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Practice Overview

Financial Restructuring and Reorganization

Cravath has been at the forefront of restructuring since the early days of the Firm itself, pioneering the reorganization of the nation’s railroad industry. Cravath continues to represent clients in restructuring transactions that have marked pivotal moments in U.S. and global markets, including the bankruptcy of PG&E and the Republic of Argentina’s historic debt restructuring.

Cravath’s Financial Restructuring & Reorganization (FR&R) practice draws on our lawyers’ experience handling our clients’ most important and challenging cases and transactions, as well as a deep understanding of the business dynamics involved in finance and restructuring. Clients benefit from our role as a strategic, commercial partner in the face of issues triggered by financial distress or insolvency, receiving complete representation not only from our dedicated restructuring specialists, but also from the Firm’s premier board advisory, M&A, finance and litigation teams. In recognition of the seamless integration of the Firm’s practices in its counsel, Cravath was named a 2019 Bankruptcy Group of the Year by Law360 and the Restructuring Advisory Firm of 2019 by The Deal.

Cravath’s substantial experience with reorganization, restructuring and bankruptcy matters includes both debtor and creditor‑side engagements, debtor‑in‑possession (DIP) and exit financing, advising independent directors and boards of directors, distressed M&A (in court and out of court), advising bondholder and other ad hoc creditor groups, as well as bankruptcy litigation. We also have important experience in the fields of municipal and sovereign restructuring.

On the distressed financing side, in addition to DIP and exit financings, we offer expertise in all aspects of balance sheet restructurings, including liability management transactions (exchange and tender offers) and out‑of‑court loan workout transactions, including recapitalizations and debt‑for‑equity exchanges. We also advise corporate clients on bankruptcy issues in a wide variety of commercial contexts, from how bankruptcy provisions might impact their relationships with distressed commercial counterparties to how best to structure transactions to mitigate bankruptcy risk.