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Daniel J. Saval

Daniel J. Saval

Daniel J. Saval

Partner

Bankruptcy & Corporate Restructuring

Daniel J. Saval

Partner

Bankruptcy & Corporate Restructuring

Dan Saval’s practice focuses on complex corporate restructuring and insolvency matters both domestically and in cross-border contexts.  He frequently represents official and ad hoc committees, bondholders, lenders, debtors, distressed debt purchasers, equity holders, foreign liquidators, litigation trusts, indenture trustees and other significant parties in all aspects of Chapter 11 cases, out-of-court restructuring transactions and cross-border insolvency proceedings under Chapter 15.  He has experience in the negotiation, documentation and prosecution of Chapter 11 plans and financing arrangements, contested DIP financing, valuation and plan confirmation proceedings, recognition of foreign insolvency proceedings and related matters under Chapter 15, the negotiation and documentation of claims trading transactions, and various facets of bankruptcy and bond indenture litigation.  His case experience spans a variety of industries, including the energy, financial, gaming, manufacturing, retail and telecommunications sectors. 

Dan was recently named a Fellow of INSOL International, a world-wide federation of national associations of lawyers, accountants and other professionals who specialize in turnaround and insolvency matters on an international level.  He was also named a winner of The M&A Advisor 2013 “40 Under 40 Award.”

Prior to joining Brown Rudnick, Dan served as a law clerk to the Honorable Barbara A. Lenk of the Massachusetts Appeals Court.

REPRESENTATIVE MATTERS

  • Fairfield Sentry.  Currently acting as US counsel to the British Virgin Islands liquidators of Fairfield Sentry Limited, the largest feeder fund to Bernard L. Madoff Investment Securities, in cross-border insolvency and litigation proceedings.
  • Mt. Gox.  Currently acting as US counsel to the Japanese bankruptcy trustee of Mt. Gox, formerly the largest bitcoin exchange in the world, in connection with the Mt. Gox Chapter 15 bankruptcy case and related matters.
  • Great American & Pacific Tea Company (A&P). As counsel to ad hoc secured noteholders committee, successfully negotiated a deal for second lien noteholders to be paid in full in cash, plus accrued interest, under the company’s plan of reorganization.
  • Ampal-American Israel Corporation. Counsel to the official committee of unsecured creditors of an Israeli-based holding company with interests in businesses in the Middle East, Europe and other jurisdictions.
  • Trump Entertainment Resorts. Counsel to Carl Icahn affiliates as secured lenders and plan proponents in competing plan confirmation proceedings.  
  • Charter Communications.  Counsel to ad hoc committee of third lien lenders in contested plan confirmation proceedings involving the reinstatement of secured debt. 
  • Tropicana Entertainment.  Counsel to ad hoc bondholder committee in successful indenture default litigation in Delaware Chancery Court and then in the company’s Chapter 11 proceedings.
  • Countrywide.  As counsel to indenture trustee for $2 billion of convertible bonds, prosecuted change of control litigation arising from Bank of America’s acquisition of Countrywide, leading to a settlement under which the bondholders were paid close to par.
  • Le-Nature’s.  As counsel to ad hoc secured lender committee, negotiated and successfully obtained confirmation of a Chapter 11 liquidation plan. 
  • Mirant.  As counsel to the Official Committee of Equity Security Holders, secured a substantial recovery for Mirant shareholders that were allegedly “out of the money” by over $2 billion.

PUBLICATIONS

  • Bloomberg on Bankruptcy (contributing author of treatise chapters on provisions of Chapter 15) (forthcoming 2014).
  • Co-Author, “The Impact of the UNCITRAL Model Law on Cross-Border Insolvency and the European Insolvency Regulation on Distressed M&A Transactions,” Financier Worldwide, January 2014.
  • Co-Author, “Second Circuit Raises a Drawbridge to Chapter 15,” Law360, December 21, 2013.
  • Co-Author, "Recent Seventh Circuit Decision Provides Clarity on the Assignability of Cure Rights in Bankruptcy Claims Transactions," Brown Rudnick Alert, March 2011.
  • Co-Author, “Enron District Court Rules That Equitable Subordination and Claim Disallowance Travel with Claim Only When Claim Assigned and Not When Claim Sold,” Journal of Bankruptcy Law, November 2007.

SPEAKING ENGAGEMENTS

  • Featured Speaker, "Emerging Issues Under the U.S. Bankruptcy Code Affecting Cross-Border Insolvency Proceedings,” an October 2011 Cayman Islands event co-hosted by KRyS Global and Brown Rudnick.

PROFESSIONAL AFFILIATIONS

  • Fellow, INSOL International
  • Member, American Bankruptcy Institute

COMMUNITY INVOLVEMENT

  • Through his work with the New York City Bankruptcy Assistance Project, Dan provides legal assistance, on a pro bono basis, to individuals who are unable to afford private counsel in connection with bankruptcy matters.

BAR ADMISSIONS

  • New York
  • Massachusetts
  • US District Courts for the Southern District of New York and District of Massachusetts
  • US Courts of Appeals for the Second and Third Circuits
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