Morrison & Foerster’s Business Restructuring & Insolvency Group has a truly diverse practice and a record of accomplishment in some of the most significant bankruptcy matters of recent years. We are counsel to debtors, creditors’ committees, ad hoc committees, secured lenders, and other participants in the distressed markets. We handle financial institution restructurings, cross-border insolvencies, distressed real estate matters, insolvencies involving key intellectual property, and hedge fund failures, among other things. Some notable representations include:

  • Official committee of unsecured creditors in the chapter 11 cases of telecommunications company Avaya Inc. and its affiliates. Avaya had more than $6 billion of secured debt at the time of its filing and was saddled with significant pension underfunding liabilities for its domestic and certain foreign affiliates.

  • Real Industry, Inc., Real Alloy Recycling, Inc., and their affiliated debtors in their chapter 11 cases. Real Alloy is a large-scale recycler of aluminum with operations throughout the United States, Canada, Mexico, and Europe. Real Industry is a holding company with approximately a billion dollars in tax attributes. The debtors filed for chapter 11 to restructure their $401 million in funded debt obligations and approximately $75 million in other obligations.

  • Ciber Inc., an IT service company, and its affiliated debtors in their chapter 11 cases. Ciber achieved annual revenue of $610 million in the year prior to its bankruptcy filing. After a competitive bankruptcy auction process, Ciber doubled the stalking horse bid for its North American and Indian assets. Following the sale, we worked with Ciber to wind down its affairs and make distributions to creditors.

  • Official committee of unsecured creditors in the chapter 11 cases of 21st Century Oncology Holdings, Inc. and its affiliates, the largest global provider of integrated cancer care services. At the time of its filing, 21st Century Oncology had more than $1.1 billion of prepetition funded debt that it was seeking to restructure through its chapter 11 cases.

  • Maxus Energy Corporation and four affiliated debtors in their chapter 11 cases. Maxus and its affiliates are engaged primarily in the business of managing various oil and gas-related interests, as well as providing environmental remediation management services. The companies have significant environmental remediation obligations and litigation liabilities.

  • Sungevity, Inc. and its affiliates as the debtors in their chapter 11 cases. Prior to its 363 sale, Sungevity was one of the largest private residential solar installation companies in the United States. Sungevity filed for chapter 11 with approximately $185 million in prepetition debt, including funded debt, trade debt, and potential employee related claims.

  • Official committee of unsecured creditors in the chapter 11 cases of Texas power company Energy Future Holdings Corp. and its affiliates. This is the 10th largest bankruptcy in U.S. history, with the debtors holding approximately $40 billion in debt.

  • Official committees of unsecured creditors in the chapter 11 cases of Peabody Energy, Armstrong Energy, Patriot Coal, and Walter Energy.

  • Residential Capital, LLC, one of the largest real estate finance companies in the world, as the debtor in the largest chapter 11 case filed in 2012. ResCap was the first financial services company to successfully continue its regulated business operations in bankruptcy and be sold as a going concern.

  • Chapter 11 trustee for MF Global in the largest chapter 11 case filed in 2011, where we helped settle more than $3 billion of claims against affiliates which will lead to a substantial recovery for unsecured creditors and eliminate a massive $1.6 billion shortfall in customer accounts.

  • Two of the largest banks in Iceland through the Icelandic fiscal crisis on issues related to securities matters, restructuring of assets, cross-border conflicts of law, and litigation matters, as well as providing advice related to the global settlement of claims. As part of this process, we were instrumental in rewriting Iceland’s insolvency law.

  • Amalgamated Bank, successfully, in the U.S. Supreme Court’s much-anticipated ruling in RadLAX Gateway Hotel, LLC v. Amalgamated Bank in favor of a secured creditor’s right to credit bid at an auction sale of its collateral in the bankruptcy context

We also have an experienced, full-service debt trading team that represents banks, asset managers, hedge funds, and other market participants in every type of debt trading transaction, including par and distressed loan trades, restructured equity transactions, trade claims trades, derivatives transfers, loan securitizations, and portfolio transfers, and that has provided related regulatory and strategic counsel.

Our work has not gone unnoticed. We are recognized as a leading bankruptcy group by Chambers USA and Legal 500 US. We were also named “Bankruptcy Firm of the Year” for 2013 by Chambers USA and “Bankruptcy Group of the Year” for 2012 by Law360.

