Michael J. Sage, co-chair of the firm’s financial restructuring practice, represents ad hoc committees of bondholders, noteholders, term lenders and other creditors, official creditors’ committees, individual creditors, acquirers, and debtors in bankruptcy proceedings and out-of-court restructurings. Mr. Sage also has significant experience in the representation of financial institutions that have acquired substantial strategic positions in debt issued by troubled companies as well as the bankruptcies, out-of-court restructurings, and divestitures relating to such acquisitions.
Some examples of Mr. Sage’s representations include one or more parties of interest in connection with the following: Adelphia Communications, Advanced Glass Fiber Yarns, Advanced Lighting, Aleris, Alexander Gallo Holdings, Atrium, Broadview, Burke Industries, CIT Group, Classic Cable, Compass Aerospace, Constar International Holdings LLC, Dana Corporation, Desa Holdings, Formica, Galey & Lord, General Chemical, Global A&T Electronics, Hayes Lemmerz, High Voltage Engineering, Innkeepers, Interco, Intermet, International Wire, JF Shea, KV Pharmaceutical, Leiner Health, Loewen Group, Logan’s Roadhouse, Loral Space, Lyondell, Mirant, Mobile Energy, Modular Space Corporation, Momentive Performance Materials, MSR Resorts Golf Course, NextMedia, NSC/Pueblo, Pacific Aerospace, Panda Global Energy, PCA, Physiotherapy Associates, Pliant, Precision Partners, RCS Capital Corporation, Railworks, Refco, Regal Cinemas, Satmex, Targus International, TerraForm Power, Texas Petrochemical, TransTexas Gas, Tropical Sportswear, Vertrue, Viasystems Group, Visteon, Westinghouse Electric Corporation, Westpoint Stevens, Wilton Foods, Woods Equipment, WorldCom, Worldtex, and Ziff Davis.
Mr. Sage has been consistently recognized as a leading bankruptcy/restructuring attorney since 2006 in the legal directory Chambers USA, where he has been described as “a phenomenally intelligent attorney.” Most recently, in the 2018 edition of Chambers USA, sources hailed him as "a very talented lawyer who combines a great skill set with responsive customer service." Mr. Sage has also been recognized as a leading corporate restructuring attorney by The Legal 500 (US), which noted in prior editions that he is “a master tactician” who is “appropriately aggressive while knowing when necessity compels conservatism.” Mr. Sage is recognized as a 2018 Notable Practitioner for restructuring and insolvency by the IFLR1000.
In 2017, Mr. Sage led a Dechert team in its representation of the Ad Hoc Group of Noteholders in connection with the Chapter 11 restructuring of Modular Space Corporation, an achievement selected by Turnarounds & Workouts for its “Successful Restructurings of 2017” list and named ‘Industrials Deal of the Year’ for deals over US$100 million at The M&A Advisor’s Turnaround Awards. In 2016, his team also made Turnarounds & Workouts’ annual “Successful Restructurings” list for guiding RCS Capital through a major restructuring initiative, which was recognized by The M&A Advisor with its ‘Chapter 11 Reorganization of the Year’ award for that year for deals valued between US$1 billion-US$5 billion.
In 2014, he was part of the team awarded the 2014 Global Finance Deal of the Year Grand Prize by The American Lawyer. The team was recognized for its innovative representation of Standard Chartered Bank as secured creditor under two murabaha facilities totaling approximately US$100 million, extended to Arcapita Bank B.S.C.(c.), a Bahraini Shari’ah –compliant investment bank whose Chapter 11 cases involving the restructuring of in excess of US$1.3 billion in Shari’ah compliant debt were pending the Southern District of New York. This restructuring involved the first ever successful Chapter 11 restructuring of a Middle Eastern financial institution.
Mr. Sage is a member of the Board of Contributors of The Bankruptcy Strategist and has authored several bankruptcy related articles appearing in Practicing Law Institute publications. He is also a contributing author of Contested Valuation in Corporate Bankruptcy: A Collier Monograph, “Value Allocation,” (2011).