Casey Servais is a partner in Cadwalader’s Financial Restructuring Group. He has represented creditors and debtors in many of the major Chapter 11 and municipal bankruptcy cases of recent years.
Cross-Border Restructurings (Chapter 15)
Servais served as U.S. counsel to the foreign representatives of Lehman Re Ltd., a Bermuda insurance company, in the company’s case under Chapter 15 of the Bankruptcy Code.
Claims Trading
Servais has extensive experience negotiating and documenting the sale of bankruptcy claims, including through the development of innovative structures designed to enhance the liquidity and marketability of such claims.
Advice and Opinions
Servais frequently provides bankruptcy-related advice and opinions to banks and other institutional clients, particularly with respect to close-out and netting of derivatives contracts and Bankruptcy Code safe harbors. Servais has a particular expertise in the analysis of close-out netting with respect to municipal counterparties.
Lawdragon Honors
| Honor | Year | Practice |
|---|---|---|
| The 2025 Lawdragon 500 Leading Global Bankruptcy & Restructuring Lawyers | 2025 | Restructuring & Litigation, esp. Municipal |
| The 2024 Lawdragon 500 Leading Global Bankruptcy & Restructuring Lawyers | 2024 | Restructuring & Litigation, esp. Municipal |
| The 2023 Lawdragon 500 Leading Bankruptcy & Restructuring Lawyers | 2023 | Restructuring & Litigation, esp. Municipal |
Municipal Restructurings
Servais currently represents the single largest creditor of the Commonwealth of Puerto Rico and its public corporations in restructuring proceedings under the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”), the largest-ever U.S. municipal debt restructuring. Servais was involved in the drafting of PROMESA and in the negotiations leading up to the filing of formal insolvency proceedings.
Since the PROMESA proceedings commenced, Servais has played a major role in negotiating plan support agreements for the Puerto Rico Sales Tax Financing Corporation (“COFINA”); the Commonwealth of Puerto Rico; the Puerto Rico Public Buildings Authority; the Puerto Rico Highways and Transportation Authority (“HTA”); and the Puerto Rico Convention Center District Authority. These successful negotiations led to the confirmation of plans of adjustment for COFINA, the Commonwealth of Puerto Rico, and HTA.
Servais has also played a lead role in numerous precedent-setting litigations under PROMESA that are likely to shape the future of municipal finance, including appeals to the U.S. Court of Appeals for the First Circuit and petitions to the U.S. Supreme Court.
Prior to the PROMESA proceedings, Servais was involved in the representation of a major creditor and a prospective DIP lender in the historic Chapter 9 bankruptcy of the City of Detroit, Michigan. He also regularly advises clients on other distressed municipal situations.
Commercial Restructurings
Servais has represented creditors and debtors in many of the major Chapter 11 cases of recent years, as well as in out-of-court workouts. He has particular experience with restructurings in the structured finance, energy, shipping, automotive, retail, and senior living sectors:
- Structured Finance: Servais played a central role in Cadwalader’s representation of the largest single creditor in the reorganization of Residential Capital (“ResCap”), a major sponsor of mortgage-backed securities. ResCap was described by Judge Martin Glenn as “[t]he most legally and factually complex” case he ever presided over, and Cadwalader was shortlisted for an IFLR Americas “Restructuring Deal of the Year” award for its work on the case. Servais has also been involved in Cadwalader’s representation of a monoline insurer in the voluntary and involuntary Chapter 11 cases of the Zohar CLOs.
- Energy: Servais has represented creditors, DIP lenders, and equity holders in numerous energy sector restructurings, including the Chapter 11 cases of Peabody Energy, Alpha Natural Resources, Longview Power, Seadrill, Dynegy, and Gridway Energy Holdings.
- Shipping: Servais served as one of the lead Financial Restructuring attorneys in Cadwalader’s representation of a syndicate of first-lien bank lenders in connection with the comprehensive balance sheet recapitalization of Eagle Bulk Shipping, Inc. Servais was also involved in Cadwalader’s representation of a secured creditor and DIP lender in the Chapter 11 case of Marco Polo Seatrade BV.
- Automotive: Servais has represented the United States Department of Treasury in its capacity as a DIP lender in the Chapter 11 cases of General Motors.
- Retail: Servais represented a major creditor in the Chapter 11 cases of Radioshack Corporation.
- Senior Living: Servais served as debtor’s counsel in the prepackaged Chapter 11 restructuring of Amsterdam House Continuing Care Retirement Community, Inc.
- Derivatives: Servais frequently represents parties to swaps and other derivatives contracts in insolvency proceedings, including in connection with the Chapter 11 cases of Credivalores-Crediservicios S.A., First Guaranty Mortgage Corporation, Covia Holdings, the Hertz Corporation, Transmar Commodity Group Ltd., and Cengage Learning.
Servais graduated with honors from the University of Chicago and holds a Ph.D. from Cornell University. He received his J.D. from Yeshiva University’s Benjamin N. Cardozo School of Law, where he was the Floersheimer Law and Humanities Institute Fellow, a member of the Cardozo Law Review, and the Senior Editor of the Law & Literature journal. He is admitted to practice in the State of New York, the United States Court of Appeals for the First Circuit, and the United States District Courts for the Southern and Eastern Districts of New York.