Daily Journal names Jones Day's Bruce Bennett to Top Bankruptcy Lawyers list
Partner Bruce Bennett was named to the Daily Journal's 2022 list of Top Bankruptcy Lawyers. The publication had previously named Mr. Bennett one of the Top 100 Lawyers in California.
Described as a "'genius tactician' and 'one of the top practitioners in the field'" in Chambers USA, Mr. Bennett has represented debtors, creditors, and business acquirers in many of the largest and highest-profile corporate reorganizations in the United States. He represented approximately 40% of the equity interests in PG&E Corp., the owner of Pacific Gas & Electric Co., the largest utility in California, and has acted as counsel for major creditors in the chapter 11 cases for Intelsat, iHeart Communications, Caesars Entertainment Operating Corp., and Energy Future Holdings. He was also co-lead counsel for the City of Detroit in its historic chapter 9 debt adjustment cases.
The Caesars Entertainment Operating Corp. restructuring was the subject of a book, The Caesars Palace Coup, which chronicles "the most brutal corporate restructuring in Wall Street history," the "bankruptcy brawl for the storied casino giant, Caesars Entertainment." It summarizes how a team of Jones Day lawyers across many areas of practice—led by Mr. Bennett—achieved a historic victory for clients Oaktree Capital, Appaloosa Management, and other second-lien lenders, who saw their recoveries increase from less than ten cents on the dollar to over sixty-six cents on the dollar in "one of the great upset victories in the history of Wall Street." The increase in recovery for Jones Day's clients totaled more than $3 billion. At the Berkshire Hathaway annual shareholders' meeting on April 30, 2022, Berkshire Vice Chairman Charlie Munger selected The Caesars Palace Coup as his "Pick for 2022".
A member of the American College of Bankruptcy and the Financial Lawyers Conference, Mr. Bennett was twice named "Dealmaker of the Year," by The American Lawyer (2015 and 2017). In addition to receiving "Band 1" rankings in Chambers Global and Chambers USA, he is recognized by The Legal 500 ("Hall of Fame" in Finance (corporate and municipal restructuring (including bankruptcy)) and by Best Lawyers in America™.