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. Rich is known for his innovative work on behalf of governments, state-owned entities, creditors, institutional investors, creditor committees, and other notable clients 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 United States and Latin America over the last two decades.
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, Lawdragon, and others. Previously, 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 Experiences
Recent Select Chapter 11 Cases
LATAM Airlines in its Chapter 11 proceedings in the United States
Apollo Capital in a $1 billion first of its kind DIP Loan to Aeromexico as part of its Chapter 11 proceeding and as a plan sponsor and the single largest shareholder of Aeromexico post emergence
Alto Maipo, an AES subsidiary, in its prearranged Chapter 11 proceeding
Grupo Posadas in its successful prepackaged Chapter 11 plan
An ad hoc group of bondholders/DIP lenders in the Chapter 11 plan of AlphaCredit
An ad hoc group of secured bondholders in connection with the Chapter 11 filing of Stoneway Capital
The DIP lender and largest creditor in the M&G Chemicals cross-border restructuring, which involved restructurings in the United States, Europe, Mexico, and Brazil
Two Chilean companies, Alsacia and Express and Automotores Gildemeister, in connection with their successful prepackaged Chapter 11 plans
Recent Select Cross-Border and Chapter 15 Cases
Samarco, a Brazilian mining company, in connection with the restructuring of its bond and bank debt
An ad hoc group of bondholders of the Oi Group in the successful completion of its 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
Odebrecht Engineering and Construction in connection with its restructuring of bond and bank debt
Recent Select Sovereign and Governmental Assignments
The U.S. Treasury in connection with its Payroll Support Program and Rescue Plan funding to the airline industry in the beginning of the pandemic
Garuda, the Indonesian State airline, in connection with its restructuring of over $10 billion of debt
The Puerto Rico Public Private Partnership Authority in connection with the reorganization of Puerto Rico’s electric sector, including entry into one of the largest P3 transactions in history, which involved the transformation of the largest transmission and distribution systems in the United States
The government of Lebanon in connection with the restructuring of its bond and bank debt
The Mexican government in connection with the Mexico City airport restructuring
The government of Puerto Rico in connection with the restructuring of over $73 billion of debt and the enactment of PROMESA (The Puerto Rico Oversight, Management, and Economic Stability Act)
Puerto Rico Electric Power Authority in connection with the restructuring of over $9.5 billion of municipal bond and bank indebtedness for the former government of Puerto Rico
The governments of Mexico, Colombia, and Indonesia in connection with the restructuring of debt of various state-owned enterprises
Other Notable Restructurings
In Brazil, debtors and creditors in the largest and most complex cases over the last 10 years, including the restructurings of Embratel, GVO, IMPSA, Mirabel Nickel, Odebrecht Oil and Gas, OGX, OSX-3, and Tonon Bioenergia
In Mexico, the restructurings of CEMEX, Corporación GEO, Grupo R, ICA, Idesa, Oceanografía, and Oro Negro
In the United States, 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, Pan American Airways, Revco, and Van Camp Seafood
SELECTED ACTIVITIES
- Member, American Bar Association
- Member, Association of the Bar of the City of New York
- Member, Bretton Woods Sovereign Debt Working Group, a leading international organization providing thought leadership on sovereign debt restructurings
