Frank A. Oswald

/My focus

For more than three decades, I have focused my practice exclusively on bankruptcy, corporate restructuring, and creditors' rights. I advise debtors, bankruptcy trustees, plan administrators, secured and unsecured creditors, purchasers of distressed assets in complex Chapter 11 cases and restructurings nationwide.

I support clients throughout the full lifecycle of a restructuring, from the earliest signs of financial distress through emergence and beyond. I work closely with companies and their stakeholders to evaluate strategic alternatives, stabilize operations, and achieve practical, value-maximizing solutions. I guide clients through every phase of a Chapter 11 case, developing and negotiating strategy, preserving and maximizing enterprise value, building consensus among creditors and other constituencies, and driving toward confirmation of a plan or consummation of a sale that advances the client's objectives. I also advise on and litigate the disputes that often arise in complex restructurings, including the prosecution and defense of avoidance actions involving preferential transfers, fraudulent conveyances, and equitable subordination claims. Throughout the process, I bring a steady, business-focused approach aimed at resolving contested matters efficiently and, where possible, without litigation.

/Representative experience

Frank joined Nixon Peabody in September 2026. The work listed here may reflect experience from prior firms.

• Steward Health Care System LLC (special counsel to the debtors, previously the largest private, physician-owned health care network in the U.S., to prosecute avoidance actions under Chapter 5 of the Bankruptcy Code involving hundreds of millions of dollars in potential preferential transfers)
• Azul S.A. (co-counsel to the debtors, Brazil’s largest airline by number of departures and cities served, in the restructuring of almost $10 billion in liabilities)
• Powin LLC (co-counsel to the debtors, an Oregon-based manufacturer of utility-scale battery energy storage systems and a provider of related energy services, in the restructuring of approximately $300 million in liabilities through a restructuring and sale of the debtors’ core businesses)
• The Lake Law Firm (counsel to the largest secured creditor in the Chapter 7 case of Lake Law Firm, a mass tort claims aggregation firm, involving liabilities in excess of $50 million)
• Ebix Inc. (counsel to the plan sponsor consortium in connection with its successful acquisition, through a confirmed Chapter 11 plan of reorganization of Ebix Inc. and its affiliates, a leading global supplier of on-demand software and e-commerce services to the insurance, financial services, travel, healthcare, and e-learning industries)
• Vice Media (n/k/a Venus Liquidation) (lead Chapter 11 counsel to the debtors, a global news and culture media company once valued at $5.7 billion; worked with case professionals to complete a going-concern sale to senior secured lenders within 60 days of filing, confirmed a Chapter 11 liquidation plan, and currently serves as co-counsel to the Plan Administrator)
• Stroock & Stroock & Lavan LLP (counsel to the Firm and subsequently to the wind-down committee upon the formal dissolution of Stroock, a once-prominent law firm of nearly 150 years, in its successful and fully consensual out-of-court wind-down)
• Endo Pharmaceuticals (co-counsel to the Chapter 11 debtors, a multibillion-dollar global specialty biopharmaceutical business that produces and sells generic and branded products and is one of the country’s leading specialty pharmaceutical companies, in connection with their reorganization case)
• Pareteum Corporation (lead Chapter 11 counsel to the publicly traded global mobile networking software provider serving telecom and enterprise clients across multiple continents. Successfully closed a going-concern sale of substantially all assets within 56 days of filing and confirmed a liquidating Chapter 11 plan)
• 96 Wythe Acquisition LLC (lead counsel to the Chapter 11 Trustee for the owner/operator of the Williamsburg Hotel in Brooklyn, New York. Negotiated a multi-million-dollar settlement with the senior secured creditor enabling use of cash collateral and additional funding, facilitating a fall 2023 auction and $96 million going-concern sale. Assisted in confirming a Chapter 11 plan and continues to represent the Liquidation Trustee in pursuing significant estate claims)
• McClatchy (co-counsel to the debtors, a 163-year-old family-controlled public media company delivering independent local journalism to 30 communities across 14 states, including the Miami Herald, The Kansas City Star, and The Sacramento Bee. Represented the company in the restructuring of approximately $1.6 billion in debt)
• Trident Holding Company, LLC and affiliates (co-counsel to the debtors, the leading national provider of bedside diagnostic and related services in the United States operating in 35 states, in the restructuring of approximately $700 million in liabilities)
• Rubie’s Costume Company and affiliates (co-counsel to the debtors, the largest costume manufacturer and distributor in the world, with annual sales of approximately $300 million, in their Chapter 11 restructuring)
• Seabras 1 USA, LLC, et al. (represented the non-debtor management company as creditor and contract counterparty in the $150 million Chapter 11 cases of Seabras 1 USA, LLC and Seabras 1 Bermuda Ltd. (the “debtors”) which sells international broadband capacity and leases fiber routes to telecommunications companies in connection with their subsea telecommunications cable system connecting the United States with Brazil)
• Pacific Drilling S.A. (co-counsel to the debtors, Luxembourg-based Pacific Drilling S.A. and certain of its affiliates, as part of an effort to restructure approximately $3 billion in debt. The debtors operate an international offshore drilling business that specializes in ultra-deepwater and complex well construction services)
• Relativity Fashion, LLC (counsel to the Official Committee of Unsecured Creditors of 143 debtors engaged in motion picture and television production and distribution, resulting in the restructuring of liabilities exceeding $750 million)
• Synergy Pharmaceuticals (was co-counsel to the debtors, biopharmaceutical companies focused on the development and commercialization of novel gastrointestinal therapies. The debtors consummated a Chapter 11 restructuring through a Section 363 sale of a majority of their assets to Bausch Health within four months)
• Westinghouse Electric Company LLC (counsel to Toshiba Nuclear Energy Holdings (UK) Limited, one of the debtors and the parent company of the international arm of Westinghouse’s global nuclear power business, in connection with the restructuring of more than $9 billion in debt between Toshiba Nuclear Energy Holdings (UK) Limited and the 31 other Westinghouse debtors)
• Toisa Limited (lead counsel to the debtors, 24 international shipping companies, in a restructuring involving more than $1 billion in liabilities)
• SunEdison, Inc. (co-counsel to the debtors, one of the world’s leading developers of renewable-energy solutions, involving the restructuring of more than $30 billion in liabilities)
• Federation Employment and Guidance Service, Inc., d/b/a FEGS (co-counsel to the debtor, a not-for-profit health and human services organization providing a broad range of services to more than 120,000 individuals annually, with assets and liabilities exceeding $100 million)
