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 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, 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 2017.
Named 2013 Bankruptcy Firm of the Year.


Chambers Global
Ranked as a leading restructuring and insolvency firm globally in 2017.


Legal 500 US
Ranked as a leading corporate restructuring firm in the U.S. in 2017.


Law360
Jennifer Marines named 2016 Bankruptcy Rising Star.
Brett Miller named 2014 Bankruptcy Law MVP.
Gary Lee named 2013 Bankruptcy Law MVP.
Named a 2012 Bankruptcy & Restructuring Bankruptcy Group of the Year.


The American Lawyer
Gary Lee named 2014 “Dealmaker of the Year” for his work representing the debtors in the chapter 11 cases of Residential Capital and its affiliates.


Financial Times
Recognized work on both the Residential Capital bankruptcy proceedings and the MF Global bankruptcy settlement in the 2013 edition of its U.S. Innovative Lawyers Report, a special publication recognizing legal counsel and firms who have “brought original thinking and practices to business issues in the U.S.”


American Lawyer Global Legal Awards
Awarded 2013 Global Finance Deal of the Year, Private Restructuring for work on MF Global’s global bankruptcy.


Turnarounds & Workouts
Jennifer Marines named Outstanding Young Restructuring Lawyer for 2016 and 2017.
Lorenzo Marinuzzi named Outstanding Restructuring Lawyer for 2016.
Brett Miller named Outstanding Restructuring Lawyer for 2014 and 2015.
Gary Lee named Outstanding Restructuring Lawyer for 2012 and 2013.

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