Insights and Analysis
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Shai Schmidt
Partner Corporate & Finance
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Overview
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Experience
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Credentials
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Insights and events
Shai Schmidt advises ad hoc lender and noteholder groups, asset managers, hedge funds and CLOs on complex financial restructurings and liability management transactions. He supports clients in navigating both in-court and out-of-court situations, including high-stakes Chapter 11 proceedings.
His practice includes advising on liability management exercises, intercreditor disputes, contested plan confirmations and debtor-in-possession financings. He works with creditor groups and investors on complex restructuring transactions and disputes across a range of sectors.
Shai has extensive experience in creditor-side restructurings and is known for his work on liability management transactions and intercreditor issues, providing strategic and commercially focused advice in evolving and often contentious situations.
Recognized as a leading authority on LMEs and intercreditor issues, Shai is regularly featured in The Financial Times, Bloomberg, The Wall Street Journal, Octus, Debtwire, 9fin and other top business publications for his insights.
Recognition
- Lawdragon – Leading Bankruptcy & Restructuring Lawyers (2026)
Selected Media Highlights:
- Shai Schmidt is featured in 9fin’s article, “Left out lenders turn to Cadwalader as co-op terms evolve,” which highlights the firm’s emergence as a leading advisor to minority and excluded creditor groups amid increasingly aggressive cooperation agreement dynamics. (May 2026) Read here (subscription required).
- Shai Schmidt is featured in Octus’ Americas Special Sits and Distressed Weekly article, “Cadwalader’s Schmidt Eyeing Ripple Effects of AI in Private Credit Arena, Lays Out Firm’s Vision for Next Stage of Its Restructuring Practice.” (March 2026) Read here.
- Shai Schmidt is featured in Bloomberg’s "The Big Take" article, “Private Equity’s Brutal Side Deals Leave Lenders Grasping in the Dark,” discussing the growing use of side deals in private equity-driven liability management exercises. (March 2026) Read here (subscription required).
- Shai Schmidt is featured in Law360 Bankruptcy Authority’s article “Bankruptcy Financing Becomes New Front For Lender Battles,” which examines how aggressive liability management tactics are increasingly migrating into Chapter 11 debtor‑in‑possession (DIP) financing and sparking lender‑on‑lender fights in court. (March 2026) Read here (subscription required).
- Shai Schmidt featured in Bloomberg’s “The Brink” newsletter on the potential of rising Chapter 11 filings among AI-disrupted software companies (March 2026) Read here (subscription required).
- Shai Schmidt contributed to Debtwire’s U.S. restructuring 2026 outlook (January 2026) Read here.
- Shai Schmidt participated in PETITION’s year-end survey alongside a panel of restructuring professionals (December 2025) Read here (subscription required).
- Shai Schmidt discusses Selecta bondholder litigation with the Wall Street Journal (October 2025) Read here (subscription required).
- Shai Schmidt shares insights on liability management at Columbia Law School and TMA Brazil’s Restructuring Conference (October 2025) Read here.
- Shai Schmidt discusses how minority lenders are thinking about LMEs with 9fin (September 2025) Read here.
- Shai Schmidt discusses the out-of-court restructuring trend with The Financial Times (August 2025) Read here (subscription required).
- Partner Shai Schmidt spoke with The Deal about the evolving role of liability management exercises (LMEs) as market uncertainty intensifies (May 2025) Read here.
- Shai Schmidt discusses the rising use of cooperation agreements and the potential challenges they present for distressed investors with PitchBook (April 2025) Read here.
- Shai Schmidt discusses rise of LMEs with the Wall Street Journal (March 2025) Read here (subscription required).
- Shai Schmidt discusses key takeaways from Serta and Mitel decisions with Turnarounds & Workouts (January 2025) Read here (subscription required).
- Shai Schmidt quoted in Debtwire on how the influx of capital in the credit markets has affected out-of-court restructurings (January 2025) Read here.
- Shai Schmidt quoted in Law360 on impact of the Serta ruling (January 2025) Read here. (subscription required).
- Shai Schmidt quoted in Bloomberg on LME mechanics (January 2025) Read here. (subscription required).
- Shai Schmidt quoted in 9Fin on the importance of the Mitel decision (January 2025) Read here. (login required).
- Shai Schmidt quoted in 9Fin on the evolution of LME legal challenges (November 2024) Read here. (subscription required).
- Shai Schmidt discusses joint cooperation agreements with Reorg (October 2024) Read here.
- Shai Schmidt quoted in Bloomberg on debt restructuring delays (August 2024) Read here.
- Shai Schmidt authors Reorg article on double-dip financings (July 2024) Read here.
- Shai Schmidt discusses Supreme Court decision on fraud-discharge exception with Turnarounds & Workouts (April 2023) Read here.
- Shai Schmidt featured in Law360 on the Boy Scouts bankruptcy case (September 2022) Read here.
- Shai Schmidt featured in Bloomberg Law on Boy Scouts bankruptcy ruling (August 2022) Read here.
- Shai Schmidt featured in Law.com’s “How I Made Partner” Q&A series (November 2021) Read here.
- 3rd Circuit Decision Casts Doubt on Gifts to Individual Class Members, Turnarounds & Workouts (September 2021) Read here.
- 3rd Circuit Continues Momentive Trend For Secured Creditors, Law360 (Aug. 6, 2019) Read here.
- Momentive Disrupts Intercreditor Agreements and Reorgs, Law360 (Feb. 8, 2019) Read here.
Representative experience
Advising a lender to 24-Hour Fitness in a liability management exercise.
Advising an ad hoc group of lenders to Allen Media Group.
Advising an ad hoc group of lenders to Better Health Group in a liability management exercise.
Advising an ad hoc group of lenders to First Brands in connection with DIP financing.
Advising an ad hoc group of lenders to Ivanti Software in a liability management exercise.
Advising an ad hoc group of lenders to Magenta Buyer LLC (McAfee) in a liability management exercise.
Advising an ad hoc group of lenders to Newfold Digital in a liability management exercise.
Advising an ad hoc group of lenders to Oregon Tool in a liability management exercise.
Advising an ad hoc group of lenders to Pretium Packaging in its Chapter 11 cases.
Advising an ad hoc group of lenders to Quest Software in a liability management exercise.
Advising an ad hoc group of lenders to Tropicana Brands Group in a liability management exercise.
Advising an ad hoc group of lenders to Vibrantz Technologies in a liability management exercise.
Advising an ad hoc group of lenders to Wellness Pet in a liability management exercise.
Advising an ad hoc group of lenders to Xerox.
Advising an ad hoc group of Mercer International bondholders.
Advising an ad hoc group of non-RSA secured lenders in the Chapter 11 case of Cineworld Group PLC.
Advising an ad hoc group of Saks Global bondholders in a liability management exercise.
Advising an ad hoc group of shareholders of Hertz Global in its Chapter 11 case.
Advising an excluded lender in the Del Monte Foods LME litigation.
Advising certain DIP lenders in the Chapter 11 cases of Spirit Aviation Holdings and its affiliates.
Advising Invesco Senior Secured Management in the Robertshaw state court proceeding and Chapter 11 case, litigating the validity of a pre-petition LME.
Credentials
Education
- LL.M., Harvard Law School, Fulbright Fellow
- LL.B., magna cum laude
Bar admissions and qualifications
- New York
Court admissions
- U.S. District Court, Eastern District of New York
- U.S. District Court, Southern District of New York
- U.S. Court of Appeals, First Circuit
- U.S. Court of Appeals, Second Circuit