Michael J. Canning

Michael J. Canning

Retired Partner

Michael Canning is a retired partner with extensive experience in all aspects of bankruptcy, with a particular emphasis on the corporate/financial restructuring aspects of complex bankruptcy cases and workouts. Mr. Canning's experience in this regard has been on behalf of debtors and creditors, as well as other significant parties in the restructuring process.

On the debtor side, he represented Quebecor World (USA) Inc., and 52 of its affiliated entities, which collectively operated the second largest printing business in the United States, in their Chapter 11 reorganization in the Bankruptcy Court for the Southern District of New York. Mr. Canning also represented US Airways, Inc., and its affiliated entities, in their successful Chapter 11 bankruptcy proceedings in the Bankruptcy Court for the Eastern District of Virginia, as well as IMPSAT Fiber Networks, Inc., a large multinational telecommunications company, in its Chapter 11 reorganization of in excess of $1 billion in debt in the Bankruptcy Court for the Southern District of New York. Mr. Canning also represented a national real estate developer, individually and as general partner of over 30 real estate partnerships, in workout and Chapter 11 reorganization efforts involving in excess of approximately $1 billion in aggregate debt.

On the creditor side, Mr. Canning has represented both individual creditors, such as AT&T, Mutual of New York, Travelers, Ford Motor Credit, ING Bank, Xerox, and Forest City Ratner Companies, as secured creditors and participants in debt restructurings, as well as creditors’ committees in complex Chapter 11 proceedings, including the Official Committee of Unsecured Creditors of Criimi Mae Inc. and the Official Committee of Unsecured Creditors of Covanta Energy Corporation.

Mr. Canning has particular experience in the financial institutions and securities industries. With respect to the financial institution industry, he represented the two multibillion dollar subsidiary banks of Lehman Brothers Holdings, Inc. in securing Bankruptcy Court approval of global settlements of the banks' claims exceeding $2.5 billion. He also represented the independent members of the Board of Directors of Capmark Financial Group, Inc. related to the Capmark Chapter 11 reorganization before the Bankruptcy Court for the District of Delaware. Mr. Canning's representations in this area also include the Federal Housing Finance Agency, as Conservator of Freddie Mac and Fannie Mae, in respect of their claims against the Lehman debtors, and several domestic and foreign banks in their bankruptcy related issues.

Mr. Canning also has an active practice related to the securities industry, as evidenced by his representation of one of the largest securities customers in the Refco bankruptcy in the Southern District of New York, as well as his representation of hedge funds and private equity funds as creditors, lenders and investors in bankruptcy-related areas, including the representation of broker-dealers and financial institutions in Securities Investor Protection Corporation (SIPC) proceedings, and foreign exchanges in connection with the bankruptcy implications and risks associated with their US activities.

In addition to his traditional bankruptcy practice, Mr. Canning enjoys an active practice representing clients seeking to acquire assets from bankruptcy estates, including most recently Quad/Graphics Inc., as the buyer of substantially all of the assets of Vertis Holdings, Inc., one of the largest printing companies in the U.S., pursuant to a section 363 sale in their Delaware Chapter 11 proceedings, as well as a private equity buyer of assets in the Chrysler proceedings, and has also been actively involved in the work out of structured finance transactions, with particular experience in the bankruptcy issues that arise in connection with asset securitizations, representing, for example, the acquirer of the equity in the W Hotel in Union Square in New York City from the mezzanine lender in the lender's Chapter 11 proceedings, and the DIP lender in the Chapter 11 reorganization of Innkeepers USA Trust in the Bankruptcy Court for the Southern District of New York.


  • JD, University of Virginia School of Law, 1971, Dillard Scholar
  • AB, College of the Holy Cross, 1968, cum laude
  • New York
  • Connecticut

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