Sidley Austin added Stephen E. Hessler as the global practice leader of the Restructuring group. He will be based in the New York office and joins after almost two decades at Kirkland & Ellis LLP, where he led some of the most significant chapter 11 cases in history — including, most recently, Frontier Communications and Windstream Holdings.
Mr. Hessler’s practice involves representing debtors, creditors, and investors in large and complex in- and out-of-court restructurings, distressed acquisitions, and related litigation. He has counseled clients across a broad range of industries, including telecommunications, energy, travel/hospitality and gaming, financial institutions, manufacturing, and real estate.
“I’m honored to be joining Sidley as the head of its restructuring group and look forward to working with our more than 50 restructuring lawyers across the United States, Europe, and Asia,” said Hessler. “With the depth and breadth of Sidley’s diverse client roster, and strength across so many platforms, especially its ascendant private equity practice, we are exceptionally well-positioned to continue to execute on the firm’s shared vision of growing a market-leading restructuring practice.”
“We are thrilled to have Steve join Sidley,” said Yvette Ostolaza, Sidley’s Management Committee Chair. “Steve’s unparalleled experience and stature in the restructuring community is a huge win for our clients. As the continued market instability and supply chain disruptions accelerate the restructuring cycle, his addition allows us to stay ahead of the uptick in activity. It is very much part of our firm’s global strategy to continue to invest in attracting top-tier restructuring talent. Expect more announcements.”
“Larger numbers of private equity firms are looking to restructure their investments, or pursue opportunistic transactions, due to interest rate or valuation movements,” said Mike Schmidtberger, chair of Sidley’s Executive Committee. “Adding Steve reinforces our commitment to a robust restructuring practice as a strategic complement to our growing private equity practice.”
“Steve is that rare lawyer that bridges restructuring expertise and private equity solutions,” said Dan Clivner, global co-leader of Sidley’s M&A and Private Equity group. “I look forward to integrating his expertise into the work that we have been doing with our private equity clients and their portfolio companies as they adjust to the current market conditions.”
Mr. Hessler has for many years been highly ranked or otherwise recognized as a leading restructuring partner by Chambers, Turnarounds & Workouts, Law360, IFLR1000, The Legal 500, and more. He is a frequent lecturer and author on various restructuring related topics, an adjunct full professor of finance at the Wharton School of the University of Pennsylvania (and a recipient of the “Wharton Teaching Excellence Award” for the last three academic years), a co-founder of the University of Pennsylvania Institute for Restructuring Studies, and has testified before the House and Senate Judiciary Committees four times on proposed amendments to the Bankruptcy Code to provide for more effective administration of a Chapter 11 filing by a major financial corporation.