Ned Schodek is a partner in the Financial Restructuring & Insolvency practice.

Ned focuses on representing debtors, creditors, financial institutions, hedge funds, acquirers of assets, purchasers and sellers of claims, and other parties in interest in large and complex prepackaged, pre-negotiated and traditional Chapter 11 bankruptcies, out-of-court workouts, debtor-in-possession financings, adversary proceedings, and broker-dealer liquidations.

He also advises financial institutions in closing out and structuring new derivatives transactions with distressed entities.

Ned is a former Co-Chair of the Courts and Legislation Subcommittee of the Committee on Bankruptcy and Corporate Reorganization of the New York City Bar Association.

• Valaris plc Chapter 11 Cases: Representing Citibank, N.A., in its capacity as administrative agent and lender under a revolving credit agreement in connection with the chapter 11 bankruptcy cases of Valaris plc and certain of its subsidiaries
• Hornblower: Representing an ad hoc group of lenders holding exposure under a Credit Agreement with certain Hornblower entities in connection with potential liability management or restructuring transactions
• Cinemex Chapter 11 Cases:  Representing BBVA Bancomer S.A., Institución De Banca Múltiple, Grupo Financiero BBVA Bancomer, as administrative agent in connection with the chapter 11 bankruptcy cases of Cinemex USA Real Estate Holdings, Inc. and certain of its affiliates
• Stoneway Capital Corporation:  Representing Stoneway Capital Corporation and certain of its affiliates in connection with a restructuring of their bond and mezzanine debt
• Weatherford International PLC: Represent Citibank N.A. as agent on a $1.75 billion DIP loan for Weatherford and its debtor and non-debtor affiliates
• LifeCare Holdings LLC Chapter 11 Cases: Representing Seaport Loan Products and Wilmington Trust as co-agents in connection with the Chapter 11 cases of LifeCare Holdings LLC and certain of its affiliates following the pretition representation of an ad hoc group of term loan lenders to the company
• Blackhawk Mining LLC Chapter 11 Cases: Represent a group of ad hoc first lien lenders in connection with the Chapter 11 cases of Blackhawk Mining LLC and certain of its affiliates
• Quorum Health:  Represented a group of first-lien lenders to Quorum Health prior to the company’s bankruptcy filing in early 2020
• PG&E Corporation Chapter 11 Cases: Represent several agents and ad hoc groups of lenders and noteholders to PG&E power purchase agreement counterparties
• Fallbrook Technologies Inc. Chapter 11 Cases: Represented Fallbrook Technologies Inc., a transmission technology company in connection with its Chapter 11 cases
• Scottish Re Group Chapter 11 Cases: Representing Joint Liquidators of Scottish Re Group Limited appointed by the Grand Court of the Cayman Islands
• Pacific Drilling Inc. Chapter 11 Cases: Represented Citibank, N.A. as agent and lender under a revolving credit agreement for Pacific Drilling S.A.
• Westinghouse Electric Company LLC Chapter 11 Cases: Represented Citibank, N.A. as administrative agent, collateral agent and letter of credit issuer under the $800 million post-petition financing for Westinghouse Electric Company LLC
• Energy Future International Holding Company LLC and EFIH Finance Inc. Chapter 11 Cases: Represented Citibank as administrative and collateral agent in connection with a $6.3 billion superpriority priming DIP refinancing facility. Represented Deutsche Bank in connection with the original DIP loan made to EFIH.
• SunEdison Chapter 11 Cases: Represented Citibank, N.A. as DIP lender and in connection with certain other exposure to SunEdison and its affiliates
• Foresight Energy L.P. Restructuring: Represented Citibank, N.A. as administrative agent under Foresight Energy LP’s revolving credit agreement and term loan facility in connection with an agreed out-of-court restructuring
• Energy XXI Ltd. Chapter 11 Cases: Represented Provisional Liquidator of Energy XXI Ltd, appointed by the Supreme Court of Bermuda, in the Chapter 11 cases of Energy XXI Ltd and certain of its affiliates
• Various Oil & Gas Company Chapter 11 Cases: Represented various financial institutions in connection with their derivatives exposure to Linn Energy, LLC, Penn Virginia Corporation, Atlas Resources Partners LP, Sandridge Energy, Inc., Breitburn Energy Partners LP, Halcón Resources Corporation and other oil and gas companies
• Primorsk Chapter 11 Cases: Represented Nordic Trustee ASA and Wealth Holdings, Inc. in connection with the Chapter 11 cases of Primorsk International Shipping Limited and certain of its affiliates
• Represented certain financial institutions with respect to Dodd-Frank resolution planning and related issues
• Synagro Technologies Inc. Chapter 11 Cases: Represented Bank of America, N.A., as administrative agent in connection with a $30 million senior secured superpriority debtor-in-possession credit facility for Synagro Technologies, Inc. and as administrative agent for Synagro’s $390 million prepetition first slien facility
• Lehman Brothers Insolvency Proceedings: Represented Bank of America and Merrill Lynch in connection with their worldwide exposure to Lehman Brothers Holdings Inc. and its affiliates, including in connection with the U.S. Chapter 11 cases of various Lehman affiliates and SIPA proceeding of Lehman Brothers Inc.
• ParkCentral Insolvency Proceedings: Represented Merrill Lynch in connection with the Bermudan insolvency proceedings of ParkCentral Global Hub Limited
• Eastman Chemical Chapter 11 Cases: Represented Sun Chemical Corporation and its affiliates in connection with the Chapter 11 cases of Eastman Kodak Company and certain of its affiliates 
• Vertis Holdings, Inc. Chapter 11 Cases: Represented Sun Chemical Corporation and its affiliates in connection with the Chapter 11 cases of Vertis Holdings, Inc. and certain of its affiliates
• MF Global Holdings Ltd. Chapter 11 Cases: Represented IntercontinentalExchange, Inc. (ICE) in connection with safe harbor/counterparty risk analysis as well as their worldwide exposure to MF Global Holdings Ltd. and its affiliates, including in connection with the U.S. Chapter 11 cases of various MF Global affiliates and the SIPA proceeding of MF Global Inc.
• Sea Containers Ltd. Chapter 11 Cases: Represented Plan Administrators for the Chapter 11 plan of Sea Containers Ltd. and certain of its affiliates and Bermuda Joint Liquidators of Sea Containers Ltd.
• Stock Building Supply Holdings, LLC Chapter 11 Cases: Represented Stock Building Supply Holdings, LLC, one of the largest suppliers of building materials to professional home builders and contractors in the United States, in connection with its prepackaged Chapter 11 cases
• Residential Capital, LLC Chapter 11 Cases: Represented Countrywide Financial Corporation in connection with the Chapter 11 cases of Residential Capital, LLC and certain of its affiliates
• Pope & Talbot, Inc. Chapter 11 Cases: Represented Pope & Talbot, Inc., a forest products company, in connection with its Chapter 11 cases
• Oneida Ltd. Chapter 11 Cases: Represented Oneida Ltd., one of the world’s largest marketers of stainless steel silverware/flatware, in connection with its prenegotiated Chapter 11 reorganization
• The Spiegel Group Chapter 11 Cases: Represented The Spiegel Group, in connection with its Chapter 11 restructuring of $1.4 billion in aggregate indebtedness through the standalone reorganization of Eddie Bauer
• Virgin Islands Telephone Company Chapter 11 Cases: Represented Innovative Communication Company, LLC and Emerging Communications, Inc., the parent companies of Virgin Islands Telephone Company, in connection with their Chapter 11 cases
• The Educational Resources Institute, Inc. Chapter 11 Cases: Represented Citibank, N.A. in connection with the Chapter 11 case of The Educational Resources Institute, Inc.
• ProtoStar Ltd. Chapter 11 Cases: Represented Provisional Liquidator of ProtoStar Ltd. and certain of its Bermudan affiliates, appointed by the Supreme Court of Bermuda, in the Chapter 11 cases of ProtoStar Ltd. and certain of its U.S. and Bermudan affiliates
• FX Real Estate & Entertainment Inc. Mortgage Loan: Represented Landesbank Baden-Württemberg, as agent, in connection with a commercial mortgage loan to certain subsidiaries of FX Real Estate & Entertainment Inc.
• Velocita Corp Settlement: Represented Diversicom Site Development, in the defense of a preference action brought by a subsidiary of Velocita Corp., which resulted in a favorable settlement to Diversicom
• Smarte Carte Inc. Sale: Represented Macquarie Bank Limited in connection with its sale of Smarte Carte Inc., a world concessionaire of airport baggage cart, stroller and electronic locker services
• Visteon Corporation Chapter 11 Cases: Represented Citibank, N.A., in connection with the Chapter 11 cases of Visteon Corporation and certain of its affiliates
• Lear Corporation Chapter 11 Cases: Represented Citibank, N.A. in connection with the Chapter 11 cases of Lear Corporation and certain of its affiliates
• Calpine Corporation Chapter 11 Cases: Represented Bechtel Group Inc. in connection with the Chapter 11 cases of Calpine Corporation and certain of its affiliates
• Superior Offshore International, Inc. Chapter 11 Cases: Represented Technip in connection with the Chapter 11 case of Superior Offshore International, Inc.
• Insilco Corporation Chapter 11 Cases: Represented Insilco Corporation, a manufacturer of telecommunication and electrical component products, in the sale of substantially all of its assets in a liquidating Chapter 11 proceeding

