The Global Financial Restructuring and Insolvency Practice is an integrated team of more than 160 lawyers worldwide who practice exclusively or principally in the area of bankruptcy and insolvency law. As a recognized leader in complex cross-border insolvencies and workouts, our Practice represents clients in all aspects of restructurings, workouts and insolvency matters, including both transactional and litigation matters. We regularly represent multinational corporations in simultaneous proceedings in virtually every corner of the world.
The industry magazine The Deal has consistently ranked White & Case as the number one restructuring team globally—topping the magazine’s league tables since 2006. The most recent second-quarter 2010-league table credits the Firm with a role in 847 active cases, substantially more than any other law firm in the world.
Unmatched Problem Solving and Strategic Thinking
Our Practice's approach is to develop a very sound strategic understanding of each client’s circumstances right upfront, as quickly as possible. We have built a reputation for being aggressive and creative for our diverse clients across the board, not waiting for others to act, but forcing others to react to what we are doing for our clients. We are the go-to team for clients in deep trouble who need a law firm to hit the ground running—and to represent them with passion and tenacity.
Our completed and ongoing assignments reflect the diversity and dynamism that have become hallmarks of our global practice. Importantly, we have been able to regularly achieve extraordinary results for clients facing long odds in difficult positions.
Here is a sampling of some of our recent representations:
Chrysler Chapter 11: We represented three Indiana state pension and construction funds that owned Chrysler first lien debt. We succeeded in getting the US Supreme Court to vacate the decision of the Second Circuit that had approved the use of section 363 to reorganize the business, and to pay junior claims, without the protections of a Chapter 11 plan process.
JSC BTA Bank Restructuring: We advised Kazakhstan's JSC BTA Bank on the restructuring of its financial debt, following the global financial crisis which hit the banking sector around the world. The restructuring, which reduced the bank’s debt from US$16.65 billion to US$4.24 billion, allowed the bank to emerge from the crisis as a going concern, without the need to rely on taxpayer state aid or the creation of a "bad" bank. The restructuring received recognition in the courts of the United States, the United Kingdom and Ukraine.
Six Flags Chapter 11: We represented an ad hoc group of lenders that held a majority of the US$870 million of outstanding Six Flags, Inc. notes. After defeating the company’s Chapter 11 plan that would have effectively wiped out our clients' investment, we obtained approval of a modified plan under which they acquired ownership of the Six Flags amusement park business in a deal valued at about US$1.8 billion.
Visteon Corp. Chapter 11: We represented a consortium of bondholders, as Lead Investors, with respect to the Chapter 11 restructuring of Visteon Corporation, one of the world's largest suppliers of automotive parts. Visteon's initial plan of reorganization filed by the Debtors contemplated completely wiping out the bonds. On the heals of our success in Six Flags, we led our clients through a transaction that concluded with the bondholders taking control of the company. Visteon’s Lead Investor-sponsored Plan of Reorganization became effective upon the closing of a US$1.25 billion equity capital raise, led by the Lead Investors (together with various co-investors), as well as US$700 million in exit financing.