Richard J. Cooper is one of the preeminent cross-border bankruptcy and restructuring lawyers in the United States and is the recognized leader in cross-border and sovereign restructurings involving companies and countries in Latin America and other emerging markets.
His practice focuses on domestic and international corporate, municipal, and sovereign restructurings, and he is known for his innovative work on behalf of governments, state-owned entities, creditors, institutional investors, creditor committees, and others in connection with in and out-of-court insolvency proceedings and complex financings (including rescue financings). He has advised clients involved in some of the most prominent and noteworthy restructurings in the U.S. and Latin America over the last 20 years.
Rich is regularly recognized as a leading lawyer by Chambers Global, Chambers Latin America, Chambers USA, Latinvex, Latin Lawyer, Financial Times, Global M&A Network, The Legal 500 Latin America, The Legal 500 U.S., IFLR1000, and others. Law360 named him a “Bankruptcy MVP,” and Turnarounds & Workouts named him an “Outstanding Restructuring Lawyer” three years in a row.
Rich joined Cleary in 1986 and became a partner in 1995.
Notable Experience
Restructuring
LATAM Airlines Group and its affiliates in Chile, Peru, Colombia, Ecuador, and the United States in the voluntary reorganization and restructuring of their debt under Chapter 11 protection in the United States.
The Mexican Government in connection with the Mexico City airport restructuring.
The Government of Puerto Rico in connection with the restructuring of over US$73 billion of debt and the enactment of PROMESA, the Puerto Rican oversight and bankruptcy act.
The DIP lender and largest creditor in the M&G Chemicals cross-border restructuring, involving restructurings in the U.S., Europe, Mexico, and Brazil.
The Puerto Rico Public Private Partnership Authority in connection with Puerto Rico’s efforts to reorganize and transform its electric sector.
The steering committee of an ad hoc group of bondholders of the Oi Group in the successful completion of Oi S.A.’s judicial reorganization, the largest private sector emerging markets restructuring ever.
An ad hoc group of secured project finance lenders in connection with the restructuring of over $1.67 billion in total indebtedness of Constellation Oil Services Holding S.A. and its subsidiaries (Constellation Group).
The governments of Mexico, Colombia, and Indonesia in connection with the restructuring of various state-owned enterprises.
In Brazil, debtors and creditors in the largest and most complex cases over the last 10 years, including in the restructuring of Oi S.A., Odebrecht Oil and Gas, Tonon Bioenergia, GVO, Mirabela Nickel, Embratel, IMPSA, OSX-3, and Odebrecht Engineering and Construction.
In Mexico, the restructurings of Empresas ICA, Corporación GEO, Grupo R, CEMEX, Oceanografía, and Oro Negro.
In Chile, Alsacia and Express and Automotores Gildemeister.
Puerto Rico Electric Power Authority in connection with the restructuring of over US$9.5 billion of municipal bond and bank indebtedness for prior Government of Puerto Rico.
In the U.S., the restructurings of Aleris, America West Airlines, Circle K, Color Tile, Continental Airlines, Foxwoods Casino, Fruit of the Loom, Insight Healthcare, Lehman Brothers, Milagro Holdings, M&G Chemicals, Pan American Airways, Revco, and Van Camp Seafood, among others.
SELECTED ACTIVITIES
- Member, American Bar Association
- Member, Association of the Bar of the City of New York
Publications
Americas Restructuring Review 2021, (co-author with Lisa Schweitzer, Kara Hailey, and John Veraja), Global Restructuring Review, December 2020
“LATAM Market Development: Covid-19 and Its Implications on Private Sector Credits,” (co-author with Adam Brenneman and Francisco Cestero) Cleary Gottlieb Alert Memorandum, March 31, 2020
“Introduction,” (co-author with Lisa Schweitzer), in GRR’s Americas Restructuring Review 2020, December 2019
“Implications of U.S. Court of Appeals Decision Affirming that Petróleos de Venezuela, S.A. Is the Alter Ego of the Republic of Venezuela,” September 9, 2019; republished by the AIRA Journal, February 2020
“Venezuela’s Restructuring: A Path Forward,” (co-author with Mark Walker), Social Science Research Network, March 28, 2019
“Odebrecht Oil & Gas and the Use of Brazilian Extrajudicial Reorganization in Cross-Border Restructurings,” (co-author with Francisco Cestero and Jonathan Mendes de Oliveira), Pratt’s Journal of Bankruptcy Law, October 2018
“No Registration? No Problem: Application of Bankruptcy Code’s Securities Registration Exemption in Chapter 15 Proceedings,” (co-authored with Luke Barefoot and Daniel Soltman), American Bankruptcy Institute Journal, October 1, 2018
“Eleventh Circuit Holds That Equitable Mootness Is Alive in Chapter 9,” (co-authored with Sean O’Neal, Luke Barefoot and Dan Soltman), Cleary Gottlieb Alert Memo, August 21, 2018, republished by Law360, September 5, 2018.
