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Special Situations

Simpson Thacher advises investors and other capital providers on structuring and providing complex financing solutions for troubled and distressed companies.  Our multidisciplinary approach—drawing on the expertise of restructuring, credit, capital markets, M&A, private funds, litigation and tax—enables us to design and execute complex and bespoke return maximizing transactions around the world.

A hallmark of our practice is our deep understanding of all layers of the capital structure and breadth of experience representing lenders, investors and issuers in credit and bond financings and liability management transactions, as well as equity investors and corporates in both in-court and out-of-court restructurings. This uniquely positions our Special Situations team to provide clients with a 360-degree perspective on execution, as well as legal and business risks. We are recognized for structuring intercreditor arrangements and collateral packages of high sophistication and for liability management transactions in complex corporate structures. 

“The team performs at a very high level, is timely, responsive, and understands what issues to focus on, being commercial where necessary.”
Chambers USA (quoting a client)
Special Situations assignments generally involve a deep analysis of an issuer’s corporate structure and financing arrangements to craft commercial “out-of-the-box” solutions for our clients and the issuer. The Special Situations team also regularly advises clients on secondary acquisitions of equity and debt in complex corporate structures, and works with them to monetize their positions through refinancing transactions, dispositions and if necessary, out-of-court or court-supervised restructuring processes.

The Special Situations team advises our private equity, hedge fund and direct lender clients on complicated, time-sensitive transactions. We help clients navigate strategies to limit downside risk in search of asymmetric returns. Our team also advises strategics, sponsors and other financial participants in connection with distressed M&A transactions both out-of-court and in connection with 363 sale and plan sponsor transactions.

Transaction Structures Include:

  • Bridge Fundings
  • Debt-for-Control
  • DIP and Exit Financings
  • Distressed M&A
  • Liability Management and Deleveraging Transactions
  • Mezzanine Financings
  • Preferred and Equity-Linked Instruments
  • Secured Loan and Bond Investments

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