Steven J. Reisman

Representative Experience

• Independent Director representations

• Counsel to one of the world’s largest multimedia retailers, at the direction of its Disinterested Directors, in a highly contested Chapter 11 case in the US Bankruptcy Court for the Southern District of Texas that restructured approximately $6.5 billion of funded debt. Katten advised the Disinterested Directors in their investigation into potential avoidance actions, as well as illegal dividend and tax-related claims arising from multiple prepetition related party transactions, which claims potentially exceeded $3 billion in the aggregate. The Disinterested Directors, with Katten’s assistance, ultimately negotiated an allowed $400 million general unsecured claim as part of a global intercompany settlement that the Bankruptcy Court described as “effectively the keystone”to the Chapter 11 plan. The settlement and Chapter 11 plan were challenged by an ad hoc group of preferred shareholders, which resulted in a four-day trial, involving more than 1,000 exhibits and 63,000 pages of discovery. In a 103-page opinion, the Bankruptcy Court approved the Chapter 11 plan and the intercompany settlement, and the company emerged from Chapter 11 in August 2026. In re QVC Group, Inc., et al.
• Counsel to a market leader in high-performance fibrous materials, at the direction of the Disinterested Directors comprising its Special Committee, in prepackaged Chapter 11 cases in the US Bankruptcy Court for the Northern District of Texas. Katten conducted the Special Committee’s investigation of potential claims against related parties, including claims arising from complex prepetition transactions with the company’s equity sponsor and a prepetition liability management transaction. The confirmed Chapter 11 plan eliminated approximately $3.1 billion of the company’s $3.25 billion in prepetition funded debt and left trade creditors unimpaired. In re ASP Unifrax Holdings, Inc., et al. (Alkegen).
• Counsel to a national post-acute care provider operating 175 skilled nursing centers and senior living communities, at the direction of the Independent Directors comprising its Special Investigation Committee, in Chapter 11 cases in the US Bankruptcy Court for the Northern District of Texas. Katten conducted the Special Investigation Committee’s investigation of more than 25 related-party transactions. Following Katten’s investigation and valuation, the company pursued certain claims on behalf of the estate, with Katten serving as co-counsel to the company. That litigation drove a global settlement, approved by the Bankruptcy Court, that resolved all major disputes in the Chapter 11 cases. In re Genesis Healthcare, Inc., et al.
• Counsel to a leading national provider of managed network, cloud communications and cybersecurity services, at the direction of its Independent Directors, in its prepackaged Chapter 11 case in the US Bankruptcy Court for the Southern District of Texas. Katten advised the Special Committee in its investigation of related-party transactions involving the company, its lenders and its private equity sponsor, and in prepetition negotiations that secured support from approximately 98% of the company’s funded debt holders. During the Chapter 11 case, the Special Committee negotiated a global settlement with the company’s lenders, strategic stakeholders and the Official Committee of Unsecured Creditors, and the confirmed Chapter 11 plan reduced the company’s debt by approximately $1 billion. The Bankruptcy Court recognized the Independent Directors’ efforts as pivotal to the reorganization. In re U.S. TelePacific Holdings Corp., et al. (TPx).
• Counsel to the Special Subcommittee of Linqto, Inc. and its debtor affiliates, an online platform that allowed customers to indirectly invest in private companies with a focus on the technology sector, in Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Katten has advised the Special Subcommittee on all aspects of the Chapter 11 cases, including an investigation into proposed releases and exculpations. The investigation’s findings were incorporated into a confirmed Chapter 11 plan, which embodied a creative global settlement that established a liquidating trust and closed-end fund for the benefit of customers, with the court describing the treatment of customer claims as "extremely beneficial" and noting that customers voted "overwhelmingly" in favor at an "unusually high" response rate. The plan was confirmed in February 2026. In re Linqto, Inc., et al.
• Special counsel to a leading semicoductor manufacturer with approximately $6.7 billion of debt, at the direction of its Disinterested Directors, in Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. During the three-month case, the company implemented a consensual balance-sheet restructuring supported by more than 97 percent of senior secured noteholders and 67 percent of convertible noteholders, which de-levered the balance sheet by more than 70 percent (nearly $4.6 billion). Katten advised the Distinterested Directors in their investigation into potential estate claims, including claims tied to ongoing derivative and class action litigation against the company and certain directors and officers. In re Wolfspeed, Inc., et al.
• Counsel to Claire's Holdings LLC and its debtor affiliates, at the direction of the company's Independent Managers, in Chapter 11 cases in the US Bankruptcy Court for the District of Delaware. Despite initial expectations of liquidation, guided the company to a going-concern sale that preserved thousands of jobs and 795 stores and distribution centers, and led an independent investigation into potential estate claims against the company's lenders, owners, and current and former directors and officers that enabled a global settlement among Claire's, its owners, and the Official Committee of Unsecured Creditors. In re Claire's Holdings LLC, et al.
• Counsel to global chemical and engineered materials company, at the direction of its Independent Directors, in Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Katten advised the Independent Directors in their investigation into prepetition transactions and potential estate claims. The investigation resulted in a global resolution that preserved litigation value for the company and its stakeholders. In re Ascend Performance Materials Holdings, Inc., et al.
• Counsel to the Transaction Committee of the Board in complex Chapter 11 cases involving regional healthcare operations across multiple states. Led an independent, fact-intensive investigation into related-party transactions and potential claims, enabling the Transaction Committee to approve global settlements that preserved estate value while maintaining uninterrupted patient care. In re Prospect Medical Holdings, Inc., er al.
• Counsel to significant healthcare company, at the direction of its Independent Managers, in one of the largest and most complex healthcare bankruptcies of all time. Katten advised the Independent Managers in their investigation of complex liability management transactions implemented by the company prior to the Chapter 11 filing to substantially restructure the company’s balance sheet. The Chapter 11 cases ultimately resulted in a consensual restructuring supported by all major stakeholders that reduced the company’s prepetition funded indebtedness by approximately 70% and allowed the company to secure more than $2.0 billion of exit financing. In re Envision Healthcare Corporation, et al.
