Proskauer Among Many Firms Drawn to Puerto Rico's Pseudo-Bankruptcy
In a move that could dwarf the massive municipal bankruptcy of Detroit, Puerto Rico indicated Wednesday that it would begin a bankruptcy-type process to restructure $70 billion in debt. Proskauer Rose, Quinn Emanuel, Kirkland & Ellis, Dentons and Cleary Gottlieb have been involved in the island's mounting debt crisis in recent years.
May 05, 2017 at 12:17 AM
48 minute read
In a move that could dwarf the massive municipal bankruptcy of Detroit in 2013, the government of Puerto Rico indicated Wednesday that it would begin a bankruptcy-type process to restructure some $73 billion in debt.
Puerto Rico, which is barred under federal law from seeking Chapter 9 protection in a U.S. bankruptcy court, instead filed a petition for relief with a U.S. district court in San Juan. Proskauer Rose restructuring partners Martin Bienenstock, Scott Rutsky and Philip Abelson in New York are working with Hermann Bauer of San Juan's O'Neill & Borges in advising The Financial Oversight and Management Board for Puerto Rico, according to the court filing.
Bienenstock (pictured right), who led a team of lawyers fleeing the soon-to-be-bankrupt Dewey & LeBoeuf for Proskauer five years ago this month, serves as chair of Proskauer's business solutions, governance, restructuring and bankruptcy practice. He did not respond to a request for comment. The American Lawyer named Bienenstock one of its Dealmakers of the Year in 2015 for his role representing certain Puerto Rican governmental entities on their debt restructuring efforts.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Davis Polk Lands Spirit Chapter 11 Amid Bankruptcy Resurgence
Jackson Walker Faces Greater Scrutiny After Disclosure of Texts Over Judge's Relationship
5 minute read
Major Debtors Still Frequent SDTX 1 Year After Jones-Freeman Scandal
Mayer Brown Restructuring Leader Heads to Jenner to Co-Chair Practice
3 minute readTrending Stories
- 1High-flying Genetics Testing Firm GeneDx Hires Ex-Zoetis GC as Legal Chief
- 2Manhattan Prosecutors Say They Will Oppose Efforts by Trump Legal Team to Dismiss Case
- 3Deposing Former Mayor Bill de Blasio; Misrepresentations To Induce Investment: This Week in Scott Mollen’s Realty Law Digest
- 4Which Outside Law Firms Are Irreplaceable, and Which Should Have Gotten the Ax Years Ago?
- 5Two Tesla Shareholder Cases in Del. Chancery Court Consolidated
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
