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Our firm is recognized worldwide for its substantial experience in insolvency and restructuring. We represent a wide range of clients, including companies in need of financial restructuring, leading financial institutions and hedge funds, creditors’ committees, acquirers, business partners, trustees and receivers in connection with the largest and most complex insolvencies and restructurings, as well as in connection with acquisitions of distressed companies, debtor-in-possession financings and exit financings. Indeed, no firm was more integrally involved in the various unprecedented restructuring matters that unfolded during the financial crisis.
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Of Note

Individual Davis Polk lawyers maintain or have held the following leadership positions in the field of insolvency and restructuring:

  • Chairman and member of the National Bankruptcy Conference, an organization consisting of 60 of the leading lawyers, law professors and judges in the field of bankruptcy law; the Conference has been an adviser to Congress on every major piece of bankruptcy legislation since the 1930s.

  • Chair of the Courts Subcommittee of the Committee on Bankruptcy and Corporate Reorganization of the New York City Bar Association, charged with preparing proposed guidelines governing multiple facets of Chapter 11 cases in the District.

  • Chair of the Committee on Bankruptcy and Corporate Reorganization of the New York City Bar Association.

  • Co-chair of the TriBar Opinion Committee; Co-reporter for the TriBar Opinion Committee's Special Report, "Opinions in the Bankruptcy Context"

  • Founding director of the International Insolvency Institute

  • Member of INSOL International; Co-chair of the G-36 Committee

  • Member and director of the American College of Bankruptcy

  • Member of the Official U.S. Delegation to the Insolvency Working Group of the United Nations Commission on International Trade Law (UNCITRAL)

  • Member of the board of editors and a contributor to Collier on Bankruptcy

  • Contributing editor for the Collier Bankruptcy practice guide

  • Teachers at various law schools, including Yale, Columbia and New York University


Awards and Rankings

  • 1st tier in Bankruptcy/Restructuring USA – Chambers Global 2013

  • 1st tier in Bankruptcy/Restructuring Nationwide – Chambers USA 2012

  • 1st tier in Bankruptcy/Restructuring New York – Chambers USA 2012

  • 2nd tier in Corporate Restructuring – Legal 500 U.S. 2012

  • 2nd tier in Restructuring and Insolvency – IFLR1000 2012

  • 2nd tier among U.S. law firms in bankruptcy matters – Benchmark Litigation 2012

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Notable Matters

  • Tribune. We advised the administrative agent for the pre-petition senior lenders owed more than $8.5 billion in the successful Chapter 11 restructuring of the Tribune Company, which emerged from bankruptcy in 2012. Tribune is one of the country’s leading multimedia companies, operating businesses in publishing, digital and broadcasting.


  • Lehman. We advised Lehman Brothers International (Europe) and its U.K. Lehman affiliates in connection with a complex settlement to resolve tens of billions of dollars in claims among more than 80 Lehman entities.


  • Patriot Coal. We are advising Patriot Coal Corporation in connection with its reorganization under Chapter 11 of the Bankruptcy Code and the related $802 million in debtor-in-possession (DIP) financing.


  • Elpida. We are advising Elpida Memory, Inc., a debtor in a corporate reorganization proceeding filed in Japan, in connection with obtaining provisional relief and recognition under Chapter 15 of the U.S. Bankruptcy Code of its Japanese proceeding.


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Areas of Experience

Investment Funds Litigation and Investigations Bankruptcy Matters
Investment Funds Litigation and Investigations Pre-Packaged and Out-of-Court Restructurings