Gregory Bray is a partner in the Los Angeles office of Milbank, Tweed, Hadley & McCloy and a member of the firm’s Financial Restructuring Group.
Primary Focus & Experience
Mr. Bray, a partner at Milbank since 2001, has a diverse national practice and has been involved in out-of-court restructurings and bankruptcies in a wide variety of industries including automotive, media, construction, retail, apparel, healthcare, oil and gas, telecommunications, project finance, energy, subprime lending and leasing, franchises, manufacturing and high technology.
He regularly represents hedge funds, private equity funds, money center banks, financial institutions, lender syndicates comprised of first and second lien lenders, trustees and receivers, creditors' committees and equity securities holders. He frequently advises funds making control investments in, and potential purchasers of, financially distressed companies, both in and out of court. He also advises lenders in the structuring and documentation of high risk loans and debtor-in-possession loans, and the board of directors of public companies in financial distress with respect to corporate governance and fiduciary duty issues.
He has prevailed for his clients in cases leading to published decisions concerning valuation, reinstatement, new value and “loan to own” lender liability. His representative experience includes matters such as:
- Spansion, Inc. (Plan Investor);
- JL French (Debtors);
- Young Broadcasting (Senior Lenders);
- Midway Games (Official Creditors Committee);
- WL Homes (Agent and Lenders);
- Lehman Brothers (Official Unsecured Creditors Committee);
- America Home Mortgage (Repo Party; Lender);
- Delphi Corporation (Plan Investor);
- General Motors Acceptance Corporation (Investor);
- Nellson Nutraceutical, Inc. (Agent for First and Second Lien Credit Facilities);
- Radnor Holdings (Secured Creditor/Credit Bidder);
- AES Londonderry (Granite Ridge) (Lenders and Investors);
- NEG/Brazos (Agent);
- WorldCom, Inc (Ad Hoc Committee and Creditor);
- Delta Airlines (Aircraft Lender); and
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Northwest Airlines (Aircraft Lender);
Recognition & Accomplishments
Mr. Bray’s reputation in the legal marketplace has earned him top rankings from publications and directories, including: The Best Lawyers in America; Guide to the World’s Leading Insolvency and Restructuring Lawyers; International Who’s Who of Insolvency and Restructuring Lawyers; Who’s Who Legal - California (restructuring); K&A Register of 100 Leading Bankruptcy and Restructuring Lawyers and Financial Advisors in the United States; Chambers USA (restructuring and finance); Law & Politics Magazine as one of the Super Lawyers in Southern California (restructuring); and the Legal 500 USA for Credit and Syndication Transactions. He was also selected as an “Outstanding Restructuring Lawyer” for 2007 by Turnarounds & Workouts.
Clients and legal peers have recognized his skills as a lawyer. As Chambers USA noted: “When it comes to complex contentious issues, the technically very accomplished Greg Bray gets a deal done quickly and efficiently”. In the Guide to the World’s Leading Insolvency and Restructuring Lawyers, peers acknowledge that Mr. Bray “has amassed one of the most impressive books of high powered legal business in the country, whose 20 years of practice bears witness to an impressive track record of successful representation”.
He has spoken and written on various restructuring topics, including valuation, reinstatement, distressed investing and “loan to own” lender liability. He recently co-authored a chapter entitled "Evaluating strategic debt buybacks: How to pursue effective de-leveraging strategies" in Navigating Today's Environment: The Directors' and Officers’ Guide to Restructuring. He is admitted to practice in the State of California.