Each year Beard Group selects 12 restructuring lawyers below the age of 40 who are making a significant impact in the industry. The lawyers' names are published in the April edition of Turnarounds & Workouts, and each one is honored during the dinner banquet at the Distressed Investing Conference.

​Below are this year's Outstanding Young Restructuring Lawyers listed with their firms and accomplishments.

James Burbage
Willkie Farr & Gallagher LLP

outstanding achievements

Key attorney on the teams representing the creditors’ committees in WOM S.A., GOL Linhas Aéreas Inteligentes S.A., Vertex Energy, Digital Media Solutions, Scandinavian Airlines, and Core Scientific, Inc. Worked closely with WOM S.A. and its professionals, including in connection with analyzing and negotiating the Debtors’ DIP facility, defending against a motion to dismiss the Chapter 11 cases, designing a process for the sale of substantially all of the Debtors’ assets, and investigating certain prepetition transactions involving the prepetition equity sponsor. Successfully opposed GOL’s push for aircraft lessors to accept plan support terms, negotiated the DIP facility, investigated claims against GOL’s parent, renegotiated numerous aircraft leases, and played active role in designing Debtors’ exit strategy. Also worked closely with SAS AB and their professionals to guide the airline towards a restructuring transaction that allows SAS to emerge from Chapter 11 with a much stronger balance sheet. Collaborated with Core Scientific to achieve a value-maximizing restructuring, securing and negotiating replacement DIP financing, settling numerous litigations, and crafting a reorganization plan that fully paid general unsecured creditors. Also represented Ruby Freeman and Shaye Moss in Chapter 11 cases of Rudy Giuliani and The Gateway Pundit.

Clifford Carlson
Weil Gotshal & Manges LLP

OUTSTANDING ACHIEVEMENTS

Co-led the team representing Steward Health Care Systems in the restructuring of $9.2B in total liabilities, helping facilitate the sale of all 31 hospitals and Stewardship Health; secure $375M in combined DIP financing; and negotiate a $395M global settlement with Medical Properties Trust that resolved $735M in debt and $6B in lease claims. Guided Core Scientific through a $1.3B debt restructuring, achieving full creditor repayment, 60% recovery for equity holders, and $520M debt reduction. Advised Terraform Labs on a $4.5B SEC settlement and Chapter 11 liquidation, maximizing creditor recoveries. Facilitated DRF Logistics’ wind-down, negotiating a release from nearly $1B in debt pre- bankruptcy filing and a deal in which parent Pitney Bowes would fund creditor recoveries. Led Mobileum’s $628M debt restructuring that was supported by key financial partners, and slashed $530M in prepetition debt, reduced interest expenses, and secured $60M in new financing plus a $100M debt roll-up.

Gerard Cicero
Brown Rudnick LLP

OUTSTANDING ACHIEVEMENTS

Co-led his firm’s representation of the Tort Claimants Committee in the Chapter 11 case of Tehum Care Services (YesCare), successfully opposing a $12M settlement proposal to address $775M in medical malpractice claims, leading to a new settlement following mediation and a revised Chapter 11 plan that increased tort victim recoveries by over 300% and allowed opt-out rights to pursue non-debtor claims. Successfully negotiated on behalf of the Unsecured Creditors Committee a comprehensive settlement agreement in the Chapter 11 bankruptcy of Water Gremlin that included a $27.9M distribution to creditors and for parent Okabe to waive its debt so that sale proceeds would flow to unsecured creditors. Representing the Unsecured Creditors Committee in global mediation with Kidde-Fenwal, its non-debtor affiliates (including well-heeled multi-billion current and former parent
companies), and the committee of governmental entities. Secured a key ruling for the Opioid Master Disbursement Trust II to move forward with clawing back proceeds from former Mallinckrodt parent company Covidien Unlimited Co. in a $1.6B fraudulent transfer suit. Assisted the Co-Lead Counsel for Plaintiffs in the global out-of-court settlements and restructuring of JUUL Labs Inc. and its affiliates. Continues to represent Ad Hoc Committee of Consenting Governmental & Other Contingent Litigation Claimants of Purdue Pharma. Also represents the asbestos and mesothelioma claimants committee in the Barretts Minerals case. Advised the receivers of Hector DAO, which obtained Chapter 15 recognition of a foreign main proceeding in which the debtor was a so-called decentralized autonomous organization, a type of blockchain based software protocol, the first of its kind. Counsel to Talc Claimants Committee of LTL Management LLC; Unsecured Creditors Committee of Exactech; and Unsecured Creditors Committee of Cosmed Group.​

