David M. Feldman is a partner in the New York office of Gibson, Dunn & Crutcher and Co-Chair of Gibson Dunn’s International Business Restructuring and Reorganization Practice Group.
Mr. Feldman’s practice focuses on the representation of companies, private equity firms and hedge funds in a variety of bankruptcy cases, out-of-court restructurings, and distressed asset and debt transactions.
Mr. Feldman is consistently ranked as a leading Bankruptcy and Restructuring lawyer by Chambers USA: America’s Leading Lawyers for Business, noting that he “is very smart,” and “very experienced,” and highlighting “his in-depth understanding of technical issues” and his “fantastic strategic vision.” In addition, he was also named as one of the top Bankruptcy and Creditor-Debtor Rights lawyers by The Best Lawyers in America©, and by Investment Dealers’ Digest as one of the Top 40 Under 40 Dealmakers of 2007. He is the author of “The Pervasive Problem of Numerosity” published online by Law360 on June 2, 2010 at law360.com and “Appointing Equity Committees: Insolvency Is One of Several Factors Courts Consider in Making Determination,” New York Law Journal, Corporate Restructuring & Bankruptcy Special Section, August 8, 2004.
Mr. Feldman received his Juris Doctor cum laude from the Benjamin N. Cardozo School of Law in 1993. He graduated from Cornell University in 1989. Mr. Feldman clerked for Chief Judge William H. Gindin, in the U.S. Bankruptcy Court, District of New Jersey, for two years following law school. Mr. Feldman is admitted to practice in New Jersey and New York.
Private Equity and Investment Firms
Mr. Feldman regularly represents several major private equity and investment firms in connection with out-of-court and in-court restructuring of portfolio companies, sale and acquisition of distressed portfolio companies, and restructurings at the fund level. Clients for which Mr. Feldman has performed such services include Investcorp, Carlyle, Whitney, TPG, Fortress, Farallon, Luxor, Garrison, Angelo Gordon, CarVal, TPG, Silverpoint, Davidson Kempner, and Anchorage. With respect to existing portfolio companies and other current distressed investments, Mr. Feldman and his team have extensive experience analyzing the existing debt stack of the company and developing innovative and creative restructuring options for the sponsor. Similarly, with respect to potential acquisitions of distressed targets, Mr. Feldman regularly works with his PE and fund clients to identify strategic leverage points, intercreditor issues, and potential legal issues that may be required to be navigated in a restructuring (including fraudulent conveyance, preference, subordination and consolidation). In performing the above services, Mr. Feldman works closely with a core group of finance, securities and M&A colleagues with extensive experience navigating complex restructurings. Much of the above-described work was and remains confidential and the identities of the specific investments cannot be disclosed.
Balanced Restructuring Practice
Mr. Feldman and his partners have developed a balanced restructuring practice with great depth on the Company/Debtor side and the Creditor/Investor side. This allows Mr. Feldman and his colleagues to have a deep understanding of their adversary’s strategic and economic goals in every restructuring matter. Major recent practice group in-court Debtor matters include: Arcapita (Bahranian private equity firm), TBS International (international shipping company), and Almatis (alumina manufacturer). Recent investment matters include: Restructuring and acquisition of Wastequip Inc. (waste equipment manufacturer; previously owned by Odyssey) for group led by Credit Suisse and Centerbridge, restructuring and acquisition of control of William Lyon Homes (southern California homebuilder; previously controlled by William Lyon) for Luxor Capital, restructuring and acquisition of control of Trident Resources (a U.S./Canadian natural gas company) for group of investors led by Anchorage Advisors, and acquisition of major interest in Extended Stay (discount extended stay hotel chain; previously owned by Starwood) for Paulson (which acquired business together with Blackstone and Centerbridge). A more extensive list of the group’s extensive restructuring matter experiences can be found in the Business Restructuring and Reorganization Practice Group description.
Additional recent major restructuring matters where Mr. Feldman has represented the company, creditors or another major party in interest include: AMBAC, a leading financial guarantee insurer, in connection with its Chapter 11 proceeding; Comanche Clean Energy, a Brazilian ethanol and biodiesel manufacturer, in connection with an out-of-court restructuring; Education Media, a national publishing company, in connection with two out-of-court restructurings; True Temper Sports, the leading golf club shaft manufacturer in connection with its successful prepackaged bankruptcy; Dayton Superior Corporation in connection with its successful Chapter 11 case; Niagara Steel in connection with its out-of-court restructuring; Real Mex Restaurants in connection with its out-of-court restructuring; Ainsworth Lumber, a major U.S./Canadian forest product company, in connection with Ainsworth’s restructuring pursuant to the Canadian Business Corporations Act, M. Fabrikant & Sons, a leading national diamond wholesaler, in connection with its Chapter 11 case and sale of the business; Credit-Based Asset Servicing and Securitization LLC (“C-BASS”) in connection with the out-of-court restructuring of C-BASS; and Performance Transportation Services in connection with its successful Chapter 11.