondholders of AES Puerto Rico, LP, in connection with their successful out-of-court restructuring and recapitalization.

How did you choose this practice area?

Megan: I was originally drawn to Kramer Levin as a summer associate because of our white collar litigation practice but ultimately fell in love with restructuring because of the multidisciplinary nature of the work and the wonderful people in our group. I really enjoy the blend of litigation and corporate work that bankruptcy provides and that the fast-paced nature of our cases gives you hands-on, meaningful work as an associate. I was also encouraged by the number of wonderful female role models in the restructuring space—including our bankruptcy group in particular—like bankruptcy partners Amy Caton and Rachael Ringer.

Xander: When I was in law school, I actually did not consider bankruptcy as a potential practice area. After I graduated in 2009, I worked for the Department of the Interior in Alaska doing land use law for the Bureau of Land Management and Indian Affairs. It wasn’t until after I took the bar exam in 2011 when my law school dean, Michael Gerber, recommended me for a clerkship with Judge Martin Glenn in the bankruptcy court in the Southern District of New York that I actually gave bankruptcy serious consideration. That same year, Residential Capital filed with Kramer Levin representing the unsecured creditors’ committee. That’s when I met the firm’s bankruptcy and restructuring co-chair, Kenneth Eckstein, as well as Rachael Ringer and Joseph Shifer. They were also involved with the Dewey & LeBoeuf and General Maritime bankruptcies during that time. That experience is what ultimately made me decide on bankruptcy as a field.

What is a “typical” day like and/or what are some common tasks you perform?

Megan: On any given day, I can be on an all-day Zoom hearing in another jurisdiction, and then the next day, I could be doing deposition preparation all morning and then negotiating financing agreements in the afternoon. Each day ends up being a combination of some litigation work and some corporate work. I often find that I can have a schedule set for the day, but that can quickly change by 9 a.m. Similar to Xander’s approach though, I consider that unpredictability to be what makes bankruptcy an exciting practice.

Xander: I often start my day before my kids are up so that I can make time to take them to school in the morning, and I try to make time to have dinner with my kids, which means I have to make up the work time after they’ve gone to bed. I am an avid runner and run five or six days a week, schedule permitting—often with my phone so that I can be reached even when exercising. I can’t count the times that I’ve had to take work calls while running in Prospect Park in Brooklyn or across the Williamsburg Bridge! The bottom line is there is no typical daily schedule, but that fits perfectly well with the organized chaos that goes along with being a parent to three young kids.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Megan: I would recommend taking a bankruptcy- or restructuring-focused seminar to get a better idea of what a career in bankruptcy actually looks like. Regardless of the practice you’re interested in, knowing early on what type of work it involves and what that career can actually look like can be very helpful. For example, bankruptcy tends to appeal to people who like fast-paced, dynamic representations. People who have broader real-world experience beyond just academics also tend to do well in this field.

Xander: I studied at a liberal arts college and was an English major. In my view, that education prepared me incredibly well for a career in corporate law. It cultivated in me a love of learning and a curiosity that is essential in a line of work where you are constantly learning something new—about a new client, a new industry, or a novel legal issue. Having an open mind and being ready to learn is essential to being successful, and that is really something that I took with me from my liberal arts education.

What do you like best about your practice area?

Megan: It keeps me on my toes, because no two days are ever the same: One day I can be in depositions or a court hearing all day, and the next, I’m negotiating a term sheet for a financing or drafting trust documents.

Xander: What I like best is that you need to bring an attitude of learning to every representation.

What is unique about your practice area at your firm? 

Megan: We’ve developed a niche representing commercial claimants and governmental claimants in mass tort cases, which is unique to Kramer Levin. Most firms involved in the mass tort space typically represent personal injury claimants or tortfeasors/insurers.

Xander: I would say what’s most unique is that our representations are a blend of hedge funds and unsecured creditors’ committees; this is a client base that is not very common in BigLaw firms.

What are some typical tasks that a junior lawyer would perform in this practice area?

Megan: Our practice group is unique in that we tend to staff our cases relatively leanly, so junior associates get to take on a broad spectrum of different projects, which can range from researching an issue for an upcoming brief (or drafting part of that brief) to helping investigate claims that we may be looking to litigate by digging up a company’s press releases, history, and past SEC filings.

Xander: Bankruptcy and restructuring is distinguished from other BigLaw firm practices because there are more opportunities to take on substantive work early in your career. This opportunity to take on more meaningful assignments early is really unique to any bankruptcy and restructuring practice.

How do you see this practice area evolving in the future? 

Megan: I see it as becoming more global and cross-border, with more international implications as both law firms and large corporations continue to consolidate and expand their global reach. Most of our recent cases involve some international or cross-border components. 

