BenRosenblum

Partner

New York + 1.212.326.8312

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Ben Rosenblum focuses his practice on representing debtors, creditors, and other parties in interest in out-of-court restructurings and court supervised proceedings, including chapter 11 cases, municipal bankruptcy proceedings, international insolvency cases, and stockbroker liquidations. He works with clients on matters in many industries, including manufacturing, shipping, mining, aviation, energy, real estate, and telecommunications.

Ben's debtor representations include Peabody Energy, City of Detroit, Chrysler LLC, Spansion Japan, and Dana Corporation. He has represented significant creditors of General Maritime Corporation, Calpine Corporation, American Home Mortgage, and Murray Energy and currently represents creditors in connection with the Commonwealth of Puerto Rico's restructuring. Ben also has extensive experience representing major financial institutions with respect to the application of bankruptcy law to derivatives.

Ben maintains an active pro bono practice and has sat as a Steering Committee member for the New York City Bankruptcy Assistance Project. In years past he has also taught as an adjunct professor at the Rutgers Business School. Prior to joining Jones Day, Ben served as a judicial law clerk to Judge Peter J. Walsh in the United States Bankruptcy Court for the District of Delaware.

Experience

  • Wells Fargo provides Chapter 11 financial reorganization plan for CBL PropertiesJones Day advised Wells Fargo Bank, National Association, as administrative agent, in connection with the Chapter 11 financial reorganization plan of and secured exit financing for CBL Properties (“CBL”), a publicly traded real estate investment trust that owns and manages a portfolio of shopping malls.
  • Wells Fargo-led syndicate of lenders successfully negotiate secured $1.1 billion restructuring credit facility for Pennsylvania Real Estate Investment Trust (PREIT)Jones Day represented Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, in connection with the Chapter 11 financial reorganization plan of Pennsylvania Real Estate Investment Trust (“PREIT”), a publicly traded real estate investment trust that owns and manages a portfolio of shopping malls totaling over 23 million square feet of retail space.
  • Patrick Soon-Shiong IC, LLC, Patrick Soon-Shiong IC 2, LLC, and Patrick Soon-Shiong IC 3, LLC acquires St. Vincent Medical Center for $135 millionJones Day advised Patrick Soon-Shiong IC, LLC, Patrick Soon-Shiong IC 2, LLC, and Patrick Soon-Shiong IC 3, LLC in the $135 million acquisition of St. Vincent Medical Center in Los Angeles, California, from Verity Health System in a Section 363 sale.
  • Cineworld Group completes asset monetization strategies in United States through cinema sale-leaseback transactionsJones Day advised UK headquartered, Cineworld Group PLC in connection with an asset monetization strategy in the United States involving a combined cash consideration of $556.3 million cinema sale-leaseback transactions to convert a substantial portion of Cineworld’s U.S. real estate holdings into cash to leverage its equity and optimize efficiency.
  • GenOn defeats putative class action alleging injury and damages resulting from coal ash depositJones Day successfully represented GenOn Energy, Inc. and a subsidiary in a putative class action lawsuit alleging the plaintiffs suffered bodily injury and property damage as a result of the deposit of coal ash near their Pennsylvania homes that had been shipped from various power plants.
  • Bondholder group litigates claims related to Puerto Rico's debt restructuringJones Day is representing a bondholder group with respect to such holders' rights and remedies concerning the Employees Retirement System of the Government of the Commonwealth of Puerto Rico.
  • Peabody Energy exits chapter 11 in less than a yearFacing unprecedented industry conditions in late 2015 and early 2016, Peabody Energy Corporation, the world's largest private-sector coal company, and 153 of its direct and indirect subsidiaries filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Missouri on April 13, 2016.
  • Sprint completes private placement of wireless spectrum-backed notesJones Day represented Sprint Corporation, a communications services company, in connection with the issuance by three special purpose, bankruptcy-remote, wholly owned subsidiaries of Sprint (the Issuers) of $3.5 billion of Series 2016-1 3.36% Senior Secured Notes, Class A-1 (the Notes) in a private transaction exempt from the registration requirements of the Securities Act of 1933.
  • Garmin wins Second Circuit affirmation of dismissal of $1.9 billion in breach of contract and fraud claimsJones Day client Garmin International, Inc. ("Garmin") obtained the dismissal of a multi-billion-dollar claim, as well as the plaintiffs’ payment of a confidential sum to Garmin, in settlement of a case brought by plaintiffs LightSquared, Inc., LightSquared LP; and LightSquared Subsidiary LLC (collectively, "LightSquared").
  • Targa Resources Partners forms two joint ventures with subsidiary of Sanchez Energy CorporationJones Day advised Targa Resources Partners LP ("TRP") on the formation of two joint ventures with a subsidiary of Sanchez Energy Corporation ("SN") to construct a new 200 MMcf/d cryogenic natural gas processing plant in La Salle County, Texas and approximately 45 miles of associated high pressure gathering pipelines that will connect SN's Catarina Ranch acreage in the Eagle Ford shale play to the processing plant, costing approximately $240 million.
  • City of Detroit's chapter 9 plan of adjustment confirmedJones Day served as lead restructuring counsel to the City of Detroit in connection with its chapter 9 bankruptcy case filed in July 2013 and its ongoing restructuring efforts.
  • Lehman Brothers resolves action involving foreign exchange transactionsJones Day represented Lehman Brothers Holdings Inc. and Lehman Brothers Commercial Corporation in connection with the settlement of all claims relating to foreign exchange transactions between Lehman Brothers, on the one hand, and Aberdeen Asset Managers Ltd and over sixty Aberdeen affiliated and non-affiliated managed funds (collectively “Aberdeen”), on the other.
  • Royal Bank of Scotland obtains dismissal of certain claims pending in Thornburg bankruptcy caseJones Day obtained dismissal of 22 out of 31 claims for The Royal Bank of Scotland Plc that were filed by the Chapter 11 Trustee in the chapter 11 case of Thornburg Mortgage, Inc.
  • Lehman Brothers bankruptcy estate obtains advice in connection with potential litigation concerning derivative transactionsJones Day represents Lehman Brothers Holdings Inc. and its affiliated debtors and debtors-in-possession in the chapter 11 bankruptcy proceedings before the United States Bankruptcy Court.
  • Bowater files for bankruptcy protection to continue operationsJones Day represented Bowater Inc. as conflicts counsel in its chapter 11 case in the U.S. Bankruptcy Court for the District of Delaware.
  • General Maritime files for bankruptcy protection from creditorsJones Day has been selected to represent the official committee of unsecured creditors in the General Maritime chapter 11 cases.
  • Spansion Japan settles claims against former parentJones Day represented Spansion Japan Limited ("Spansion Japan") in the bankruptcy case of its former parent, Spansion LLC, allowing Spansion Japan to successfully reorganize in Japan.
  • Spansion Japan represented as cross-border debtor and also as largest creditor in chapter 11 case of parentJones Day represented Spansion Japan Limited in its chapter 15 case in the United States Bankruptcy Court for the District of Delaware.
  • Lehman Brothers Holdings seeks recovery of undisclosed asset value transferred in bankruptcy sale of broker dealerJones Day represents Lehman Brothers Holdings Inc. in an action to recover assets transferred to Barclays Capital Inc. when Barclays purchased the Lehman broker dealer business shortly after Lehman's bankruptcy filing in September 2008.
  • Georgia Gulf completes successful debt-for-equity exchangeJones Day represented Georgia Gulf Corporation in its successful exchange of 92% of the aggregate outstanding principal amount of $736 million owing in respect of three series Senior Notes.
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    APRIL 2023 Alert