- Member, Principles Consultative Group of the International Institute of Finance
Publications
“New York State Legislature Revives Sovereign Debt Restructuring Proposals,” (co-author), Cleary Gottlieb Alert Memo, March 26, 2024
“New York Court of Appeals Holds that Venezuelan Law Governs the Validity of PDVSA’s 2020 Bonds,” (co-author), Cleary Gottlieb Alert Memo, February 27, 2024
Americas Restructuring Review 2024, (co-authored with Lisa M. Schweitzer and Richard Minott), Global Restructuring Review, December 2023
“Involuntary Chapter 11 Petitions Dismissed in TV Azteca Case,” (co-author), Cleary Gottlieb Alert Memo, November 28, 2023
“Plan Implementation for Foreign Debtors in U.S. Bankruptcy Courts,” (co-author), Thomson Reuters’ Westlaw Today, November 17, 2023
“Global Restructuring Snapshot September 2023,” October 30, 2023
“Filling an Empty Arsenal: Puerto Rico’s Bankruptcy from the Recovery Act to PROMESA,” (co-author), Pratt’s Journal of Bankruptcy Law, September, 22, 2023
“Private Sector Engagement and Equitable Burden Sharing: A New Paradigm,” The Bretton Woods Committee, July 10, 2023
“Chapter 11 Restructurings of Latin American Energy Companies,” ABI Journal, July 7, 2023
“How a New York State Law Could Affect Sovereign Debt Restructurings,” Debtwire, July 5, 2023
“New York State Legislature Considers Sovereign Debt Restructuring Legislation,” (co-author), Cleary Gottlieb Alert Memo, June 7, 2023
“Corporates Face Novel Risks from Debt Ceiling Impasse—Even if No Default Occurs,” (co-author), Cleary Gottlieb Alert Memo, May 25, 2023
“Bankruptcy: Considerations and Strategies for Directors and Officers of Multinational Companies Seeking to Restructure,” (co-author with Lisa M. Schweitzer and John Veraja), The Directors’ and Officers’ Guide to Restructuring, February 15, 2023
Americas Restructuring Review 2023, (co-authored with Lisa M. Schweitzer, Jessica Metzger, and Richard Minott), Global Restructuring Review, December 2022
“New York State Supreme Court Allows Claims by Minority Lenders Not Participating in Uptier Debt Exchange to Survive Motion to Dismiss,” (co-author with Lisa M. Schweitzer, Sean A. O’Neal, Luke A. Barefoot, Jane VanLare, Kara A. Hailey, Carina S. Wallance, John Veraja), November 2, 2022
“Recent Developments in DIP Financing for International and Domestic Debtors,” (co-author with Lisa Schweitzer, Jessica Metzger, and Richard Minott), Practical Law, August 1, 2022
“Creditor Files SDNY Lawsuit Against Sri Lanka in Connection With Its Sovereign Debt Default, Asserting Breach of Contract and Pari Passu Claims,” (co-author with Carmine D. Boccuzzi Jr., Jorge U. Juantorena, Boaz S. Morag, Juan G. Giráldez, Jim Ho, and Rathna Ramamurthi), June 30, 2022
“Debt Transparency: The Essential Starting Point for Successful Reform,” (co-author with Rathna Ramamurthi and Destiny Kanu), The Bretton Woods Committee, June 8, 2022
“How We Can All Make Sovereign Debt More Transparent,” (co-author with Jim Ho, Rathna Ramamurthi, and Destiny Kanu), May 19, 2022
Americas Restructuring Review 2022, (co-authored with Lisa Schweitzer, Jessica Metzger, and Richard Minott), Global Restructuring Review, December 2021
“Chapter 11: An Increasingly Popular Tool for Foreign Companies Seeking to Restructure or Liquidate,” (co-author with John Veraja), Financier Worldwide, September 20, 2021
“Sovereign Debt: A Critical Challenge,” (co-author with William R. Rhodes, John Lipsky, Terrence J. Checki, William C. Dudley, Gail Kelly, Joaquim Levy, Maria Ramos, Susan Segal, José Viñals, and Mark Walker), The Bretton Woods Committee, April 5, 2021
“Addressing Treatment of Equity Under Foreign Law and the Code,” (co-author with Thomas Kessler and Kyle J. Ortiz) ABI Journal, April 1, 2021
