O’Melveny Named One of 2022’s Bankruptcy Groups of the Year by Law360

FOR IMMEDIATE RELEASE

NEW YORK—February 14, 2023—O’Melveny’s Restructuring Practice has been named a 2022 “Practice Group of the Year” by Law360 in its annual awards competition.

The winning practice groups were selected from nearly 900 submissions by law firms across the country. The special report honors the “attorneys who had the biggest wins and made the most significant contributions to their practice groups in the past year.”

Law360 highlighted O’Melveny’s representation of the Commonwealth of Puerto Rico in the largest municipal restructuring in U.S. history, a deal that involved US$70 billion in debt. In navigating the island’s bankruptcy, which followed multiple natural disasters and leadership transitions, the firm’s lawyers cut billions from Puerto Rico’s debt load while protecting government employee pensions.

"There's no crisis too large that we are unable to deal with,” said John Rapisardi, O'Melveny's Global Head of Restructuring. "We're not a massive group, we are 40 lawyers in total. We did all this with five partners and seven associates over the course of the six years."

Law360 also noted O’Melveny’s representation of Brazos Electric Power Cooperative, Inc., which filed for bankruptcy due to invoices totaling over US$2.1 billion issued by the Electric Reliability Council of Texas Inc. (ERCOT) following the Texas winter storm in February 2021. Brazos’ plan was confirmed in November 2022 and praised by the judge overseeing the case as being “so much better” than what he expected.

"The breadth of services we can provide in this case made it pretty easy to have one shop that could do the majority of the work," said Lou Strubeck Jr., Co-Chair of O’Melveny’s U.S. Restructuring Practice.

Joseph Zujkowski, Co-Chair of O’Melveny’s U.S. Restructuring Practice, said that the firm is always ready to engage in complex, high-stakes litigation, but that it prefers to consensually settle matters.

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