Paul Weiss Rifkind Wharton & Garrison added Latham & Watkins’ restructuring partner Andrew Parlen to its New York office as law firms gear up for an uptick in bankruptcy work.
Parlen works with public and private companies, ad hoc groups of creditors and investors in an array of distressed situations. These include out-of-court restructurings, prepackaged and prearranged Chapter 11 reorganizations, and acquisitions of distressed companies.
The market for top bankruptcy attorneys has heated up with the Covid-19 pandemic upending the economy and stressing business finances. A number of big companies have filed for bankruptcy. Latham hired Suzzanne Uhland from O’Melveny & Myers, and Akin Gump Strauss Hauer & Feld partner Allison Miller joined Stroock & Stroock & Lavan.
Parlen joined Latham in 2018 after nearly 12 years at O’Melveny.
Parlen said he’s worked alongside and opposite Paul Weiss on matters over the years and said he’s excited to join the practice which is “firing on all cylinders when it comes to bankruptcy and restructuring matters.”
So far this year, Paul Weiss has grabbed a lead role three major public company bankruptcies. They include Diamond Offshore Drilling Inc., Foresight Energy, and Pioneer Energy Services Corp., according to the UCLA-LoPucki Bankruptcy Research Database.
Over the course of his career Parlen has represented with global chemical company Hexion and Verso NewPage Corp. in their prearranged Chapter 11 cases, the Government Development Bank of Puerto Rico in its restructuring under Title VI of the Puerto Rico Oversight, Management and Economic Stability Act, and an ad hoc group of creditors in the restructuring of utility services provider FirstEnergy Solutions.
“Andrew’s impressive background representing debtors, key creditor groups and asset acquirers fits seamlessly with our balanced restructuring practice,” Paul Weiss restructuring department co-chair Paul Basta said in a statement.
“We wish Andrew well in his future endeavors,” Latham said in a statement.