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Daniel J. Saval

Daniel J. Saval

Daniel J. Saval


Bankruptcy & Corporate Restructuring

Daniel J. Saval


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. He also routinely advises clients on the legal and strategic aspects of distressed investments. His case experience spans a variety of industries, including the energy, financial, gaming, manufacturing, retail and telecommunications sectors.

In 2013, Dan was 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.

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


  • 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 and the negotiation of a global settlement with Irving Picard, the BLMIS trustee, which resolved $3 billion in clawback claims and provided a platform for the joint pursuit of litigation. This engagement has involved cutting edge issues under Chapter 15 of the Bankruptcy Code, leading to favorable first impression decisions from the U.S. Court of Appeals for the Second Circuit regarding (i) the center of main interests of a corporate debtor for purposes of foreign main recognition (Morning Mist Holdings Ltd. v. Krys (In re Fairfield Sentry Ltd.), 714 F.3d 127 (2d Cir. 2013)) and (ii) the application of Bankruptcy Code Section 363 to the sale of a foreign debtor’s assets (Krys v. Farnum Place, LLC (In re Fairfield Sentry Ltd.), 768 F.3d 239 (2d Cir. 2014)).
  • 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 US matters.
  • Sabine Oil & Gas. Represented ad hoc bondholder committee, including in connection with the pursuit of claims arising out of the merger of Sabine Oil & Gas LLC and Forest Oil Corporation.
  • Overseas Shipholding Group. Represented the official committee of equity security holders in Chapter 11 proceedings in which existing equity holders retained their equity position through a $1.5 billion rights offering.
  • Great American & Pacific Tea Company (A&P). As counsel to ad hoc secured noteholders committee, successfully negotiated Chapter 11 plan treatment for second lien noteholders that included payment in full in cash, plus accrued interest.
  • 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.


  • Bloomberg on Bankruptcy (contributing author of treatise chapters addressing Chapter 15) (2014).
  • Co-Author, “The Model Law and Asset Recovery in Europe,” Eurofenix (the journal of INSOL Europe), Winter 2015/16.
  • “In re Fairfield Sentry Limited: The Limits of Comity Under Chapter 15,” The Bankruptcy Strategist, September 2015.
  • “The Times They Are A-Changin’: American Bankruptcy Institute Commission Releases Report on Reform of Chapter 11,” INSOL World, First Quarter 2015.
  • 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, “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.


  • Moderator, “International Aspects of U.S. Bankruptcy Cases: Is a U.S. Bankruptcy Court the Proverbial Roaring Deaf Lion in the International Forest?”, ABI Northeast Bankruptcy Conference (July 2016).
  • 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. 


  • Fellow, INSOL International
  • Officer, International Bar Association Insolvency Section (2017-18 Term)
  • Member, American Bankruptcy Institute


  • Recognized in the 2016 edition of Benchmark Litigation’s “Under 40 Hot List”.
  • Named a winner of The M&A Advisor’s 2013 “40 Under 40 Award” (Legal Advisor category).


  • 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.


  • 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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