James O.Johnston (Jim)

Of Counsel

Los Angeles +

Jim Johnston represents debtors, creditors, and shareholders 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, Garrett Motion, iHeart Communications, Mallinckrodt Pharmaceuticals, 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 representing 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 Aeromexico, 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.


  • Investors in Pacific Gas & Electric participate in regulatory proceedings related to catastrophic wildfire-related costsJones Day represented institutional utility company shareholders who own a substantial portion of the outstanding common equity of Pacific Gas & Electric Corporation in a series of regulatory proceedings before the California Public Utilities Commission that address the catastrophic wildfire-related costs that have led to PG&E's bankruptcy and the credit downgrades for other California investor-owned utilities.
  • 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.
  • 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.
  • 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").
  • 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.
  • Senior lender group of Tribune Company achieves reorganization successJones 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 bondholderJones 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.