When bankruptcy, restructuring, or insolvency appears and financial distress threatens a business, all parties desire a rapid resolution. Whether the challenge appears at headquarters or in a foreign jurisdiction, today’s global marketplace presents the decision-maker with a complex web of possible outcomes and legal strategies. Protecting your interests can be a daunting task when faced with conflicting economic interests, emotions and sometimes multiple legal systems and cultural norms. And it has never been more critical to be adroitly advised and flexibly responsive when considering which jurisdictions, laws and industry practices will result in the most ideal outcome.
Whether you’re managing a real estate portfolio, a distressed manufacturer or health care service provider; purchasing a weakened retail operation or struggling transportation business; or simply a trader of heavily discounted sovereign and institutional debt and other securities, you can rely on us to take the edge off your anxiety. Dentons’ lawyers in offices around the world possess a deep understanding of your markets, wherever you trade and invest.
We grasp the complexities of your industry, whether natural resources or technology-based; dependent upon the value of real estate or branded retail goods; manufacturing, transportation or service dependent; or a regulated monopoly. Side by side, we navigate intricate legal challenges and discover the best possible opportunities. Whether you need creative litigation or arbitration strategies, innovative negotiating tactics born from real-world experience or practical guidance in cross-border restructuring, we deliver the latest insights and known solutions so you can act with speed and confidence.
With a passion for identifying effective advocacy and representation, we become a dynamic force on your side. Together, we discover the best course of action in a high-stakes situation.
More About Restructuring, Insolvency and Bankruptcy
- AVEOS Fleet Performance: Advising in connection with its Companies' Creditors Arrangement Act proceedings. Founded as Air Canada Technical Services (ACTS), AVEOS was one of the largest airline maintenance, repair and overhaul providers in the Americas.
- Catalyst Paper Corporation: Advising the Ad Hoc Group of First Lien Lenders of Catalyst Paper Corporation and certain of its subsidiaries in their Companies’ Creditors Arrangement Act/Chapter 15 proceedings.
- Official Committee of Retirees for the City of Detroit: Represented the Official Committee of Retirees in the largest Chapter 9 bankruptcy case in US history. The Committee represented the interests of approximately 23,500 public safety and general City retirees, as well as the interests of approximately 9,000 dependents, who were owed approximately US$9 billion in pension and retirement health care benefits. With the assistance of Dentons, almost all pension benefits were protected and health care benefits payments continued.
- Energia Overseas: Representing a Russian reorganization sponsor and Chapter 11 debtor-in-possession funder for Sea Launch that resulted in Sea Launch shedding over US$2 billion in debt and migrating with regulatory approvals in several steps from Delaware to Switzerland.
- Federal-Mogul: Representing the Official Creditors’ Committee in these US Chapter 11 cases. Federal-Mogul is one of the largest auto parts and systems manufacturers and distributors in the world, with operations throughout the US and Europe. A total of 157 companies filed for Chapter 11, and 134 of those companies also commenced insolvency proceedings in the UK with more than US$2 billion in debt. Our skill was called upon in restructuring the company’s business operations and deleveraging its balance sheet. Throughout these proceedings, we successfully represented the Federal-Mogul committee in negotiations with and actions against the debtors, the asbestos claimants, the pre-petition secured lenders and the UK administrators in the UK insolvency proceedings. We successfully sought and won the termination of the debtors’ exclusive period to file a plan of reorganization in the US, which allowed the Creditors’ Committee to propose its own plan of reorganization based on the settlements reached with the other creditor constituencies. The UK counsel from one of our predecessor firms represented the UK administrator in the administration.
- Great Basin Gold: Advising an ad hoc group of bond holders in connection with Great Basin Gold’s CCAA, Chapter 11 and South African Business Rescue proceedings.
- Lehman Bankhaus German (affiliate of Lehman Brothers Holdings, Inc.): Representing in its complex claims against, and transactions with, other Lehman entities. We also represent numerous other clients in a wide variety of matters worldwide arising out of the Lehman collapse, including hedge funds and other financial institutions in connection with the administration of the English Lehman companies. This is especially true in relation to prime brokerage issues and International Swaps and Derivatives Association close-out positions.
- Medican Holding Ltd.: Advising in their proceedings under the Companies’ Creditors Arrangement Act. This matter involved the restructuring of a number of operating entities and real estate development projects through the innovative use of project-related debtor-in-possession facilities and a chief restructuring officer CRO to supplement management.
- Nortel Networks: Serving as Canadian counsel for the Official Committee of Unsecured Creditors and certain of its direct and indirect subsidiaries in the cross-border CCAA/Chapter 11 proceedings.
