Albert Togut



A highly respected "dean" of the bankruptcy bar and one of the most accomplished restructuring attorneys of our time, Albert Togut has for the past 45 years specialized in bankruptcy law to the exclusion of all other areas of practice.  His deal list speaks for itself;  Mr. Togut has had a central role in the most famous reorganization cases in history.

Since Mr. Togut formed the firm of Togut, Segal & Segal LLP in 1980, he has served as counsel to the debtor, official committee, or principal owner in some of the largest and highest profile chapter 11 cases, including LATAM Airlines, McClatchy Newspapers, Pacific Drilling, Westinghouse, American Airlines, Kodak, Lehman Brothers Aurora, General Motors, Chrysler Automotive, Enron, Toisa Shipping, Dewey & LeBeouf, Relativity Media, Avaya, Nautilus, Ambac Financial, SunEdison, Aeropostale, A&P, Delphi Automotive, Collins & Aikman, St. Vincent's Hospitals, Charter Communications, Loehman's, Frontier Airlines, Tower Automotive, Winn-Dixie, Ames Department Stores, Loew's Cineplex, SK Global, Daewoo International (America) Corp. (which together with its Korean parent underwent the largest non-sovereign debt restructuring in history with aggregate liabilities exceeding $70 billion), Allegiance Telecom, OnSite Access, Joan and David Helpern Inc., and ContiFinancial Corporation.

Mr. Togut was lead counsel to Toshiba Nuclear Energy (UK) Holdings, the parent of the international operations of Westinghouse;  Aurora, a mortgage origination company and subsidiary of Lehman Brothers;  Rockefeller Center Properties;  and Olympia & York Tower B Company, better known as the World Financial Center, which involved a $1 billion restructuring of a 43-story commercial office building located at Two World Financial Center at Battery Park in Manhattan. Each of these cases had debtors with more than $1 billion of assets.  Mr. Togut also served as lead counsel to Pacific Drilling and Toisa Shipping in their chapter 11 cases, both of which confirmed consensual plans in 2018 following contentious in-court proceedings.  

Since 1981, Mr. Togut has been an active member of the trustee panel maintained by the Department of Justice in the Southern District of New York and has served as trustee in several thousand bankruptcy cases under chapter 11 and chapter 7 of the Bankruptcy Code, including Refco, LLC (registered commodities broker), which at $4 billion, is the largest chapter 7 case in the history of bankruptcy;  Anthracite Capital, Inc., a specialty real estate finance company that invested in commercial real estate assets;  Kingston Square, which owned apartment complexes subject to secured claims of approximately $400 million;  and Axona International Credit & Commerce Limited, in the liquidation of a Hong Kong banking institution.

Mr. Togut is registered as a mediator in the Southern District of New York.  He was appointed mediator for a dispute with the noteholders of Solutia that was settled for $220.5 million.  In Calpine, he represented a court-appointed valuation expert in assisting the Bankruptcy Court in evaluating the $10 billion spread between competing estate values, which Mr. Togut resolved by agreement of the parties, allowing for a fully consensual and uncontested confirmation hearing.  Mr. Togut mediated close to 100 adversary proceedings commenced in the Conseco cases in Chicago, all of which were settled.

Mr. Togut is a Fellow of the American College of Bankruptcy, a Fellow of the International Insolvency institute, co-Chair of the Commission of the American Bankruptcy Institute ("ABI") that studied the reform of chapter 11, and past Officer and ABI Director and Chair of its New York City program;  he also served on the ABI's fee-study commission that studied professional fees in chapter 11 business bankruptcy cases.  The ABI's fee commission's report provides the most comprehensive, independent look at professional fees in chapter 11 cases to date. During a recent panel discussion hosted by ABI, the Honorable Shelley Chapman described Mr. Togut as “beloved among bankruptcy professionals here in New York and across the Country” and “one of the deans of the bankruptcy bar.”  Judge Chapman continued, “I know that all of the Judges that I have the pleasure to serve with in the Southern District of New York are always happy when Team Togut appears in our cases . . . .” Mr. Togut was twice a member of the Committee on Bankruptcy and Reorganization of the Association of the Bar of the City of New York, a member of the International Bar Association, and a past President of the Bankruptcy Lawyers Bar Association of New York.