Matthew Fagen
Kirkland & Ellis LLP

OUTSTANDING ACHIEVEMENTS

Spearheaded the Chapter 11 cases of Thrasio Holdings, Inc., which comprehensively restructured over $3B of funded debt and preferred equity obligations, and secured $90M of new money financing into the go-forward business. Representing Liberated Brands LLC in Chapter 11 to effectuate an orderly and value-maximizing monetization and wind down process along multiple parallel paths. Represented Wheels Up Experience Inc., in its strategic partnership with a consortium of investors led by Delta Air Lines, Certares Management LLC, Knighthead Capital Management LLC, and Cox Enterprises, that provided a new $500M credit facility through a debt and equity capital raise. Advised West Marine, Inc. in multiple transactions, including a comprehensive out-of-court restructuring of its existing capital structure, supported by 100% of existing lenders and equity sponsor, that
delevered funded indebtedness by more than $500M, provided the Company access to $125M of new money term loan financing, and left trade claims unimpaired. Represented Service King Paint & Body LLC, in an out-of-court restructuring transaction involving the raise of $200M in new capital, reduction of $500M in net indebtedness, and extension of remaining existing funded debt maturities. Guided HONX, Inc., in its successful Chapter 11 case that, among others, established a settlement trust, funded with up to $190M from parent Hess Corp., to satisfy all valid current and future asbestos claims. Serves as Chapter 15 counsel to Ideal Protein of America, which intends to use the Chapter 15 and CCAA processes to run a competitive sale and investment solicitation process to maximize enterprise value.​

Jackson Garvey
Sidley Austin LLP

OUTSTANDING ACHIEVEMENTS

Represented appliance and furniture retailer Conn’s in its Chapter 11 restructuring of over $1.1B of funded debt, playing a prominent role on all aspects of the proceedings, including the negotiation and approval of revolving DIP financing facility, the $352.9M sale of substantially all of the company’s assets to Jefferson Capital Systems, and the negotiations on the terms of a Chapter 11 plan of distribution. Represented MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corp., which provided over $600M of loans to Samarco Mineracão S.A., in the Brazilian iron ore mining venture’s cross-border restructuring that involved over $10B in liabilities—the case being the first Recuperação Judicial effectuated under Brazil’s revised insolvency statute. Assisted RBC Capital Markets as prepetition ABL agent in the bankruptcy of Number Holdings, the parent company of 99 Cents Only Stores LLC (Matter Value: $457M); Anthelion Capital in its acquisition of the Energy business unit, a provider of turnkey fleet-scale high-power charging solutions and software for commercial-grade electric vehicle fleets, of integrated electric bus and commercial vehicle power train manufacturer Proterra Inc. (Matter Value: Approx. $200M); and an Icahn Enterprises subsidiary in the Chapter 11 cases of affiliate, Auto Plus (Matter Value: $211M). Guided commercial-stage drug developer Impel Pharmaceuticals, which listed $127M in funded debt, through its Chapter 11 cases, asset sale, and liquidating plan. Represented a leveraged lessee for a power plant in connection with an out-of-court restructuring of the Lessee’s
pass through notes that were issued to fund the purchase of the power plant (Matter Value: $400+ M).