    Court Rules That Initial Transfer Need Not Be Avoided Before Recovery From Subsequent Transferee

    March 2023 Reprint

    Inaugural Survey of Chapter 15 of the Bankruptcy Code (The Business Lawyer)

    November 2022 White Paper

    Digital Assets Defined: Writing Digital Assets into the Bankruptcy Code

    January 2022 Newsletters

    Another New York District Court Widens the Bankruptcy Code's Securities Contract Safe Harbor

    September-October 2020 Newsletters

    "Flip Clause" Payments to Lehman Brothers Noteholders After Termination of Swap Agreement Safe Harbored in Bankruptcy

    September/October 2019 Jones Day Publications

    Chapter 11 Plan Distributions Are Not Collateral Covered by Intercreditor Agreement's Waterfall Provision

    August 2019 Newsletters

    Business Restructuring Review July-August 2019

    August 2019 Newsletters

    The U.S. Supreme Court Rules That Rejection of a Trademark License Agreement in Bankruptcy Does Not Strip the Licensee of Its Right to Use the Trademark

    May 2019 Alert

    "Rejection" of a Trademark License in Bankruptcy Is a Breach, Not a Rescission

    May 2019 Alert

    Federal Reserve Proposes Amendments to "Financial Institution" Definition Under Regulation EE
    View All

    Speaking Engagements

    • April 25, 2016
      PLI’s Bankruptcy & Reorganizations 2016: Current Developments

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