Cleary Gottlieb partner Jim Bromley has been named a “Dealmaker of the Year” by The American Lawyer for his role advising Nortel on its bankruptcy. The accompanying article highlights the cross-border nature of Nortel’s restructuring and credits Jim with convincing bankruptcy authorities in Canada and the United Kingdom to utilize auctions under section 363 of the U.S. Bankruptcy Code to maximize recovery for stakeholders. Historically, 363 auctions have not been part of Canadian or British restructurings. The article points out that while many recent bankruptcies have involved 363 auctions, few lawyers have done as many as Jim in just six months’ time.
The overview article on bankruptcy and restructuring that appeared as part of the “Corporate Scorecard,” an annual report that accompanies “Dealmakers of the Year,” also mentioned Cleary Gottlieb’s cross-border expertise. The firm’s key roles in several of last year’s largest Latin American and European restructurings, including those of CEMEX and Rusal, were mentioned and Nortel was listed as one of the top 10 Chapter 11 filings of 2009.
In addition, the firm ranked #1 in the “Corporate Scorecard’s” private equity category (based on deal value), advising on $19.5 billion in private equity transactions in 2009. The firm was also ranked in a variety of other areas, including capital markets and M&A.
The American Lawyer is a monthly magazine covering the business of law and lawyers, with an emphasis on the top 100 grossing law firms in the United States.