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Dewey & LeBoeuf has instructed a leading bankruptcy lawyer as the firm moots restructuring in the wake of high debt and mass partner defections.
Albert Togut, managing partner of New York-based bankruptcy specialists Togut Segal & Segal, has been hired to work with at least one member of Dewey’s new management team (27 March 2012), according to Reuters.
Togut’s firm has been debtor’s counsel in some of the country’s largest Chapter 11 bankruptcy cases, including General Motors, Chrysler Automotive, Delphi and Enron.
His appointment comes as Dewey’s senior management works to restructure the business, with office closures, a takeover or a merger all understood to be on the table (19 April 2012).
Earlier speculation that the firm had instructed Latham & Watkins restructuring partner Peter Gilhuly has been quashed, with Gilhuly confirming that he was not involved in advising Dewey in any way.
A Dewey spokesperson declined to comment on Togut’s hire. Togut did not respond in time for comment.