Milbank partner and Practice Group Leader of the firm’s Financial Restructuring Group Dennis Dunne was recently quoted in an article, “‘All hands on deck’: Restructuring lawyers say a sudden collapse of revenues is accelerating work with the retail and energy sectors,” published by Business Insider.
The article notes that the retail and energy industries, which were already experiencing an economic downturn prior to the financial impact of the coronavirus, have accelerated the rate of restructuring work for attorneys at the nation's top law firms. Mr. Dunne commented that the "complete and sudden collapse of revenues and earnings for many companies” was an unprecedented sight in his career and that "we will be working through the fallout from this economic meltdown for years to come.”
Business Insider, citing Milbank as one of the law firms likely to advise clients on some of the largest restructuring matters, further noted that the forecast for Chapter 11 bankruptcy filings is still unknown and will depend on the federal bailout package and the actions taken by employers.
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