Michael Shepherd

Partner, Miami, New York


Michael Shepherd’s practice is focused on business reorganization and restructuring matters, including the representation of debtors in possession, creditors committees, equity security holders and institutional creditors.


Michael Shepherd focuses on complex business restructuring and reorganization matters.

He offers clients the benefit of his significant experience in this field, representing institutional creditors and bondholders, as well as strategic investors and acquirers of distressed assets. Tenacious in his defense of his clients' interests, Michael has also developed a strong track record of representing troubled companies as debtors in possession.

Combining broad sector knowledge with a deep understanding of insolvency matters, Michael is an essential asset for clients faced with the most challenging of bankruptcy proceedings. He demonstrated these talents while acting as counsel to the Ad Hoc Group of Lenders to Hercules Offshore, Inc., in their successful defense of the debtors' lender-devised chapter 11 plan, and Centaur Gaming and its affiliates, in their successful chapter 11 reorganization. Michael's skill at guiding clients through the legal intricacies of multijurisdictional deals was also showcased during his representation of Daimler AG and its subsidiaries in connection with the global restructuring of Takata Corporation, of Global Safety Textiles in its complex cross-border restructuring, and of BTA Bank in its chapter 15 proceeding.

Michael's creative, cutting edge approach to reorganization and restructuring matters is based both on his significant track record at White & Case, as well as the valuable legal experience he gained before joining the Firm. This includes his service as law clerk for the Honorable S. Martin Teel, Jr., of the United States Bankruptcy Court for the District of Columbia, and for the Honorable William F. Stone, Jr., of the United States Bankruptcy Court for the Western District of Virginia.

Bars and Courts
New York
Florida State Bar
Virginia State Bar
US District Court for the Eastern District of Virginia
US Bankruptcy Court for the Western District of Virginia
US Court of Appeals for the Fourth Circuit
Washington and Lee University School of Law


Ad Hoc Group of Individual Claims of Purdue Pharma L.P., 2020-2021
Representation of ad hoc group of personal injury claimants in the in-court restructuring of Purdue Pharma L.P. and its debtor affiliates in connection with negotiation and confirmation of chapter 11 plan of reorganization and establishment of opioid-related personal injury trust.

LATAM Airlines Group, S.A., 2020-2021
Representation of "Tranche A" lenders and certain "Tranche B" lenders in connection with $1.3 billion Tranche A and later-provided $750 million Tranche B debtor-in-possession credit facilities in chapter 11.

Odeon Cinemas Group, 2021
Representation of all five members of syndicate of lenders in connection with provision of ₤400 million refinancing and upsizing of existing credit facilities.

Number Holdings, Inc., 2020
Representation of acquirer of multiple series of newly-issued convertible preferred stock of Number Holdings, Inc., parent company of retailer 99 Cents Only Stores LLC.

Acosta, Inc., 2019
Representation of two of four members of the ad hoc group of consenting cross-over holders of unsecured bonds and secured term loans, and who were the lead sponsors of the company’s prepackaged plan in their capacity as debtor-in-possession lenders, direct investors and rights offering backstop parties, in the in-court restructuring of Acosta, Inc., a leading sales and marketing agency.

Affinion Group, 2019
Representation of investors under a restructuring support agreement related to outstanding notes and in connection with the out-of-court recapitalization of Affinion Group Holdings, Inc., a leading loyalty and customer engagement solutions provider.

LSP Power Development, 2018
Representation of largest non-shareholder, secured lender in connection with chapter 11 reorganization of EXCO Resources, Inc. Following a week-long contested confirmation hearing, the debtors and the shareholder-secured lenders agreed to increase the plan distribution to White & Case's client to address certain claims it had asserted against certain of the shareholder-secured lenders.

Daimler AG, 2017
Representation of automobile manufacturer Daimler AG and its subsidiaries in connection with the global restructuring of Takata Corporation and its subsidiaries, component part suppliers responsible for the largest-ever consumer products recall. White & Case has assisted Daimler AG and its subsidiaries in navigating the complex issues arising out of insolvency proceedings in the US and Japan and coordinated out of court restructurings in Europe and elsewhere.

Morgan Stanley, 2017
Representation of Morgan Stanley as lead arranger in connection with the bankruptcy exit financing for the Homer City coal-fired power project in Pennsylvania.

Ad Hoc Group of Lenders to Hercules Offshore, 2016
Representation of the Ad Hoc Group of Lenders to Hercules Offshore in connection with plan mediation and a contested confirmation that included claims ranging from lender liability to equitable subordination and disallowance. After five days of trial, all objections based on the conduct of the White & Case's lender clients were overruled, and the lender-supported plan was confirmed.

Ad Hoc Group of TCEH Unsecured Noteholders, 2015
Representation of the Ad Hoc Group of TCEH Unsecured Noteholders, comprised of holders of approximately US$2.7 billion of unsecured notes issued by Texas Competitive Electric Holdings Company, LLC, in the chapter 11 cases of Energy Future Holdings Corp. and its subsidiaries, where the White & Case team successfully defeated a prepetition restructuring support agreement and designed an alternative plan of reorganization that garnered the support of nearly all stakeholders, and was confirmed.

Faculty and Staff of Sweet Briar College, 2015
Representation of approximately 200 faculty and staff of Sweet Briar College, a historic women's college in Virginia, when its board unexpectedly announced its closure in March 2015. The timing meant that few faculty could find equivalent positions, deeply impacting their livelihoods. Working with other involved groups, White & Case secured a settlement, keeping the college open for at least another year and offering severance to faculty and staff forced to leave.

BTA Bank, 2012
Representation of BTA Bank in the restructuring of US$11.1 billion of financial indebtedness. The restructuring involved the cancellation of bonds previously issued in connection with BTA's last restructuring, in consideration of which creditors where paid US$1.6 billion in cash and issued US$750 million new notes and shares and GDRs of BTA Bank.

Centaur Gaming, 2010
Representation of Centaur Gaming and its affiliates, developers and operators of horse racing and gaming properties, in their successful chapter 11 restructuring of approximately US$1 billion of prepetition secured debt. During the highly-contentious restructuring, White & Case assisted Centaur Gaming in devising an emergence capital structure that satisfied the requirements of two of the most rigorous gaming and racing-related regulatory regimes in the US In addition, White & Case advised Centaur Gaming with respect to the consensual resolution of significant intercreditor disputes and the disposition of certain non-core gaming operations and racing-related development opportunities.

Global Safety Textiles, 2009
Representation of Global Safety Textiles and its subsidiaries, tier two automotive suppliers, in a cross-border restructuring of approximately US$285 million of prepetition secured and unsecured debt. Using the tools available under chapter 11, including the imposition of injunctive relief against certain multinational banks and funds, White & Case was able to restructure the funded debt obligations of Global Safety Textiles' US and overseas subsidiaries, thereby ensuring the uninterrupted supply or airbag and technical fabrics required by Global Safety Textiles tier one customers.

Speaking Engagements

"Priorities in Future Insolvency Claims", May 21, 2013: INSOL 2013 Quadrennial Conference, The Hague, Netherlands


Bloomberg Law on Bankruptcy, 2014, forthcoming, (contributing author)