Willkie Farr & Gallagher has recruited a partner with a private equity and restructuring focus from competitor McDermott Will & Emery.
Leonard Klingbaum, who had been at McDermott for just eight months following a move from Kirkland & Ellis in February 2014, is now a partner in Willkie’s banking and debt finance practice in New York. Klingbaum advises private equity clients with an interest in distressed situations. Klingbaum has advised Apollo in distressed financing arrangements for Rural Metro, Unitek, and Sbarro, counseled Peak Rock in a loan-to-own strategy to acquire Groeb Farms and in Chapter 11 and exit financing for the latter entity, and represented Tronox Limited in a $1.5 billion global term loan and other financing arrangements.
In a discussion with IFLR1000, Klingbaum commented, “It became clear to me that Willkie presented a particularly good platform for what I’m doing, in that it’s got a very deep bench, very experienced finance attorneys in the New York office, and it’s got a very strong private equity platform. A few of the clients for whom I’ve done work are also existing clients of Willkie.”
There has been a decline in Chapter 11 filings given the prevailing economic conditions in the United States, Klingbaum noted. Moreover, many troubled companies have found ways to restructure their balance sheets outside of formal judicial proceedings, given the relative ease of access to cheap capital, he observed.
“We have seen tremendous growth in our practice. Leonard will help us to enhance and expand our firm’s capacity in light of the growing needs of our finance practice,” said Willkie’s co-chairman, Steven Gartner.