Photo of David Heroy

David Heroy

Baker & McKenzie LLP


David Heroy is an experienced corporate and finance lawyer who practices in Baker McKenzie's New York and Chicago offices. He focuses on restructuring, insolvency, distressed investments and related litigation. He co-chaired the Firm's Global Financial Restructuring & Insolvency Practice Group Steering Committee and was a member of the Global Banking & Finance Practice Group Steering Committee for more than six years. He also authors publications and speaks on insolvency-related issues for the Firm’s various regional and global meetings and seminars, as well as for organizations such as the Practising Law Institute, the Canadian Institute, the State-Owned Asset Supervision and Administration Commission of the People’s Republic of China, the Japan-American Business Conference, and the Wharton Restructuring Conference. He also has been a guest lecturer at the Yale Law School and School of Management.

Practice Focus

Mr. Heroy primarily advises creditors, lenders and buyers in the restructuring and insolvency of financially distressed companies. Seasoned in international and cross-border insolvency matters, he regularly represents clients in multinational insolvency proceedings and distressed M&A across multiple jurisdictions. He has also led several large and complex litigations before the US Bankruptcy, District and Circuit Courts of Appeal (2nd, 3rd, 6th, 7th, 9th and Federal Circuits).

Representative Legal Matters

  • Successfully represented a major publicly held US-based hedge fund as the appellant in a cross-border insolvency proceeding in which the Second Circuit Court of Appeals defined eligibility requirements for foreign debtors seeking chapter 15 bankruptcy relief in the US. This case also relates to a USD225 million lender liability clawback action in Australia.
  • Represented a leading New York City-based financial institution in insolvency proceedings in the Cayman Islands, Bahrain, London and Switzerland, and a USD240 million clawback action in the New York state courts. The client had more than USD675 million in claims in major, fraud-based insolvencies involving prominent Middle Eastern families and their businesses.
  • Successfully defended a leading private equity firm in Singapore in a USD640 million bondholder priority claim that was dismissed by the New York state courts and subsequently reversed on appeal.
  • Represent Deutsche Bank as a trustee for more than USD3.5 billion bond debt issued by Abengoa SA in its USD9.5 billion restructuring, including insolvency proceedings in Spain, Brazil, Mexico and the US (more than 20 chapter 11 proceedings in Delaware, Missouri and Nebraska).
  • Represented a leading NYC-based financial institution in more than six civil and criminal actions in Mexico involving the collection of the remainder of a USD250 million loan to Mexican real estate companies and their owner.
  • Represented a unit of CalPERS, the largest pension fund in the US, in the execution of a contested loan-to-own strategy involving property in downtown Chicago. This includes the defense of lender liability claims after a one-week trial, the dismissal of two chapter 11 cases, and seven reported bankruptcy court decisions favoring the client.
  • Represented the court-appointed committee of the equity security holders of Federal-Mogul, a USD10 billion multinational tier 1 auto supplier, in more than 350 chapter 11 cases in Delaware, involving numerous cross-border issues and asbestos-related claims and of which 150 were also filed as insolvency proceedings in London.
  • Represented Southwest Airlines Co. for more than 20 years in its expansion in North America through the acquisition of distressed airlines, including ATA and Midway, and their assets.
  • Advised the owner of a group of small, ultra-luxury North American hotels in a USD900 million financial restructuring.
  • Represented the holders of more than USD6.5 billion in preferred stock interests in the chapter 11 case for Washington Mutual in Delaware.

View All »

Professional Associations and Memberships

  • Illinois State Bar Association - Member
  • New York State Bar Association - Member


  • U.S. Court of Appeals, Second Circuit~United States (2013)
  • New York~United States (2010)
  • U.S. Court of Appeals, Third Circuit~United States (1999)
  • U.S. Court of Appeals, Ninth Circuit~United States (1997)
  • U.S. Court of Appeals, Seventh Circuit~United States (1990)
  • U.S. Supreme Court~United States (1987)
  • U.S. Court of Appeals, Sixth Circuit~United States (1986)
  • U.S. District Court, Northern District of Illinois~United States (1976)
  • Illinois~United States (1976)


  • University of Michigan Law School (J.D. cum laude) (1976)
  • University of Michigan (A.B. Distinction) (1973)


  • English