Practice

Financial Restructuring

Practical and sophisticated counsel in complex proceedings

Clients in need of experienced restructuring advice turn to the attorneys at Munger, Tolles & Olson. Our firm is frequently called upon for practical and sophisticated counsel in complex bankruptcy proceedings nationwide and is adept at handling the challenges facing companies and their key constituents in distressed financial situations.

Services

Our practice includes:

Restructuring and Bankruptcy

  • Negotiating and executing restructuring transactions in or out of court.

Asset Sales

  • Representing funds, investors, debtors and others as buyers and sellers of assets in and out of bankruptcy.

Litigation

  • Representing estates and third parties in disputes involving fiduciary duties, fraudulent transfers and preferences, as well as bankruptcy case and plan-related litigation.

Appeals

  • Representing debtors and creditors in appeals from bankruptcy court decisions.

Fiduciary Duties

  • Advising boards, special committees and management on fiduciary duties in the context of financial restructuring and bankruptcy.

Financing

  • Advising borrowers and lenders on secured and unsecured financings, negotiating with lenders for forbearance, amendment and standstill agreements, debt-for-equity and other exchanges, and debtor-in-possession financing.

Clients

Munger, Tolles & Olson’s engagements have included debtors, boards and independent directors, official committees, secured and unsecured creditors, equity holders, stalking horse buyers and plan sponsors across the spectrum of finance and restructuring needs.

Utility and Energy

  • Edison International
  • Southern California Edison
  • Pacific Gas & Electric
  • GenOn Mid-Atlantic
  • Berry Petroleum
  • Energy Future Holdings
  • Oaktree Capital in Salem Harbor reorganization 

Technology, Entertainment, Media and Culture

  • Google
  • iHeartMedia
  • Owners of Station Casinos
  • Hollywood Studios

Retailers

  • Costco
  • Founders of Forever 21
  • Toys “R” Us
  • NineWest
  • Gymboree
  • Payless Shoes
  • ABL Agent in Revlon

Other Industries

  • Whirlpool
  • J. Paul Getty Trust
  • Caruso Affiliated Holdings
  • Bolivarian Republic of Venezuela
  • Envoy Solutions LLC and FEMSA

Financial Services / Funds

  • Bank of America
  • Berkshire Hathaway
  • Fortress Investment Group
  • Merrill Lynch
  • EagleTree Capital, LP (formerly Wasserstein Partners, LP)
  • Term Lenders to General Motors
  • Silver Point Capital
  • Nexus Capital Management
  • The Yucaipa Companies
  • Oaktree Capital
  • Panning Capital
  • Monarch Capital

Related Practices

Team Leaders

Seth Goldman
Thomas B. Walper

Experience

Recent public engagements include the following representations:

  • Alter Domus, the agent for certain lenders under an asset-backed credit agreement with Revlon Inc. in connection with Revlon’s bankruptcy cases and use of cash collateral.
  • Bank of America in the Ditech Financial bankruptcy and asset sale and settlement of claims between the companies.
  • Berkshire Hathaway in various restructuring matters including as a bondholder and asset buyer in the Residential Capital bankruptcy, the plan sponsorship investment in USG and the acquisition of Fruit of the Loom, FINOVA and Oakwood Homes.
  • Berry Petroleum, in its bankruptcy reorganization and separation from Linn Energy.
  • Bolivarian Republic of Venezuela in an ongoing case with respect to the enforcement of a $1.4 billion judgment obtained by Crystallex related to the Maduro government’s nationalization of assets in Venezuela.
  • Caruso Affiliated Holdings in connection with various theatre chains.
  • Costco, in connection with canned tuna fish price-fixing claims against, among others, Bumble Bee, which sold its assets in a section 363 sale in bankruptcy court.
  • Disney, Lucasfilm, Fox, Warner Bros., Marvel, New Line and Turner Entertainment in successful resolution of claims in VidAngel’s bankruptcy.
  • Envoy Solutions, LLC, in its sponsorship of a plan of reorganization for manufacturing company GPMI, Co.
  • GenOn Mid-Atlantic, an electric power generation and distribution company, in its out-of-court restructuring of leveraged lease coal plants.
  • Google, in pursuing judgment and indemnity against Anthony Levandowski and Uber related to trade secret claims regarding auto driving technology.
  • iHeartMedia’s independent directors in the largest U.S. bankruptcy filing in 2018.
  • Invictus Global Management on various restructuring and distressed investment opportunities.
  • J. Paul Getty Trust, in the acquisition of archives from Ebony magazine through a section 363 sale in bankruptcy court.
  • LATAM Unsecured Creditor Ad Hoc Group, in their appeal of orders confirming the plan of reorganization and backstop agreements in the reorganization of LATAM Airlines Group, S.A.
  • Nexus Capital Management, a California-based private equity firm, in its acquisition out of bankruptcy of FTD Companies’ florist network in North America and Latin America.
  • Oaktree Capital Management LP in connection with the out-of-court and subsequent in-court reorganization of its portfolio company-owned power plant in Salem Harbor, Massachusetts.
  • and PG&E Corporation in their bankruptcy reorganization cases with respect to certain matters including regulatory matters, power purchase agreements and wildfire claims.
  • Pacific Gas & Electric and PG&E Corporation in appeals related to power purchase agreements.
  • Lenders in the Petters Bankruptcy Cases, a group of syndicated lenders to Polaroid Corp. in fraudulent transfer actions brought by Ritchie Capital related to the Thomas Petters Ponzi scheme.
  • Seadrill Limited senior management in connection with their exit employment agreements.
  • Significant roles in the Gymboree, Payless Shoes, Toys“R”Us, and Nine West bankruptcy cases.
  • Silver Point Finance, LLC, as agent, and secured lenders to Freedom Communications in its restructuring.
  • Southern California Edison in various matters, including the first municipal bankruptcy of community choice aggregator Western Community Energy.
  • TCEH, an energy company focused on the competitive energy and power generation markets, in the restructuring of Energy Future Holdings Corp., a privately held company with a portfolio of competitive and regulated energy companies.
  • Whirlpool, the world’s largest home appliance manufacturer, as a creditor to Sears, Roebuck and Company in its Chapter 11 bankruptcy case.

News

Munger, Tolles & Olson Receives 55 Chambers Rankings in 2024 Guides

Munger, Tolles & Olson received a total of 55 rankings in the 2024 Chambers USA and Chambers Global guides....
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