In a practice that requires you to "think outside of the box," lawyers at White & Case share their experience working in financial restructuring & insolvency.
Chambers Associate: Can you tell us about your path to joining the Financial Restructuring and Insolvency team at White & Case?
Aaron Colodny, partner: After my first year at law school, I was looking for a way to differentiate myself from other candidates at on-campus recruiting. I was interested in restructuring and decided to advertise that to firms. I received a summer associate offer from White & Case. White & Case had a rotation program and I tried all of the different practices, but found myself drawn to restructuring. I selected that as my primary practice when I returned for my first year as an associate and have worked in restructuring ever since.
Gabriella Delgado, associate: I was lucky enough to spend both my 1L and 2L summers at White & Case’s Miami office, which allowed me to really explore all the practice groups the firm offered. This opportunity was invaluable because at the beginning of both summers, I was confident I wanted to join two separate practice groups, neither of which was the Financial Restructuring and Insolvency group. Ultimately, after getting familiar with the type of work the practice entails and the team members themselves, I knew it was the team for me!
Alex Konstantynovski, associate: My path is non-traditional in some respects and traditional in others. I was born and raised in Ukraine, where I earned my first law degree and worked as a judicial law clerk for nearly two years. After moving to the United States in 2017, I (like many of my colleagues) fell into restructuring and, for several years, worked on consumer and small business bankruptcy cases as a paralegal. In 2021, I graduated with an LL.M. degree from Fordham Law School. By then, I already knew I wanted to be a corporate restructuring lawyer, so I used my year at Fordham to take as many restructuring classes as I could squeeze into my schedule, on top of a bankruptcy court internship I was fortunate to secure. That experience led to a judicial clerkship in the same bankruptcy court—an opportunity I hadn’t expected as a non-JD graduate. When it was time to look for post-clerkship opportunities, White & Case’s restructuring practice immediately stood out for the types of cases they were working on. I applied, and several rounds of interviews later got the offer. Easiest decision I have ever made!
CA: Financial restructuring matters draw on everything from M&A to litigation. How much cross-practice collaboration is required on each matter?
AC: Every single one of our matters requires cross-practice collaboration. I have developed close relationships with many of my partners and colleagues in other practice areas through our hands-on work together in connection with restructuring matters.
GD: Every case I have personally worked on has required cross-practice collaboration. Different aspects of a case require input from our colleagues in other practice areas. For example, our Tax team is always involved when we draft a chapter 11 plan, and our commercial litigation colleagues help us prepare for contested hearings. Each matter tends to be highly collaborative, with different teams coming together to deliver a coordinated approach that meets the client’s needs.
AK: Cross-practice collaboration is essential. Restructuring transactions are often complex and involve issues that require specialized expertise. For example, a single company-side chapter 11 representation may involve a sale of assets, issuance of debt and equity, complex litigation with a contract counterparty or a dissatisfied creditor, and resolution of operational and regulatory issues such as employee compensation and benefits, tax disputes, regulatory compliance, to name a few. To provide clients with the best advice, working closely with colleagues from other practice groups is critical. And the best part is that through this cross-practice collaboration, not only do you learn certain aspects of other areas of law, you also expand your professional network, which is crucial for career advancement.
"Restructuring transactions are often complex and involve issues that require specialized expertise."
CA: What are some of the broader, emerging trends in your practice right now?
AC: I have spent a good part of the past two years restructuring companies with bankruptcy, remote asset-backed lending structures. There is increasing distress in the asset-backed lending space, both because of macroeconomic conditions and company-specific events, like First Brands and Tri Color. These structures are highly engineered and create interesting challenges from a restructuring perspective.
GD: One trend we have seen recently is companies foregoing traditional chapter 11 filings in favor of liability management exercises or LMEs. Big chapter 11 cases are expensive and, in an attempt to mitigate that cost but still achieve some of the same benefits, companies have been using LMEs to come to out-of-court agreements with their creditors. LMEs can offer companies greater flexibility and allow them to move more quickly than they would in a formal chapter 11 process.
