The Legal 500 United States (2016) named Chadbourne a “top-tier” firm in the area of municipal bankruptcy and Lawrence Larose a “Leading Lawyer” in municipal restructurings.
Chadbourne’s municipal restructuring and bankruptcy team addresses the many interconnected complex issues faced by municipalities and other governmental entities at all levels of financial pressure. The Chadbourne team combines decades of experience with a full range of financial, regulatory and litigation skills to enable us to spot issues before they arise, as well as develop innovative approaches to long-term problems. We have represented major creditors in literally every major municipal restructuring in recent memory, both in and out of court, including the Chapter 9 cases of Detroit, MI and Jefferson County, AL, the two largest municipal bankruptcies in US history. Since 2013, The Legal 500 United States has recognized the firm as “tier one” in the municipal bankruptcy area.
Ambac General Account Policyholders Organize and Retain Chadbourne
Chadbourne represents the General Account Ad Hoc Policyholder Group in Ambac's Wisconsin state-law rehabilitation proceedings. Under the terms of Ambac's plan of rehabilitation, General Account policyholders (primarily holders of municipal and similar bonds) hold a structurally senior position to Segregated Account policyholders (primarily holders of exposure to structured finance products). The Ad Hoc Policyholder Group, which holds over US$3.3 billion of bonds insured by Ambac's General Account, has retained Chadbourne to advocate for the interests of General Account policyholders and to ensure that further distributions to creditors of the Segregated Account do not impair Ambac's continuing ability to pay General Account policyholders in full.
City of Detroit, MI Chapter 9
Chadbourne represented Assured Guaranty in its exposure of US$2.5 billion in the municipal restructuring of the largest and most complex Chapter 9 in US history. On behalf of Assured, Chadbourne took a leading role in representing the interests of financial creditors and was instrumental in defending the rights of bondholders under state law and in bankruptcy, through direct actions against Detroit and its emergency manager, objections to Detroit’s plan, intensive mediation and, ultimately, settlement. Detroit's plan of adjustment was confirmed on November 12, 2014.
Jefferson County, AL Chapter 9
Chadbourne represented Assured Guaranty in its exposure of US$2 billion in sewer revenue warrants in the municipal restructuring of one of the largest Chapter 9 filings in the US. The Chadbourne team actively litigated the status and priority of "special revenues" under Chapter 9 of the Bankruptcy Code and obtained a favorable ruling for our client. We also negotiated terms of a consensual Plan of Adjustment for Jefferson County that included a unique municipal bond exit financing that was insured in part by our client. The Plan was confirmed and went effective in December 2013.
Lawrence Larose represents major creditors in literally every major municipal restructuring in recent memory, both in and out of court, including the Chapter 9 cases of Detroit, Michigan and Jefferson County, AL, the two largest municipal bankruptcies in US history. In addition, Mr. Larose...