Xander: I see it as getting more finance oriented. The need for a restructuring lawyer to also be a competent finance lawyer is becoming more and more important.

Megan M. Wasson works on bankruptcy and restructuring matters. She assists significant parties, including bondholders, indenture trustees, secured and unsecured creditors, and creditors’ committees, in complex Chapter 11 bankruptcy cases, out-of-court restructurings, and other distressed situations.

Alexander Woolverton represents debtors, creditors, and distressed investment funds in Chapter 11 cases, out-of-court restructurings, and cross-border insolvencies, with a focus on advising distressed investment funds, institutional investors, and ad hoc groups of creditors in restructuring matters. He also represents companies and distressed investment funds in out-of-court liability management and insolvency-sensitive transactions.

Describe your practice area and what it entails.

We advise debtors, creditors, private equity sponsors, and other major parties in all aspects of traditional Chapter 11 bankruptcy cases, out-of-court restructurings, and cross-border insolvency matters. We also assist our clients in structuring high-risk loans; facilitate the purchase and sale of financially distressed companies; and represent clients in all types of Chapter 11 litigation, including defending or prosecuting challenges to complex transactions such as leveraged buyouts. The multidisciplinary nature of our practice requires us to work very closely with our colleagues in our corporate finance and securities, real estate, litigation and arbitration, intellectual property, and tax groups on a regular basis. Our restructuring attorneys in the United States and London also collaborate with our attorneys in Germany, Singapore, Hong Kong, Tokyo, and São Paulo to address complex issues arising in our international insolvency matters.

What types of clients do you represent?

We represent high-profile clients involved in many of the largest and most complex restructuring cases that have taken place over past decades, including the cases of Celsius Network, Gol Airlines, AMC Entertainment, Envision Healthcare Corp., the Federal Housing Finance Agency, PG&E, Avianca, Intelsat, Guitar Center, and Cirque du Soleil. We represent official and informal creditor groups, as well as many of the world’s largest financial institutions interested in providing credit to Chapter 11 debtors and acquiring or selling financially distressed companies, among others. We also represent companies facing a distressed situation and boards of directors in a variety of industries and jurisdictions in the United States and abroad as they navigate through financial crisis.

What types of cases/deals do you work on?

Our practice consists of the most complex, cutting-edge restructuring work in the country. Whether it is advising clients on novel financing structures or navigating the political currents in large cases such as those of Puerto Rico or PG&E, our team will be engaged in primary roles in virtually every large restructuring. We represent debtors, creditors, official creditor committees, private equity sponsors, and purchasers of distressed assets. Representing secured and unsecured creditors, sponsors, and debtors in Chapter 11 cases and out-of-court workouts in the United States and internationally, we have engagements ranging across an array of industries.

How did you choose this practice area?

Dennis: While a summer associate, I rotated through the litigation and corporate departments. There were elements of each that I liked (courtroom advocacy and negotiating deals) and elements that I disliked (Bates-stamping documents and interminable due diligence). During my third year of law school, I worked in the financial restructuring group of a law firm. I found that the financial restructuring and Chapter 11 work involved the best of each practice area without the undesirable (but necessary) aspects of either.

Nelly: I was a summer associate at the height of the aftermath of the financial crisis, so summering in the financial restructuring group was a no-brainer. I enjoyed the work the group did for many of the same reasons that Dennis mentioned. Most notably, I was drawn to the variety of the work both in terms of the clients we represent and the day-to-day assignments. That variety continues to be what keeps the practice interesting. Every deal is a new lesson.

What is a “typical” day like and/or what are some common tasks you perform?

Dennis: From arguing in court and advising a board of directors to creating new and innovative structural solutions, I would say one of the most rewarding things about this practice is that there is no typical day. Everything we do is bespoke, and it’s rewarding and challenging.

Nelly: On any deal we do, restructuring lawyers are the backbone of the case. We have to be knowledgeable of all elements of a deal so that we can make quick decisions when issues arise. We are constantly working through the different pieces of the puzzle while balancing the various legal issues, limitations, and desired outcomes. The end result is often satisfying.

What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?

Dennis: Explore all areas of law in law school. Wherever you follow the course book, you’ll end up using that knowledge in this practice. Although not crucial to being successful in the practice, any courses on bankruptcy, secured transactions, or anything that teaches you how to negotiate contracts would be helpful.

Nelly: I don’t think there is a particular class that is required. Though, of course, some can be helpful, including Corporate Tax, Securities Regulation, Secured Transactions, and Bankruptcy.

What is the most challenging aspect of practicing in this area?