• Eastman Kodak (co-counsel to the Official Committee of Unsecured Creditors appointed in the Kodak Chapter 11 cases, which involved the restructuring of more than $1 billion in liabilities)
• Betsey Johnson LLC (co-counsel to the debtor, a leading designer, marketer, retailer and wholesaler of premier women's contemporary apparel and accessories in its Chapter 11 case involving the orderly liquidation of 63 retail and outlet stores)
• Corporate Resource Services, Inc. (counsel to the Chapter 11 trustee in cases involving a $100 million tax fraud by professional employer organization)
• City of Detroit (counsel to the Chapter 9 municipality, responsible for investigation and prosecution of preferential transfer claims)
• Aéropostale, Inc. (co-counsel to the debtors, a teen clothing retail chain of more than 800 stores involving the restructuring of approximately $260 million in liabilities)
• FL 6801 Spirits LLC (lead counsel to the debtors, affiliates of Lehman Brothers Holdings Inc., regarding the going concern sale of the hotel, spa and condominium complex managed by Canyon Ranch located in Miami, FL)
• Long Beach Hospital (counsel to the purchaser in a Section 363 sale of substantially all of the assets of the debtor hospital)
• Metier Tribeca, LLC (counsel to the largest creditor and purchaser of the debtor’s assets in a going concern sale under Section 363 of the Bankruptcy Code. The debtor was a luxury beauty brand that sells high-end makeup and skincare products in North America and Asia)
• Personal Communications Devices (co-counsel to the debtors, a distributor of specialty mobile devices and accessories which also provides value-added services to manufacturers and wireless telecom carriers with sales exceeding $1 billion)
• Sound Shore Medical Center of Westchester et al. (counsel to the purchaser in a Section 363 going concern sale of substantially all of the debtors' assets in a transaction valued at approximately $80 million.  The debtors operated two hospitals and a nursing home)
• Grubb & Ellis Company (lead counsel to the debtors, a commercial real estate services and property management company involving more than $150 million in liabilities and the going concern sale of the debtors’ businesses within 40 days of case commencement preserving more than 2,200 jobs)
• Dewey & LeBoeuf LLP (lead counsel to the debtor, the largest law firm ever to file bankruptcy, with approximately $400 million in liabilities, which confirmed a consensual Chapter 11 Plan within nine months of case commencement)
• Loehmann’s Department Stores (lead counsel to the debtors, a leading national specialty retailer of designer and brand-name apparel, concerning the restructuring of $190 million in liabilities pursuant to a Chapter 11 plan confirmed by the Bankruptcy Court within 12 weeks of case commencement)
• General Motors (conflicts counsel to the debtors concerning the largest OME in the United States involving the restructuring of more than $80 billion in liabilities)
• Chrysler, LLC (conflicts counsel to the debtors in the first Chapter 11 case ever filed by an OME concerning the restructuring of more than $55 billion in liabilities)
• The Great Atlantic & Pacific Tea Company (A&P) (conflicts counsel to the debtors, a leading national food and drug retailer with approximately 400 locations)
• MSR Golf Resorts (conflicts counsel to the Official Committee of Unsecured Creditors involving the restructuring of more than $1 billion in liabilities for companies owning premier hotels, golf courses and related business)
• Charter Communications (counsel to one of the affiliated debtors, which together were among the largest cable/broadband communication companies in the United States, involving the successful restructuring of over $22 billion in liabilities)
• Enron Corp. (co-counsel to the debtors in one of the largest bankruptcy cases ever filed wherein, among other things, the firm prosecuted more than 1,000 adversary proceedings and recovered in excess of $500 million for the estate)
• Ellen Tracy LLC (counsel to the Chapter 7 Trustee in litigation against the debtor’s lenders and directors & officers for, among other things, the recovery of avoidable transfers and breach of fiduciary duties resulting in settlements valued at approximately $20 million)
• Our Lady of Mercy Hospital (lead counsel for the debtor involving more than $100 million in liabilities; successfully consummated the Chapter 11 sale of substantially all of the hospital’s assets as a going concern, preserving 2,400 jobs and healthcare services in an underserved Bronx community)
• St. Vincent’s Catholic Medical Centers (conflicts counsel to the debtor hospitals in their 2005 Chapter 11 case involving the restructuring of over $1 billion in liabilities)
• St. Vincent’s Catholic Medical Centers and the Liquidation Trustee for the Saint Vincent’s Medical Center Post Confirmation Trust (matters assigned included prosecuting 250 adversary proceedings to avoid and recover preferential transfers resulting in a recovery of more than 90 percent of the net recoverable transfers)
• Cabrini Medical Center (lead counsel to the debtor, which, having ceased operations, commenced a Chapter 11 case and consummated a successful Section 363 sale)
• Finlay Jewelry (conflicts counsel to the debtors (and thereafter to the Liquidation Trustee), a national chain of retail jewelry stores involving more than $385 million in liabilities)
• Tower Automotive (conflicts counsel to one of the largest automotive parts suppliers in the country to tier-one manufacturers)
• Delphi Corporation (conflicts counsel to the debtors in the largest automobile supplier bankruptcy case ever filed)
• Frontier Airlines (conflicts counsel to the debtors, a regional airline, in a case involving more than $100 million in liabilities)
• Rockefeller Center Properties (counsel to the debtors involving the restructuring of over $1 billion in liabilities)
• Fortunoff Fine Jewelry and Silverware, LLC, et al. (counsel to the debtors in the 2008 going concern sale of substantially all of their assets within 30 days of filing to an affiliate of Lord & Taylor aggregating approximately $100 million)
• Ames Department Stores, Inc. (co-counsel to the debtors, before ceasing operations, the largest regional discount retailer in the United States involving over $1 billion in liabilities)
• Loews Cineplex Entertainment Corporation (co-counsel to the debtors, a national motion picture theatre exhibition company involving over $100 million in liabilities)
• Victory Memorial Hospital (counsel to the “stalking horse” bidder for the nursing home assets of Victory Memorial Hospital, a Chapter 11 debtor, valued in excess of $40 million)
• Daewoo International (America) Corp. (counsel to the U.S.-based trading arm of the Daewoo group of companies, at the time the largest non-sovereign debt restructuring in history with aggregate liabilities exceeding $70 billion)
• Orion Telecommunications (lead counsel to one of the largest telephone card manufacturers in the country with sales exceeding $100 million)
• Guilford Mills, Inc. (lead counsel to a leading worldwide producer and seller of textiles to the automotive industry)
• Joan & David Helpern Inc. (lead counsel to the owner/operator of the Joan & David luxury footwear and accessory retail chain with more than 55 stores located worldwide)

