Award Turnarounds & Workouts

Most Successful Restructurings of 2011

In Turnarounds & Workouts' annual report on the bankruptcy industry, Kirkland was debtor counsel for four of the most successful restructurings of 2011.

Partners James Sprayregen, David Seligman, and Jeffrey Gettleman were listed as debtor's counsel for Corus Bankshares, Inc. The case was recognized for involving "complicated interplay between bankruptcy and banking law," while the attorneys "leveraged Corus' cash on hand, potential tax refunds, and valuable tax attributes to allow the business to transform from a bank holding company to a real estate and financial services business."

Partners James Sprayregen, Anup Sathy and Brian Lennon were listed as debtor's counsel for Innkeepers USA Trust. The case was noted for its "complicated capital structure" which "required a series of related but independent transactions to be completed as part of the restructuring."

Partners Rick Cieri, Christopher Marcus, and Ross Kwasteniet were listed as debtor's counsel for Local Insight Media. The case "required global settlement among three business silos resulting in consensual elimination of over $1B of debt," and was hailed by the presiding judge as "a major accomplishment."

Partners Jamie Sprayregen, Marc Kieselstein and Ryan Bennett are debtor's counsel for DBSD North America, Inc. The restructuring consists of a $1.4 billion acquisition by DISH Network of 100 percent of the equity of DBSD, pursuant to the terms of an Investment Agreement and DBSD's confirmed plan of reorganization. DBSD's plan of reorganization is expected to be effective by March 31, 2012.