Professional notice
Davis Polk & Wardwell LLP (including its associated entities) is a …
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Davis Polk & Wardwell LLP (including its associated entities) is a global law firm with world-class practices across the board. Industry-leading companies and global financial institutions know they can rely Davis Polk for their most challenging legal and business matters. Our global, forward-looking focus is supported by 10 worldwide offices. More than 900 lawyers collaborate seamlessly across practice groups and geographies to provide clients with exceptional service, sophisticated advice and creative, practical solutions.
Restructuring
Davis Polk is recognised worldwide for its substantial experience in restructuring. We represent companies, financial institutions, hedge funds, investors, acquirers, trustees, administrators and receivers in connection with the largest and most complex:
- insolvencies and restructurings;
- rescue and debtor in possession financings;
- exchange offer and debt/equity conversions; and
- distressed mergers and acquisitions.
Cross-border experience
- Davis Polk has developed a presence in each of the leading global business centres – allowing us to provide local knowledge and experience in complex international and cross-border insolvency matters.
- Our skill in restructuring transactions and our knowledge of legal market practices across the world are such that global companies have regularly hired Davis Polk to advise on cross-border transactions with no US connection.
- We have been involved in public and private-sector debt restructurings and insolvencies in numerous countries, including Brazil, France, Japan, Germany, Argentina, the United Kingdom, Ireland, Honduras, Mexico, Poland, Turkey, Venezuela, Australia, New Zealand and various countries in South East Asia.
Dodd-Frank advisory
We have been the leading US-based global law firm working, both domestically and internationally, with regulators to solve the “too big to fail” problem and with their financial institutions’ clients on “living wills” required under the Dodd-Frank Act. Our lawyers have also testified before Congress in recent years on the bankruptcies of financial firms.
International thought leadership
- Roles held by members of the practice include:
- editorial board member, Global Restructuring Review;
- co-chair of the insolvency section of the International Bar Association’s insolvency legislation and policy subcommittee;
- member of the Latin American regional forum of the International Bar Association;
- members of INSOL International, a former co-chair of the G36 committee and an INSOL fellow;
- founding director, former president and members of the International Insolvency Institute;
- member of the Official US delegation to the insolvency working group of the United Nations Commission on International Trade Law (UNCITRAL); and
- managing editor and contributing author of The International Insolvency Review.
Recent recognition
- 2019: Band 1 for insolvency and restructuring (Chambers, The Legal 500, IFLR1000)
- 2019: Leading cross-border restructuring and insolvency practice (Global Restructuring Review)
- 2019: Restructuring Deal of the Year award (Latin Lawyer, The American Lawyer/Oi)
- 2018: First in total restructuring advisory mandates (Debtwire)
- 2018: Bankruptcy Practice Group of the Year award (Law360)
- 2018: Restructuring Team of the Year award (IFLR)
- 2018: Restructuring Deal of the Year award (IFLR/Odebrecht)
Recent notable assignments:
- Oi SA: advising Solus Alternative Asset Management, a major creditor and backstop party in the $20 billion restructuring of Brazilian telecommunications provider Oi SA Oi’s Recuperação Judicial (a proceeding under Brazil’s bankruptcy law) in the largest court-supervised restructuring ever to take place in Latin America. In addition to the proceedings in Brazil, Oi is also subject to chapter 15 cases in the United States and ancillary proceedings in other foreign jurisdictions. This transaction has received more than six global awards.
- Takata: advising Volkswagen AG in connection with the global restructuring of Takata Corporation and its subsidiaries. In February 2017, Takata Corporation pleaded guilty to wire fraud in connection with the Takata group's manufacture of airbag inflators containing non-desiccated phase-stabilised ammonium nitrate, and agreed to pay $850 million in restitution to original equipment manufacturers (OEMs), including Volkswagen. This was one of the first restructurings of mass tort claims on a global basis through coordinated use of multiple restructuring regimes, asset sales and channelling trusts.
- ENNIA Caribe Holding: advising the Central Bank of Curaçao and St Maarten and the Foreign Representative of ENNIA Caribe Holding NV and certain of its subsidiaries in obtaining recognition under Chapter 15 of the United States Bankruptcy Code of ENNIA’s restructuring proceedings in Curaçao. The Bankruptcy Court’s decision represents the first time that a Curaçao insolvency proceeding has been recognised under Chapter 15 of the United States Bankruptcy Code.
- Schahin: advising the indenture trustee, at the instruction of majority lenders, in connection with the exercise of remedies against the Schahin Group and a $15 million debtor-in-possession rescue financing facility for Schahin II Finance Company (SPV) Limited. The transaction is particularly notable as it represents one of the first instances of a Cayman scheme being used for rescue financing.
- Puerto Rico: advising the Ad Hoc Group, whose members held approximately $1 billion of bonds issued by GDB, in the unprecedented restructuring of approximately $6.4 billion of GDB bonds, deposits and other liabilities, including claims held by governmental and non-governmental creditors. The restructuring was effectuated pursuant to Title VI of the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) and Commonwealth legislation enacted to facilitate the GDB restructuring.
- Bonistas del Patio: advising Bonistas del Patio, an organisation established to represent and safeguard the interests of Puerto Rico resident bondholders, in connection with the Puerto Rico debt mediation and restructuring negotiations. Bonistas del Patio estimates that the local bondholders that it represents hold approximately $15 billion of various debt instruments issued by Puerto Rico, including general obligation bonds issued by the Commonwealth of Puerto Rico and bonds issued by the Puerto Rico Sales Tax Financing Corporation (COFINA).
- China Fisheries: advising a major lender in the ongoing Chapter 11 bankruptcy cases of China Fishery Group Limited and certain of its affiliates, including defending a lawsuit pending before the bankruptcy court, in which plaintiffs allege at least $245 million in damages arising under purported violations of Peruvian, Hong Kong and US law.
- Fung Retailing: advising Fung Retailing Limited in connection with (i) Fung’s investment in Toys (Labuan) Holding Ltd (the Asia JV); (ii) the Chapter 11 cases of Toys “R” Us and its direct and indirect debtor subsidiaries (together, the debtors) in the United States Bankruptcy Court for the Eastern District of Virginia, which were jointly administered and captioned In re Toys “R” Us Inc, et al, Case No. 17-34665 (KLP); and (iii) the potential acquisition of the debtors’ business operations in the Asia Pacific region.
- Odebrecht Oil & Gas: advising Odebrecht Óleo e Gás SA and certain of its subsidiaries in connection with an agreement with a group of creditors to restructure approximately $5 billion of financial debt.