AK: The increasing use of creative liability management exercises (LMEs), such as up-tier, drop-down or double-dip transactions, immediately comes to mind. More and more companies are turning to LMEs to address debt challenges outside of the traditional (and costly) chapter 11 process. Through LMEs, companies, supported by their “friendly” lenders, can modify their capital structures, extend maturities or create new classes of debt. This often results in complex negotiations, contentious disputes and court challenges by the left-behind lenders. The LMEs themselves also constantly evolve in response to market feedback and court rulings.
CA: Are there any economic factors affecting the nature of your practice?
AC: Restructuring is largely driven by the general state of the economy.
GD: As mentioned earlier, I think a big economic factor affecting the practice is the cost of traditional chapter 11 cases. Formal bankruptcy proceedings can be very resource-intensive, even when all parties-in-interest are aligned on a common goal and outcome. As a result, both debtors and creditors are increasingly looking for efficient alternatives.
AK: Restructuring is a resilient practice. Elevated interest rates, inflation, and tighter credit conditions often lead to increased financial distress and bankruptcy filing, keeping the restructuring practitioners busy. Shifts in consumer demand, supply chain disruptions, and geopolitical events can also put pressures on businesses, leading to the need to restructure. But a strong economy also creates opportunities as it can lead to increased deal activity and a favorable environment for proactive restructuring.
CA: How does your day-to-day work in Financial Restructuring and Insolvency differ from work in other corporate practices?
AC: Each situation is truly unique, and nothing that we do is off the shelf. Additionally, my days vary depending on the matter and the status of the case. In any given week, I can be negotiating complicated restructuring agreements and advocating in court.
GD: Generally, the practice moves at a much faster pace. Since the Financial Restructuring and Insolvency Practice involves both corporate and litigation work, when things are moving quickly, you can be in court multiple times a week. Similarly, situations are always evolving, as companies face liquidity constraints and shifting creditor dynamics. This means that we are constantly updating our case strategy and approach and coordinating with multiple teams at once.
AK: One of the things I like about restructuring is that it sits somewhere between the traditional corporate and litigation silos. This means I could be negotiating and revising a term sheet or definitive documents in one matter and doing legal research, drafting a brief or preparing for a hearing in another—all in the same day. By the way, negotiations in restructuring cases can often be a “zero sum” game and involve a wide range of stakeholders with competing interests, which differs from other corporate practices where negotiations may be between fewer parties who share the same goal of creating value for everyone involved.
CA: What types of clients do you typically encounter in your line of work?
AC: My clients are a combination of distressed companies and lenders to those companies.
GD: There is no one type of client we encounter in our practice. Additionally, the clients we work with on each case depends on whether we represent debtors, the UCC, noteholders, etc. I have personally worked on cases representing bondholders, large financial institutions, real estate portfolio companies, heavy machinery providers and construction companies. No two clients or representations are the same, which is a big part of what makes the Financial Restructuring and Insolvency Practice so interesting!
AK: Our restructuring practice is diverse and industry-agnostic. Since I joined White & Case, I have worked on matters representing a wide range of parties, including companies, special committees, sponsors, unofficial groups and official committees of creditors, individual secured and unsecured creditors, and potential asset purchasers. These representations spanned across many key industries, such as energy and renewables, manufacturing and infrastructure, banking and healthcare.
"No two clients or representations are the same, which is a big part of what makes the Financial Restructuring and Insolvency Practice so interesting!"
CA: What was your role in a recent matter you worked on?
AC: I was lead counsel to Atlas, who was the agent and lender under a US$1 billion warehouse credit facility with an affiliate of Sunnova, who filed for chapter 11 protection in the summer of 2025. Through several in-court transactions and a large-scale out-of-court settlement program, we have been able to orchestrate a workout of the warehouse facility that will likely wrap up in the first quarter of 2026.
AK: We recently advised a leading North American glass packaging manufacturer on a comprehensive out-of-court recapitalization. On that matter, I drafted and negotiated a restructuring support agreement between the company and its key stakeholders that paved the way to the successful restructuring.