“Hitting the Brakes: How a Potential PDV Holding Bankruptcy Might Affect Venezuela and PDVSA Creditors,” (co-authored with Luke Barefoot and Thomas Kessler), Social Science Research Network, August 18, 2018
“The State Of Creditor Recovery Efforts In Venezuela: Part 2,” (co-author with Boaz S. Morag), Law360, June 5, 2018
“The State Of Creditor Recovery Efforts In Venezuela: Part 1,” (co-author with Boaz S. Morag), Law360, June 4, 2018
“Start Your Engines: Are We Going to See More Creditor Recovery Efforts in Venezuela?” (co-author with Boaz S. Morag), Social Science Research Network, May 29, 2018
“The Many Challenges Facing Venezuela Bribery Suit: Part 2,” (co-author with Boaz S. Morag), Law360, April 16, 2018
“Update on PDVSA U.S. Litigation Trust V. Lukoil Pan Americas, et al.,” (co-author with Boaz S. Morag), Social Science Research Network, April 10, 2018
“PDVSA U.S. Litigation Trust: What Creditors Should Know About the Trust, Its Claims and Its Implications for Venezuela’s Restructuring,” (co-author with Boaz S. Morag), Social Science Research Network, March 15, 2018
“Third Circuit Dismisses Crystallex’s Fraudulent Transfer Claim but Potential Liability Remains for PDVSA,” (co-author with Boaz S. Morag), Social Science Research Network, January 5, 2018
“Insolvency Reform In Brazil: An Opportunity Too Important To Squander,” (co-author with Francisco Cestero and Dan Soltman), Pratt’s Journal of Bankruptcy Law (January 2018)
“Why Venezuela’s Bondholders Must Litigate, Not Arbitrate,” (co-author with Boaz S. Morag), Social Science Research Network and republished by Law360, December 15, 2017
“Venezuela’s Imminent Restructuring and The Role Alter Ego Claims May Play in this Chavismo Saga,” (co-author with Boaz S. Morag), Social Science Research Network, November 9, 2017
“Venezuela’s Restructuring: A Realistic Framework,” (co-author with Mark A. Walker), September 19, 2017
“Turning Bust to Boom: P3 Initiatives Under PROMESA,” (co-author with Luke Barefoot, Adam Brenneman and Antonio Pietrantoni), Law360, July 19, 2017
“Disarming Puerto Rico’s Pension Time Bomb,” (co-author with Luke Barefoot, Daniel Soltman and Antonio Pietrantoni), Law360, April 19, 2017
“What Should Puerto Rico Offer Its Creditors?” (co-author with Luke Barefoot and Jessica McBride), Law360, March 15, 2017
“Issues To Expect In A Title III Puerto Rico Restructuring,” (co-author with Luke Barefoot, Jessica McBride and Antonio Pietrantoni), Law360, March 8, 2017
“Why Puerto Rico Will Likely Rely On PROMESA Title III,” (co-author with Luke Barefoot, Jessica McBride and Antonio Pietrantoni), Law360, March 1, 2017
“The Brazilian Insolvency Regime: Some Modest Suggestions—Part 2,” (co-author with Francisco Cestero, Jesse Mosier and Dan Soltman), Pratt’s Journal of Bankruptcy Law (April/May 2016)
“The Brazilian Insolvency Regime: Some Modest Suggestions—Part 1,” (co-author with Francisco Cestero, Jesse Mosier and Dan Soltman), Pratt’s Journal of Bankruptcy Law (February/March 2016)
“A New World for LatAm Creditors: Insolvency Reform in Latin America,” Pratt’s Journal of Bankruptcy Law (June 2015)
“Is Peru’s Insolvency System Ready for Foreign Creditors?” IFLR, January 6, 2015
“Proceeding with Caution,” IFLR, July/August 2014
“Six Restructuring Questions for LatAm Investors,” IFLR, May 2013
“Inside Track: Cleary's Richard Cooper on Vitro,” Latin Lawyer, April 17, 2013
“Experts Looking at U.S.-Mexico Cross Border Insolvency Issues,” ABI, October 23, 2012
“Expedited Restructurings in the U.S. and Select Latin American and Caribbean Jurisdictions," Pratt’s Journal of Bankruptcy Law, vol. 7, no. 8, November/December 2011
“Holdouts in Syndicated Loan Rescheduling," in Global Financial Crisis: Navigating and Understanding the Legal and Regulatory Aspects (Globe Law and Business, 2009)
“Brazil’s New Recuperação Judicial Proceedings—New Hope for Brazilian Companies in Search of Relief Under the Section 3(A)(10) Registration Exemption?” in International Business Transactions with Brazil (Juris Publishing, 2008)
“The Durango Restructuring: A New Beginning in Mexican Restructurings?" Latin America Law & Business Report, October 31, 2005
“Striking the Balance: Allocating Risk in a Long-Term Operation and Management Contract," American Water Works Annual Conference, June 19, 2003
“Asia Pulp and Paper: Lessons Learned," INSOL World, First Quarter 2003
“Cash Chameleon," ProjectFinance, December 2001
“Latin American Water: Opportunities and Challenges for Private Investment," Latin American Law & Business Report, August 31, 2000
“The New Wave: Private Sector Participation in International Water Projects," Project Finance International, February 2000
“How to Approach the Restructuring of Problem Project Financings with Multi-Sourced Lending Arrangements," Project Finance International, May 19, 1999
“Outsourcing Projects: Lessons From Venezuela," Project Finance Yearbook 2000, March 1999
“Construction in Latin America," Special Supplement, April 1996
Events
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October 07, 2020
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May 13, 2020
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January 22, 2020
Ravitch Fiscal Reporting Program: Puerto Rico’s Many Challenges
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December 09, 2019
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October 18, 2019
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October 17, 2019
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October 10, 2019
