Bankruptcy & Reorganization

Shearman & Sterling is one of the leading law firms in the areas of US and international restructurings, recapitalizations and bankruptcies and has been recognized as such for more than a quarter century.  Drawing on the firm's strong corporate roots, the principal initial focus of our Bankruptcy & Reorganization Practice was on the representation of banks as creditors in work-outs and bankruptcy cases.  Our practice has expanded to cover all facets of bankruptcy work, including representations of distressed companies and Chapter 11 debtors, creditor committees, banks and other creditors and buyers and sellers of distressed assets.

The practice is international in scope, with our attorneys playing a leading role in restructurings and insolvencies in the United States and in established and emerging commercial centers around the world.  Our global capabilities have placed us at the center of many of the world's largest and most difficult international financial crises of the last two decades.  Our work includes representation of companies that are subject to out-of-court work-outs outside the United States and representation of companies seeking the assistance of US courts to protect assets or to stop pending litigation while the companies are subject to non-US court proceedings.  We also represent foreign liquidators with respect to affiliates that are in Chapter 11 in the United States.

Our attorneys develop innovative solutions to difficult financial circumstances, with a goal of lowering financing costs and maximizing the legal, tax, corporate, accounting and financial objectives of all transaction parties.  The depth of our experience combined with our international capabilities have given us the opportunity to create groundbreaking strategies, including creating the first "prepackaged" Chapter 11 restructuring; pioneering the use of simultaneous, multi-jurisdictional court proceedings to resolve cross-border insolvencies; and developing strategies for foreign companies to invoke beneficial provision of US insolvency laws.

For each representation, our practice group assembles an integrated team of lawyers from the firm's varied practice areas that can handle the significant legal issues quickly, skillfully and effectively.  Some of the firm's other practice areas that generally play a role in our representations include M&A, capital markets, bank finance, litigation, executive compensation & employee benefits and tax.