American Bankruptcy Institute Names McDermott International Restructuring Matter “International Matter of the Year”

Paul Hastings Financial Restructuring partners Matt Warren and Lindsey Henrikson, and associate Valerie Eliasen, were recognized for their work on the McDermott International restructuring matter, named the American Bankruptcy Institute’s (ABI) 2024 “International Matter of the Year.”

The team spearheaded the representation of Colombian refinery Refinería de Cartagena (Reficar) in a complex, cross-border restructuring matter, challenging the treatment of Reficar's $1.3 billion arbitration award against certain subsidiaries of McDermott International in-court in three jurisdictions: UK chapter 26A cases, US chapter 15 cases, and Dutch WHOA (Wet homologatie onderhands akkoord), or “Dutch Scheme,” proceedings commenced to implement transactions contemplated by a Transaction Support Agreement.  These proceedings included the longest UK chapter 26A trial in history and the first commercial WHOA appointment of an independent insolvency administrator in the Netherlands.

Additionally, the Gamida Cell restructuring matter, led by Financial Restructuring partners Matt Warren, Zach Cochran and Geoff King, was named “Honorable Mention Matter of the Year.” In that case, the team represented funds managed by Highbridge Capital in converting their debt to equity in Gamida (a NASDAQ-listed but primarily Israeli-based pharmaceutical company) through a synchronized three-part process involving an Israeli scheme of arrangement and a chapter 15 recognition proceeding in Delaware for the parent company, and a chapter 11 filing for its US subsidiary.

ABI’s third annual “International Matter of the Year” award recognizes the most significant cross-border restructuring matter from the past year, honoring the individuals and firms involved for their excellence from beginning to end, including a high level of professional expertise, creativity, and skill necessary for the successful completion of the matter.

About Paul Hastings

With widely recognized elite teams in finance, mergers & acquisitions, private equity, restructuring and special situations, litigation, employment, and real estate, Paul Hastings is a premier law firm providing intellectual capital and superior execution globally to the world’s leading investment banks, asset managers, and corporations.