Marshall S. Huebner
  1. Partner

Marshall Huebner is global head of Davis Polk’s Restructuring Group. He is widely recognized as one of the country’s leading practitioners, and is one of only a handful of restructuring lawyers to have been twice-named a “Dealmaker of the Year” by The American Lawyer. He routinely represents financial institutions and companies in major restructurings and bankruptcies, and has advised on many of the largest and most complex of such matters yet done.

Work Highlights

  • Lead counsel to the Federal Reserve Bank of New York and to the U.S. Department of the Treasury with respect to their $182 billion in multiple financings and 79.9% equity stake in the American International Group; AIG had over $1 trillion in assets, and the Federal Reserve and Treasury AIG financings were the largest ever extended to a corporate borrower
  • Lead U.S. counsel to the joint administrators and liquidators of Lehman Brothers International (Europe) and its U.K. Lehman affiliates, including in connection with the settlement of tens of billions of dollars of claims against Lehman’s U.S. entities 
  • Lead bankruptcy and restructuring counsel to Delta Air Lines, in one of the largest and most successful restructurings in U.S. history; assisted Delta in, among other things, securing the then-largest DIP financing, successfully defending against a $10 billion hostile takeover attempt, and expeditiously emerging from Chapter 11 with one of the largest equity capitalizations on record
  • Lead counsel to Citibank, as bank agent, in Lyondell, including advising with respect to the then-largest DIP financing ($8.5 billion) in U.S. history and successfully resolving a $23 billion fraudulent transfer claim 
  • Counsel to the Ford Motor Company in connection with its $10 billion balance sheet restructuring and various developments with respect to the U.S. auto industry 
  • Lead counsel to Arch Coal, in one of the largest, swiftest and most successful restructurings in the metals and mining sector. 
  • Lead counsel to James River Coal, Patriot Coal, Bonanza Creek Energy, Magnetation, Frontier Airlines, Pinnacle Airlines and The Star Tribune Company in their chapter 11 proceedings
  • Lead counsel to J.P. Morgan as DIP agent in providing $2.3 billion of chapter 11 financing to Toys "R" Us
  • Lead counsel to the senior secured lenders of Nine West, including in connection with the provision of DIP financing
  • Lead counsel to the board of directors of SunEdison, Inc., the world's largest renewable energy company, in connection with the company’s chapter 11 case
  • Lead counsel to Citibank as affinity counterparty to Sears Roebuck and Company
  • Lead counsel to Pernix Therapeutics in connection with its recapitalization
  • Lead counsel to Citibank on its $1 billion pre-purchase of AAdvantage Miles from American Airlines and its worldwide affinity relationship in connection with American's chapter 11 proceedings
  • Lead counsel to Delta Air Lines, including as DIP lender, in the Republic Airlines chapter 11 restructuring 
  • Lead counsel to the senior lenders in the restructurings of Basic Energy, Larchmont Resources and Southcross Energy 
  • Lead counsel to the DIP agent in Enron ($1.5 billion), Adelphia Communications ($1.5 billion), Federal Mogul ($1.1 billion), Kodak ($950 million), A&P ($800 million), NewPage ($600 million) and counsel to the exit financing agent in Federal Mogul ($3.5 billion)
  • Lead counsel to the agents or other major parties in numerous other cases, including Loral, Polaroid, Citation, Crown Paper, Ntelos and Magellan Health Services

Mr. Huebner has also routinely advised purchasers, companies and boards of directors in many non-public distressed matters, and provides risk management and bankruptcy advice on derivatives products and other complex transactions to clients such as Bank of America, Citibank, Goldman Sachs, J.P. Morgan and Morgan Stanley.


Mr. Huebner has repeatedly been recognized as a leader in his field, including:

