The Corporate Restructuring Group at Skadden provides innovative solutions to clients involved in distressed company situations, which allow clients to minimize costs, enhance value and properly position themselves for the future.
We represent troubled companies, their boards, management, owners, creditors, lenders, investors and acquirors handling restructurings in and out of court, financial recapitalizations, business reorganizations, acquisitions and liquidations. Our lawyers also advise on insolvency issues in corporate and financing transactions and on all aspects of distressed debt trading and securities issues. A substantial aspect of our practice focuses on avoiding or mitigating the adverse effects of liquidity or other crises through contingency planning and helping companies overcome the inertia of a downward spiral while they still have alternatives to bankruptcy. In addition, our presence in Europe, Asia and South America allows us to address clients’ needs in the context of insolvency and bankruptcy regimes around the world.
We help clients minimize the time spent in Chapter 11, and our experience in high-stakes, troubled company disputes includes expedited litigation. Skadden pioneered the use of bankruptcy techniques to accomplish corporate objectives expeditiously and economically when a preponderance — but not all — of a company’s creditors support a financial restructuring. These "prepackaged" or "prearranged" bankruptcies — where the terms of a debt refinancing are worked out prior to filing Chapter 11 — result in minimal time spent in bankruptcy, avoiding millions of dollars of fees and damage to enterprise value.
Our Corporate Restructuring Group consistently has been recognized by peers and restructuring professionals as one of the top practices in the world. In 2019, we had five of our representations named in the annual Successful Restructuring series in Turnarounds & Workouts (Danaos Corporation, Pacific Drilling S.A., Takata Corporation, VER Technologies Holdco LLC and Westinghouse Electric Company, LLC). Our practice was ranked in the top tier by IFLR1000 2019. Skadden was named Corporate Restructuring Team of the Year by The American Lawyer and Legal Week at the 2017 Transatlantic Legal Awards, as well as U.S. News — Best Lawyers Law Firm of the Year for its Corporate Restructuring Group as part of the publication’s 2017 Best Law Firms survey. Global Restructuring Review honored Skadden with the award for Cross-Border Cooperation in a Specific Insolvency or Restructuring Matter for our role in settling litigation stemming from the Nortel insolvency proceedings, and we were recognized by The American Lawyer at its 2017 Global Legal Awards with the Global Finance Deal of the Year: Insolvency and Restructuring (U.S.) for our representation of Roust Corporation in the fastest billion-dollar prepackaged restructuring in history. We also were recognized for our inclusion in the GRR 30, a ranking of the world’s top 30 firms for cross-border restructuring and insolvency advice.