William H. Schrag
Bill is a partner in the Business Restructuring, Creditors' Rights & Bankruptcy group. With more than 30 years of experience, he focuses his practice in the areas of bankruptcy, commercial litigation and creditors' rights. Bill represents clients in domestic and international bankruptcy litigation, workouts, corporate reorganization and related matters. He represents major financial institutions, including bank lenders, agents and indenture trustees, as well as manufacturers and institutional creditors, official creditors' committees, Chapter 11 trustees, purchasers of estate assets and court-appointed examiners in U.S. and cross-border bankruptcy proceedings. Bill also represents commercial lenders in state and federal courts in actions to enforce creditors' rights and to defend against lender liability claims.
- Representing indenture trustee for $250 million public debt issuance of Artsonig Pty Limited in connection with parallel insolvency proceedings in Australia and the United States (Bankr. S.D.N.Y.).
- Representing major manufacturer and beneficial cargo owner in Chapter 15 bankruptcy case of Hanjin Shipping Co., Ltd. (Bankr. D.N.J.).
- Representing major commercial bank, as first lien lender, in out-of-court financial restructuring of corporate borrower with operations in the United States and Canada.
- Representing major creditor in Eastman Kodak Company (Bankr. S.D.N.Y.).
- Representing U.S. indenture trustee in concurso proceedings of Mexican non-bank and mortgage and construction lender.
- Representing administrative agent, collateral agent and secured lenders in Evergreen International Airlines, Inc. (Bankr. Del.).
- Representing indenture trustee of two issuances of public debt of Sino-Forest Corporation, aggregating $1 billion, in connection with insolvency proceedings in Canada.
- Representing agent bank on $770 million secured credit facility involving 24 lenders in Freedom Communications Holdings, Inc. and 49 of its affiliates (Bankr. Del.).
- Representing largest Mexican airline in its Chapter 15 bankruptcy case in the United States involving more than $1 billion in debt (Bankr. S.D.N.Y.).
- Representing largest secured creditor in ROL Manufacturing (Canada) Ltd., involving cross-border proceedings in both Canada and the United States (Bankr. S.D. Ohio).
- Representing largest bank creditor in Escada (USA), Inc., individually and as co-chair of the official creditors' committee (Bankr. S.D.N.Y.).
- Representing agent bank in connection with inter-creditor litigation in federal and state courts, arising out of Le-Nature's bankruptcy case and involving claims of fraud, negligent misrepresentation, and aiding and abetting liability.
- Representing secured lender in Refco Inc. (Bankr. S.D.N.Y.) in connection with its $101 million claim. Pursuant to court-approved settlement, secured lender recovered all principal, together with interest and attorneys' fees.
- Representing agent bank on $225 million secured credit facility in Dura Automotive Systems, Inc. (Bankr. Del.).
- Representing largest creditor and target of $27 million complaint in Simplex of New York City bankruptcy case. The litigation settled at less than five cents on the dollar following successful mediation.
- Representing fee examiner in Granite Partners, L.P. (Bankr. S.D.N.Y.) regarding adequacy of disclosure made by three professional firms to bankruptcy court. The fee examiner's report served as the basis for a published decision on disinterestedness in bankruptcy.
- Representing Official Committee of Unsecured Creditors in United Merchants and Manufacturers, Inc. and Victoria Creations, Inc. (Bankr. S.D.N.Y.) comprised of bondholders and trade creditors.
- Representing Chapter 11 trustee of Carl H. Neuman, the operator/seller of the Sarah R. Neuman Nursing Home in Mamaroneck, New York.
- Representing 12-member bank group holding $300 million in secured and unsecured debt in Chapter 11 cases of Zale corporation and affiliates (Bankr. N.D. Tex.).
- Representing global bank in defense of multimillion-dollar preference claim filed by Chapter 7 trustee of Axona International Credit & Commerce, Ltd., a Hong Kong deposit-taking company, in one of the first dual plenary bankruptcy cases filed in the United States (Bankr. S.D.N.Y.).
- Representing lender in defense of multimillion-dollar complaint filed in New York Supreme Court, alleging various breach of contract and tort claims. Case resulted in dismissal of complaint, which was affirmed on appeal.
- Representing various parties in interest in other cases of national significance, including Westinghouse, MF Global, Lyondell, Delaco, Enron, Rockefeller Center Properties, Montgomery Ward, London Fog, Commodore, Barney's and Penrod.