“Challenges Facing the Automotive Sector,” Financier Worldwide Magazine, March 1, 2021
“Transocean’s Internal Restructuring Does Not Violate Indenture for Existing Notes, Court Rules,” (co-author with Jane VanLare and John Veraja) Pratt’s Journal of Bankruptcy Law, February/March 2021
“SDNY Rules Transocean’s August 2020 Internal Restructuring Does Not Violate Indenture for Existing Notes,” (co-author with Francisco Cestero, Lisa Schweitzer, Duane McLaughlin, Sean O’Neal, Luke Barefoot, Adam Brenneman, Jane VanLare, and John Veraja) Cleary Gottlieb Alert Memorandum, December 23, 2020, republished by Law360, January 25, 2021
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
“Six Key Considerations for Argentine Creditors,” Emerging Markets Restructuring Journal, Issue No. 10 – Winter 2019-2020
“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
November 9, 2023
September 27, 2023
Turnaround Management Association do Brasil Restructuring Conference
September 15, 2023
June 20, 2023
April 13, 2023
April 11, 2023
February 15, 2023
October 6, 2022
October 15, 2021
June 8, 2021
April 15, 2021
October 7, 2020
May 13, 2020
January 22, 2020
Ravitch Fiscal Reporting Program: Puerto Rico’s Many Challenges
December 9, 2019
October 18, 2019
October 17, 2019
October 10, 2019
September 25, 2019
April 11, 2019
January 30, 2019
IPD Latin America’s 7th Annual Venny/PDVSA New York Workshop
January 10, 2019
January 9, 2019
December 3, 2018
Cleary Gottlieb Hosts its 27th Annual Event for Clients and Friends of the Firm in Mexico City
November 6, 2018
Beryl Elites Second Annual Alternative Investment Conference
October 3, 2018
TMA Mexico City’s When Trains Don’t Run on Time: How to Structure and Restructure Project Financing
September 23, 2018
June 12, 2018
Beryl Elites Conference: Puerto Rico and Its Place in Emerging Markets & The New Economy
May 24, 2018
May 10, 2018
April 19, 2018
April 11, 2018
March 14, 2018
February 12, 2018
December 5, 2017
December 1, 2017
Financial Markets Law Committee’s Sovereign Debt Scoping Forum
October 24, 2017
IPD Latin America’s Venezuela’s Oil & Gas Industry: Sanctions, Restructuring and Recovery
October 12, 2017
October 9, 2017
September 26, 2017
Americas Society and Council of the Americas’ Restructuring Venezuela's Debt: What Lies Ahead?
September 12, 2017
Opportunity, Risk and Reward: What Next for Emerging Markets?
July 18, 2017
Reorg Research Limited’s Venezuela in Crisis Reorg Research Panel
July 10, 2017
June 7, 2017
CUNY Graduate School of Journalism’s Puerto Rican Bankruptcy Event
June 7, 2017
June 6, 2017
EMTA Special Seminar: Brazil: Recent Developments in Restructuring and Bankruptcy Reform
May 31, 2017
BAML 6th Annual Emerging Markets Corporate Credit Conference
May 25, 2017
May 18, 2017
February 28, 2017
8th Annual J.P. Morgan Global Emerging Markets Corporate Conference
December 2, 2016
August 9, 2016
October 29, 2015
February 23, 2015
J.P. Morgan's 6th Annual Global Emerging Markets Corporate Conference
December 11, 2014
December 4, 2014
June 20, 2014
May 7, 2014
March 27, 2014
March 12, 2014
March 5, 2014
February 24, 2014
J.P. Morgan's 5th Annual Emerging Markets Corporate Conference
November 21, 2013
June 13, 2013
May 8, 2013
Brazilian Bankruptcy, Restructuring and High Yield Symposium
November 7, 2012
October 18, 2012
Debtwire Bankruptcy, Restructuring and High Yield in Latin America Symposium
May 8, 2012
Debtwire's 3rd Annual Brazilian Bankruptcy and Distressed/High Yield Symposium
March 29, 2012
March 1, 2012
J.P. Morgan's 3rd Annual Emerging Markets Corporate Conference
November 30, 2011
June 13, 2011
November 4, 2010
mergermarket Latin American Restructuring and High Yield Symposium
October 1, 2010
April 22, 2010