  • Chambers Global – USA: Bankruptcy/Restructuring | Band 1
  • Chambers USA – Bankruptcy/Restructuring (Nationwide) | Band 1
  • Chambers USA – Bankruptcy/Restructuring (New York) | Band 1
  • Legal 500 U.S. – Restructuring (including Bankruptcy) | Leading Lawyer
  • IFLR1000  – Restructuring and Insolvency (US) | Highly Regarded
  • Who’s Who Legal – Restructuring & Insolvency | Thought Leader
  • Who’s Who Legal – Restructuring & Insolvency | Expert
  • Best Lawyers – Leading Lawyer | New York
  • Super Lawyers – Top 100 Lawyer | New York
  • The Deal – Top Bankruptcy Lawyer
  • Euromoney USA Best of the Best Expert Guide – Top 30 Restructuring Practitioner in the World
  • Global M&A Network – Top 100 Restructuring & Turnaround Professional
  • Turnarounds and Workouts – Outstanding Restructuring Lawyer
  • Lawdragon – One of the 500 Leading Lawyers in America
  • BTI – Client Service All-Star
  • K&A Restructuring Register – Leading Lawyer
  • Lawyers Worldwide Awards Magazine – Innovative Lawyer
  • Turnarounds & Workouts – Outstanding Restructuring Lawyer | 2019
  • Turnaround Atlas Awards – Chapter 11 Restructuring of the Year (SunEdison) | 2018
  • Turnaround Atlas Awards – Corporate Turnaround of the Year (Arch Coal) | 2017
  • Turnarounds & Workouts − Successful Restructurings (Arch Coal) | 2017
  • National Law Journal – Energy & Environmental Trailblazer
  • The American Lawyer – Dealmaker of the Year (American International Group/AIG)  
  • The American Lawyer – Dealmaker of the Year (Delta Air Lines)
  • Financial Times – Highly Commended/U.S. Innovative Lawyer (Frontier Airlines)

Under Mr. Huebner’s leadership, Davis Polk’s Insolvency and Restructuring Group has also won numerous awards, including most recently:

  • 2018 American Lawyer Global Legal Awards – Global Finance Deal of the Year (Oi)
  • 2018 IFLR Awards
    • Restructuring Team of the Year
    • Americas Restructuring Deal of the Year (Odebrecht)
    • Asia Restructuring Deal of the Year (Mongolian Mining)
  • 2018 Turnaround Atlas Awards
    • Financial Services Restructuring of the Year (J.G. Wentworth)
    • Chapter 11 Restructuring of the Year (Peabody)
    • Food & Beverage Restructuring of the Year (TerraVia)
  • 2018 M&A Atlas Awards
    • Restructuring Deal of the Year (Arch Coal)
    • Restructuring Deal of the Year (Avaya)
    • Restructuring Deal of the Year (ExGen)

Mr. Huebner was also featured in Thomson Reuter’s 2014 New York Metro Super Lawyers magazine in an article entitled, “Hatzalah,” detailing "[h]ow Marshall Huebner helped rescue the economy."

Of Note

Congressional Testimony
  • J.P. Morgan Annual High-Yield Conference, 2015, 2016, 2017, 2018
  • Restructuring the Coal Producers, 16th Coaltrans USA Conference
  • Distress in the Energy Industry, VALCON 2015 Conference, Emerging Valuation Issues in Bankruptcy and Beyond
  • Changing Players 2: Distressed Investors, Trading Restrictions and WaMu, New York City Bar Association Panel
  • What If There Were Another Lehman/AIG Weekend?, New York City Bar Association Panel
  • Corporate Counsel Institute, Keynote, New York State Bar Association Panel
  • Changing the Face of Corporate America, The American Bankruptcy Institute's (ABI) 10th Annual New York City Bankruptcy Conference
  • Labor, Pension and Retiree Issues in Chapter 11, The American Bankruptcy Institute's (ABI) 8th Annual New York City Bankruptcy Conference

Mr. Huebner has lectured at multiple law schools, including Yale, Harvard, University of Chicago, Columbia and NYU.

Current Memberships
  • National Bankruptcy Conference
  • American College of Bankruptcy
  • Board of Advisors, Yale Law School Center for the Study of Corporate Law
  • Board of Directors, Executive Board, Princeton University Hillel/CJL
Past Membership
  • Chair, Courts Subcommittee of the Committee on Bankruptcy and Corporate Reorganization, New York City Bar

Professional History

  • Partner, 2002-present
  • Associate, 1999-2002
  • Law Clerk, Hon. Pierre N. Leval, U.S. Court of Appeals, Second Circuit, 1993-1994

Bar Admissions

  • State of New York
  • U.S. Supreme Court
  • U.S. Court of Appeals, Second Circuit
  • U.S. Court of Appeals, Sixth Circuit
  • U.S. District Court, E.D. Michigan
  • U.S. District Court, W.D. Michigan
  • U.S. District Court, E.D. New York
  • U.S. District Court, S.D. New York


  • A.B., Princeton University, 1988
    • Fulbright scholar
    • magna cum laude
  • J.D., Yale Law School, 1993
    • Ford Foundation Fellowship
    • Senior Editor, Yale Law Journal