Named Insolvency and Restructuring Firm of the Year (The International Who's Who of Business Lawyers 2008)
Ranked as one of the top three practices in Finance: Corporate Restructuring (Legal 500 US 2008)
Weil Gotshal’s preeminent Business Finance & Restructuring practice is “the first name you think of,” according to
Chambers Global. When top global corporations, lenders, and investors become involved in the biggest and most complex bankruptcies, insolvencies, and restructurings, Weil Gotshal remains the first choice to help prioritize interests, identify opportunities, and remediate pragmatically in the face of competing interests.
The firm’s lawyers have successfully handled the most complex restructuring, reorganization, and litigation matters in the most prominent and challenging bankruptcy cases. Over the past decade, Weil Gotshal has been involved in nearly every major international and US reorganization case and out-of-court restructuring, representing a wide range of interests and parties. Clients across industries and continents have benefited not only from our group’s versatility and experience, but also from our ability to quickly and effectively assist companies on the brink of crisis.
When Enron was forced into chapter 11, with cataclysmic consequences for jobs and seemingly never-ending litigation, Weil Gotshal forged an inclusive and constructive restructuring process for the company. In less than three years, Weil Gotshal successfully obtained confirmation of Enron’s chapter 11 plan, saving 24,000 jobs, all operating businesses, and $12 billion of going-concern value.
Within 15 months, the firm achieved similar results for WorldCom, transforming it from the history’s largest chapter 11 debtor into a renamed, restructured company with a strong platform for the future. Another example of Weil Gotshal’s restructuring expertise was Global Crossing where the Firm obtained approval of the company’s reorganization plan a mere 11 months after the case began—a record time for a chapter 11 case of that size and complexity.
Weil Gotshal’s international capacity has also become increasingly important as bankruptcies of companies with global operations often involve litigated proceedings overseas. The firm demonstrated its unmatched capabilities when it represented Europe’s largest dairy product and fruit juice group, Parmalat SpA, after the company slipped into insolvency amid allegations of fraud. In Europe, Weil Gotshal prevented litigation that would have destabilized the Italian restructuring process by playing a major role in developing a strategy with regard to the EU Insolvency Regulation. In the U.S., the firm handled the chapter 11 cases of Parmalat U.S.A. and its U.S. affiliates and the section 304 case of the Italian company and its affiliates and negotiated with the SEC in which the firm was instrumental in restructuring Parmalat. Overall, the firm successfully diffused tensions that arose when expectations of certain US restructuring players clashed with the Italian restructuring procedure. Once again, Weil Gotshal applied its “gold standard” bankruptcy experience by coordinating a diverse team of lawyers working in Europe and the US.
Most recently, at the IFLR Americas Awards 2007, Weil Gotshal won Restructuring Team of the Year, an award that recognized the outstanding work of the Firm’s Business Finance & Restructuring overall practice in 2006. At the same awards presentation, the firm was also recognized for its representation of Credit Suisse as agent for the bank consortium in the Owens Corning bankruptcy and received the Restructuring Deal of the Year award for this transaction. Moreover, the Firm was also ranked as the #1 Bankruptcy Law Practice by the
Vault Guide to the Top 100 Law Firms in 2006 and 2007.
Weil Gotshal has versatility across industries and continents. We represent boards of directors, companies, lenders, investors, and court-appointed officers.
Chambers notes that we are “one of the few teams” to represent both creditors and debtors. Of the practice’s versatility,
Chambers says, “its industry expertise ranges from healthcare to construction, motion picture exhibition, computer manufacturing, real estate and banking. The department has specific expertise in handling environmental, toxic tort, and nuclear waste disposal liabilities in workouts.” With our many offices, including London, Frankfurt and Paris, we spearhead numerous cross-border restructurings involving multiple laws and jurisdictions. Most recently, our German offices achieved exceptional results and earned a top ranking in restructuring transactions. In addition, Weil Gotshal was named one of the Global Elite by Legal Business in its fourth annual list of the top 15 firms with respect to reputation and transactional expertise.
A deep understanding of bankruptcy and insolvency law, sharpened by years of experience, allows the practice to build consensus among all parties. Our lawyers know where the trouble spots are likely to be, how to ameliorate their effects, and make managing crises a more fluid and less costly prospect. Clients first think of Weil Gotshal when it comes to bankruptcy, insolvency, and restructuring—relying on its depth, experience, and unparalleled track record in this high-visibility practice.