IFLR 1000
The Guide to the World's Leading Financial Law Firms

Kramer Levin has played a key role in some of the largest and most complex bankruptcy cases over the past year. The firm is particularly known for its work on the creditor side. "They have shown great ability to come up with solutions with what I deem to be some fairly significant problems with a lot of different stakeholders," says one client.

Partner Thomas Mayer attracts widespread praise. "Kramer Levin has Tom Mayer and he's a very smart guy," says one competitor. "He has a niche practice and he's very good at it." A client says, "Tom's technical knowledge of the law is one of the best I have ever seen. He's really astute."

The firm recently represented the official committee of unsecured creditors of General Motors in one of the largest-ever bankruptcy cases. GM received $33 billion in debtor-in-possession financing from the US Treasury and Canadian government, and sold its assets within 39 days of filing bankruptcy. Kramer Levin negotiated significant concessions on behalf of unsecured creditors and is currently negotiating the plan of reorganisation and post-effective date wind-down budget on behalf of the committee. The firm is also acting in ongoing litigation to estimate GM's aggregate asbestos liabilities.

In another highlight, the firm acted as counsel to the bankruptcy trustees in the Lehman Brothers Treasury and Lehman Brothers Securities insolvency proceedings in The Netherlands and The Netherlands Antilles. The two entities hold over $38 billion in intercompany claims against Lehman Brothers Holdings and some of its other debtor affiliates. The firm also represented Bank of New York Mellon and holders of the Main Street/Lehman bonds holding over $750 million in claims in the Lehman Brothers bankruptcy. The firm has brought a motion against Barclays Capital on behalf of the Main Street bondholders, to investigate a transfer of Lehman commodities assets to Barclays.