February 16, 2021
Jim Ktsanes, partner in the Chicago office of Latham & Watkins and member of the firm’s Restructuring & Special Situations Practice, has been named to the American Bankruptcy Institute’s (ABI) 2020 “40 under 40” list that recognizes insolvency professionals who are committed to the highest standards of achievement at work and in their communities.
Ktsanes’ recent notable work includes representing American Energy Permian Basin in connection with its out-of-court restructuring of $2.2 billion of funded debt; Antares Capital as DIP lender and buyer in the Bar Louie chapter 11, and in numerous other workouts and bankruptcies; and Dairy Farmers of America in its $400 million §363 acquisition of Dean Foods.
The ABI also highlighted that Ktsanes along with his partners at Latham developed and popularized the technique of using a strict foreclosure under the UCC to effectuate debt-for-equity exchanges out of court. This strategy presents an opportunity to consummate a transaction over the objection of “hold-out” lenders, without needing to file for bankruptcy and put the matter to a plan vote. Long used for smaller-scale matters, Ktsanes and his partners popularized strict foreclosure for high-stakes matters, with wide-ranging positive implications for clients and the restructuring industry at large, often saving clients millions of direct expense and saving the company the risks attendant to filing for chapter 11.
In addition, Ktsanes maintains a pro bono practice representing veterans in appeals of disability ratings assigned by the military.
Read Ktsanes’ profile in the ABI Journal.