Weil, Gotshal & Manges LLP

Bankruptcy/Restructuring Department

New York
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What the team is known for Impressive performer handling a wide spectrum of restructuring matters on behalf of domestic and international clients. Well reputed for its representation of financial institutions and major corporate clients. Highly regarded debtor practice, with additional strength in creditor work. Houses a deep bench of experts who demonstrate significant experience handling distressed situations within the oil and gas, metals and mining industries, as well as the retail sector.

Strengths"They have a deep bench with quality over the entire team; from the top partners to the most junior associates, their skills are impressive," notes one delighted client. "I can say with confidence that Weil is one of a small handful of top bankruptcy firms in the USA. There are not many other law firms that provide such a high quality of service."

Another client attests to Weil's commanding debtor-side practice. "Their overall strengths were the prep time they did at the beginning before we started the Chapter 11, but also making sure we knew everything going ahead, and managing the communication with the court and the creditors," says the interviewee. "They did an extremely good job of identifying the really key drivers for us in the Chapter 11, and they worked with our team to explain the impacts of various courses of action and what those courses would mean to us."

Work highlights Represented Fieldwood Energy in connection with its Chapter 11 case. The team developed a strategy whereby the company used its restructuring to acquire certain assets, convert over $1.6 billion in debt into equity, and raise $525 million of capital through an equity rights offering. The prepackaged restructuring, which was fully consensual, was completed in less than two months.

Notable practitioners

Gary Holtzer is a highly respected restructuring attorney with an extremely impressive record of achievement on both the company side and the creditor side. He handles all aspects of bankruptcy law, including domestic and international restructurings and distressed M&A. "I think he's an outstanding lawyer," comments one client. "His real value was to put together the Weil Gotshal team in essence to be the quarterback and make sure everything was running well. His ability to strategize the case and to quickly synthesize the other parties' motivations and articulate how to structure a global settlement, it was fantastic." Holtzer is a cochair of the Weil business finance and restructuring department.

Marcia Goldstein is a hugely respected figure in this space and has been a fixture of Weil's restructuring practice for over 40 years, during which time she has handled a number of the most challenging domestic and international corporate restructurings and insolvencies on behalf of debtors and creditors. She remains a key asset to the firm's clients, with recent high-profile mandates including the representation of scandal-hit airbag manufacturer Takata in connection with its Chapter 11 filing.

Matthew Barr is a highly-thought-of bankruptcy attorney who acts for a wide range of parties, including debtors, creditors, bondholders and acquirers, in connection with in and out-of-court restructurings. "Matt has extraordinary depth in bankruptcy laws and practice, combined with strong interpersonal skills," notes one interviewee. "He develops strong relationships with the client and the opposition, and he is gifted at finding a negotiated settlement." Barr serves as cochair of Weil's business finance and restructuring department.

Ray Schrock offers a wide-ranging creditors' and debtors' rights practice, and is particularly noted for his work on a number of Weil's most prominent company-side engagements of late, including the restructurings of Tops Supermarkets, Walter Investment Management and Claire's Stores. Schrock serves as a cochair of the firm's business finance and restructuring practice and is described by one interviewee as "a creative problem-solver, a tough negotiator and a pleasure to work with."

Stephen Karotkin is proficient for both debtors and creditors in connection with a wide range of restructuring matters, including complex Chapter 11 cases, out-of-court workouts and debtor-in-possession financings. He is noted by clients as "smart and very engaged."