Dennis: The path to a successful restructuring can be tricky. There are often a variety of actors and interests involved as well as various legal considerations to take into account. A successful restructuring requires an in-depth understanding of a company’s challenges. As a result, restructuring attorneys must not only understand the applicable business but also be proficient in many areas of the law. Because every company has a unique set of problems, we are not a form-based practice. No finite set of documents or a delineated universe of precedents guides our work. We are truly the last of the “generalists.”

What do you like best about your practice area?

Nelly: What attracted me to bankruptcy and restructuring, and what I continue to enjoy, is that there is no one-size-fits-all aspect to it. There is always something new and different to learn—and an opportunity to structure innovative solutions. This practice provides the unique opportunity to work with attorneys in other practice groups, including M&A, corporate finance and securities, and litigation, which has been invaluable for my career development.

What misconceptions exist about your practice area? 

Dennis: People have the misimpression that restructuring and bankruptcy is a niche practice. To the contrary, it is one of the last bastions of general practice and pure lawyering. Financial restructuring is often the broadest practice area of any department in a large firm, as it involves knowledge of a variety of departments. Bankruptcy is undoubtedly a hybrid litigation and transactional practice. Its transactional aspect spans many areas, each of which often constitutes its own department within a firm. For instance, on any given day, lawyers in the group may negotiate bank deals and related documents, distressed M&A transactions, or transactions that entail bond debt. We also negotiate and help craft the key aspects of the charter and by-laws for reorganized companies. The practice area is vast and never boring.

What is unique about your practice area at your firm?

Whether we are in economic booms or swoons, you couldn’t be in a better practice because we are always busy. Naturally, in a downturn or during a pandemic, the practice can be unusually busy. However, because Milbank has a first-rate restructuring practice that often handles some of the largest complex situations, we are uniquely positioned to have attorneys from other groups—corporate, corporate finance and securities, and litigation—that often advise on restructuring matters and are, therefore, able to provide tremendous support during a downturn. More companies are recognizing the benefits to restructuring as a preferred commercial path for a company that is over leveraged, even during market climbs. There is always an industry going through its own unique headwinds that requires restructuring.

Nelly Almeida is a partner in the New York office of Milbank and a member of the firm’s financial restructuring group. She represents debtors, creditors, lenders, official committees, equity holders, investors, and other interested parties in both in- and out-of-court domestic and international corporate restructurings and distressed financings and acquisitions, including in the cases of Celsius Network LLC (preferred equity holders), Sorrento (official committee of unsecured creditors), Cirque du Soleil (ad hoc group of lenders), RentPath Holdings, Inc. (ad hoc group of crossholders), Cinepolis (ad hoc group of creditors), FullBeauty Brands (ad hoc group of lenders), Toys R Us (equity holders), Toisa, Ltd. (counsel to lenders), GulfMark Offshore, Inc. (ad hoc group of noteholders); International Shipholding, Inc. (debtor-in-possession lender and plan sponsor), Ultra Petroleum Corp. (ad hoc committee of noteholders), Southern Air Holdings, Inc. (debtor), Chassix Holdings, Inc. (debtor), and Great Atlantic & Pacific Tea Company, Inc. (debtor). Nelly has also worked to structure a number of innovative financings that enabled U.S. airline carriers to collateralize the future cash flows of their loyalty programs and has represented monoline insurers with exposure to municipal debt, including in the Chapter 9 cases of Stockton and San Bernardino, CA, and the restructuring of certain entities in Puerto Rico.

A distinguished restructuring practitioner, author, and speaker, Dennis Dunne is a partner in the New York office of Milbank. He is a member of the firm’s Global Executive Committee and has served in that position since 2008. He also serves as the global chair of the firm’s financial restructuring group. Dennis has extensive experience in representing companies and creditors in reorganization cases and out-of-court workouts, acquirors of financially distressed companies, providers of financing, and board of directors of public and private companies. Dennis plays a leadership role in these matters, frequently as counsel to companies or official and unofficial committees representing key creditor constituencies, such as bondholders, agents for lender syndicates, and large debt or equity holders. He also regularly represents private equity funds, hedge funds, and other financial institutions acquiring control positions in financially distressed companies both in and out of court. In all such matters, he is a trusted advisor to his clients and draws upon his broad experience across several disciplines to craft practical solutions and build the consensus required to implement those solutions. Dennis also has unparalleled courtroom experience, and clients seek him out for his in-court advocacy skills. His engagements have ranged across a wide array of industries, including automotive, airline, apparel, cable and broadcasting, chemical, construction, gaming, healthcare, housing, infrastructure, manufacturing, pharmaceutical, energy, retail, shipping, telecommunications, and textiles.