Bankruptcy, Restructuring, & Recovery
We bring real world experience to the table and find efficient and proactive strategies to help all of our clients.
Our team has worked on matters that include complex corporate Chapter 11 cases, out of court workouts, and litigation proceedings for our clients. Our decades of experience in workouts and restructurings gives us the tools to successfully navigate sophisticated and complex matters for our clients, including preference and fraudulent transfer litigation, valuation and automatic stay proceedings, objections to discharge/dischargeability and commercial litigation. This experience helps our clients get the most favorable result in difficult and often tense situations.
Our solution-oriented approach ensures we are mobilized to respond to every client’s business needs, with a combination of business insight and bankruptcy experience.
We endeavor to stay abreast of the emerging issues and business cycles that affect various areas of commerce, drawing as needed on the many talented JW professionals who practice in industries including energy, healthcare, agriculture, real estate, finance, and retail commerce. Our goal is to assemble the appropriate mix of experience and talent on behalf each client, consider the remedies and processes available in bankruptcy, and use them in a way that will yield the best outcome for our client.
We represent clients in bankruptcy courts nationally, including Delaware, New York, and other jurisdictions nationwide. Many of our lawyers are former judicial law clerks. Our varied experiences means we can respond quickly to our client’s needs wherever they may be.
We excel at getting businesses reorganized and creditors paid. We assist clients in recovering their money and collateral when borrowers default or file for bankruptcy and represent secured and unsecured creditors and debtors in restructurings. We take a collaborative approach to obtain the highest possible recovery for our clients in an efficient and cost effective manner.
- McDermott: Represented McDermott International, Inc. and 225 of its subsidiaries and affiliates, including 107 foreign domiciled entities, in their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court of the Southern District of Texas. McDermott is a premier, global upstream and downstream engineering, procurement, construction, and installation company and employs over 42,000 individuals across 54 countries and six continents. McDermott’s prepackaged Chapter 11 cases were confirmed in less than 60 days that will equitize nearly all of McDermott’s funded debt, eliminating over $4.6 billion of debt, and an auction process to sell McDermott’s Lummus technology business supported by a “stalking horse” bid with a base purchase price of $2.725 billion.
- iHeart: Served as co-counsel and conflicts counsel for iHeart Media, the largest radio broadcaster in the United States and the largest group of affiliated Chapter 11 cases ever filed in Texas. The Company had consolidated debts of over $20 billion and the Chapter 11 cases, which are the largest of 2018 based on outstanding debt, restructured over $16 billion of that debt. Our work encompassed pre-bankruptcy planning and first day motions, all the way through the disclosure statement/plan confirmation process and post-confirmation claim objections.
- Sanchez Energy: Represented Houston based driller Sanchez Energy Corporation and its affiliates in its Chapter 11 case in the Southern District of Texas. Sanchez Energy is currently using the Chapter 11 process to restructure over $1.5 billion in funded debt obligations in the face of a historic collapse of commodity prices.
- Sheridan: Served as co-counsel to the Fund I Debtors in their record setting Chapter 11 cases where the pre-packaged Plan was confirmed a little more than 24 hours after the petition date. Under the applicable Covid-19 related protocol in place at that time, counsel and witnesses appeared at the confirmation hearing via video conference.
- Jones Energy: Served as co-counsel and conflicts counsel to the Debtors, an Austin, Texas-based independent oil and gas company engaged in the exploration, development, production, and acquisition of oil and gas properties in the Anadarko Basin in Oklahoma and Texas. The pre-packaged Chapter 11 plan was confirmed in less than two months.
Secured Creditor Representation
- Represented national banks, state savings banks, and other institutional lenders in bankruptcies, receiverships, and workouts in a variety of industries and businesses, including healthcare companies, energy companies (upstream, mid-stream and down-stream), real estate companies (landlords and developers), manufacturers, technology companies, and a wide variety of other service providers, retailers, dealers, and suppliers.
