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Phil Abelson is a partner in the firm’s Business Solutions, Governance, Restructuring & Bankruptcy group. Phil’s practice focuses on debtors’ and creditors’ rights and corporate restructurings. He represents debtors, creditors, official and unofficial committees, bondholders, and third parties in both in-court and out-of-court restructurings.

Recognized as a "Rising Star" by Bankruptcy Law360, Phil was also lauded by Chambers as "an up-and-comer."

Representative Engagements:

  • Caesars Entertainment Operating Corporation, as counsel to the Official Committee of Unsecured Creditors

  • Puerto Rico, as counsel to the Government Development Bank

  • Nautilus Holdings Ltd., as counsel to a secured lender in a syndicated facility

  • NewPage Corporation, as counsel to the Debtors

  • Los Angeles Dodgers, as counsel to the Debtors

  • Visteon Corporation, as counsel to an ad hoc group of equityholders

  • Capmark Financial Group, as counsel to the Debtors

  • Chrysler LLC, as counsel to Chrysler Financial

  • Tubo de Pasteje, as counsel to the Debtors

  • Wellman Inc., as counsel to second lien agent

  • CDX Gas Inc., as counsel to second lien agent

  • LNR Property Corp., as counsel to the Company in an out-of-court restructuring

  • Texaco Inc., as counsel to the Reorganized Debtor (actions to enforce the discharge)

  • Granite Broadcasting Corp., as counsel to the Debtors

  • Delta Airlines, as counsel to the Official Committee of Unsecured Creditors

  • Bally Total Fitness, counsel to an ad hoc group of 1st and 2nd lien noteholders

  • Foamex International, as counsel to the Debtors

  • WCI Communities, as counsel to the Official Committee of Unsecured Creditors

  • Adelphia Business Solutions Inc., as counsel to the Debtors

  • G-I Holdings Inc., as counsel to the Debtors

  • Federal-Mogul Corp., as counsel to the Official Committee of Property Damage Claimants

  • Coram Healthcare Corp., as counsel to noteholder

Phil is the co-author of several articles:

  • "The Second Circuit Reaffirms the Broad Scope of the Safe Harbor under Section
    546(e) of the Bankruptcy Code," International Corporate Rescue (Issue 6, 2016);

  • "Fairfield Sentry: In the Last Chapter of the Saga, the Controversial Sale is Disapproved," International Corporate Rescue (Issue 3, 2016);

  • "New York Choice of Law and Forum Selection in an Indenture is 'Property' Making a Debtor Eligible for Relief Under the US Bankruptcy Code," International Corporate Rescue (Issue 2, 2016);

  • "Is It Time to Reform Chapter 11 of the US Bankruptcy Code?," International Corporate Rescue (Issue 4, 2015);

  • "Madoff: Some Comfort for Foreign Investors Indirectly Investing in US Companies," International Corporate Rescue (Issue 1, 2015);

  • "Recent Delaware Bankruptcy Court Decision Limits Secured Claimholder’s Right to Credit Bid: The Fisker Decision and its Implications," International Corporate Rescue (Issue 3, 2014);

  • "Fisker Threatens to Undermine Distressed-Debt Investing," Law360 (Jan 31, 2014);

  • "The Public Pension Conundrum," Municipal Finance Journal (Winter 2012); and

  • "Why the Muni Bankruptcy Avalanche Has Not Arrived," The Bond Buyer (October 29, 2010).

He is also a contributor to Distressed Debt Investing (http://www.distressed-debt-investing.com/), for which he has written numerous posts.

He frequently speaks on bankruptcy and governance issues, with recent engagements including: Debtwire’s panel on the Puerto Rico turnaround in 2015, the ABA, Business Law Section Spring Meeting, Chapter 11 Current Developments in 2013; the ABI NYC Bankruptcy Conference, Bankruptcy Fundamentals (Nuts & Bolts), Thompson Reuters Customer Summit (Corporate Governance), National Federation of Municipal Analysts, and Practicing Law Institute (Current Developments with Judge Gropper) in 2011; the National Conference of Bankruptcy Judges and VALCON in 2010; and the Heyman Center at Cardozo Law School (Distressed Investing & Deal Making) in 2009.

Most recently, Phil attended the working group session (model insolvency law) of the United Nations Commission on International Trade Law at the United Nations on behalf of the New York State Bar Association.