Andriana Georgallas
Weil Gotshal & Manges LLP

OUTSTANDING ACHIEVEMENTS

Represented the senior secured noteholders in the Chapter 11 cases of 99 Cents Only Stores. Advised a number of companies in their out-of-court workout and restructuring efforts, including Arcade Beauty and several other companies with $1B or more in funded debt, including a leading telecom infrastructure company, a real estate investment trust, a data and technology company, a global leader in connected fitness and interactive content, and a real estate vehicle, in connection with their company-saving capital raises and out-of-court restructurings; Assisted a significant number of private equity firms, including TCV, in various portfolio company restructurings and investment opportunities, including the Chapter 11 cases of Vice Media. Advised a number of S&P 500 companies and foreign companies in connection with their investments in, or contractual relationships with, companies facing financial distress and potential Chapter 11 filings, including Eli Lilly and Company and a foreign battery manufacturer, and in connection with product liability claims to asses using various liability management alternatives and out-of-court restructuring transactions to address such liabilities, including in the pharmaceutical space.

Lindsey Henrikson
Paul Hastings LLP

OUTSTANDING ACHIEVEMENTS

Represented Reficar in McDermott International’s attempt to nullify a $1.3B arbitration award, devising innovative legal strategies within the U.S. Chapter 15 proceedings, the U.K. Chapter 26A and the Dutch WHOA regimes, and ultimately achieving a landmark global settlement that granted Reficar a 20% equity stake in McDermott and significant cash recoveries. Negotiated an out-of-court amend and extend with respect to Modivcare’s more than $1B in debt, helping secure an additional $75M to bridge a potential restructuring, working through the 2024-2025 holiday season to prevent an imminent payroll failure and protect employees from financial hardship, and avoiding a bankruptcy filing and preserving business
continuity. Assisted Antares Capital as the DIP and prepetition agent and lender in the Shoes for Crews Chapter 11 cases, negotiating a credit bid asset purchase agreement that enabled the lenders to acquire the company’s assets, securing approval for the sale, eliminating $300M in debt as part of the lender-led credit bid. Deftly handled complex regulatory challenges on behalf of noteholders and DIP lenders in Acorda Therapeutics’ restructuring, negotiating a restructuring support agreement that paved the way for a consensual Chapter 11 liquidation plan, achieving a return of ~80% to date to clients. Currently leads the representation of secured noteholders in the restructuring of Urgent.ly, a public roadside and mobility
assistance technology company with operations in Israel and Canada, that faces challenges due to COVID-19 and tariff impacts.​

Natasha Hwangpo
Ropes & Gray LLP

OUTSTANDING ACHIEVEMENTS

Advised Hearthside Foods on its $3B restructuring to strengthen its balance sheet amid complex labor issues and ensure long-term growth, negotiating a Restructuring Support Agreement that gained strong support from stakeholders, reaching a settlement with the Unsecured Creditors’ Committee, and winning confirmation of a Chapter 11 plan that cut $1.9B of the debt and infused $200M of new equity capital at exit. Assisted a leading provider of physician services in the post-acute care setting in a successful liability management transaction that addressed more than $1B of funded debt, implementing a complex “uptier” mechanism that received near-unanimous support across the company’s capital structure. Represented MFN Partners, the largest equity holder and junior DIP Lender in Yellow Corporation’s Chapter 11 cases to address $1.2B of funded debt obligations, multiemployer pension liabilities, liquidating sale transactions, and wind-down of all operations. Assisted Cutera, Inc. in its prepackaged Chapter 11 cases filed in early 2025 that aims to reduce company debt by nearly $400M and raise $65M in new money from existing lenders; Bain Capital Credit, the principal lender and instructing secured creditor, in connection with an English appropriation of the entire share capital of the grandparent company of Inspire Entertainment Resort, a five-star hotel and casino located in South Korea; and Agriculture Capital Management, as management and operational partner to Prima Wawona, the largest producer of stone fruit in North America, in its Chapter 11 cases.

