Michael H. Torkin

Michael Torkin is a partner and Head of U.S. Capital Solutions & Special Situations in the Linklaters’ U.S. Restructuring & Insolvency Practice. 

Michael’s multidisciplinary practice includes representing companies on corporate modernization, liability management, and recapitalization and restructuring transactions, in and out of court, domestically and internationally.

Michael also routinely represents sponsors, acquirers of distressed businesses, and hedge fund and private equity fund clients in connection with a broad array of special situation investments and recapitalization transactions. 

During his career, Michael has been involved in numerous cross-border restructurings involving Canada, Chile, Argentina, Brazil, Mexico, the United Kingdom, Israel, Africa, The Netherlands and Australia.

Michael is ranked as a leading lawyer by Chambers USA, which describes him as “a very strong lawyer with a lot of credibility” and having “very good commercial instincts.”

He has also been ranked by Chambers Global and The Legal 500 United States and was recognized by The M&A Advisor as one of the top “40 under 40” M&A, financing and turnaround professionals in 2010, and by Turnarounds & Workouts as one of 12 “Outstanding Young Restructuring Lawyers” in 2009 and 2010. 

Michael is a member of INSOL, the American Bankruptcy Institute and the Turnaround Management Association.

Work highlights

Michael’s practice spans the representation of multinational corporations, family offices, and private equity and hedge funds on special situations and capital solution transactions. 

Selected experience includes advising:

Corporate Modernization Representations: Michael has been instrumental in developing the burgeoning market for corporates defeasance of legacy liabilities and has represented investors and numerous public companies on corporate modernization matters, including Ingersoll Rand, Crane Corporation, ITT Corporation and BorgWarner.

Issuer/Debtor Representations:

• APG: representing Ripple Industries in connection with the recapitalization and sale of APG.
• Unigel: advising on its Brazilian EJ proceeding.
• Corp Group Banking: advising in its chapter 11 proceeding.
• Pyxus International: advising in its prepackaged chapter 11.
• Arsenal Resources: advising in its 2020 prepackaged chapter 11 restructuring and its 2019 comprehensive financial restructuring through an out-of-court transaction and pre-packaged Holdco chapter 11 proceeding.
• Ascent Resources Marcellus: advising in the structuring of its prepackaged chapter 11 and restructuring support agreement.
• Eastman Kodak Company: advising in its chapter 11 reorganization, including the disposition of its intellectual property portfolio and the resolution of its legacy retiree obligations.
• Remy International: advising in its prepackaged chapter 11 reorganization.
• Smarte Carte: advising in its prepackaged chapter 11 reorganization.
• America Online Latin America: advising in its chapter 11 reorganization.
• Oneida Ltd: advising in its prenegotiated chapter 11 reorganization.
  

Michael founded the Private Capital and Special Situations practice at his previous firm.

He is ranked as a leading lawyer by Chambers USA, which describes him as “a very strong lawyer with a lot of credibility” and having “very good commercial instincts.

He has also been ranked by Chambers Global and The Legal 500 United States and was recognized by The M&A Advisor as one of the top “40 under 40” M&A, financing and turnaround professionals in 2010, and by Turnarounds & Workouts as one of 12 “Outstanding Young Restructuring Lawyers” in 2009 and 2010. 

He is recommended on the Leaders League Guide 2023-2024 for Restructuring & Insolvency.

Apart from the above, Michael has experience in advising: 

• Boart Longyear: advising Ares Management and Ascribe Capital in connection with Boart Longyear’s contested Australian creditors’ scheme of arrangement and chapter 15 proceeding. 

• Farfetch: representing Alibaba as convertible noteholder and joint venture partner in the company’s liquidation.

• WorldStrides: representing Primavera Capital in the recapitalization of WorldStrides via chapter 11
• Sterling Organization: advising in its acquisition of the Plaza Mexico center in Lynnwood, California in a 363 bankruptcy auction. 
• Abraxas Petroleum Corporation: advising Angelo Gordon on the out-of-court debt for equity exchange and business transformation of the company.Canyon Capital, Angelo Gordon, TPG, MSD and AllianceBernstein in connection with Rex Energy’s Chapter 11 proceeding and related sale to PennEnergy. 
• Pfizer: advising in connection with Barrett Minerals’ chapter 11 proceeding. 
• Rosefield Pipeline Company: advising Madava Financial, LLC as administrative agent in connection with financing for the company.
• PIMCO: advising in connection with its investment in ARM Monument Holdings, LLC, and the simultaneous acquisition by ARM of Monument Pipeline, LP, a Houston-based natural gas pipeline, from affiliates of NextEra Energy Partners, LP. 
• Solana Foundation: advising in connection with matter related to FTX. 
• Geokinetics: advising Ascribe Capital in the company’s chapter 11 proceeding and related sale to SAE Exploration.
• Rex Energy: advising Canyon Capital, Angelo Gordon, TPG, MSD and AllianceBernstein in the chapter 11 proceeding and related sale to PennEnergy.
• TGLT S.A.: advising PointState Capital, Serengeti Asset Management, Knighthead Capital Management and 683 Capital Partners in the real estate company.Ascribe Capital in connection with Geokinetics’ Chapter 11 proceeding and related sale to SAE Exploration.
• Key Energy: advising Platinum Equity and an ad hoc group of noteholders in the company’s prepackaged chapter 11.
• Emeco Group: advising Ascribe Capital, Goldman Sachs and Brookfield Asset Management in the Group’s deleveraging, recapitalization and merger transactions with Orionstone and Andy’s Earthmovers, implemented through an Australian scheme of arrangement and U.S. chapter 15 proceeding.
• SunEdison: advising TerraForm Power and TerraForm Global in the company’s financial distress and ultimate chapter 11 proceeding.
• RGL Reservoir Management Inc.: advising CPPIB in the company’s restructuring and recapitalization.
• GulfMark Offshore, Inc.: advising RBS in the company’s restructuring.
• AT&T: advising in its acquisition of Nextel Mexico in a Section 363 share sale transaction. Dendreon Corporation: advising the official committee of unsecured creditors.
• Pocahontas Parkway: advising Macquarie Bank Limited, Centerbridge Partners and Canada Pension Plan Investments Board in their acquisition and subsequent sale of the Virginia toll road. 
• Milacron Inc.: advising Avenue Capital and DDJ Capital Management on the 363 credit bid acquisition of the company.
• Gildan Activewear: advising in its acquisition of the American Apparel brand through a Section 363 asset sale transaction.

• Filing for Chapter 11 Bankruptcy: What You Need to Know (2011)
• Approaching financial stress: Maximising Value (Financier Worldwide Magazine, Special Report Bankruptcy & Restructuring, October 2020)