Bankruptcy and Restructuring
With a sophisticated understanding of the restructuring landscape, our multidisciplinary Bankruptcy and Restructuring practice provides comprehensive services in all aspects of restructuring and insolvency proceedings from pre-workout phase through litigation, if necessary. Our team of more than 30 insolvency and restructuring practitioners, located in Washington, D.C., New York, Chicago, Denver, and Los Angeles, has been at the forefront of some of the largest and most complex multinational restructurings and insolvencies of the recent past.
We have developed longstanding relationships with the industry's key players and regularly represent a whole range of stakeholders, including corporate debtors, investors and asset purchasers, committees, bondholders, secured and unsecured creditors, parties dealing with distressed businesses, officers and directors, and other interested parties in corporate restructurings, bankruptcy proceedings, and related litigation throughout the United States.
Our bankruptcy lawyers are experienced litigators. We appear in trial and appellate courts throughout the United States and are often involved in precedent-setting cases. Our transactional experience is equally extensive. Our Bankruptcy and Restructuring practice has taken the lead in a number of sophisticated transactions in some of the country's largest bankruptcy cases. We have also negotiated and structured successful out-of-court restructurings, helped clients acquire distressed assets or businesses, and advised clients on their dealings with troubled companies.
In addition to the practice's substantive knowledge and experience regarding restructurings and insolvency proceedings, we frequently partner with Arnold & Porter's other practice groups — Litigation, Corporate and Finance, Securities Enforcement and Litigation, Tax, Environmental, Antitrust, Real Estate, Intellectual Property, and Government Contracts — to provide our clients with a full spectrum of legal services. As bankruptcy issues rarely arise in a vacuum, this multidisciplinary coordination is particularly valuable to our clients.
Our firm and its bankruptcy partners have been recognized by numerous publications as being among the leading bankruptcy and restructuring lawyers in the United States, including Chambers USA: America's Leading Business Lawyers, BTI Client Service All-Stars, The Best Lawyers in America, Legal 500 US: Corporate and Finance, Guide to the World's Leading Insolvency and Restructuring Lawyers, and other publications. Our bankruptcy partners are frequent lecturers, published authors, and widely recognized professionals.
Experience Highlights
-
PetSmart, as counsel to ad hoc group of senior term lenders, in proposed spin-off of Chewy.com and related district court litigation.
-
iHeart Media, as counsel to ad hoc group of senior term lenders, in the restructuring of its nearly $20 billion in indebtedness.
-
Zohar III Corp., as counsel to controlling class of noteholders, in the Zohar III Bankruptcy cases and in other litigation.
-
Cumulus Media, as counsel to ad hoc group of first lien lenders that were owed more than $1.6 billion.
-
Borden Dairy, as lead counsel in its Chapter 11 filing, navigated industry challenges and a COVID-19 impacted market to execute a virtual auction sale to Capitol Peak Partners and KKR for approximately $350 million, surpassing recovery expectations for unsecured creditors.
-
New England Confectionery Company, as counsel to ACAS LLC and affiliates in District of Massachusetts bankruptcy case and in related bankruptcy court and district court litigation.
-
Hertz, as counsel to ad hoc group of 20+ first lien lenders, in the $19 billion Chapter 11 bankruptcy of The Hertz Corporation, facilitating a $1.65 billion debtor-in-possession financing and negotiating settlements for full payment on plan’s effective date.
-
Arch Coal Inc., as counsel to ad hoc group of term lenders, in the restructuring of a $1.9 billion credit facility extended to Arch Coal, Inc. Arch successfully emerged from Chapter 11 as the term lenders received more than 90% of the post-reorganization equity and achieved a more than par recovery following emergence.
-
Cineworld, as counsel to an ad hoc group of 50+ term lenders owed more than $8 billion, in multiple rescue, DIP and exit financings and the negotiation and documentation of a fully-consensual debt for equity plan of reorganization enabling the second largest theater operator in the world to successfully exit from chapter 11 and transfer of ownership to its lenders.
Focus Areas
Key Contacts
Related Services
Recognition
-
Chambers USABankruptcy/Restructuring: Highly Regarded – Nationwide (2024)
Bankruptcy/Restructuring – Washington, D.C., Illinois (2024) -
Chambers GlobalBankruptcy/Restructuring: Highly Regarded – USA (2025)
-
The Legal 500 USRestructuring (Including Bankruptcy): Corporate (2024)
-
U.S. News & World Report and Best LawyersArnold & Porter has been recognized nationally as a "Top Tier" firm by U.S. News & World Report and Best Lawyers as one of the "Best Law Firms" for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization.
"Best Law Firms" for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law – Chicago, Washington, D.C., National (2025)
"Best Law Firms" for Bankruptcy Litigation – Chicago, Washington, D.C., National (2025) -
Best LawyersArnold & Porter Bankruptcy and Restructuring lawyers have repeatedly been recognized by Best Lawyers for Bankruptcy and Creditor-Debtor Rights/Insolvency and Reorganization Law.
-
IFLR1000Banking – USA (2024)
Restructuring & Insolvency – USA (2024)
Restructuring & Insolvency – UK (2023) -
American Bankruptcy InstitutePartners Brian Lohan and Rosa Evergreen were selected to the organization's "40 under 40" list (Lohan in 2017 and Evergreen in 2018).
-
Washingtonian MagazinePartners Michael L. Bernstein and Rosa Evergreen were in the publication's list of "Top Lawyers" for Bankruptcy in 2017 and 2018.
-
Turnarounds & WorkoutsPartners Rosa Evergreen and Brian Lohan were included on the publication's list of "Outstanding Young Restructuring Lawyers" (Evergreen in 2017 and Lohan in 2018).
-
BTI Client ServiceChair Michael L. Bernstein was named an "All-Star" in the 2016 listing.
-
Super LawyersArnold & Porter Bankruptcy and Restructuring lawyers have repeatedly been recognized by Super Lawyers for Bankruptcy & Creditor/Debtor Rights.
-
The DealThe Bankruptcy and Restructuring group has been recognized in The Deal's bankruptcy league tables as a top bankruptcy law firm.
-
Fellow of the American College of BankruptcyMichael L. Bernstein was inducted in 2009.
