BENJAMIN RHODE
AGE 39
FIRM Ropes & Gray
LAW SCHOOL Cornell Law School
AREA(S) OF PRACTICE Business restructuring
2024 ILLINOIS ATTORNEYS TO WATCH
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B en Rhode, a business restructuring expert, consistently de- livers winning results for clients, some of the biggest busi- nesses in the country. And it's because of those results, along with his knowledge, work ethic and compassion for clients fac- ing hard times, that Rhode has become one of the top restruc- turing attorneys in Chicago's legal community. Some examples of recent victories? Rhode represented a dental support organization focused on building a network of dental practices in a $1 billion out-of-court restructuring of out- standing liability. He also oversaw a distressed refinancing of about $1 billion of funded debt for a medical device and aero- space manufacturing solutions firm. In that first case, Rhode led restructuring negotiations over the course of about nine months, navigating many difficult issues inherent to the health care industry. The transaction led to the equitization of $300 million of indebtedness and new money commitments of $75 million while preserving the common equity ownership positions of the network's existing dentists. "Ben is an outstanding restructuring lawyer with the ability to reassure and support clients in a company’s most challenging times," said Patrick Bartels, managing member with New York City's Redan Advisors. "Through the restructuring, Ben consis- tently provided support, ensuring the board’s understanding at each stage. His solution-focused approach and clear communi- cation reassured us that every aspect was thoroughly consid- ered. Amidst the chaos, Ben's calm demeanor stood out."
Ben is an outstanding restructuring lawyer. ”
Rhode excelled, too, during the restructuring work surround- ing Frontier Communications Corporation when it declared bankruptcy in 2020. By filing for Chapter 11 bankruptcy, Frontier initiated a debt-cutting proposal backed by bondholders to trim $10 billion from its balance sheets. Rhode's ability to manage the large team working on the case ultimately led to success as Frontier emerged from bankruptcy in 2021. "Ben provided Frontier and continues to provide other clients with successful and holistic operational turnarounds," said Carlin Adrianopoli, senior managing director with the Chicago office of FTI Consulting. "He understands the real-world implications at stake and helps companies emerge with the best possible solution.” Rhode also maximized value for 13 BrandCo debtors in Revlon, Inc.'s Chapter 11 filing, which his peers describe as a "mega case" worth billions of dollars. "Ben consistently negotiates the best deal possible for his clients," said Paul Rundell, managing director with Alvarez & Marsal's practice in Chicago. "His knowledge of corporate re- structurings is unparalleled and has led to successful outcomes time and time again.”
40 Under Forty 2024
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CHICAGO LAWYER & CHICAGO DAILY LAW BULLETIN
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