About Steven J. Reisman

Steven Reisman, Global Chair of Katten’s Insolvency and Restructuring Practice, is one of the country’s top restructuring attorneys, known for providing practical and innovative solutions to complex issues that arise in corporate restructurings. Clients trust his legal judgment and business savvy, and benefit from his ability to understand the goals of all stakeholders, which allows him to negotiate effectively and successfully.

His stewardship over multiple complex restructuring matters in retail, energy, manufacturing, health care, aviation, cryptocurrency and a wide array of other industries during his 30-year career puts him on the short list of lawyers who clients turn to for their most challenging legal matters.

Steven is widely considered the “go-to” lawyer for representing boards of directors, independent directors and special committees with respect to considering approval of complex transactions and conducting investigations. His representations of these clients include some of the largest and most complex in-court and out-of-court restructurings of all time.

Steven also acts as co-counsel, conflicts counsel, and special counsel for debtors and regularly represents private equity sponsors, purchasers of distressed assets, official and ad hoc creditors’ committees (including as counsel to co-chairs of official committees), significant secured and unsecured creditors, indenture trustees, liquidators, and defendants in significant avoidance actions in all aspects of corporate restructurings, including Chapter 11 cases, out-of-court restructurings and special situation investments or acquisitions.

Steven’s insolvency experience does not end at the US border. He has worked on multiple cross-border insolvency matters involving Mexico, Canada, Argentina, Venezuela, Australia, the United Kingdom and other countries, and offshore restructuring engagements in the US Virgin Islands. Steven has also acted as lead counsel in several large Chapter 15 cases.

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"Steve is one of the best in the business. He provides excellent, strategic guidance and people skills."

Chambers Global 2025
(USA, Bankruptcy/Restructuring) survey response

Practice Focus

  • Representing distressed companies, their boards of directors, independent directors, special committees and private equity sponsors
  • Representing debtors and creditors as conflicts counsel in complex Chapter 11 cases
  • Representing purchasers of distressed assets
  • Representing large trade creditors, including creditors serving as co-chairs of Official Committees of Unsecured Creditors
  • Representing parties to significant avoidance litigation and other insolvency-related litigation
  • Representing secured lenders, including DIP lenders
  • Representing debtors and creditors in cross-border insolvency proceedings, including as Chapter 15 counsel

Representative Experience

  • Independent Director representations
  • Counsel to the independent managers of a significant healthcare company in connection with one of the largest and most complex healthcare bankruptcies of all time. During the Chapter 11 cases, the independent managers reviewed complex liability management transactions that had been 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 the independent director of a company with substantial operations in radio broadcasting, podcasting and audio streaming. Under the Chapter 11 plan, the company equitized approximately $1.6 billion of debt. In re Audacy, Inc., et al.
  • Counsel to the disinterested directors of one of the world’s largest pharmacy chains. During the Chapter 11 cases, the disinterested directors analyzed 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 the independent director of a leading online education company. Under the Chapter 11 plan, the company deleveraged its balance sheet by approximately $486.3 million. The results of the independent 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 the independent directors of a significant Amazon e-commerce aggregator. 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 the special committee of the board of directors of a global digital infrastructure company. During the Chapter 11 cases, the special committee conducted a comprehensive independent investigation into potential estate claims and causes of action against various related parties and approved a global settlement with key creditor constituencies, which resulted in a successful, consensual restructuring following the consummation of a value-maximizing $775 million asset sale. In re Cyxtera Technologies, Inc., et al.
  • Counsel to the independent directors of a prominent financial services firm. During the Chapter 11 cases, the independent directors conducted an extensive, months-long 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 the disinterested directors of a leading global manufacturer and marketer of chemical products. During the Chapter 11 cases, the disinterested directors explored 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 the independent directors of one of the world’s largest offshore drilling contractors in connection with investigating and ensuring value-maximizing outcomes for a particular debt silo in the company's Chapter 11 cases. In re Seadrill Limited, et al.
  • Counsel to the independent directors of one of the world’s largest satellite fleet operators in connection with investigating intercompany claims, advising on various tax and regulatory issues, and negotiating the terms of a Chapter 11 plan that seeks to restructure over $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 the independent directors of a premier oil and natural gas company operating in the Permian Basin of West Texas in connection with analyzing and 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 natural gas and oil company focused on the exploration and development of natural gas and oil properties in North America and one of the largest producers of natural gas in the contiguous United States. In re Gulfport Energy Corporation, 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—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 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.

Publications

Presentations and Events

  • April 4, 2025
    Biennial Bankruptcy & Restructuring Symposium | Tulane Law School
    Speaker | Radical Changes: Revisiting Absolute Priority
  • November 24, 2020
    Speaker
  • May 14, 2015
    American Bankruptcy Institute's 17th Annual New York City Bankruptcy Conference
    Panelist | Fiduciary Duties from Ordinary Course, into Distress and Insolvency, and through Bankruptcy
  • December 13, 2012
    New York State Bar Association
    Presenter | Asset Sales in Bankruptcy
  • May 9, 2012
    American Bankruptcy Institute's 14th Annual New York City Bankruptcy Conference
    Panelist | Litigation Seeking to Enhance Creditor Recoveries: There Must Be Something Happening Other than Marshall
  • May 2012
    Mexican Institution for Mediation
    Keynote Speaker | Chapter 11 of the US Bankruptcy Code
  • May 24, 2010
    American Bankruptcy Institute's 12th Annual New York City Bankruptcy Conference
    Panelist | SIPA Liquidations and Ponzi Schemes