Jeff Marwil is the U.S. co-head of the Business Solutions, Governance, Restructuring & Bankruptcy Group, and head of the Chicago office. During his 30 years of experience in the bankruptcy, workout and corporate restructuring area, he has developed a reputation for providing sophisticated strategic advice to companies in distress and solving challenging legal and business issues. He has held lead roles in some of the highest-profile Chapter 11 bankruptcy cases in America.
Jeff has extensive experience representing publicly traded and privately held companies, in and out of court, in the restructuring of complex capital structures and reorganizing their financial affairs and business operations. With his in-depth understanding of the roles and responsibilities of officers and directors of both publicly-traded and privately-held companies, Jeff is regularly retained to provide advice on issues of fiduciary duty related to companies in distress, their officers and directors, creditors and their shareholders.
He currently serves as lead Chapter 11 counsel in three billion-dollar bankruptcy cases, The Budd Company, Ocala Funding, LLC and as co-chapter 11 counsel in the Energy Future Holdings Corp. bankruptcy. He serves as counsel to the Official Committee of Unsecured Creditors of Caesars Entertainment Operating Company, Inc. and as lead counsel for the Chapter 7 bankruptcy trustee of ITT Educational Services, Inc. He also regularly represents multi-tranche finance lenders in workouts and restructurings of their distressed credits.
Jeff’s key current representations include:
The Budd Company - Serves as debtor’s counsel to The Budd Company, a former supplier to the automotive industry, which filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois in March 2014. The company, which ceased manufacturing operations in 2006, has obligations consisting largely of medical and other benefits to approximately 10,000 retirees and environmental and asbestos liabilities. The complex case involves multiple constituents. Confirmation of the plan or reorganization is expected to take place in June 2016.
Energy Future Holdings Corp. (EFH) - Serves as co-debtors’ counsel in the Chapter 11 bankruptcy of EFH, the largest generator, distributor and certified retail provider of electricity in Texas. With more than $49 billion in liabilities and $36 billion in assets, EFH and its affiliated debtors’ Chapter 11 cases are the largest operating Chapter 11 cases ever filed in Delaware and the seventh largest Chapter 11 cases filed. EFH commenced reorganization under Chapter 11 of the U.S. Bankruptcy Code on April 29, 2014.
Caesars Entertainment Operating Company, Inc. (CEOC) - Represents the Official Committee of Unsecured Creditors of CEOC, a subsidiary of Caesars Entertainment Corporation (Nasdaq: CZR), which filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Illinois in January 2015. Litigated claims in the case include fraudulent transfer, breach of fiduciary duty and claims against non-debtor guarantors.
Ocala Funding - Represents Ocala Funding, which was a wholly owned subsidiary of Taylor Bean & Whitaker Mortgage Corp., in its Chapter 11 case. Taylor Bean created and then subsequently operated the special-purpose entity subsidiary that was a conduit that purchased its home loans and bundled them into securities, which it then sold to Freddie Mac and other investors. It funded the mortgage loan business by selling $1.75 billion of asset-backed commercial paper short-term notes to Deutsche Bank and the mortgage subsidiary of BNP Paribas. Deutsche Bank bought about $1.2 billion of the notes, and BNP had purchased about $480.7 million. Taylor Bean, once the largest mortgage lender in the U.S. not owned by a deposit-taking bank, sought bankruptcy protection in August 2009 in the U.S. Bankruptcy Court for the Central District of Florida after federal law enforcement raided its headquarters. Prosecutors discovered a fraud scheme and eventually secured several lengthy prison sentences for its executives.
Jeff has particular expertise representing hedge funds and their managers/advisers, and sophisticated fund-of-funds and pension plan investors in hedge fund restructurings, wind-downs and complex litigation matters. He served as lead fund counsel for a complex of several alternative strategy funds that sought to restructure in the midst of then unprecedented market turmoil. He served as the sole managing member of the Bayou Group of hedge funds, and successfully pursued, in their Chapter 11 cases, fraudulent conveyance recoveries from Ponzi scheme recipients for the benefit of defrauded investors.
Jeff has also advised on complex hedge fund litigation (in the Madoff case and others) and has represented some of the largest investor creditors in the attempted restructuring, and wind-down, of a multi-billion dollar on-shore and off-shore affiliated group of multi-strategy hedge funds.
In addition to counseling clients through workouts, restructurings and reorganizations, Jeff has represented companies, private equity funds, hedge funds and other investment groups in the purchase and sale of distressed companies, debt and assets. He has assisted numerous clients, both on the sell side and the buy side, with structuring and completing complex transactions. He has also represented senior secured lenders and official committees in major workouts, restructurings and reorganizations.
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