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Kenneth H. Eckstein, co-chair of the Bankruptcy and Restructuring department, has played a prominent role in many of the largest and most complex Chapter 11 reorganizations over the past 30 years. Ken represents creditors’ committees, bondholders and other stakeholders in both in- and out-of-court restructurings, as well as trustees, examiners and third parties seeking to acquire the assets or businesses of financially troubled companies. He also counsels and represents debtors in the complex legal, financial and operational issues arising in reorganizations, including obtaining debtor-in-possession financing; negotiating forbearance agreements; negotiating plans of reorganization with secured lenders, creditors’ committees and other stakeholders; and conducting sales of businesses.
Ken’s recent work includes representing the Official Committee of Unsecured Creditors in the Toys R Us bankruptcy; the ad hoc group of first lien bondholders holding more than $4 billion in bonds issued by Caesars Entertainment Operating Co. in connection with the company’s restructuring; funds managed by Elliott Management, Aurelius Capital, Davidson Kempner and Bracebridge Capital in the settlement of their 15-year dispute with The Republic of Argentina; the ad hoc group of senior noteholders holding more than $1.6 billion of unsecured notes issued by Peabody Energy Corp., the world’s largest private-sector coal company, in connection with the company’s bankruptcy; the Official Committee of Unsecured Creditors of Residential Capital LLC in the largest bankruptcy of 2012; the Official Committee of Unsecured Creditors in the bankruptcy of NII Holdings Inc., one of the largest Chapter 11 cases of 2014; Genco Shipping & Trading in the $1.4 billion shipping company restructuring that required negotiating with more than 25 sophisticated financial investors and resulted in a true “prepackaged” Chapter 11 bankruptcy, which was confirmed in less than three months; and General Maritime in structuring a $75 million debtor-in-possession facility and negotiating a restructuring that enabled the shipping company to emerge from bankruptcy, after eliminating approximately $600 million of financial debt and $42 million in annual interest expenses.
A fellow of the American College of Bankruptcy, Ken has been repeatedly recognized by as one of the pre-eminent bankruptcy practitioners both in New York and in the United States.
Last updated October 2018