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September 25, 2019
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April 11, 2019
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January 30, 2019
IPD Latin America’s 7th Annual Venny/PDVSA New York Workshop
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January 10, 2019
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January 09, 2019
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December 03, 2018
Cleary Gottlieb Hosts its 27th Annual Event for Clients and Friends of the Firm in Mexico City
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November 06, 2018
Beryl Elites Second Annual Alternative Investment Conference
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October 03, 2018
TMA Mexico City’s When Trains Don’t Run on Time: How to Structure and Restructure Project Financing
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September 23, 2018
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June 12, 2018
Beryl Elites Conference: Puerto Rico and Its Place in Emerging Markets & The New Economy
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May 24, 2018
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May 10, 2018
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April 19, 2018
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April 11, 2018
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March 14, 2018
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February 12, 2018
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December 05, 2017
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December 01, 2017
Financial Markets Law Committee’s Sovereign Debt Scoping Forum
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October 24, 2017
IPD Latin America’s Venezuela’s Oil & Gas Industry: Sanctions, Restructuring and Recovery
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October 12, 2017
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October 09, 2017
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September 26, 2017
Americas Society and Council of the Americas’ Restructuring Venezuela's Debt: What Lies Ahead?
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September 12, 2017
Opportunity, Risk and Reward: What Next for Emerging Markets?
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July 18, 2017
Reorg Research Limited’s Venezuela in Crisis Reorg Research Panel
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July 10, 2017
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June 07, 2017
CUNY Graduate School of Journalism’s Puerto Rican Bankruptcy Event
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June 07, 2017
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June 06, 2017
EMTA Special Seminar: Brazil: Recent Developments in Restructuring and Bankruptcy Reform
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May 31, 2017
BAML 6th Annual Emerging Markets Corporate Credit Conference
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May 25, 2017
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May 18, 2017
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February 28, 2017
8th Annual J.P. Morgan Global Emerging Markets Corporate Conference
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December 02, 2016
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August 09, 2016
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October 29, 2015
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February 23, 2015
J.P. Morgan's 6th Annual Global Emerging Markets Corporate Conference
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December 11, 2014
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December 04, 2014
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June 20, 2014
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May 07, 2014
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March 27, 2014
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March 12, 2014
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March 05, 2014
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February 24, 2014
J.P. Morgan's 5th Annual Emerging Markets Corporate Conference
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November 21, 2013
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June 13, 2013
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May 08, 2013
Brazilian Bankruptcy, Restructuring and High Yield Symposium
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November 07, 2012
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October 18, 2012
Debtwire Bankruptcy, Restructuring and High Yield in Latin America Symposium
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May 08, 2012
Debtwire's 3rd Annual Brazilian Bankruptcy and Distressed/High Yield Symposium
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March 29, 2012
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March 01, 2012
J.P. Morgan's 3rd Annual Emerging Markets Corporate Conference
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November 30, 2011
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June 13, 2011
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November 04, 2010
mergermarket Latin American Restructuring and High Yield Symposium
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October 01, 2010
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April 22, 2010