Welcome to the new beta version of legal500.com Visit the legacy site

North America - United States • Finance

Proskauer Rose LLP

More informationMore information

Led by Martin Bienenstock in New York, Proskauer Rose LLP handles a range of clients on both the creditor and debtor side on all matters related to distressed situations, corporate governance insolvency and bankruptcy. The firm specializes in corporate governance, as well as advising borrowers in restructurings and Chapter 11 cases, as well as hedge funds. David Hillman has substantial experience in every phase of the restructuring process as well as addressing inter-creditor issues involving the relative rights of majority and minority lenders. Vincent Indelicato represents direct lenders, ad hoc groups, bondholders and creditors’ committees both in and out of court and in Chapter 11 matters, while Ehud Barak is noted for his specializations in bankruptcy litigation and Chapter 11 cases. All lawyers mentioned are based in New York.

Legal 500 Editorial commentary

Key clients

  • Financial Oversight and Management Board for Puerto Rico
  • Prospect Capital
  • Sixth Street Specialty Lending
  • Ad Hoc Group of Genesis Global Capital Lenders; Genesis Earn Program Group 2
  • Dunn Paper Ad Hoc Second Lien Group
  • Diameter Capital LP
  • Ad Hoc Group of Holdings PIK Noteholders (including BC Partners, Marathon Asset Management and Monarch Alternative Capital)
  • Ad Hoc Group of Second Lien Lenders
  • Invictus Global Management
  • SLR Capital
  • Centre Lane Partners
  • Banco Azteca
  • Yesco Holdings
  • ARK Investment Management
  • Owl Rock Capital Corporation
  • MidCap Financial Trust

Work highlights

  • Lead outside counsel to the Financial Oversight and Management Board for Puerto Rico, which was created under the Puerto Rico Oversight, Management and Economic Stability Act to represent Puerto Rico and its instrumentalities in the restructuring of their debts.
  • Represented Prospect Capital in its purchase of an interest in PGX Holdings Inc.’s credit repair service Progrexion Holdings Inc. and other parts of its primary business, including websites Credit.com and CreditRepair.com, for $257.5 million.
  • Advising an ad hoc group of Holdings PIK Noteholders (including BC Partners, Marathon Asset Management and Monarch Alternative Capital) in the Lucky Bucks Holdings bankruptcy case pending in the U.S. Bankruptcy Court for the District of Delaware.

Lawyers

Hall of fame

The lawyers at the very top of the profession, widely known and respected by peers and clients for their longstanding involvement in market-leading work.

Martin Bienenstock

Martin Bienenstock

Work highlightsProskauer Rose LLP

Martin Bienenstock is chair of the Firm's Business Solutions, Governance, Restructuring & Bankruptcy Group. Martin provides clients with multidisciplinary solutions that draw on his combined experience in restructuring, corporate governance, reorganization, litigation, Dodd-Frank and Sarbanes-Oxley. Martin’s restructuring practice focuses on restructuring troubled situations including Puerto Rico to benefit all their stakeholders including their people, investors and creditors. Martin’s governance practice is targeted at keeping healthy companies healthy and growing, and saving distressed companies, while protecting directors and officers with cutting edge best practices. Martin is repeatedly retained to solve momentous problems. Currently, Martin leads the Firm’s representation of the Financial Oversight and Management Board for Puerto Rico, charged with restoring fiscal responsibility and market access to the Commonwealth by developing fiscal reforms and restructuring its $74 billion of bond debt and $50 billion of unfunded pension obligations. Martin also leads the Firm’s representations of the Westinghouse creditors’ committee and the Caesars Entertainment creditors’ committee for unsecured claimholders. In the Caesars cases, the creditors Martin represents were offered four cents at the outset and are settling for approximately 65 cents. General Motors retained him to formulate the section 363 strategy that he presented to the U.S. Auto Task Force, which deployed it to save General Motors and Chrysler. He represented Enron in its chapter 11 case that has now paid multiple creditors in full. Recently, Martin developed the Colombian-U.S.-Canadian reorganization plan for Pacific Exploration, supported by its bank creditors and bond creditors. Martin routinely provides legal and strategic advice to directors, businesses, investors and creditors, advising on complex restructurings, acquisitions, trials and appeals. He handled the Owens Corning appeal, reversing substantive consolidation to increase the value of his bank clients' claims against Owens Corning from $600 million to more than $2.2 billion. He charted the takeover of troubled Finova for a joint venture between Berkshire Hathaway and Leucadia National Corp., and achieved the successful reorganizations of companies such as Enron and Republic Engineered Products over multiple objections. Martin developed successful reorganizations for Capmark and AMBAC. He also prepared the initial draft of what became Ireland’s reorganization statute. For the last 10 years, the National Law Journal listed Martin as one of the "100 Most Influential Lawyers in America." He has been listed at the top of his field by other leading legal publications and organizations, including Turnarounds & Workouts, The International Who's Who of Business Lawyers, Chambers, and Euromoney Legal Media Group's "The Best of the Best." Martin also teaches corporate reorganization at Harvard Law School and University of Michigan Law School.

Practice head

The lawyer(s) leading their teams.

Martin Bienenstock

Other key lawyers

David Hillman, Vincent Indelicato, Ehud Barak