- Co-author, “Hanjin Shipping Bankruptcy: What Cargo Owners Need to Know,” Thompson Hine Transportation Update, September 2016
- Co-author, “Second Circuit Upholds Bankruptcy “Safe Harbor” for Securities Transactions,” AIRA Journal, Vol. 30 No. 2 (2016)
- Co-author, “Foreign Borrower’s Rights in Indenture Ruled Sufficient to Meet Second Circuit’s Controversial Chapter 15 Eligibility Requirement,” AIRA Journal, Vol. 29 No. 4 (2015)
- Co-author, "NY Court Clarifies 'Foreign Representative' for Chapter 15 Recognition," AIRA Journal, Vol. 29. No. 3 (2015)
- Co-author, “Fourth Circuit Upholds Extension of Protections to Intellectual Property Licensees in Chapter 15 Case,” AIRA Journal, Vol. 28, No. 4 (2014)
- Co-author, "Lender Beware: Eleventh Circuit Court of Appeals Allows TOUSA Decision to Stand," NY Business Law Journal, Vol.16, No. 2, Winter 2012
- Co-author, "Cross-Border Insolvencies & Chapter 15: Recent U.S. Case Law Determining Whether Foreign Proceeding is Main, Nonmain or Neither," International Law Practicum, New York State Bar Association, Spring 2010
- Co-author, "Cross-Border Insolvencies & Chapter 15: Recent U.S. Case Law Determining Whether Foreign Proceeding is Main, Nonmain or Neither," Norton Journal of Bankruptcy Law & Practice, October 2008
- Author, "Jurisdictional Power Play: Bankruptcy Court vs. Federal Energy Regulatory Commission," Morgan Lewis Newsletter, Fall 2006
- Contributing author, "2005 Bankruptcy Revisions: Implications for Business and Financial Advisors," AIRA; AICPA, 2005
- Co-author, "Expanding Jurisdiction of U.S. Bankruptcy Courts," New York Law Journal, January 2005
- Co-author, "Cross-Border Insolvencies, Plenary Cases and Ancillary Proceedings Involving Foreign Debtors in U.S. Bankruptcy Court," Business Law International, Vol. 5, No. 2, May 2004
- Co-author, "Use of United States Bankruptcy Law in Multinational Insolvencies: The Axona Litigation – Issues, Tactics and Implications for the Future," 9 Bankr. Dev. J. 19, 1992
- Program chair and moderator of insolvency panel, Annual Meeting of New York State Bar Association International Section, Guatemala City, Guatemala, September 2017
- Program co-chair, “Locked-Up Abroad: How to Survive an International Insolvency,” Annual Presentation of New York City Bar Association Committee on Bankruptcy & Corporate Reorganization, June 2016
- Co-chair and moderator of insolvency panel, Annual Meeting of New York State Bar Association International Section, Sao Paulo, Brazil, October 2015
- Panelist, “Bankruptcy Sales: Credit Bidding and Successor Liability,” Zaretsky Roundtable on Bankruptcy Law, Brooklyn Law School, November 2014
- Co-chair, Annual Meeting of New York State Bar Association International Section, Hanoi, Vietnam, October 2013
- Panelist, "Cross Border Insolvency and Chapter 15 of the Bankruptcy Code," Annual Conference of Association of Insolvency and Restructuring Advisors, June 2013
- Co-chair and moderator of insolvency panel, New York State Bar Association's International Section Fall Meeting, Panama City, Panama, September 2011
- Panelist, "Towards a Universal Bankruptcy Regime," New York State Bar Association's Global Law Week, May 2011
- Panelist, "Strapped Cities: The State of Chapter 9," Zaretsky Roundtable on Bankruptcy Law, Brooklyn Law School, April 2011
- Panelist, "Too Big to Fail: Bankruptcy & Bailouts," Zaretsky Roundtable on Bankruptcy Law, Brooklyn Law School, March 2010
- Steering committee member and moderator of insolvency panel, New York State Bar Association's International Section Fall Meeting, Singapore, October 2009
- Co-chair, First and Second Annual Restructuring and Investing Conferences of Association of Insolvency and Restructuring Advisors, Shanghai, China, September 2008 and October 2007
- "Extraterritorial Application of the Bankruptcy Code," CLE presentation, June 2007
- "The New Chapter 15," Annual Conference of the International Bar Association, Prague, September 2005
- "Why Professionals Must be Interested in 'Disinterestedness' Under the Bankruptcy Code," CLE presentation, 2005
- "Avoidance Powers Under the Bankruptcy Code: Preferences, Fraudulent Conveyances and Other Transfers," CLE presentation, 2003
- Listed in Chambers USA: America’s Leading Lawyers for Business, Bankruptcy/Restructuring, 2014
- Listed in Best Lawyers for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law, 2012-2019
- Selected for inclusion in New York Magazine for Best Lawyers in Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law, 2012-2017
- Selected for inclusion in New York Metro Super Lawyers for Bankruptcy & Creditor/Debtor Rights, 2008-2018
- Selected for inclusion in Super Lawyers, Corporate Counsel Edition, 2009-2017
- Listed in IFLR 1000 United States (Restructuring and Insolvency)
- AV® Preeminent Rated by Martindale-Hubbell
- New York State Bar Association; Chair and Executive Committee Member, International Section, 2014-2018
- New York City Bar Association; Committee on Bankruptcy and Corporate Reorganization, 2013-2018; 1992-1995
- American Bar Association; Fellow of the American Bar Foundation
- International Bar Association
- American Bankruptcy Institute
- Association of Insolvency and Restructuring Advisors
- International Insolvency Institute
- Brooklyn Law School's Annual Zaretsky Roundtable on Current Developments in Bankruptcy Law
- UJA-Federation Bankruptcy and Reorganization Group Executive Committee
- Global INSOLvency.com, Advisory Board Member
- UJA-Federation of New York, Board Member
- Westchester Jewish Council, Board Member
- Stratton Hills Neighborhood Association, Board Member
October 07, 2015
Nine Thompson Hine Lawyers Recognized by New York Super LawyersThompson Hine LLP
September 16, 2015
August 27, 2015
State Bar Section Hosts Meeting in HanoiNew York Law Journal
October 23, 2013
Thompson Hine Partners Play Central Roles in NYSBA International Section Meeting - Group to Meet in Vietnam for First Time
October 21, 2013
March 20, 2013
Thompson Hine Enhances New York Office With Addition of Two Lateral Partners - New Bankruptcy and Corporate Partners Bolster Growing New York Office
February 06, 2012
October 14, 2015