For six years, Mr. Togut chaired a Task Force of the Business Bankruptcy Committee of the American Bar Association Section of Business Law that analyzed disclosure statement requirements and confirmation practices in chapter 11 cases.  He has written and lectured on many topics under the former Bankruptcy Act and current Bankruptcy Code and has particular expertise in conflicts of interest and ethics.

Mr. Togut recently received the prestigious Who's Who Albert Nelson Marquis Lifetime Achievement Award for his prominence in bankruptcy law. He was profiled in Who's Who Legal (WWL) - Thought Leaders, Restructuring and Insolvency (2020), and in 2020 was named Global 100's - Restructuring Lawyer of the Year and to the inaugural class of Lawdragon's 500 Leading U.S. Bankruptcy & Restructuring Lawyers.  In 2019, he was honored by the Lincoln Center Corporate Council for his leadership in corporate reorganizations.  He has received the New York Institute of Credit Leadership Award and was also the recipient of the Prof. Lawrence P. King award.  He has been named as a New York Super Lawyer every year since 2007, has been named in the Top 100 lawyers in New York, and has been repeatedly chosen as a "Leading Lawyer by Chambers USA.  He has been profiled by The Wall Street Journal and New York Times.

Representative Cases

For a comprehensive list of Mr. Togut’s representative matters, please refer to our Capabilities page.

