Herrick’s Restructuring & Finance Litigation Department is comprised of an agile team of accomplished restructuring, litigation, and corporate attorneys with decades of experience advising clients in all phases of complex litigation and in and out of court restructurings.

Our clients include private and public companies, private equity funds and hedge funds, official and ad hoc creditor committees, bondholders and distressed investors, corporate debtors and financial institutions, secured and unsecured creditors, mortgage lenders and real estate developers, trustees and other estate representatives, independent directors, special investigation committees, and foreign representatives.

In addition to serving as primary counsel in a variety of finance litigation and core bankruptcy matters, the team frequently works side-by-side with some of the world’s largest law firms, serving as conflicts or special litigation counsel.

Areas of Focus

  • Corporate Restructuring
  • Bankruptcy Litigation
  • Corporate Raiding and Restrictive Covenant Litigation
  • Complex Contract Disputes
  • Official and Ad Hoc Committee Representations
  • Cross-Border Litigation and Restructuring
  • M&A Litigation
  • Section 363 and Plan Sales
  • Finance Litigation
  • Intercreditor Disputes
  • Real Estate Litigation and Workouts
  • Valuation Disputes
  • Asset Recovery and Fraudulent Conveyance Litigation

Significant Growth in Restructuring, Corporate and Finance Litigation

  • In recent years, Herrick has significantly expanded its restructuring, bankruptcy and finance litigation capabilities in order to support increased demand.
  • Since 2018, the practice group has added 13 new lawyers, including five partners,
    one counsel and seven associates.
  • The team is comprised of industry veterans from leading restructuring
    practices at large, global firms.
  • The 2021 U.S. News - Best Lawyers® "Best Law Firms" ranked Herrick
    nationally and regionally in Bankruptcy and Creditor Debtor Rights/
    Insolvency and Reorganization Law.

Matter Highlights

In re Whiting Petroleum Corporation, et al. (Bankr. S.D. Tex.): Represented an ad hoc committee of convertible noteholders and then the indenture trustee for convertible noteholders in connection with Debtors’ bankruptcy cases.

In re Sears Holdings Corporation, et al. (S.D.N.Y.): Serving as (i) Special Counsel to the Official Committee of Unsecured Creditors charged with investigating potential estate claims and causes of action relating to a 363 sale of intercompany notes and certain credit default swap transactions, and (ii) Special Counsel to the Official Committee of Unsecured Creditors in high profile litigation on behalf of debtors’ estates, seeking to recover billions of dollars of claims arising from several prepetition transfers.

Johnson & Johnson Spin-off Bankruptcy Case: Amicus Brief: Authored and filed an amicus brief on behalf of a group of well-renowned bankruptcy law professors concerning debtor LTL Management LLC ("LTL"), an entity created by Johnson & Johnson to hold its talc liabilities. LTL filed for Chapter 11 protection in October 2021. The professors filed this brief in support of the Official Committee of Talc Claimants’ motion to dismiss LTL’s chapter 11 case. The Talc Claimants’ Committee represents the individuals who have sued Johnson & Johnson alleging that its talc products caused them to develop cancer. Herrick's amicus brief attracted significant media coverage, including features in Law360Law.comReuters
ReorgAmerican Bankruptcy InstituteNew Jersey Law Journal, and Bloomberg Law.
A copy of the brief is available here.

ICG Global Loan Fund 1 DAC, et al. v. Boardriders, Inc., et al. (NY Sup. Ct.): Co-counsel to group of minority lenders challenging non-pro rata priming transaction entered into between borrower, majority lenders, and equity sponsor. The legal issues being litigated here (i.e., whether a private roll-up debt exchange qualifies as an “open market” purchase and good faith and fair dealing requirements) are hot items garnering significant attention in the market. This matter is ongoing.

BlueBay Total Return Credit Fund, et al. v. Fontana, et al. (NY Sup. Ct.): Representing minority LLC member in derivative action against majority LLC members serving on board and their affiliated lender funds asserting claims for breaches of fiduciary duty and aiding and abetting such breaches.

International Arbitration Dispute: Successfully defended an international manufacturer against a complex, multi-million dollar breach of contract claim brought by a U.S. trading company involving the sale of petrochemicals. The case primarily concerned whether a contract was formed under the UN Convention on Contracts for the International Sale of Goods (the CISG) or the UCC. The representation included a seven-day trial involving multiple fact and expert witnesses.

In re Blackhawk Mining, LLC, et al. (Bankr. D. Del.): Representing Cantor Fitzgerald Securities as the administrative agent and collateral agent under an $85 million exit facility following the successful Blackhawk chapter 11 cases.  Previously represented Cantor Fitzgerald as the administrative agent and the collateral agent under Blackhawk’s (i) pre-petition $660 million first lien term loan facility and (ii) $150 million DIP term loan facility in connection with the pre-packaged restructuring of approximately $1.1 billion of debt.

In re The Weinstein Company Holdings, LLC et al. (D. Del.): Representing Bank Hapoalim as appellee following the (i) successful opposition to the motion of debtors’ licensee to reject licensing contract to sell Project Runway clothing where Hapoalim was secured by assignment of licensing royalties, and (ii) successful prosecution of a motion to enforce performance and request for the posting of a bond respecting a stay pending appeal.

In re Boston Generating LLC, et al. (S.D.N.Y.): Representing numerous defendants in fraudulent conveyance action by the liquidating trust arising from a $2 billion leveraged recapitalization.

SunEdison, Inc.: Represented Reorganized SunEdison, Inc. concerning indemnity claims asserted by the syndication agent and lead arranger for a pre-petition second lien loan facility.

In re Toys “R” Us Inc., et al. (E.D. Va.): Represented Great Elm Capital Group, Inc. in connection with the prosecution of a plan objection regarding proposed disparate treatment of similarly situated creditors.