Paul Weiss

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New York, NY 10019-6064
212-373-3524 (direct)
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A partner in the Bankruptcy and Corporate Reorganization Department, Elizabeth McColm specializes in the areas of corporate restructurings and bankruptcy. She has been involved in major restructurings and bankruptcies representing debtors, creditors and acquirers of assets.


Elizabeth's recent representations include:

  • The Official Committee of Unsecured Creditors of Quicksilver Resources Inc., a Texas-based oil and gas exploration and production company with over $2 billion in indebtedness;
  • The Ad Hoc Committee of Lenders of Eitzen Chemical, a Norwegian shipping company, in connection with a restructuring of over $1 billion of debt obligations;
  • Boart Longyear Limited, a Utah-based global supplier of drilling services, drilling equipment and performance tooling, in its recapitalization by Centerbridge Partners, L.P., a New York-based private equity firm;
  • Oaktree Capital Management, L.P. in the Excel Maritime Carriers and TMT Procurement Corporation chapter 11 cases;
  • Agents for two lending syndicates in the Genco Shipping and Trading Limited chapter 11 case;
  • An Ad Hoc Group of Secured Lenders in a cross-border restructuring of Ceva Group PLC, one of the world's largest non-asset based supply chain management companies. In a two part out-of-court exchange CEVA eliminated approximately EURO 1.3 billion of consolidated net debt, reduced its cash interest expense by over €130 million and received cumulative new capital commitments of over €230 million for investment in its business plan;
  • the senior secured lenders to Australian-based Nine Entertainment Group in the restructuring of more than AUS $2 billion of debt by means of a scheme of arrangement;
  • the Official Committee of Unsecured Creditors of Tronox Incorporated in the company's chapter 11 case. The company restructured through a complex settlement of its environmental liabilities and by raising $550 million in exit financing, including $185 million through an equity rights offering;
  • the Ad Hoc Committee of Bondholders of Quebecor Inc. in the company's cross-border U.S. and Canadian bankruptcy filings;
  • the Unofficial Committee of Second-Lien Debtholders of Calpine Corporation in the successful negotiation of a full payout in cash with postpetition interest and a payment premium in the company's chapter 11 case;
  • the Ad Hoc Group of Senior Subordinated Bondholders of Simmons Bedding Company in the company's prepackaged chapter 11 filing. The filing was part of a larger plan for the $760 million purchase of the company by private equity fund Ares Management LLC and the Ontario Teachers' Pension Plan;
  • the Ad Hoc Committee of Unsecured Bank Lenders and Bondholders of Stallion Oilfield Services as the company reorganized and emerged from chapter 11 protection. As part of its reorganization, Stallion eliminated approximately $515 million of unsecured debt in exchange for 98 percent of the common equity in the reorganized company;
  • the Bondholder Group of Holley Performance Products in connection with the company's restructuring; and
  • the Official Committee of Unsecured Creditors of Navigator Gas Transport in connection with a plan of reorganization in the company's chapter 11 proceedings.

She also has represented bondholder groups in out-of-court restructurings and exchanges, including:

  • the Ad Hoc Committee of Bondholders of GMAC in a $28.5 billion debt-exchange offer, one of the largest exchange offers ever consummated;
  • the Ad Hoc Bondholder Committee of Equity Office Properties Trust in connection with a potential tender offer; and
  • the Ad Hoc Bondholder Committee of Tyco International (including several prominent investment funds) in their suit against Tyco over the spin-off of its Electronics and Healthcare divisions.

Her significant debtor representations include:

  • School Specialty, Inc. in connection with its chapter 11 case;
  • Houghton Mifflin Harcourt Publishing Company and its affiliates in their prepackaged chapter 11 cases involving the restructuring of over $3 billion in debt;
  • The Penn Traffic Company in connection with its chapter 11 case; and
  • The Warnaco Group in connection with its chapter 11 case.

Elizabeth was Secretary of the Committee on Bankruptcy and Corporation Reorganization of the Association of the Bar of the City of New York from 2005 to 2008.

The Legal 500 recognized that Elizabeth "has an art for handling difficult personalities to reach consensus;" and IFLR1000 recognized her as a "Leading Lawyer" in restructuring and insolvency. Elizabeth also recently co-authored, with fellow Paul, Weiss partner Alan Kornberg, a chapter in the International Comparative Legal Guide (ICLG)To Corporate Recovery and Insolvency 2015.




  • LL.B., University of Western Australia, 1994
    with honors


  • Hon. Robert J. Anderson, Supreme Court of Western Australia

Bar Admissions

  • New York

See Library Tab for articles, publications and presentations by Elizabeth McColm

 Related Resources

Jul 02, 2015 | Publications

District Court Holds Swap Claim Assignee Not a Swap Participant Entitled to Safe Harbor Rights

Jul 01, 2015 | Publications

Alan Kornberg and Elizabeth McColm Co-author “USA” Chapter of Corporate Recovery & Insolvency Guide

Jun 08, 2015 | Publications

Third Circuit Approves Use of Structured Dismissal, but Rarely

Nov 17, 2014 | Publications

New Considerations for Trademark Licenses in a 363 Sale

Sep 30, 2014 | News

Grain Capital Announces $196.545 Million Securitization of Wireless Spectrum Assets

Sep 02, 2014 | Publications

Eleventh Circuit Directs Bankruptcy Court to Vacate Sale Order Based on New Evidence That Involuntary Bankruptcy Case Was Filed In Bad Faith

Jul 07, 2014 | Publications

Alan Kornberg and Elizabeth McColm Co-author “USA” Chapter of Corporate Recovery & Insolvency Guide

May 08, 2014 | Publications

Limitations on Secured Creditors’ Rights to Credit Bid

Apr 17, 2014 | Publications

Self-Executing Discharge Exception May Save $2.3 Billion Whistleblower Suit Against Reorganized Debtor

Apr 01, 2014 | Publications

District Court Holds Hedge Funds Not Eligible Assignees under Loan Agreement and Thus Not Entitled to Vote on Plan

Feb 07, 2014 | Publications

Recent Decisions Impacting Chapter 11 Sales: Limitations on Secured Creditor’s Right to Credit Bid and Non-Bidder’s Right to Challenge Confirmation of a Sale

Jan 03, 2014 | Publications

Second Circuit Holds That the Bankruptcy Code’s Debtor Eligibility Requirements Apply in a Foreign Proceeding Under Chapter 15

Dec 03, 2013 | Publications

Third Circuit Holds That the Risk of Section 502(d) Disallowance Travels with a Purchased Claim

Nov 20, 2013 | Publications

SDNY Bankruptcy Court Holds That a Fair Value Debt-for-Debt Exchange Does Not Create Disallowable OID

Sep 30, 2013 | News

Grain Spectrum Funding Announces $330 Million Securitization of Wireless Spectrum Assets

Of Note

Dec 04, 2014

Financial Times Names Paul, Weiss a Leading Innovative Law Firm

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