In re Patriot Coal Corporation, et al.
Counsel to the official committee of unsecured creditors in the chapter 11 case of Patriot Coal Corporation, a leading producer and marketer of coal in the U.S.
Residential Capital LLC
MoFo is lead bankruptcy counsel to Residential Capital LLC (“ResCap”), one of the largest real estate finance companies in the world (with over $15 billion in assets and liabilities), in the largest Chapter 11 case filed to date in 2012. ResCap is currently the fifth-largest servicer of residential mortgage loans and the tenth-largest originator of residential mortgage loans in the United States. We are currently seeking to effectuate a sale of ResCap’s mortgage origination and servicing platform (effectively comprising the entirety of ResCap’s operating business) and a legacy loan portfolio as part of its Chapter 11 case. Combined, these sales are projected to yield over $4 billion to ResCap’s bankruptcy estates. This would be a first of its kind sale of an operating mortgage business out of bankruptcy. An auction for the sale of these assets is scheduled for the end of October 2012.
MF Global – Chapter 11 Trustee
On October 31, 2011, MF Global Holdings Ltd. and MF Global Finance USA, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. With $41 billion in assets at the time of filing, it was the largest bankruptcy filing of 2011 and the eighth-largest in U.S. history. Within a month of the bankruptcy filing, as a result of the discovery that significant customer funds were unaccounted for, former FBI director and federal judge, Louis J. Freeh, was appointed as the Chapter 11 Trustee. Judge Freeh selected MoFo as his lead counsel. On behalf of the Trustee, we have filed more than 100 claims worldwide, seeking in excess of $3 billion dollars of claims from MF Global's former affiliates and subsidiaries. We are also leading the investigation into the downfall of MF Global and potential claims against insiders and third parties.
In re Ambac Financial Group, Inc.
MoFo represents the Official Committee of Unsecured Creditors in the Chapter 11 case of Ambac Financial Group, Inc. (“AFGI”). AFGI is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. We were selected as counsel to the Committee in November of 2010. This case may be the first “partial” rehabilitation in the United States and presented unique challenges. A plan was confirmed on March 14, 2012, but has not yet gone effective.
PMI Group, Inc.
MoFo represents the Official Committee of Unsecured Creditors in the Chapter 11 case of The PMI Group, Inc. (“PMI”). PMI is a mortgage insurance holding company. Certain of its subsidiaries are currently operating under orders of supervision and a permanent receivership proceeding, all of which are pending in Arizona. We first became involved in this Chapter 11 case mid-January 2012 and we are calling upon our experience from other monoline bankruptcy cases to develop creative solutions that will monetize illiquid assets and enhance the recovery for general unsecured creditors.
In re Pinnacle Airlines Corp., et al.
MoFo represents the Official Committee of Unsecured Creditors in the Chapter 11 cases of Pinnacle Airlines Corp., et al. Pinnacle Airlines, Inc. operates as Delta Connection for Delta Airlines, which is the Debtors’ largest customer and post-petition lender. The Debtors filed their bankruptcy petitions on April 1, 2012, and at the time had 8,000 employees, over $1 billion in annual revenue and operated over 800 flights a day. Although still in its early stages, the cases have already required significant negotiations among the Committee, the Debtors, and Delta Airlines, pursuant to which we, on behalf of the Committee, successfully obtained certain favorable amendments to the DIP financing terms and other contracts between the Debtors and Delta.
Los Angeles Dodgers
MoFo represented the Official Committee of Unsecured Creditors in the Chapter 11 cases of Los Angeles Dodgers, LLC, et al. A plan of reorganization was confirmed by the Bankruptcy Court on April 13, 2012, pursuant to which the baseball team was sold for a record $2 billion to Guggenheim Baseball Management. Unsecured creditors received a 100% cash recovery under the plan. This case is significant because it is the largest and most successful restructuring of a sports franchise in U.S. history.
U.S. Subsidiaries of Hampson Industries PLC
Representation of the U.S. operating subsidiaries of Hampson Industries PLC, a U.K. publicly-traded company and global manufacturer and supplier of engineered products to customers in the aerospace and specialist engineering markets, in connection with their out-of-court restructuring and ultimate sale to American Industrial Partners for approximately $44 million.
Eurohypo AG, New York Branch
We represent Eurohypo AG, New York Branch, as administrative agent, and the advisory committee of the $2.6 billion Corporate Credit Agreement lenders in the restructuring of General Growth Properties, Inc. and its affiliates (collectively, GGP). GGP is the nation's second-largest owner and operator of retail shopping centers and one of the largest publicly traded REITs in the U.S., owning a portfolio of over 200 regional and trophy shopping centers in 44 states. GGP has more than $27 billion in total debt and is currently in bankruptcy in the Southern District of New York.
In re Hawaiian Telcom Communications, Inc., et al.
We represent the Official Committee of Unsecured Creditors of Hawaiian Telcom, the leading provider of telecommunications services in the State of Hawaii. Hawaiian Telcom has filed for relief under Chapter 11 and is pursuing strategic paths under the protections of the Bankruptcy Code.

Chambers USA
Ranked as a leading bankruptcy and restructuring firm nationwide and in New York in 2019.

Chambers Global
Ranked as a leading restructuring and insolvency firm globally in 2019.

Legal 500 US
Ranked as a leading corporate restructuring firm in the U.S. in 2019.
Jennifer Marines named “Next Generation Lawyer” in 2017 and 2018.

Jennifer Marines named Bankruptcy Rising Star in 2016 and 2017.

Turnarounds & Workouts
Jennifer Marines named Outstanding Young Restructuring Lawyer for 2016, 2017, 2018, and 2019.
Lorenzo Marinuzzi named Outstanding Restructuring Lawyer for 2016.
Brett Miller named Outstanding Restructuring Lawyer for 2014 and 2015.

American Bankruptcy Institute
Jennifer Marines awarded “40 Under 40” for 2018.

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