BruceBennett

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Bruce Bennett has represented debtors, creditors, and business acquirers in many of the largest corporate reorganizations in the United States in the retail, gaming, media, telecommunications, heavy industry, aviation, manufacturing, real estate, insurance, energy, banking, utility, and computer technology sectors.

Bruce currently represents holders of approximately 40% of the equity interests in PG&E Corp., the owner of Pacific Gas & Electric Co., the largest utility in California and one of the largest in the United States. He has recently acted as counsel for major creditors in the chapter 11 cases for iHeart Communications, Caesars Entertainment Operating Corp., Energy Future Holdings, and General Motors and in out-of-court negotiations and in insolvency cases for instrumentalities of Puerto Rico. He was also co-lead counsel for the City of Detroit in its historic chapter 9 debt adjustment cases.

Prior to joining Jones Day, Bruce was lead lawyer for the Los Angeles Dodgers on their $2 billion acquisition by Magic Johnson and other partners. He also was lead debtor's counsel in the country's second largest municipal bankruptcy (County of Orange, California), which commenced following a $1.7 billion loss in county investment pools. Related litigation resulted in the recovery of more than $870 million for the county. He also successfully resolved large bankruptcy cases for lenders, note holders, and equity interest owners, including Adelphia Communications, Enron, Fountainebleau Las Vegas, Green Valley Ranch, Hawaii Medical Centers, Lehman Brothers, MF Global, Olympia & York, Travelport, Tribune Company, and Verso.

Bruce is a member of the American College of Bankruptcy and the Financial Lawyers Conference.

