Restructuring challenges create uncertainty and distress. We use our experience and understanding to work closely with our clients to formulate strategies to address uncertain situations with confidence and resolve the distress with practical solutions.

Financial Restructuring

Practical counsel for complex financial distress.

Financial Restructuring

Overview

Munger, Tolles & Olson provides strategic guidance and pragmatic solutions to clients navigating financial distress, bankruptcy and restructuring. We help clients protect value, resolve disputes and achieve stability through some of their most difficult business challenges.

Our team advises on both in-court and out-of-court restructurings, distressed asset sales, financings and litigation arising from insolvency-related disputes. We guide clients through every stage of the process, from strategic planning and fiduciary guidance to navigating bankruptcy proceedings, negotiating with creditors and handling appeals.

We represent a wide range of parties, including debtors, directors, special committees, creditors, equity holders, private equity firms and funds, across sectors such as utilities, retail, technology, entertainment, media and financial services. Whether advising on debtor-in-possession financing, fiduciary duties or Section 363 sales, our goal is the same: To craft and execute strategies to maximize options and value for our clients.

Clients also turn to us to resolve high-stakes disputes in distressed environments, including claims involving fraudulent transfers, preferences and plan objections. When litigation is necessary, we bring the full weight of our trial and appellate strength to bear.

With deep experience, industry fluency and a business-minded perspective, MTO’s restructuring team brings clarity to complex situations — helping clients manage distress, resolve conflict and emerge stronger.

Clients

Utility and Energy

Berry Petroleum
Edison International
Energy Future Holdings
GenOn Mid-Atlantic
Hawaiian Electric
Oaktree Capital in Salem Harbor reorganization
Pacific Gas & Electric
Southern California Edison

Technology, Entertainment, Media and Culture

Caruso
Google
Hollywood Studios
iHeartMedia
Intel
Netflix
Owners of Station Casinos

Retailers

ABL Agent in Revlon
Costco
Founders of Forever 21
Gymboree
NineWest
Payless Shoes
Toys “R” Us

Other Industries

Bolivarian Republic of Venezuela
Caruso Affiliated Holdings
Envoy Solutions LLC and FEMSA
Paul Getty Trust
WeWork
Whirlpool

Financial Services / Funds

Alter Domus
Bank of America
Berkshire Hathaway
BMO Harris Bank
EagleTree Capital, LP (formerly Wasserstein Partners, LP)
Fortress Investment Group
Merrill Lynch
Monarch Capital
Nexus Capital Management
Oaktree Capital
Panning Capital
Silver Point Capital
Term Lenders to General Motors
The Yucaipa Companies

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Experience

Recent public engagements include the following representations:

Alter Domus, the agent for certain lenders under an asset-backed credit agreement with Revlon Inc. in connection with Revlon’s bankruptcy cases and use of cash collateral.

Bank of America in the Ditech Financial bankruptcy and asset sale and settlement of claims between the companies.

Berkshire Hathaway in various restructuring matters including the Whittaker Clark & Daniels bankruptcy case, as a bondholder and asset buyer in the Residential Capital bankruptcy, the plan sponsorship investment in USG and the acquisition of Fruit of the Loom, FINOVA and Oakwood Homes.

Berry Petroleum, in its bankruptcy reorganization and separation from Linn Energy.

Bolivarian Republic of Venezuela in an ongoing case with respect to the enforcement of a $1.4 billion judgment obtained by Crystallex related to the Maduro government’s nationalization of assets in Venezuela.

Caruso Affiliated Holdings in connection with various theatre chains.

DIP, as agent, and secured lenders to Freedom Communications in its restructuring.

Disney, Lucasfilm, Fox, Marvel, New Line, Turner Entertainment and another studio in successful resolution of claims in VidAngel’s bankruptcy.

Envoy Solutions, LLC, in its sponsorship of a plan of reorganization for manufacturing company GPMI, Co.

GenOn Mid-Atlantic, an electric power generation and distribution company, in its out-of-court restructuring of leveraged lease coal plants.

Google, in pursuing judgment and indemnity against Anthony Levandowski and Uber related to trade secret claims regarding auto driving technology.

Hawaiian Electric Industries, Inc. regarding the August 2023 devastating Maui wildfires, including the Lahaina Fire, which was the deadliest U.S. wildfire in over a century.

iHeartMedia’s independent directors in the largest U.S. bankruptcy filing in 2018.

Invictus Global Management on various restructuring and distressed investment opportunities.

J. Paul Getty Trust, in the acquisition of archives from Ebony magazine through a section 363 sale in bankruptcy court.

LATAM Unsecured Creditor Ad Hoc Group, in their appeal of orders confirming the plan of reorganization and backstop agreements in the reorganization of LATAM Airlines Group, S.A.

Netflix in connection with Chilean media company WOM SA’s bankruptcy restructuring.

Nexus Capital Management, a California-based private equity firm, in its acquisition out of bankruptcy of FTD Companies’ florist network in North America and Latin America.

Oaktree Capital Management LP in connection with the out-of-court and subsequent in-court reorganization of its portfolio company-owned power plant in Salem Harbor, Massachusetts.

Lenders in the Petters Bankruptcy Cases, a group of syndicated lenders to Polaroid Corp. in fraudulent transfer actions brought by Ritchie Capital related to the Thomas Petters Ponzi scheme.

PG&E Corporation in their bankruptcy reorganization cases with respect to certain matters including regulatory matters, power purchase agreements and wildfire claims.

Seadrill Limited senior management in connection with their exit employment agreements.

Significant roles in the Gymboree, Payless Shoes, Toys“R”Us, and Nine West bankruptcy cases.

Southern California Edison in various matters, including the first municipal bankruptcy of community choice aggregator Western Community Energy and advice in connection with a Canadian Receivership of Rokstad entities.

TCEH, an energy company focused on the competitive energy and power generation markets, in the restructuring of Energy Future Holdings Corp., a privately held company with a portfolio of competitive and regulated energy companies.

WeWork, Inc. at the direction of a Special Committee of independent directors of the board with regard to conflicts matters with related parties, including SoftBank Group and affiliates, and Adam Neumann.