Shai’s practice focuses on restructuring and creditors’ rights, including contested Chapter 11 plan confirmations, DIP financing and cash collateral use, intercreditor litigation, and other matters involving bankruptcy litigation. Shai has worked on matters for official committees of creditors and equity securities holders, bondholders, lenders, indenture trustees, and other significant parties-in-interest in many of the nation’s largest Chapter 11 cases, out-of-court restructurings, and other distressed situations.

Before joining Glenn Agre Bergman & Fuentes, Shai was special counsel at Kasowitz Benson Torres and an associate at Kramer Levin Naftalis & Frankel.

Shai has represented:

  • The ad hoc committee of shareholders of Hertz Global, Inc., in its Chapter 11 cases. Glenn Agre structured a winning bid for a group of investors in collaboration with Knighthead Capital Management and Certares Management LLC that valued Hertz at $7 billion, offered it a path out of Chapter 11, and gave shareholders what was once thought impossible: $8 per share, marking a positive return on any stock bought after the company’s bankruptcy filing.
  • The Official Committee of Equity Securities Holders of Garrett Motion Inc., a manufacturer of turbochargers, in its Chapter 11 cases. Glenn Agre, on behalf of the equity committee, objected to the debtors’ proposed Chapter 11 plan, which would have left minority shareholders with nearly worthless stock subordinated to billions in obligations to other shareholders. The equity committee’s efforts to guaranty equal treatment to all shareholders resulted in a mediation that led to the negotiation of a consensual Chapter 11 plan, giving minority shareholders significantly enhanced recoveries in the form of the right to receive convertible preferred stock or a cash payout.
  • Ambac Assurance Corporation, a financial guarantee insurance company, in connection with Puerto Rico’s restructuring proceeding under Title III.
  • An ad hoc group of shareholders of LATAM Airlines in its Chapter 11 cases, including large U.S.-based investors and Chilean shareholders. 
  • An ad hoc group of unsecured claimholders of Grupo Aeroméxico as conflicts counsel.
  • Creditors of Energy Future Holdings in defeating the proposed allocation of hundreds of millions of dollars in administrative claims asserted by subsidiary company (EFIH) creditors UMB Bank, Elliott Associates, and the Energy Future Holdings Plan Advisory Board.
  • Fairfax Financial Holdings, a property and casualty insurance and reinsurance company, as a senior creditor and DIP lender in the Chapter 11 cases of EXCO Resources and its affiliates.
  • Fred’s, a leading retailer with 556 general merchandise and pharmacy stores across the southeast United States, in its Chapter 11 case.
  • An ad hoc group holding $3.6 billion in first-lien bonds in the bankruptcy of Caesar’s Entertainment.
  • Bondholders and indenture trustees in the American Airlines bankruptcy case, achieving above-par recoveries for unsecured claims and the reinstatement of $1.2 billion in secured bonds.
  • The Official Committee of Unsecured Creditors of Covia Holdings, Inc. as special litigation counsel.
  • The Official Committee of Equity Security Holders of Hercules Offshore, a provider of shallow water drilling and lift boat services, securing the confirmation of a plan that provided equity with a guaranteed recovery of $15 million and reduced the claim of the first lien lenders by $32.5 million.
  • A noteholder in Taberna Preferred Funding IV in a proceeding challenging the commencement of an involuntary bankruptcy against the issuer of a CDO.
  • Best Lawyers, One to Watch, 2022
  • Shai Schmidt named to 2022 "Ones to Watch" by Best Lawyers (September 2021) Read here.
  • Shai Schmidt featured in Law.com’s “How I Made Partner” Q&A series (November 2021) Read here.
  • 3rd 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.

CREDENTIALS

  • Harvard Law School, LL.M., 2009
    • Fulbright Fellow
  • The Hebrew University of Jerusalem, LL.B., magna cum laude, 2007

 

ADMISSIONS

  • State Bar of New York
  • U.S. Court of Appeals for the First Circuit
  • U.S. Court of Appeals for the Second Circuit
  • U.S. District Court for the Southern District of New York
  • U.S. District Court for the Eastern District of New York
  • Israel