Arnold & Porter's Bankruptcy and Restructuring group was recognized with the "Restructuring Deal of the Year" at the 2022 IFLR Americas Awards. The team was awarded for its work advising an ad hoc group of first lien lenders holding more than $1 billion of debt related to the Chapter 11 bankruptcy cases of The Hertz Corporation and 29 of its subsidiaries and affiliates. The 2022 IFLR Americas Awards recognize "the most legally innovative cross-border transactions that closed in 2021."
IFLR said that the Hertz restructuring stood out because it had a "heavy global footprint" that will be remembered for an "innovative legal strategy which led to Hertz being the first company to raise equity financing (via a share issuance) while in Chapter 11."
The Arnold & Porter attorney team advising the ad hoc group of first lien lenders was led by Bankruptcy and Restructuring practice chair Michael Messersmith and partner Brian Lohan. The team also included partners Maja Zerjal Fink and Michael Solow, counsel Charles Malloy, senior associate Justin Imperato, and associate Lucas Barrett on bankruptcy matters; partner Daniel Hartnett, senior counsel Sheryl Gittlitz, senior associate Robert Fischbeck, and associate Sean Corrado on corporate and finance matters; partner James Herschlein and counsel Peta Gordon on litigation matters, and counsel John Rynkiewicz on intellectual property matters.
With a sophisticated understanding of the debt landscape, Arnold & Porter remains at the forefront of representing stakeholder interests in some of the largest and most complex multinational restructurings and insolvencies of recent time. Our multidisciplinary Bankruptcy and Restructuring practice provides substantive knowledge and comprehensive services in all aspects of corporate restructuring and insolvency proceedings—from pre-workout phase through litigation and implementation—and offers clients the benefits of our longstanding relationships with the industry's key players to better maximize outcomes.