CA: What are some of the highs of your practice? Conversely, what are some of the challenges you face?
AC: I really enjoy the complicated and dynamic problem- solving that requires constructing strategies and creating incentives to bring many different parties together to be part of a collective solution. Understanding the incentives, needs and pressure points of all parties is essential to get to a deal. It is extremely rewarding when it all comes together. Due to the size of our matters, coordinating large, multidisciplinary teams is sometimes challenging and requires great communication skills to make all of the trains run on time.
GD: One very specific high of the practice is finding a case that perfectly lays out the argument at the core of your brief or objection after hours of research. Another high is seeing all of your hard work on a motion or other pleading come together in final form and get filed with the court. The biggest challenge is sometimes the amount of responsibility you are given as a junior associate. Since things move so quickly, I am often asked to draft key documents I have never heard of, or research and provide input on topics I am unfamiliar with, which can be nerve-wracking. However, senior members of the team are always there to help and provide guidance, and these asks remind you that you are an integral and trusted part of the team.
AK: One of the highs of the restructuring practice is the satisfaction that comes from helping a struggling company, especially a household name or an industry leader, avoid liquidation and preserve hundreds of jobs. Knowing your work directly impacts people’s livelihoods and the future of the business can be very fulfilling. On the other hand, a major challenge is managing the pressure and tight deadlines that often come with these cases.
CA: What skills do you believe are most critical for success in this practice?
AC: Good communication skills, and the ability to think outside of the box to come up with solutions that work for all parties.
GD: Flexibility, intellectual curiosity and time management are essential. Things are constantly evolving in our practice and, as a junior associate, you need to make sure you are on top of your schedule and able to adapt to changing expectations in real time. Senior associates, partners and clients are in constant communication, and juniors need to be able to pivot both in terms of work product and with respect to the mindset and strategic approach behind the new plan. Additionally, you do not know what matters you might get staffed on, so you are often learning the ins and outs of new industries as the matter evolves.
AK: Adaptability is an important one. Every restructuring matter is unique, involving different industries, stakeholders and legal issues. But they often have one thing in common: they are fast-paced. Being able to adapt quickly allows you to respond effectively to any sudden developments, proactively craft innovative strategies, and get to a favorable outcome even when circumstances are uncertain or volatile.
"No case is the same, and you will get hands-on experience right away."
CA: What makes White & Case’s Financial Restructuring and Insolvency Practice unique for young associates looking to build expertise in the area?
AC: We expect our junior associates to play an active role in all cases. No case is the same, and you will get hands-on experience right away.
GD: White & Case gives you so much responsibility and many unique opportunities early on in your career. For example, I was able to present motions in court as a first- and second-year associate, which were incredible learning experiences. Having these opportunities made me feel like the team trusted me, which emboldened me to seek out similar experiences and get more involved on other matters. Both the Financial Restructuring and Insolvency Practice and the firm are so global and integrated, which allows associates to get exposure to complex, multijurisdictional restructurings and work with teams in other US offices and in foreign offices. Associates are trusted with meaningful work early on and although you are constantly challenged, it is a supportive environment, which gives you the chance to develop real expertise and confidence early in your career.
AK: The wide range of complex, cross-border restructuring matters we advise on and our reputation for being creative and, when necessary, aggressive on behalf of our clients.
CA: What advice would you give to law students or junior associates considering this field?
AC: Give it a try! There is no way to understand what it is like until you roll up your sleeves.
GD: I would tell law students to take a chapter 11 or restructuring class if their law school offers it, but not to stress if it does not. Law students and junior associates should also read articles on websites like Octus and Debtwire to keep up with big chapter 11 cases and general trends in the restructuring space (which are much more interesting than they sound!).
AK: If you are a law student, take an introductory bankruptcy class or connect with a restructuring associate and ask for a brief coffee chat. If you are a junior associate, try to get on at least one restructuring matter, especially if you are still undecided whether you like corporate or litigation work. Because the practice is fast-paced, you can see the full life cycle of a deal in a fairly short period of time and get exposed to a variety of different legal issues.