Experience

  • Angelos Family agrees to sell control stake in Baltimore Orioles to Baltimore native David RubensteinJones Day advised the Baltimore Orioles in connection with the sale of a controlling interest in the Orioles to a diverse investor group led by David Rubenstein that includes Michael Arougheti, Mitchell Goldstein, Michael Smith, and Maryland leaders, philanthropists, and sports legends.
  • Intelsat closes $6.7 billion DIP-to-exit financing transactionsOn May 13, 2020, Intelsat S.A. and certain of its direct and indirect subsidiaries (the “Intelsat Parties”) filed voluntary petitions with the U.S. Bankruptcy Court for the Eastern District of Virginia commencing their respective cases under Chapter 11 of the Bankruptcy Code.
  • Swissport completes cross-border restructuringJones Day has advised sponsor, HNA, on the cross-border restructuring of the air freight and logistics business, Swissport.
  • Members of Intelsat Jackson Crossover Group to own 96% of reorganized Intelsat equity following complex chapter 11 plan confirmation processJones Day represents the largest creditor constituency (the "Jackson Crossover Group") holding more than 47% ($7 billion) of the debtors' entire funded debt in the highly complex chapter 11 cases of In re Intelsat S.A., et al. (Case No. 20-32299-KLP), pending in the Eastern District of Virginia bankruptcy court (the "Bankruptcy Court").
  • 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.
  • Senior creditors of iHeartCommunications negotiate exit term loan facilityJones Day advised senior creditors holding in excess of $7.4 billion in iHeartCommunications, Inc.'s prepetition indebtedness in connection with all aspects of the restructuring of iHeart's debt in a chapter 11 proceeding in the United States Bankruptcy Court for the Southern District of Texas, including the negotiation and issuance of an approximately $3.5 billion senior secured exit term loan credit facility for iHeartCommunications, Inc. that was distributed to creditors under the plan.
  • Term lenders obtain Preferred Proppants' debtJones Day represented the term lenders of Preferred Proppants, a leading producer of sand- and resin-coated proppants, in a comprehensive out-of-court restructuring of the debt of Preferred Proppants and its affiliates.
  • MF Global resolves dispute with holdout E&O insurersIn a collaboration among its Business Restructuring & Reorganization, Insurance Recovery and Issues & Appeals practices, Jones Day represented MF Global Holdings Ltd. and its affiliates ("MF Global") in litigation against certain dissenting insurance companies that refused to contribute to a 2016 global settlement of multi-district litigation brought by MF Global’s former commodities futures customers.
  • 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.
  • Former managers and executive officers of Quiznos restaurant brand obtain dismissal of federal and state securities fraud actionsJones Day defended former owners, members of the Board of Managers, and executive officers of the Quiznos restaurant brand against claims brought by subsequent purchasers and operators of the company who alleged that defendants’ misstatements induced the plaintiffs to enter into a 2012 restructuring transaction.
  • Caesars' second lien noteholders negotiate extraordinary recovery through consensual chapter 11 planJones Day represented the Official Committee of Second Priority Noteholders ("Second Priority Noteholders") of Caesars Entertainment Operating Company ("CEOC"), the casino operator who filed for bankruptcy in January 2015.
  • MF Global Litigation Trust pursues claims against Jon Corzine and other former officersAs part of MF Global Holdings' confirmed plan of reorganization, Jones Day is representing the Litigation Trustee as plaintiff pursuing claims on behalf of creditors brought against Jon Corzine and other former officers for damages resulting from MF Global's demise.
  • MF Global obtains fast track confirmation of chapter 11 plan of liquidationJones Day represented an ad hoc group of financial institutions holding more than $1.6 billion in claims in the chapter 11 bankruptcy cases of MF Global Holdings Ltd. and its related debtors.
  • MF Global wins Court approval to acquire assets of SIPA estateJones Day represents MF Global Holdings Ltd. ("Holdings") as Plan Administrator in the implementation of its Plan of Liquidation.
  • 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.
  • Wilmington Savings Fund Society brings action against Caesars Entertainment Operating Company and related partiesJones Day was retained by Wilmington Savings Fund Society, FSB ("WSFS"), the indenture trustee for the second-priority senior secured notes issued by Caesars Entertainment Operating Company, Inc. ("CEOC"), a subsidiary of Caesars Entertainment Corporation ("CZR").
  • Consumer Capital successfully preserves rights in Quiznos bankruptcyJones Day represents Consumer Capital Partners and certain related individuals ("Specified Litigation Parties") in their defense against threatened claims by Avenue Capital Management related to a 2012 transaction involving Quizno's restructuring.
  • Fontainebleau Las Vegas term lenders receive substantial cash distribution under bankruptcy settlementJones Day represented funds managed by Brigade, Canyon, Caspian, ING, Morgan Stanley, Solus, Silver Point, MJX, Monarch, and Venor in obtaining a settlement of their claims to the cash proceeds of an asset sale in the bankruptcy case of Fontainebleau Las Vegas, a failed casino and hotel project.
  • Computershare Trust Company achieves win-win litigation settlement on behalf of Travelport senior noteholdersJones Day, on behalf of Computershare Trust Company, N.A. in its capacity as indenture trustee for various series of senior unsecured notes issued by Travelport LLC, successfully resolved litigation arising out of a 2011 transaction, including claims for fraudulent transfer brought by Computershare on behalf of all senior noteholders in connection with such transaction.
  • Travelport senior noteholders negotiate comprehensive capital restructuring planJones Day represented an ad hoc group consisting of significant holders of Senior Unsecured Notes issued by Travelport LLC in connection with a comprehensive out-of-court restructuring for Travelport that was consummated on April 15, 2013.
    • View All

    APRIL 2023 Alert

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

    December 2022 Newsletters

    Business Restructuring Review Vol. 21, No. 6 | November-December 2022

    December 2022 Newsletters

    Fifth Circuit Rules on the "Solvent-Debtor Exception" and Make-Whole Premiums

    October 2022 Commentary

    Fifth Circuit Rules on the "Solvent-Debtor Exception" and Make-Whole Premiums

    September 2022 Commentary

    Divided Ninth Circuit Rules That Unimpaired Unsecured Creditors of a Solvent Debtor May Be Entitled to Post-Petition Interest at Contract or State Default Rates

    January 2022 White Paper

    2021 Transactional Year in Review and 2022 Forecast

    January 2022 White Paper

    FDI Regimes Continue to Expand and Increase Scrutiny of Transactions Worldwide

    March 2021 Newsletters

    Business Restructuring Review | March–April 2021

    March 2021 Newsletters

    U.S. Supreme Court: Mere Retention of Property Does Not Violate the Automatic Stay

    February 2021 Commentary

    U.S. Supreme Court: Mere Retention of Property Does Not Violate the Automatic Stay
    View All

    Speaking Engagements

    • October 4, 2013
      Success and Failure in Professional Sports, Lewis & Clark Law School 18th Annual Business Law Fall Forum
    • September 6, 2012
      Bloomberg Sports Business Summit--Bidding for the Dodgers and the Road Ahead
    • June 28, 2012
      How to Sell a Baseball Team

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