James O.Johnston (Jim)

Of Counsel

Los Angeles +

Jim Johnston represents debtors, creditors, and other constituents in high-stakes corporate reorganizations, with a focus on litigation-heavy chapter 11 cases and consensual out-of-court workouts across the United States.

Since joining Jones Day in May 2012, Jim has led engagements on behalf of the reorganized Tribune Company; an indenture trustee for a $1 billion bond issue of American Airlines; the Paragon Offshore Litigation Trust; and a major creditor of the City of Stockton, the largest California city to seek protection under chapter 9 of the Bankruptcy Code. He also has worked on restructuring engagements involving the Affinion Group, Caesars Entertainment Operating Company, CHC Group, the City of Detroit, Delphi Corporation, Fontainebleau Las Vegas, iHeart Communications, the Republic of Argentina, Pacific Gas & Electric, and reorganized Tropicana Las Vegas Resort and Casino.

Jim is a pioneer in the municipal restructuring field. Prior to joining Jones Day, he was a lead attorney in the group that represented Orange County California in its landmark chapter 9 municipal bankruptcy case, and he represented the City of Desert Hot Springs, the first California city to reorganize under chapter 9 of the Bankruptcy Code. He also has extensive airline experience, having represented indenture trustees and creditors in the chapter 11 cases involving American, Delta, Northwest, and United Airlines. Other significant representations included matters relating to Adelphia Communications; Brobeck, Phleger & Harrison; Calpine Corporation; Hawaiian TelCom; Kenetech Windpower; the City of Klamath Falls (Oregon); Komag; RBX Corporation; SmarTalk TeleServices; Solidus Networks; SemGroup Energy Partners; SpectraSite Holdings; and Weststar Cinemas.


Caesars second lien noteholders confirm support for economic terms of consensual chapter 11 plan
Jones Day represents 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.

Wilmington Savings Fund Society brings action against Caesars Entertainment Operating Company and related parties
Jones 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").

Fontainebleau Las Vegas term lenders receive substantial cash distribution under bankruptcy settlement
Jones 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.

Senior lender group of Tribune Company achieves reorganization success
Jones Day represented holders of more than $3 billion of Senior Loans against Tribune Company and its affiliates in one of the largest and most high profile reorganizations of the last several years.

Franklin Advisers in unique position as City of Stockton bondholder
Jones Day represents Franklin California High Yield Municipal Fund and Franklin High Yield Tax-Free Income Funds as creditors in the chapter 9 case of the City of Stockton, California.

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