• Counsel to large private health care company based in Australia, at the direction of its Independent Director, in Chapter 11 cases in the US Bankruptcy Court for the Southern District of Texas. The cases were complicated by worldwide operations, intense regulatory scrutiny in Australia, and the imperative of maintaining uninterrupted care for tens of thousands of patients. Katten advised the Independent Director in connection with investigating the company’s historical relationship with its founder and former CEO and made recommendations that were integral to the Chapter 11 plan. In re Genesis Care PTY Limited, et al.
• Counsel to company with substantial operations in radio broadcasting, podcasting and audio streaming, at the direction of its Independent Director, in Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Katten advised the Independent Director in an investigation of potential claims related to various prepetition transactions. Under the Chapter 11 plan, the company equitized approximately $1.6 billion of debt. In re Audacy, Inc., et al.
• Counsel to one of the world’s largest pharmacy chains, at the direction of its Disinterested Directors, in Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Katten advised the Disinterested Directors in connection with analyzing various restructuring alternatives, particularly with respect to the intercompany aspects of the company’s operations, and assisted in the company’s successful emergence from Chapter 11. In re Rite Aid Corporation, et al.
• Counsel to a leading online education company, at the direction of its Independent Director, in Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York. Under the Chapter 11 plan, the company deleveraged its balance sheet by approximately $486.3 million. The results of the investigation conducted by Katten, at the direction of the Independent Director, were incorporated into the Chapter 11 plan. In re 2U, Inc., et al.
• Counsel to a global digital infrastructure company, at the direction of its Special Committee, in Chapter 11 cases in the US Bankruptcy Court for the Southern District of Texas. Katten advised the Special Committee in its investigation into potential estate claims and causes of action against various related parties, which resulted in a global settlement with key creditor constituencies approved by the Bankruptcy Court. The settlement was integral to a successful, consensual restructuring, which followed a value-maximizing $775 million asset sale. In re Cyxtera Technologies, Inc., et al.
• Counsel to a leading global manufacturer and marketer of chemical products, at the direction of its Disinterested Directors, in Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Katten advised the Disinterested Directors in connection with exploring multiple strategic alternatives to address the company’s balance sheet and liquidity concerns and investigated numerous intercompany transactions and related issues. The Chapter 11 cases ultimately resulted in a restructuring that reduced the company’s funded indebtedness from more than $1 billion to approximately $200 million. In re Venator Materials PLC et al.
• Counsel to Swedish green-tech manufacturer of lithium-ion battery cells, at the direction of its Independent Advisor, in Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Leveraging its cross-border restructuring and investigations capabilities, Katten advised the Independent Advisor on all aspects of the cases, including an investigation into the company’s prepetition transactions during its rapid expansion and a comprehensive review of potential estate claims against directors, officers, and other related parties, and helped navigate the company’s transition to a Swedish liquidation across jurisdictions after geopolitical instability, rising capital costs, supply chain disruptions, and market shifts prevented new financing. In re Northvolt, et al.
• Counsel to a significant Amazon e-commerce aggregator, at the direction of its Independent Directors, in Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Katten advised the Independent Directors in all aspects of the Chapter 11 cases, including with respect to their authority over the Chapter 11 plan and the critical investigation into pre-bankruptcy transactions involving the Debtors and certain insiders, analyzing potential causes of action against the Debtors’ directors, managers, officers, subsidiaries, affiliates and other related parties. The Chapter 11 plan implemented a restructuring transaction that eliminated approximately $495 million of $855.2 million in existing funded debt. In re Thrasio Holdings, Inc., et al.
• Counsel to a prominent financial services firm, at the direction of its Independent Directors, in Chapter 11 cases in the US Bankruptcy Court for the Southern District of Texas. Katten advised the Independent Directors in their investigation into the company’s complex dealings with a former subsidiary. The issues were eventually resolved, resulting in a consensual Chapter 11 plan that maximized recoveries for the company’s creditors. In re GWG Holdings, Inc., et al.
• Counsel to one of the world’s largest satellite fleet operators, at the direction of its Independent Directors, in Chapter 11 cases in the U.S. Bankruptcy Court for the Eastern District of Virginia. Katten advised the Independent Directors in investigating intercompany claims, advising on various tax and regulatory issues, and negotiating the terms of a Chapter 11 plan that restructured more than $16 billion of funded debt. In re Intelsat S.A., et al.
• Counsel to the independent directors of a massive global specialty biopharmaceutical company. The independent directors played a critical role in investigating the claims and causes of action released under the company’s Chapter 11 plan and facilitating negotiations regarding the company’s $1.725 billion global settlement of the company’s opioid-related litigation. In re Mallinckrodt PLC, et al.
• Counsel to a premier oil and natural gas company operating in the Permian Basin of West Texas, at the direction of its Independent Directors, in Chapter 11 cases in the US Bankruptcy Court for the Southern District of Texas. Katten advised the Independent Directors in investigating potential claims and causes of action related to certain conflict matters in the Chapter 11 cases. In re Sable Permian Resources, LLC, et al.
• Counsel to the Independent Directors of a leading pet company in North America in connection with analyzing certain out-of-court restructuring transactions, including a dividend of the company’s interest in Chewy—valued at $4.5 billion—to an affiliate prior to one of the largest IPOs in recent years. PetSmart/Argos.
• Counsel to Independent Directors of a leading travel commerce company in connection with analyzing and investigating certain out-of-court strategic transactions undertaken by the company to raise liquidity in response to a dramatic decrease in revenue as a result of the COVID-19 pandemic. Travelport Worldwide Ltd.

