Jenner & Block’s Bankruptcy, Workout and Corporate Reorganization Practice concentrates in corporate reorganization and related litigation.  We distinguish ourselves by finding creative and practical solutions to complex business and legal issues.  We handle in- and out-of-court corporate restructurings, debt for equity exchanges, workouts, sales and insolvency-related litigation of every size and complexity.  Our attorneys provide counsel to many corporations and financial institutions in a wide array of restructuring transactions, workouts and litigation. 

We regularly represent debtors, lenders, creditors’ committees and others in the largest restructurings and Chapter 11 cases.  Our clients also include public and private companies engaging in exchange offers, other debt for equity conversions, “internal” reorganizations, asset purchases or sales, capital investments and other profit maximizing activities.  Jenner & Block also has represented hundreds of clients in high-profile bankruptcy adversary proceedings, contested matters and insolvency-related litigation.  Our attorneys have both prosecuted and defended against major fraudulent transfer, preferential transfer, dischargeability and successor liability actions, and have conducted many fraud investigations in connection with bankruptcy cases.  Members of the Firm have briefed and argued appeals from bankruptcy decisions in appellate courts throughout the country, including several appeals before the United States Supreme Court.

Please click on the links below to view our experience in the following areas:

• Debtor
• Trusts, Trustees and Receivers
• Distressed Mergers and Acquisitions
• Secured and DIP Lenders
• Creditors' and Equity Committtees
• Complex Bankruptcy Litigation

Among the group’s recent notable matters are:  

• Representation of the Examiner in the bankruptcy proceedings of Lehman Brothers Holdings, Inc., reported to be the largest bankruptcy in U.S. history. 
  
  
• Representation of Chapter 11 Trustee of Sentinel Management Group, Inc., a Northbrook, Illinois-based cash management firm that filed for bankruptcy protection after freezing customer redemptions.  Sentinel’s records revealed that it had more than $1 billion in liabilities, and a significant shortfall in liquid assets available to pay those liabilities.  We represent the Chapter 11 trustee, Frederick J. Grede, in all aspects of this significant fraud case, including an extensive investigation into wrongdoing on the part by the company’s insiders.  The Firm is continuing to evaluate claims against third parties in an attempt to recover sufficient assets to pay more than $1.2 billion in Sentinel liabilities to customers and creditors. 
  
  
• Representation of the Chapter 7 Trustee of Consolidated Industries as Special Litigation Counsel, in multi-million dollar bankruptcy litigation pending in the Seventh Circuit Court of Appeals and in the Northern District of Indiana.  The bankruptcy court entered a $43.3 million judgment on behalf of the Chapter 7 Trustee, Daniel L. Freeland, against Consolidated Industries’ former owner Enodis Corporation, one of the world’s largest manufacturers and distributors of foodservice equipment. 
  
  
• A member of the Firm serves as Trustee, and the Firm represents the Trustee, of QT, Inc., Q-Ray Company, and Que T Park in Chapter 11 proceedings in the United States Bankruptcy Court for the Northern District of Illinois.  The Trustee was appointed in the wake of a court-appointed Examiner’s report on allegations of fraud, dishonesty, incompetence, misconduct, mismanagement and irregularity in the management of the affairs of the debtors.  The Trustee is assessing the companies’ ongoing business operations, pursuing potential avoidance actions, and recovering the debtors’ assets for the benefit of the estate and its creditors.
  
  
• Representation of Chicago Athletic Association, a not-for-profit organization founded in 1890 that has been serving Chicago area residents for more than 100 years, as debtor’s counsel.  We obtained court approval for a $31.5 million sale of Chicago Athletic Association’s real property under section 363 of the Bankruptcy Code. 
  
  
• Representation of Pac-West Telecomm, Inc. and its affiliates in the U.S. Bankruptcy Court for the District of Delaware in its successful reorganization and emergence from Chapter 11 bankruptcy.  Pac-West is a regulated competitive local exchange carrier headquartered in Stockton, California which provides a nationwide communications services infrastructure platform that enables service providers to use its network to meet customer needs.  Among other things, during its Chapter 11 proceedings, Pac West restructured its balance sheet, shut down its telecommunications network and discontinued operations in 24 eastern states and the District of Columbia, groomed the remainder of its telecommunications network to reduce its operating costs, and consummated the strategic sales of several facilities. 
  
  
• Representation of Adelphia Recovery Trust as General Counsel to the litigation trust formed to prosecute Adelphia’s claims against numerous entities that allegedly assisted the Rigases in perpetrating a massive financial fraud against Adelphia.  As General Counsel, we handle all the Trust’s tax, corporate, and securities matters in addition to serving as counsel to the Trust in litigation matters.  We also serve as co-counsel to the litigation trust in connection with multi-billion dollar claims asserted against Adelphia’s pre-petition lenders, and are representing the litigation trust in several adversary proceedings involving bankruptcy causes of action. 
  
  
• Representation of NKK Litigation Trust, a trust formed pursuant to the confirmed plan for National Steel Corporation which is prosecuting claims against the former owners of the debtor, JFE Steel Corporation f/k/a NKK Corporation.  At the time it was filed in 2002, National Steel was one of the largest steel companies in the United States.  Its business has subsequently been purchased by United States Steel.  As a result of this litigation and other matters in the case, the Debtors’ bondholders collected a very substantial recovery on bonds that they bought in the distressed debt market for substantially less. 
  
  
• Representation of the Section 1114 Committee of Retirees of Northwest Airlines in the carrier’s Chapter 11 proceedings.  On behalf of the retiree committee, we negotiated an agreement with the airline concerning medical, prescription drug and dental coverage for retirees, pursuant to which the retirees received an allowed unsecured claim of $120 million, the proceeds of which were credited to a Voluntary Employees Beneficiary Trust.  In addition, individuals below age 65 who retired before Aug. 1, 2006 are being offered coverage as part of the plan for active employees.  Northwest Airlines exited Chapter 11 in 2007. 
  
  
• Representation of Albert Togut, the Chapter 7 Trustee of Refco, LLC, acting as his special counsel with respect to matters including the sale of Refco, LLC’s business and commodities bankruptcy advice in connection with the liquidation of Refco’s residual assets.  Refco, LLC was the most significant regulated subsidiary of Refco, Inc., and prior to its demise held more than $7 billion in public customer funds and property.  Refco, LLC’s case is believed to be the largest Chapter 7 case ever filed, and Jenner & Block has assisted the trustee in recovering almost $1 billion for distribution to creditors.

Our attorneys are considered authoritative sources in the industry and they actively present at, and participate in, the American Bankruptcy Institute, National Association of Bankruptcy Trustees, National Association of Credit Managers, Turnaround Management Association, Illinois CPA Society and its Center for Corporate Financial Leadership that covers seven Midwest states, International Women in Restructuring and Insolvency Confederation, the American Bar Association, the Illinois State Bar Association and the Chicago Bar Association.  Four members of the practice are Fellows of the American College of Bankruptcy, and several teach bankruptcy law and corporate restructuring at top law schools.