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Marshall S. Huebner
Partner

Marshall Huebner is co-head of Davis Polk’s Insolvency and Restructuring Group. He is widely recognized as one of the country’s leading practitioners, and is one of only a handful of U.S. lawyers to have been twice-named a “Dealmaker of the Year” by The American Lawyer. He routinely represents both financial institutions and companies in major restructurings and bankruptcies, and has advised on several 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 litigation 
  • 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 restructurigs in the metals and mining sector. 
  • Lead counsel to James River Coal, Patriot Coal, Magnetation, Frontier Airlines, Pinnacle Airlines and The Star Tribune Company in their chapter 11 proceedings
  • 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 Bonanza Creek in its chapter 11 restructuring
  • Lead counsel to Pernix Therapeutics in connection with the evaluation of financial and transactional alternatives
  • 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 chapter 11 cases of Basic Energy and Southcross 
  • 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.

Recognition

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

INDUSTRY RECOGNITION
  • Chambers USA and Chambers Global – Band 1

  • Legal 500 U.S. – Band 1

  • IFLR1000 – Leading Lawyer

  • Best Lawyers – Leading Lawyer

  • Super Lawyers – Top 100 New York Lawyer

  • Global M&A Network – Top 100 Restructuring & Turnaround Professional

  • Turnarounds and Workouts – Leading Lawyer

  • Euromoney – Leading 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 Lawyers
INDUSTRY AWARDS
  • Turnarounds & Workouts − “Successful Restructurings” (Arch Coal)
  • The American Lawyer – "Dealmaker of the Year" (American International Group/AIG)  
  • The American Lawyer – "Dealmaker of the Year" (Delta Air Lines)
  • Finance Monthly – "Dealmaker of the Year" (James River)
  • 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:

  • 2017 M&A Advisor Awards – Winner in 9 categories, more than any other law firm, including:
    • “Restructuring Deal of the Year” (Arch Coal)
    • “Chapter 11 Reorganization of the Year” (RCS Capital)
    • “Sec. 363 Sale of the Year” (Alpha Natural Resources)
    • “Energy Deal of the Year” (Venoco)
    • “Cross-Border Restructuring Deal of the Year” (Pacific E&P)
  • Corporate INTL Legal Awards – “Bankruptcy & Restructuring Law Firm of the Year in New York”
  • ACG Global Awards – “Leading Restructuring and Turnaround Advisory (USA)”

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

Of Note

CONGRESSIONAL TESTIMONY
publications
SPEAKER
  • 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

Marshall has lectured at several law schools, including Yale Law School, Harvard Law School, University of Chicago Law School, Columbia Law School and NYU Law School.

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, 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

Contact

  • 450 Lexington Avenue
    New York, NY
    10017
    P: +1 212 450 4099
    F: +1 212 701 5099

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, E.D. New York
  • U.S. District Court, S.D. New York

Education

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