Law360: Bankruptcy Group Of The Year: O’Melveny

O’Melveny’s Restructuring Practice has been named a 2022 “Practice Group of the Year” by Law360 in its annual awards competition. Law360 highlighted O’Melveny’s representation of the Commonwealth of Puerto Rico in the largest municipal restructuring in US history, a deal that involved US$70 billion in debt. 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. 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. “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 US Restructuring Practice. Joseph Zujkowski, co-chair of O’Melveny’s US Restructuring Practice, said that the firm is always ready to engage in complex, high-stakes litigation, but that it prefers to consensually settle matters.

Read the full article here.