Thomas Kessler
Cleary Gottlieb Steen & Hamilton LLP

OUTSTANDING ACHIEVEMENTS

Helped developed an innovative Chapter 11 plan for Genesis Global Capital LLC, enabling in-kind cryptocurrency returns to creditors, unlike typical crypto bankruptcies that dollarize claims at petition date values, facilitating over $4B in recoveries by leveraging crypto price surges (e.g., Bitcoin tripled since January 2023). Also negotiated a landmark settlement with the New York Attorney General, resolving a $3B Martin Act fraud lawsuit by subordinating NYAG’s claim and redirecting recoveries to creditors via a victims’ fund. Successfully defended against Digital Currency Group’s Plan objections, securing creditor recoveries of ~77% for crypto claims and 100% for dollar claims. Led the Federal Reserve Bank of San Francisco’s litigation against Benworth Capital Partners, LLC, a PPPLF borrower with $4.3B in credit advances. Serves as Coinbase’s principal bankruptcy/
restructuring counsel in the various bankruptcies and distress situations arising from the “crypto winter,” including on the negotiation and documentation of a novel arrangement to facilitate distribution of digital assets to Celsius creditors; and defending Coinbase against claims brought by certain creditors who were not initially eligible to receive in-kind recovery, and helped to structure a settlement that resolved all parties’ objections.

Zachary Lanier
Akin Gump Strauss Hauer & Feld LLP

OUTSTANDING ACHIEVEMENTS

Handled negotiations on behalf an ad hoc group of term lenders and noteholders of Wheel Pros, Inc. on the overall terms of the restructuring and various ancillary items with the advisors to the Debtor and its sponsor, Clearlake Capital. Assisted Elliott Investment Management, in its investments in Abra Group Limited and GOL Linhas Aéreas Inteligentes S.A. Represented an ad hoc group of secured lenders in Cineworld Group plc’s cross-border restructuring that was completed in July 2023 and, post-emergence, in successfully resolving a significant remaining dispute between former management and the new shareholders that were members of the ad hoc group. Advised Cobra Acquisitions in connection with PREPA’s Title
III case, successfully pushing PREPA into a mediation over $200M in claims that resulted in a favorable settlement inked in June 2024. Represented an ad hoc group of lenders for Altice US, assisting the ad hoc group in formulating a defensive strategy to protect their investments and limiting Altice US’s flexibility to effectuate nonconsensual liability management transactions.

Jonah Peppiatt
Davis Polk & Wardwell LLP

OUTSTANDING ACHIEVEMENTS

Represented Big Lots, Inc. in connection with their Chapter 11 restructuring, including successfully arguing for approval of bidding procedures and stalking horse bidder protections. Co-led representation of an ad hoc group of secured noteholders in connection with the Chapter 11 restructuring of WeWork, Inc. Led multi-year representation of an ad hoc group of term lenders under Limetree Bay Terminals LLC’s $475M senior secured term loan facility through multiple rounds of transactions and culminating in a February 2024 refinancing provided by third-party lenders and the repayment in full of the term loan facility. Represented Mastronardi Produce Limited in connection with the Chapter 11 cases of AppHarvest Products, LLC, including lease and JV arrangements with respect to certain of AppHarvest’s facilities.

Stephen Silverman
Gibson Dunn & Crutcher LLP

OUTSTANDING ACHIEVEMENTS

Served as lead counsel representing ad hoc group of secured debt holders to Altice France in connection with its out-of-court restructuring to address elevated leverage and upcoming maturities across €20B of secured debt; ad hoc group of first lien term lenders and noteholders to Rackspace Technology in the structuring, negotiation, and implementation of a cutting edge “all or substantially all” non-Loan Party transaction; ad hoc group of first and second lien term lenders to Aventiv Technologies in connection with multiple out-of-court liability management transactions and ongoing restructuring efforts; ad hoc group of term lenders in connection with Cyxtera Technologies’ Chapter 11, which provided 70% recovery to holders of first lien claims; ad hoc group of first lien lenders in Dynata, LLC’s Chapter 11; ad hoc group of first lien term lenders to ConvergeOne, which slashed
$1.4B in debt and turned control of the company over to its lenders; ad hoc group of first lien term lenders and noteholders in the out-of-court amend and extend transaction for Multiplan; ad hoc group of first lien term lenders to City Brewing in connection with a novel “triple-dip” non-Loan Party drop-down financing; ad hoc group of first and second lien term lenders in a comprehensive out-of-court restructuring transaction by AccentCare; ad hoc group of secured lenders to Quest Software in its complex and novel liability management transaction; ad hoc group of secured lenders to EyeCare Partners in its out of court liability management transaction; and ad hoc group of first lien term lenders to Petmate in its out-of-court restructuring transaction.