Bankruptcy and Corporate Restructuring

Michael Bernstein is chair of the Firm's national bankruptcy and corporate restructuring practice. He is consistently distinguished as one of the top bankruptcy and restructuring lawyers in Washington, DC by Chambers USA Leading Lawyers for Business, which praised him in 2012 as "tireless and solutions-oriented with an encyclopedic knowledge of the law and trends in the market." In previous editions, Chambers described him as a "creative and loyal advocate whose knowledge of the Bankruptcy Code makes him incredible at getting the best results for his clients" (2011), "an outstanding lawyer [with] fantastic analytical skills and intellectual prowess" (2009), for being "creative and practical" (2008), noting that he "completely understands [his client's] business" (2007), and has "an ability to assess risks in a meaningful way and address the tribunal in a strong and tenacious manner" (2006).

He represents secured and unsecured creditors, creditors' committees, bondholders, investors, asset purchasers, private equity funds, debtors, and other parties in a wide variety of bankruptcy and workout matters, and in related litigation throughout the United States. He has been involved in large bankruptcy cases, including Chrysler, Lehman Brothers, US Airways, LandAmerica, The PMI Group, TWA, United Airlines, LifeCare Holdings, Adelphia, Asarco, G-1 Holdings, Mirant, Criimi Mae, Enron, FoxMeyer Drug, Fruit of the Loom and Continental Airlines, as well as many other cases throughout the United States.

Mr. Bernstein's bankruptcy experience spans many industries, including telecommunications, energy, real estate, finance, mining, manufacturing, technology, retail, airline, healthcare, and pharmaceuticals. His clients have included AOL, American Capital, American Red Cross, Ardent Communications Creditors' Committee, Bear Stearns, Boehringer Ingelheim, BB&T, Cingular Wireless, Criimi Mae Creditors' Committee, Dynex Bondholders Committee, Gate Gourmet, Glaxo, Guinness Import Company, Health Care REIT, Hilton Worldwide, Lennar Partners, Major League Baseball, Perseus LLC, PMI Mortgage, Sodexo, Texas Pacific Group, The George Washington University, The Republic of Panama, and the Washington Corporations, among others.

Mr. Bernstein is a fellow of the American College of Bankruptcy and a member of the Board of Directors of the American Bankruptcy Institute. He has co-authored two books and has published many articles on bankruptcy-related topics. He is a frequent lecturer, has been interviewed by major newspapers and on television and radio, and has been recognized as a leading bankruptcy lawyer by numerous publications. Mr. Bernstein served as co-chair of the Labor and Employment Committee of the American Bankruptcy Institute and is serving as co-chair of the Advisory Committee on Labor & Benefits of the ABI Commission to Study the Reform of Chapter 11. He has testified before Congress as an independent expert on the status of collective bargaining agreements, retiree and pension benefits, and executive compensation in bankruptcy.

• Represented PMI Mortgage Insurance Company in connection with its Arizona receivership and the Delaware Chapter 11 proceeding of its parent company, The PMI Group, Inc.
• Represented derivatives counterparties in the Lehman Brothers bankruptcy case.
• Represented Chrysler National Dealers Council in Chrysler bankruptcy.
• Represented The Republic of Panama as creditor in the chapter 11 cases of Electric Machinery Enterprises, Inc., Nations Energy Corporation and Jaime Jurado, and in related litigation.
• Represented private equity fund as second lien lender in the Delaware bankruptcy case of AFA Foods.
• Represented 1031 exchange counterparty in LandAmerica bankruptcy; obtained US$137 million recovery for client on an expedited basis.
• Represented a government entity in Mirant bankruptcy, including appeals to the District Court and Fifth Circuit.
• Represented debtors, investors, creditors, and other parties in airline bankruptcy cases, including US Airways, United Airlines, Frontier Airlines, TWA, and Continental Airlines.
• Represented debtor as special counsel in G-1 Holdings Chapter 11 case.
• Defended preference and fraudulent conveyance litigation, including large fraudulent conveyance action related to an LBO transaction.
• Represented a private equity fund in bankruptcy and workout matters and related litigation throughout the United States.
• Represented a professional sports league in Adelphia bankruptcy and related litigation.
• Represent a healthcare industry lender in structuring transactions and in bankruptcy and insolvency matters throughout the United States.
• Represent a significant creditor and potential investor in Asarco bankruptcy.
• Represented Norwegian multinational corporation in acquiring assets of a US defense contractor through a state law insolvency proceeding.
• Represented bank groups and individual lenders in real estate workouts, foreclosures, and real estate bankruptcy cases.
• Represented creditors' committees, including Criimi Mae and Ardent Communications.
• Represented a major pharmaceutical company as creditor in FoxMeyer Drug bankruptcy case, and in related litigation.
• Represented private equity funds and other investors and asset purchasers in § 363 sales.
• Represented a hotel developer in complex restructuring negotiations and in related litigation.
• Represented officers and directors of bankrupt companies, including advising on responsibilities and defending litigation.
• Represented parties in litigation concerning rejection or modification of collective bargaining agreements.
• Represented suppliers, major creditors, and other parties in telecommunications industry bankruptcy cases.
• Advised trade vendors on ways to minimize insolvency risks.
• Defended lenders in deepening insolvency, equitable subordination, recharacterization, and breach of duty litigation.
• Represented parties in nonbankruptcy insolvency proceedings, including receiverships, assignments for the benefit of creditors, and state law liquidations.

Professional Activity

• Advisory Committee, American Bankruptcy Institute Commission to Study the Reform of Chapter 11

• Fellow, American College of Bankruptcy

• Member, Board of Directors, American Bankruptcy Institute

• Member, Advisory Board, “Views From the Bench” program, co-sponsored by Georgetown University Law School and American Bankruptcy Institute

• Master of the Bench, Walter A. Chandler American Inn of Court

• Served as co-chair of the Labor and Employment Committee of the American Bankruptcy Institute