/Insights

• Oswald, F. A., Wu, E. D., & Blander, E. E. (2024). Chapter 11 case study: Pacific Drilling, SA. In Cases in financial management: Applications for financial analysis (pp. 525–554). 
• Oswald, F. A., Kotliar, B. M., & Gallego, J. C. (2021, March). Limitations on business judgment? The intersections of §§ 363(b), 365 and 503(b) for paying creditors' professional fees. ABI Journal.
• Oswald, F. A., & Nester, M. J. (2021, March). Short case analysis: Gardens Regional Hospital and Medical Center Liquidating Trust v. State of California (In re Gardens Regional Hospital and Medical Center, Inc.), Case No. 18-60016 (9th Cir. Sept. 16, 2020). ABI Healthcare Newsletter.
• Oswald, F. A., Ortiz, K. J., & Crispi, K. A. (2019). M&As in bankruptcy and reorganization: The implications on M&A. In H. A. Poniachek (Ed.), Mergers & acquisitions: A practitioner's guide to successful deals (pp. 471–493). World Scientific.
• Oswald, F. A., & Peacock, L. L. (2015, June). The common-interest doctrine: Preserving privilege post-petition. ABI Journal, 34(6), 36.
• Oswald, F. A., & Sheikh, L. R. (2015, May). Liquidating fiduciary exception to WARN Act. Practical Law Company, Labor & Employment.
• Oswald, F. A. (2014, May). When "free and clear" does not mean "free and clear": Bankruptcy sales involving collective bargaining agreement successor clauses. Norton Bankruptcy Law Adviser.
• Oswald, F. A. (2009, May). Transfer of Medicare provider numbers in bankruptcy: Executory contract or saleable asset? ABI Journal.
• Oswald, F. A. (2009, April). Missing the forest for the trees in § 363: How the Ninth Circuit's Bankruptcy Appellate Panel neglected the big picture. Norton Bankruptcy Law Adviser.