Publications

• “Lehman Brothers: treatment of TBA contracts,” Journal of Investment Compliance, May 2012 (Volume 13, Issue 2) (with Fredric Sosnick and Alexa Loo)
• “Living Will Requirements for Financial Institutions,” Practical Law Company, May 2012 (with Gregg L. Rozansky and Shriram Bhashyam)
• “If the Cap Fits: Landlord Claims for Breaches of Repair and Maintenance Covenants in Bankruptcy,” Bloomberg Law Reports, December 20, 2010 (with Douglas P. Bartner and Ryan C. Knutson)
• “Capping Landlords’ Lease Rejection Damage Claims,” New York Law Journal, June 28, 2010 (with Douglas P. Bartner and Ryan C. Knutson)
• “Bankruptcy Court Orders Prime Broker to Repay Over $141 Million of Margin Payments to Collapsed Hedge Fund’s Estate,” Pratt’s Journal of Bankruptcy Law, July/August 2007 (with Fredric Sosnick)

Awards and Accolades

• Rated as a “Rising Star” in the Financial and Corporate section of the 2019 IFLR1000—The Guide to the World’s Leading Financial Law Firms
• Received M&A Advisor Turnaround Atlas Awards for Shearman & Sterling LLP’s representation of Fallbrook Technologies, Inc. and for representations in connection with chapter 11 proceedings of Energy Future Holdings, Westinghouse Electric and Pacific Drilling N.A. (2019)