• Debtor representations

• Lead debtor counsel to a leading operator and franchisor of steakhouses and craft beer brewery restaurants with locations in 39 states. Three weeks after the Chapter 11 filing, the COVID-19 pandemic erupted and the company was unexpectedly forced to close all its restaurants and lay off nearly all its 18,000 employees. Katten devised a unique strategy to "mothball" the Chapter 11 cases, which gave the company critical breathing space to formulate a new path forward. Ultimately, Katten was able to navigate these complexities and successfully negotiate a sale of nearly 200 restaurants and all franchised locations, which saved the jobs of thousands of employees. In re Craftworks Parent, LLC, et al.
• Lead debtor counsel to a prominent online advertising company, which was unexpectedly forced to file for Chapter 11 after the company’s secured lender swept all of its bank accounts. After negotiating the consensual use of cash collateral, Katten counseled the company in connection with successfully closing three separate sale transactions in the Chapter 11 cases, which generated more than $100 million in proceeds, saved over 700 jobs and preserved business relationships with hundreds of vendors and customers. In re Sizmek, et al.
• Conflicts counsel to an iconic retailer and operator of luxury department stores across the country in connection with its wind-down and liquidation. In re Barneys New York, Inc., et al.

• Other representations

• Lead counsel to the official committee of unsecured creditors of a leading seller of skin, hair and oral care products, including Zest, Coast, Alberto VO5, White Rain, SGX NYC, REACH and Dr. Fresh. Katten negotiated an eight-figure recovery for unsecured creditors in a case in which the secured parties were undersecured by over $100 million. In re High Ridge Brands Co., et al.
• Counsel to a hospitality group that owns and operates multiple restaurant chains in connection with purchasing substantially all of the debtor’s assets in multiple high-profile Chapter 11 cases, including In re Le Pain Quotidien et al and In re Maison Kayser et al.
• Counsel to the plaintiffs in over 1,300 avoidance actions filed on behalf of one of the oldest and most prominent retailers in the world. The client is seeking to claw back more than $820 million of preferential transfers. In re Sears Holdings Corporation, et al.
• Counsel to the court-appointed monitors of complex and large Chapter 15 cases. In re CDS U.S. Holdings, Inc., et al. and In re Nygard Holdings (USA) Limited, et al.
• Counsel to leading American producer of coal regarding corporate matters, asset transactions and securities law work.
• Counsel to multiple private equity firms in numerous restructuring matters in connection with the defense of litigation and the acquisition of assets, among other matters.
• Counsel to Gordon Brothers in large, significant and high-profile matters, including its acquisition of substantially all the North American assets of Armstrong Flooring in its Chapter 11 cases and in serving as lender in the KidKraft Chapter 11 cases.