- Represented lead, agent, and/or participant banks in syndicated secured credit facilities in energy company Chapter 11 cases in Texas, Delaware, and New York, including C&J Energy, Chaparral Energy, Energy XXI, Knight Energy, North American Petroleum, Penn Virginia, Postrock Energy, Sabine Oil & Gas, and Samson Resources.
- Represented MBS servicers and special servicers in connection with secured claims in distressed situations and company Chapter 11 cases.
- Represented indenture trustees in Chapter 11 cases involving companies in the energy, agriculture, and automotive finance industries.
- Represented an indenture trustee for a bond issuance in a Chapter 9 filing by a Texas city.
Unsecured Creditor Representation
- Represented retail energy providers in Chapter 11 cases.
- Represented seismic licensors in exploration and production Chapter 11 cases.
- Represented former spouses in Chapter 11 and Chapter 7 cases involving ex-spouses.
- Represented trade creditors in Chapter 11 and Chapter 7 cases in a large number of varied industries.
- Represented “first day” creditors as well as critical vendors before and during bankruptcy cases.
- Represented creditor clients in claims litigation under section 502 of the Bankruptcy Code, including late-filed and estimated claims.
- EXCO Resources—Acted as co-counsel for the Official Committee of Unsecured Creditors, where we provided in-depth and specialized lien review and analysis with respect to alleged mortgages on oil and gas leases throughout the U.S. As a result of our lien analysis, the Committee successfully negotiated a proposed plan distribution up from the 0% estimated upon filing to 18%.
- Energy Future Holdings—Acted as counsel for the largest unsecured trade creditor and co-chair of the Official Committee of Unsecured Creditors.
- Reichhold—Represented petrochemical company/trade creditor holding a multimillion-dollar unsecured claim against the debtor multinational paint manufacturer. Successfully achieved appointment to the Unsecured Creditors’ Committee (co-chair) and favorable recovery of claim (92%) through a negotiated asset sale.
- Continental Airlines—Represented the Official Committee of Unsecured Creditors involving unsecured claims exceeding $100 million which resulted in a confirmed plan that provided for payment to unsecured creditors of 100%.
- North Texas Motorcars—Represented the Official Committee of Unsecured Creditors involving unsecured claims of $57 million in a subprime automobile lender.
- Consolidated Fuel Corporation—Represented the Official Committee of Unsecured Creditors with claims of $10 million, resulting in a plan that paid unsecured creditors in full, with interest.
Bankruptcy Trustee Representation
- Represented Chapter 7 trustee in global enterprise case involving collection of accounts and recovery of fraudulent transfers against foreign corporations resulting in collection of $30m.
- Represented Chapter 7 trustee coal mining and processing operation regarding the sale of assets and pursuit of accounts and fraudulent transfers.
- Represented Chapter 7 trustee of failed shipping company with assets largely consisting of maritime lien claims on non-debtor owned vessels.
- Represented Chapter 11 trustee of company with a million-acre oil and gas concession in Africa.
- Represented receiver appointed over automobile dealership in taking control of assets, as well as the sale of installment sale contracts, vehicle inventory, and real estate.
Distressed Asset Buyers & Sellers Representation
- Represented purchaser of all assets of a full service pipe-bending business.
- Represented purchaser buying three apartment projects totaling over $30m.
- Represented purchaser of story treatment by major motion picture studio.
- Represented purchasers of healthcare entities as a going concern through asset purchases and stock purchases.
- Represented bidder in auction for real property in national retailer case.
- Represented debtor in $15m sale of assets, including patents and licenses, for installation of proton therapy systems for radiation treatment of cancer patients.
- Represented largest unsecured creditor in sale of 41-unit chain of liquor stores.
Landlord & Contract Counter Parties Representation
- Represented a variety of landlords in large and complex cases throughout the nation, including Mattress Firm, Ignite Restaurants, Mac Acquisition, Radioshack, Toys “R” Us, Restaurants Acquisition, Energy Future Holdings, Circuit City, Movie Gallery, The Great Atlantic & Pacific Tea Company, Borders, HUSA, Inc., Seahawk Drilling, and MJ Designs.