- Northstar Aerospace: Served as debtors’ counsel in the Chapter 11 case of Northstar Aerospace (USA), Inc. and its affiliates, which filed for bankruptcy in Delaware. The matter resulted in a going concern sale of both the US and Canadian assets for approximately US$120 million of cash and assumed liabilities. There was also a complex international arbitration post-closing related to purchase price adjustment related disputes.
- Omnium Group: Representing following the merger of some activities with parts of the Laurad group. Dentons partners successfully objected to conciliation proceedings, and advised on a favorable settlement agreement allowing Omnium to recover its financial independence and continue its business.
- Perella Weinberg: Representing as majority holder of €495 million F.C.T. Windermere XII bonds issued by Hold in respect of La Tour Cœur Défense, in connection with the debt restructuring, the court imposed safeguard proceedings, and seeking the sale of Cœur Défense.
- PricewaterhouseCoopers: Advising on the administration of two of the UK subsidiaries of Petroplus, which owns and operates a refinery at Coryton and a storage facility at Teeside. The refinery employs about 500 staff and 350 contractors, supplying approximately 20 percent of the fuel for London and the surrounding region.
- European private distressed debt investor: Representing in connection with program purchase of manufacturing company obligations.
- Solarwatt AG: Representing in the first petition for protective shield proceedings as a debtor-in-possession following the recent German reform of insolvency law (ESUG). Under ESUG, the reorganization obtained court approval in three months.
December 1, 2014
June 10, 2013
Ten Firm practices were included among Law360's lists of the Top 100 largest global practices, with five earning top-five rankings. The Real Estate, M&A and Insurance practices were each ranked fourth in their respective categories, while the Restructuring, Insolvency and Bankruptcy practice and the Environmental and Natural Resources practice were ranked fifth in the Bankruptcy category and the Environmental category, respectively. Firm practices also earned spots among the top 25 in the Securities and White Collar, Competition, Employment, IP and Product Liability categories. Read more
March 19, 2013
The 2013 edition of Chambers USA: America's Leading Lawyers for Business recognizes 32 Dentons practices and 82 lawyers. Recognition for the Firm includes "excellent at representing their clients;" "top-notch firm, very good results with them;" and "always prepared, always accessible, and never fail to deliver." Read more
The World’s Leading Lawyers for Business in the Chambers Global 2013 edition ranks Canadian lawyers, Jane Dietrich, Shayne Kukulowicz, David Mann, and John Sandrelli as leading lawyers in the area of restructuring and insolvency. Read more
View all recognition for Restructuring, Insolvency and Bankruptcy
April 7, 2015
March 31, 2015
In a “loan-to-own” investment, an investor acquires secured debt at a discount to leverage the face amount of the debt in an asset purchase or debt-to-equity swap. For example, if an investor can buy US$50 million worth of debt for US$25 million, it can, in a bankruptcy proceeding, bid on the underlying assets that secure the debt at a 50 percent discount, because the investor can credit bid the face value of the debt as the equivalent of cash in a sale of collateral in bankruptcy, thus creating a competitive advantage over cash or strategic bidders. Read more
March 31, 2015
Until recently, there was little call for restructuring and turnaround specialists in the UK to focus on the oil and gas industry. That has now undoubtedly changed. In the second half of 2014, Brent crude prices fell from over US$100 a barrel to around US$50, and although prices have since stabilised (currently near the US$60 mark), a low price environment in the medium term seems likely. That is not bad news for all in the oil and gas industry. But for upstream operators focusing on exploration and production in the North Sea, it presents undoubted challenges, despite the tax concessions George Osborne announced in the March 2015 Budget. Byron Nurse and Humphrey Douglas consider some of the key questions those financing them are likely to be asking. Read more
The Small Business Enterprise and Employment Act received Royal Assent on 26 March and, when implemented, is expected to produce a huge boost in SME receivables finance. Read more
View all insights for Restructuring, Insolvency and Bankruptcy
News and Events
Recent Press Releases
February 13, 2015
February 2, 2015
Chicago Restructuring, Insolvency and Bankruptcy partner Bob Richards was named to the BTI Client Service All-Stars for 2015, an annual listing of lawyers recognized by in-house counsel for superior client service, which is now in its 14th year of publication. Read more
January 30, 2015
Global law firm Dentons announced today that Arne Friel joined its Global Restructuring, Insolvency and Bankruptcy practice on 1 February 2015.
Dentons’ Restructuring, Insolvency and Bankruptcy (RIB) practice was ranked Number 7 in The Deal Pipeline’s Top Bankruptcy Law Firms league table. The Deal Pipeline ranked nearly 200 law firms based on their US and Canadian bankruptcy matter activity during the fourth quarter of 2014. This ranking marks the Firm's first appearance in the top 10 of the bankruptcy league table. Read more
View all press releases for Restructuring, Insolvency and Bankruptcy