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 on the largest and most complex U.S. and cross-border restructurings.

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; 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 the administrative agent under The Hertz Corporation’s $10.9 billion asset backed vehicle-financing structure in connection with Hertz’s chapter 11 restructuring
  • Lead counsel to Purdue Pharma in connection with its chapter 11 restructuring that seeks to effectuate a comprehensive settlement of more than $10 trillion of asserted claims. Under the proposed settlement, the company will convert into a public benefit company with a focus on addressing the opioid crisis by, among other things, providing opioid overdose reversal and addiction treatment medicines at low or no cost for the benefit of litigation claimants and the American public
  • Lead counsel to Citibank in Lyondell, including advising on 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 related matters
  • Lead counsel to Arch Coal, James River Coal, Patriot Coal, Bonanza Creek Energy, Magnetation, Frontier Airlines, Pinnacle Airlines, Pernix Therapeutics and The Star Tribune Company in their chapter 11 proceedings
  • Lead counsel to the DIP agents in Toys “R” Us ($2.3 billion), Enron ($1.5 billion), Adelphia Communications ($1.5 billion), Federal Mogul ($1.1 billion), Kodak ($950 million), A&P ($800 million) and to the exit financing agent in Federal Mogul ($3.5 billion)
  • 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., formerly the world's largest renewable energy company
  • Lead counsel to Citibank as affinity counterparty to Sears Roebuck and Company
  • 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 in each of the LATAM Airlines and Republic Airlines chapter 11 restructurings
  • Lead counsel to the senior lenders in multiple energy restructurings including Basic Energy, Larchmont Resources and Southcross Energy 

Mr. Huebner also routinely advises purchasers, companies and boards of directors in 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, JP Morgan and Morgan Stanley.

Recognition

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

INDUSTRY RECOGNITION
  • 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 Global Restructuring & Insolvency Lawyers
INDUSTRY AWARDS
  • 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)

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
Publications
SPEAKER
  • Featured speaker, Cross-border Tort Claim Driven Insolvencies, International Bar Association (IBA) Conference, 2020 
  • J.P. Morgan Annual High-Yield Conference, 2015-2020
  • Barclays Distressed and Special Situations Conference, 2018, 2020
  • Bank of America Merrill Lynch Leveraged Finance Conference, 2019
  • Deutsche Bank Leveraged Finance Conference, Distressed & Restructuring Panel, 2019
  • What If There Were Another Lehman/AIG Weekend?, New York City 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 also 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

Professional History

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

Practice Focus

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

Education

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