Jim Bromley’s practice is focused on restructuring and litigation advice to creditors, debtors, strategic investors, and government actors.

Over the course of his career, he has been involved with the financial services, telecommunications, shipping, automotive, manufacturing, energy, mining, aviation and retail industries, among others.

Jim has played a leading role in some of the most high-profile restructurings around the world, and he has demonstrated a steadfast commitment to pro bono work. He has been recognized by the business and legal press, including The American Lawyer, which named him a “Dealmaker of the Year,” and Benchmark Litigation, which named him “Bankruptcy Lawyer of the Year.”

Jim joined the firm in 1989 and became partner in 1999.

Notable Experience

Recent Highlights

  • Leading the firm’s representation of Modular Space Corporation in the restructuring of $1 billion in debt through a prepackaged Chapter 11 plan of reorganization.

  • Leading the firm’s representation of Nortel Networks, Inc. and affiliates in their Chapter 11 proceedings, coordinating these complex cases with proceedings in Canada and Europe.

  • Instrumental in designing and implementing the unique multinational sale process that resulted in the disposition of Nortel’s patent portfolio and its CDMA, Enterprise and MEN businesses, among others, through highly successful auctions conducted under Section 363 of the Bankruptcy Code and approved in the U.S. and Canada through multiple joint hearings. These groundbreaking sales generated over $7.5 billion in proceeds.

  • Pro bono victory for LGBTQ rights in the United States that has helped inspire legislation to protect young men and women from the controversial practice of “conversion therapy.” The landmark 2015 jury verdict was handed down the day before the U.S. Supreme Court’s historic ruling supporting same-sex marriage.

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Bankruptcy and Restructuring Highlights

  • Lehman Brothers, in which he represented the Federal Reserve Bank of New York and the Securities and Exchange Commission on the Chapter 11 filing of Lehman Brothers Holdings, the SIPA (Securities Investors Protection Act) filing of broker-dealer Lehman Brothers Inc. and the related sale of substantially all the assets of the broker-dealer on an highly expedited basis. He later led the bankruptcy team that represented Hellman & Friedman in its stalking horse bid (with Bain Capital) for Neuberger Berman.

  • Overseas Shipholding Group, Inc., one of the world’s largest publicly traded oil tanker companies, in its Chapter 11 bankruptcy filings and successful reorganization. OSG successfully emerged from Chapter 11 in 2014, just 20 months after it filed for protection in the District of Delaware. The reorganization included the first South African recognition of a United States Chapter 11 and imposition of a moratorium in the courts of South Africa, and recognition of the Chapter 11 proceedings by the High Court of Justice in London.

  • General Motors and Chrysler, in which Jim represented the United Auto Workers in the bankruptcy proceedings of both automakers. The representation dates back to the creation of the VEBA entities to provide medical benefits to UAW retirees and continued through the implementation of the of the landmark Section 363 sales in both cases. Jim also represented the UAW in the hotly contested litigation relating to both sales, which in the case of Chrysler included expedited appeals to the U.S. Supreme Court.

  • United Auto Workers, as official Section 1114 representative of over 5,000 retirees in the bankruptcy proceedings of the Budd Company, a large auto parts supplier. The representation included the investigation of substantial claims against Budd’s corporate parent, which resulted in a settlement worth over $400 million, as well as a bench trial regarding the modification of retiree medical benefits.

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Past Representations

  • Chapter 11 debtors’ counsel to Covanta Energy, Apex Silver Mines, Renaissance Cosmetics, Van Camp Seafood (Chicken of the Sea), Color Tile, Cadillac Fairview and Pan Am.

  • The Daewoo and SK Global groups of companies in their cross-border restructurings.

  • Daewoo Motors in its sale to General Motors.

  • Affiliates of Fortress Capital in the prepackaged Chapter 11 reorganization of Gatehouse Media.

  • Texas Pacific Group in the out-of-court restructuring of Gate Gourmet.

  • D.E. Shaw and others in the acquisition of Foamex through a Chapter 11 plan of reorganization.

  • Cable and Wireless in its acquisition of Exodus Communications in a Section 363 sale process.

  • Goldman Sachs in its acquisition of Litton Loan Servicing and the related work-out of C-BASS.

  • Onex Corporation in its acquisition with Oaktree Capital of Loews Cineplex Odeon through a Chapter 11 plan of reorganization.

  • The Savings Bank of the Russian Federation in the failure of Refco.

  • The official creditors committee of Livent Inc., which was subject to simultaneous proceedings in the U.S. and Canada.

  • Significant clients in the Enron, Calpine, American Airlines, Patriot Coal, Delta Air Lines, Northwest Airlines, Aleris Corporation, UAL, Delphi Automotive, Dana Corporation and Global Crossing matters, among others.

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Trial Experience

  • Substantial first-chair trial experience, including jury trials before state, federal and international courts, including co-lead counsel in the cross-border Nortel allocation trial that took place simultaneously before courts in Delaware and Ontario.

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Selected Activities

  • Lecturer-in-Law (Cross-Border Insolvency), Harvard Law School
  • Fellow, American College of Bankruptcy
  • Member, International Insolvency Institute
  • Member, INSOL International
  • Member, American Bankruptcy Institute
  • Member, Association of the Bar of the City of New York
  • Instructor, INSOL, the American Bankruptcy Institute, the Loan Syndications Trading Association, the Securities Industry and Financial Markets Association, the Practising Law Institute, the Association of the Bar of the City of New York and the New York University School of Law Continuing Legal Education

Publications

  • Chapter co-author, The Law and Practice of Restructuring in the UK and U.S. (Oxford University Press, 2017)
  • Chapter co-author, Cross-Border Bank Insolvency (Oxford University Press, 2011)
  • CGSH Global Restructuring: CGSH on Bankruptcy (Westlaw News & Insight, 2011)

Events

September 23-25, 2018
International Insolvency Institute’s 18th Annual Conference, New York (event co-chair)

April 30, 2018
INSOL 2018 Regional Conference

December 1, 2017
American Bankruptcy Institute’s Winter Leadership Conference

November 7, 2017
American Bankruptcy Institute’s Cross-Border Insolvency Program 2017

June 18-20 2017
International Insolvency Institute’s 17th Annual Conference, London (organizational committee)

June 06, 2016
International Insolvency Institute’s 16th Annual Conference, Tokyo (panel co-chair)

March 23, 2015
INSOL 2015 Annual Conference, San Francisco (Education Co-chair)

October 18, 2012
ABI’s International Insolvency & Restructuring Symposium Rome 2012 (panel speaker)

October 04, 2012
INSOL International One Day Seminar, Colombia (panel co-chair)

October 02, 2012
The Canadian Institute’s 12th Annual Forum on Insolvency & Restructuring Law (panel speaker)

June 12, 2012
Distressed IP: The Nortel Auction and the Evolving Patent Frenzy

May 22, 2012
INSOL Miami 2012 (panel co-chair)

October 21, 2011
American College of Investment Counsel 2011 Annual Meeting and Education Conference (panel co-chair)

December 08, 2010
Harvard Law School Roundtable on Distressed Debt Restructuring

June 07, 2010
III’s 10th Annual International Insolvency Conference

February 22, 2010
INSOL 2010 Annual Conference, Dubai

February 05, 2010
Seventh Annual Review of Insolvency Law Conference

October 01, 2009
Fifth Annual Pan-Canadian Insolvency and Restructuring Conference (panel speaker)