- Represented national owner of real estate in numerous bankruptcy cases throughout Texas, including with respect to proposed treatment of leases and post-confirmation default issues.
- Represented multiple seismic company licensors in various bankruptcy cases. Successfully opposed and negotiated acceptable terms for confirmation of proposed bankruptcy plans that would have negatively affected seismic licensor rights.
- Represented energy trading counterparties regarding the treatment of their forward contracts and swap agreements in Chapter 11 cases.
November 19, 2021
Liz Freeman will speak on a panel at the Jay L. Westbrook Bankruptcy Conference. The program, “Claim Objections Done Right,” will be include panelists Julie Harrison (Norton Rose Fulbright US) and Erin McKeighan (Alvarez & Marsal North America).
November 4, 2021
Jackson Walker proudly announces the Firm’s inclusion in the 2022 edition of the U.S. News & World Report and Best Lawyers “Best Law Firms” list. Rankings are based on client feedback on several criteria, including its practice groups, responsiveness, understanding of each client’s business, cost-efficiency, civility, and whether they would refer another client to the Firm. The selection process also includes the collection of peer evaluations and a final review by leading attorneys in each field.
October 13, 2021
At The Legal Conference hosted by the Southwest Association of Bank Counsel and the Texas Bankers Association, Bruce Ruzinsky and Victoria Argeroplos spoke about the effect of the automatic stay under the Bankruptcy Code on lenders’ collection efforts, adequate protection of secured lenders’ interests in collateral when a bankruptcy case is filed, setoff/recoupment, and section 363 sales.
October 7, 2021
On Thursday, October 7, Matt Cavenaugh will speak during a CLE webcast hosted by The Texas Lawbook discussing the rise of complex corporate restructurings in Texas bankruptcy courts. Fellow speakers will include Chief Bankruptcy Judge David Jones for the Southern District of Texas, Judge Marvin Isgur for the Southern District of Texas, Judge Edward L. Morris for the Northern District of Texas, and Porter Hedges attorney John Higgins.
September 22, 2021
Each year, less than 5% of attorneys in Texas are named to the list. Selection is based off of peer nominations that are then reviewed by a research team. Each nominee is evaluated on his or her professional accomplishments, peer recognition, and community involvement.
August 19, 2021
‘The Best Lawyers in America’ Honors 178 Jackson Walker Attorneys in 2022 Edition, Including 8 “Lawyers of the Year” and 31 “Ones to Watch”
The Best Lawyers in America has recognized 178 Jackson Walker attorneys across 6 offices and 67 specialty practice areas in its 2022 edition, including 8 Lawyers of the Year and 31 Ones to Watch. Best Lawyers listings are based on an exhaustive peer review survey of thousands of attorneys who vote on the legal abilities of others in their practice areas.
August 3, 2021
Jackson Walker congratulates the 20 attorneys recognized among “Austin’s Top Attorneys” for 2021. For recognition in the list, Austin attorneys must be nominated by their peers on the basis that they offer experienced counsel in one of 43 categories.
June 17, 2021
Daniela Mondragón Joins American Bar Association’s Young Lawyers Division as Vice-Director of Diversity & Inclusion
San Antonio associate Daniela Mondragón has been appointed as Diversity & Inclusion Vice-Director of the American Bar Association’s Young Lawyers Division (YLD). Her term begins September 1, 2021, and continues until August 31, 2022.
May 20, 2021
Chambers and Partners Recognizes Jackson Walker Attorneys and Practices in 2021 USA and Global Guides
Jackson Walker is pleased to announce that Chambers and Partners has selected 41 attorneys and 14 departments for inclusion in the 2021 edition of the Global and USA guides.
April 28, 2021
Jackson Walker congratulates the 23 attorneys recognized among D Magazine’s list of the “Best Lawyers in Dallas” for 2021.