Published Works

  • Al Togut of Togut, Segal, "On Avoiding Law Firm Bankruptcies”, Forbes Magazine, Aug. 4, 2014
  • Albert Togut and Samantha J. Rothman, "Chapter 11: Out of Balance, XXXIII", ABI Journal 12, 14, 84-88, December 2014
  • Albert Togut and Robert J. Keach, "Chapter 11 Reform: ABI Commission Co-Chairs Address Secured Lenders’ Concerns", ABL Advisor, December 2014, Feb. 4, 2015
  • "When 'Free and Clear' Does Not Mean 'Free and Clear' – Bankruptcy Sales Involving Collective Bargaining Agreement Successor Clauses", Norton Bankruptcy Law Adviser, May, 2014
  • "Constructive Fraudulent Transfer Claims Under § 548", ABI Journal, Vol. XXXIII, No. 5, 2014
  • "Q&A With Al Togut on Dewey", BigLaw and Chapter 11 Reform
  • "The Power of Bankruptcy Courts – A Proposal for Consent to Authority After Stern v. Marshall", Norton Annual Survey of Bankruptcy Law , 2012
  • "Gaps in the Second 546(e) Safe Harbor for 'Settlement Payments' and Transfers (and Obligations) Related to Securities Contracts", Norton Bankruptcy Law Adviser, July, 2011
  • "The 'Absolute Finality' Rule: Confirmation Orders After Travelers v. Bailey and United Student Aid Funds, Inc. v. Espinosa", 20 Norton Journal of Bankruptcy Law & Practice 2, Art 2, March, 2011
  • "Avoiding Fraudulent Transfers in Business Transactions. Navigating Today’s Environment – the Directors’ and Officers’ Guide to Restructuring", BeardGroup Globe White Page Ltd., 2010
  • "Has Notice Pleading Been Given Notice? Pleading Preferences After Twombly and Iqbal", Norton Bankruptcy Law Adviser, 2010
  • "The Pluses and Minuses of Expedited Restructurings", Panelists: Lisa J. Donahue, Roberta A. DeAngelis, Arthur J. Gonzalez, Mark J. Shapiro, Albert Togut, and Bruce R. Zirinsky, American Bankruptcy Institute, New York City Bankruptcy Conference, 2010
  • "Sections 548 and 550 – Developments in the Law on Fraudulent Transfers and Recoveries", Norton Annual Survey of Bankruptcy Law, 2010
  • "Representing the Professional Client", New York County Lawyers Association Panel Discussion, April, 2010
  • "Rights and Responsibilities of Debtor’s Counsel", U.S. Trustee S.D.N.Y. CLE Program, 2010
  • "Liquidating Chapter 11’s: New Rules of the Road – Will Composition Agreements Resurface as a Viable Alternative", Moderator: Albert Togut and Panelists: David N. Phelps, Michael R. Stewart, and Hon. Gregg W. Zive, American Bankruptcy Institute, Winter Leadership Conference, 2009
  • "Teaching the New Dog Old Tricks", Moderator: Glenn E. Siegel and Panelists: Prof. Troy McKenzie, Barry W. Ridings, Wilbur L. Ross, and Albert Togut, American Bankruptcy Institute, New York City Bankruptcy Conference , 2009
  • "Health Care Restructuring Out of Court: Can the Patient Survive Without the Bitter Pill of Bankruptcy?", Moderator: Jean R. Robertson and Panelists: Mark A. Berkoff, Robert M. Rishman, Frank A. Oswald, Paul Rundell, and Lea Krivinskas Shepherd, American Bankruptcy Institute, Health Care Triage Conference , 2009
  • "Transfer of Medicare Provider Numbers in Bankruptcy", American Bankruptcy Institute Journal, May, 2009
  • "Missing the Forest for the Trees in § 363: How the Ninth Circuit’s Bankruptcy Appellate Panel Neglected the Big Picture in the Clear Channel Decision", Norton Bankruptcy Law Adviser, April, 2009
  • "Can Professionals Ethically Work for a Bankruptcy Estate When They Have Conflicts of Interest? Is There a Fix?", American Bankruptcy Institute, 2009
  • "Conflicts of Interest: How Does It Affect Working for a U.S. Bankruptcy Estate", International Insolvency Institute, 2009
  • "ABI Landmark Fee Study: Moving-forward Analysis", Moderator: Albert Togut and Panelists: Diana G. Adams, Prof. Stephen J. Lubben, Deirdre A. Martini, and Michael P. Richman, American Bankruptcy Institute, New York City Bankruptcy Conference, Plenary Session, 2008
  • "Efficient Management of Avoidance Actions", Panelists: Hon. Stacey Jernigan, Neil Berger, Joseph Steinfeld, Jr., and John Gregg, American Bankruptcy Institute, Annual Spring Meeting, 2008
  • "Basics of Bankruptcy Practice", New York State Bar Association, 2008
  • "Holding Co./Operating Company Ethical Issues in Large Chapter 11’s", Panelists: Matthew Cantor, Hon. Robert E. Gerber (ret.), Todd R. Synder, and Albert Togut, American Bankruptcy Institute, New York City Bankruptcy Conference, 2007
  • "Presentation of the Landmark ABI Fee Study: Conclusions and Ramifications", Panelists: Michael P. Richman, C.R. “Chip” Bowles, John Wm. Butler Jr., Prof. Stephen J. Lubben, Deirdre A. Martini, Prof. Nancy B. Rapoport, Hon. Westley W. Steen, Albert Togut, and Clifford J. White III, American Bankruptcy Institute, Winter Leadership Conference, 2006
  • "Conflicts and Conflicts Counsel; Debtor’s Counsel and Management Duties in Multiple-Company Cases", Panelists: Matthew Cantor, Albert Togut, Hon. Robert E. Gerber (ret.), and Todd R. Snyder, American Bankruptcy Institute, New York City Bankruptcy Conference , 2006
  • Nathan Koppel, Albert Togut: “'Second Banana' of Bankruptcy: Lawyer Gets Called In To Help When Conflicts of Interest Loom; Networking with Grapefruits", Wall Street Journal, January 14, 2006
  • "Special Conflicts Counsel: Best Practice or Big-Case Aberration?", Moderator: Richard M. Meth. and Panelists: Deirdre A. Martini, Prof. Nancy B. Rapoport, and Albert Togut, American Bankruptcy Institute, Winter Leadership Conference and 23rd Annual Spring Meeting , 2005
  • "Wearing Too Nany Hats: Can Debtor’s Counsel Ethically Do What It Wants in the Case?", Chair: Albert Togut and Panelists: James L. Bromley, Hon. Robert D. Drain, Deirdre A. Martini, and Prof. G. Ray Warner, American Bankruptcy Institute, 6th Annual New York City Bankruptcy Conference, 2004
  • "Retention Issues for Bankruptcy Professionals", American Bankruptcy Institute, 2004
  • "Ensuring a Conflicts-Free Chapter 11 Restructuring", American Bankruptcy Institute, 2004
  • "Handling a Bankruptcy with Pending Criminal Investigations and Proceedings", Panelists: Peter J. Ainsworth, Hon. Barry Russell, and Albert Togut, American Bankruptcy Institute, Winter Leadership Conference, 2003
  • "Choice of Law: Whether to File Amazing Corporation’s Chapter 11 Petition in New York or Delaware?", Presenter: Albert Togut, American Bankruptcy Institute, New York City Bankruptcy Conference, 2001
  • "Whether to File in New York or Delaware", American Bankruptcy Institute, 2001
  • "Advising the Mid-sized Debtor Before Bankruptcy: Ethical and Other Considerations", Moderator: David M. Green and Panelists: Carl Eklund, James L. Garrity, Jr., Hon. Arthur J. Gonzalez (ret.), and Albert Togut, American Bankruptcy Institute, New York City Bankruptcy Conference, 2001
  • "Professional Indemnification", American Bankruptcy Institute, 2000
  • "Exclusivity Fights-Rockefeller Centre", American Bankruptcy Institute, 1997
  • "Debtor’s Out of Control", Annual Survey of Bankruptcy Law, 1988
  • "Surviving Insolvency", New York Transactional Guide, 1977

