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Bankruptcy, Insolvency, and Restructurings

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Our bankruptcy team has focused on insurance-centric work for several decades, taking leading roles in many of the most complex multilateral asbestos and mass tort proceedings in history. We are also experienced in finding transactional solutions to difficult legacy exposures, ranging from the creation and disposition of runoff entities (or their restructuring) to obtaining regulatory or judicial approval of creative vehicles designed to disperse risk.

Representative Engagements

  • Serve as counsel to insurers in many of the nation's leading asbestos-related bankruptcies, including W.R. Grace, Federal-Mogul, Combustion Engineering, Thorpe Insulation, Quigley, Plant Insulation, JT Thorpe, Flintkote, ASARCO, Burns & Roe, Porter Hayden, Lloyd E. Mitchell, and Skinner.
  • Served as lead trial and appellate counsel for several insurers in the landmark Combustion Engineering case (see In re Combustion Eng'g, Inc., 391 F.3d 190 (3d Cir. 2004)).
  • Obtained a stay pending appeal of a confirmation order in a "pre-packaged" asbestos bankruptcy (see, In re JT Thorpe Co., Nos. 03-20112 and 03-20135 (5th Cir. 2003)).
  • Counseling a consortium of leading American insurance companies concerning issues relating to bankruptcies arising out of mass tort claims, and recently counseled a major manufacturing company concerning the potential impact if its former parent, an asbestos defendant, filed bankruptcy.
  • Served as lead counsel for the debtor's insurance carriers in In re U.S. Brass Corp., a Chapter 11 case involving thousands of products liability claims by persons allegedly damaged by failures of the debtor's polybutylene plumbing products.
  • Represent insurers in the mass tort bankruptcy of a former manufacturer of allegedly defective home heating furnaces.