Weil Restructuring Department Co-Chair Ray C. Schrock, P.C. has been profiled in Law360 as a 2020 Bankruptcy MVP. Mr. Schrock was recognized for his leadership and expertise in steering several of the year’s most significant restructurings.
The Q&A profile highlighted Mr. Schrock’s accomplishments leading J.Crew Group Inc.’s chapter 11 restructuring, a high-profile proceeding that allowed the iconic retailer to convert more than $1.6 billion of debt into equity, raise over $400 million in new financing and preserve its workforce.
“We were able to put together a very successful prearranged financing that put the company on solid footing for the future,” Mr. Schrock said. “It was amazingly smooth and efficient, and now J.Crew has emerged from chapter 11 with a clean balance sheet. We were able to save thousands of jobs.”
Law360 also noted that Mr. Schrock is a well-established presence at the very forefront of the industry. His recent record of success includes leading the landmark chapter 11 cases of PG&E and Sears Holding Corporation, as well as the out-of-court restructuring of Serta Simmons Bedding. Throughout, he has demonstrated an innovative streak and introduced novel solutions to complex and unprecedented problems, drawing on interdisciplinary talents as a business advisor, dealmaker and litigator.
“Getting the opportunity to help companies and the real people behind these struggling enterprises … throughout the course of a restructuring is very rewarding,” Mr. Schrock said. “I love the excitement of being able to do something new every time, something that either hasn’t been something done before, or something that goes just a little differently.”
Asked for his advice to up-and-coming attorneys, Mr. Schrock emphasized the importance of mentors in developing the skills, versatility and expertise that successful restructuring lawyers possess. Above all, however, he stressed the commitment to craft that elite careers are founded on.
“The best compliment you can ever receive as a lawyer is that you’re a good lawyer,” Mr. Schrock said. “Practicing and focusing on honing your craft and coming to work with a sense of purpose is the single best thing any bankruptcy lawyer can do for their career because at the end of the day, doing good work and getting results is going to drive your practice.”
Mr. Schrock has received numerous accolades this year. In addition to being named a Law360 MVP, he was recognized as a 2020 “Dealmaker of the Year” by The American Lawyer and won “Lawyer of the Year: Restructuring and Insolvency” at IFLR1000’s United States Awards, among other honors.