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Kirkland & Ellis

Restructuring 2010 (2)

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RankingCommended
InnovationChapter 11 for General Growth Properties, owner-manager of regional shopping centers
Originality6
Rationale6
Impact6
Total18
DescriptionThe restructuring challenged the conventional wisdom that commercial mortgage-backed securities debt was “bankruptcy remote” and could not be restructured. Kirkland’s lawyers found a way to put the commercial mortgage-backed securities debt into bankruptcy and unlock its value for the company’s creditors

Restructuring 2010

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RankingStandout
InnovationRepresenting Charter Communications' pre-arranged Chapter 11
Originality8
Rationale7
Impact8
Total23
DescriptionHelped reinstate nearly $12bn in debt borrowed at pre-credit-crisis interest rates. The debtor, junior bondholder and their advisers worked together to use a section of the bankruptcy code never previously used on this scale against the opposition of the senior debt holders