Professional Associations

  • Federal Bar Council, Bankruptcy Litigation Committee, 2014 to Present
  • American College of Bankruptcy, Fellow, 2002 to Present
  • American Bankruptcy Institute, Director, Board Member, 2008 to Present
  • Leading Lawyer for Bankruptcy/Restructuring in Chambers USA, 2011
  • International Insolvency Institute, Fellow, 2008 to Present
  • International Association of Restructuring, Insolvency and Bankruptcy Professionals (INSOL), Member, 1991 to Present
  • National Association of Bankruptcy Trustees, Member
  • Bankruptcy Lawyers Bar Association, President/Board Member, 1983 to 1992
  • St. John’s University LLM in Bankruptcy, Board Member, 1998 to Present
  • International Bar Association, Committee J, Member, 2000 to Present
  • Association of the Bar of the City of New York; New York State, Member, 1975 to Present
  • American Bar Association, Member, 1975 to Present

Awards / Recognition

  • Lawdragon 500 Leading U.S. Bankruptcy & Restructuring Lawyers, 2020
  • Global 100 - Named Restructuring Lawyer of the Year, 2019 - 2020
  • Who’s Who Legal – Thought Leaders, Restructuring & Insolvency, 2020
  • NY Institute of Credit Contribution Award, 2011
  • UJA Bankruptcy & Reorganization Section Lawrence P. King Award of Distinction, 2007
Albert Togut

Albert Togut



Bar Admission

  • New York, 1975
  • U.S. District Court Southern District of New York, 1975
  • U.S. District Court Eastern District of New York, 1975
  • U.S. District Court Eastern District of Michigan, 2007
  • U.S. Court of Appeals 2nd Circuit, 1975
  • U.S. Supreme Court, 1978


  • St. John's University School of Law, Queens, New York
    • J.D. - 1974
  • New York University, New York, New York
    • B.S., Bachelor of Science - 1971
    • Honors: Founders Day Award
    • Major: Economics
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