Current Employment Position(s)

Partner

Lawyer Overview

Mark F. Hebbeln is a partner with Foley & Lardner LLP, and is a member of the firm's Bankruptcy & Business Reorganizations Practice. He concentrates his practice in corporate restructuring, which includes the representation of indenture trustees, creditors' committees, securitization trustees, assignees for the benefit of creditors, and individual creditors in insolvency proceedings in state and federal courts.

Mr. Hebbeln has represented indenture trustees and bondholder interests in national bankruptcy cases including Remy International, Bally, ASARCO, United Air Lines, Inc., Atlas Air, Mirant Corporation, Kaiser Aluminum, Pacific Gas and Electric Company, Jacobson Stores, and International Utility Structures, Inc. He has also represented indenture trustee and bondholder interests in health care reorganizations, insolvencies and other proceedings. He has extensive experience in representing securitization trustees in insolvency and bankruptcy proceedings and in representing official creditors' committees in chapter 11 proceedings.

Mr. Hebbeln has written extensively on bankruptcy and insolvency, including articles on indenture trustee and bondholder interests, break-up fees and the automatic stay. He has also presented at several conferences, including the 2002 American Bar Association meeting held in conjunction with the National Conference of Bankruptcy Judges, the 2003 Corporate Reorganizations Conference and the 2005 American Bankers Association Capital Markets Conference. Turnarounds & Workouts recognized him as one of 12 outstanding young restructuring lawyers in the nation in 2005 and as one of 14 outstanding young restructuring lawyers in the nation in 2006. He has been selected for inclusion in the 2008 and 2009 Illinois Super Lawyers–Rising Stars® Editions for his bankruptcy work.*

Mr. Hebbeln received his J.D. from Emory University School of Law (1997), where he was an articles editor for the Bankruptcy Developments Journal. He received his bachelor's degree, cum laude, in economics and politics from Wake Forest University (B.A., 1993), where he was admitted to the Pi Sigma Alpha (political science) and Omicron Delta Epsilon (economics) national honor societies.

Mr. Hebbeln is admitted to practice in Illinois and Georgia. He is a member of the American Bar Association, the American Bankruptcy Institute, and the Chicago Bar Association.

Previous and Current Representative Major Bond/Indenture Trustee/Creditor Cases:

ASARCO, Bally Total Fitness, Kimball Hill, Remy International, UAL Corp., Northwest Airlines Corp., FLYi, Inc., Mirant Corp., Atlas Air, Kaiser Aluminum, Conseco, Petro-Geo, HealthSouth, Magellan Health Services, NCS Healthcare, Home Products International, Inc., Redback Networks, United Companies Financial, Globe Manufacturing, Pacific Gas & Electric, Jacobson Stores.

Publications:

• "Tranche Warfare: Leapfrogging Debt Through Exchange Offers," co-authored with Harold L. Kaplan, Corporate Trust Section, ABA (American Bankers Association) Trust & Investments, March/April 2009.
• "BCE Post-Mortem," co-authored with Harold L. Kaplan, Network News column, ABA (American Bankers Association) Trust & Investments, January/February 2009.
• "BCE: Bondholder "Oppression Remedies" Under Canadian Law," co-authored with Harold L. Kaplan, Network News column, ABA (American Bankers Association) Trust & Investments, November/December 2008.
• "Covenants Count: Current CaseLaw," includes News Brief: "Loewen Decision on Trustee Pre-Default Ministerial Conduct," co-authored with Harold L. Kaplan, Network News column, ABA (American Bankers Association) Trust & Investments, September/October 2008.
• "Trusting Trust Accounts -- Comparative Safeguards of Customer Accounts," Corporate Trust section, ABA (American Bankers Association) Trust & Investments, September/October 2008.
•   "Doing Well by Doing Right: The Ethical-Legal Challenge of the Indenture Trustee in an Activist World," co-authored with Harold L. Kaplan, Corporate Trust section, ABA (American Bankers Association) Trust & Investments, July/August 2008.
• "Keeping a Level Playing Field: The Evolution of Discriminatory Consent Solicitations and Exchange Offers," co-authored with Harold L. Kaplan, Corporate Trust section, ABA (American Bankers Association) Trust & Investments, March/April 2008.
• "Aggressive Enforcement of Indenture Covenants: The No-Action Clause in an Activist World," co-authored with Harold L. Kaplan and Daniel Northrop, Corporate Trust section, ABA (American Bankers Association) Trust & Investments, November/December 2007.
• "Indenture Trustee Fees and Expenses in Bankruptcy - A Strategic Consideration Update," co-authored with Harold L. Kaplan and Daniel Northrop, Corporate Trust section, ABA (American Bankers Association) Trust & Investments, May/June 2007. 
•   "Update on Trustee Litigation in the United Airlines Case: Lease Recharacterization," co-authored with Harold L. Kaplan and Daniel Northrop, Network News column, ABA (American Bankers Association) Trust & Investments, May/June 2007 (part 2 of 2).
• "Update on Trustee Litigation in the United Airlines Case: Lease Recharacterization," co-authored with Harold L. Kaplan and Daniel Northrop, Network News column, ABA (American Bankers Association) Trust & Investments, March/April 2007 (Part I of 2).
•   "Denial of Antitrust Claims Against United EETC Trustees," co-authored with Harold L. Kaplan and Daniel Northrop, Network News column, ABA (American Bankers Association) Trust & Investments, January/February 2006.
•   "The Impact of New Bankruptcy Legislation on Indenture Trustees," co-authored with Harold L. Kaplan and Daniel Northrop, Corporate Trust section, ABA (American Bankers Association) Trust & Investments, July/August 2005.
•   "Indenture Trustees and Lease Recharacterization," co-authored with Tracy L. Treger and Harold L. Kaplan, Corporate Trust section, ABA (American Bankers Association) Trust & Investments, March/April 2005.
•   "Is ‘Lease' a Financing Agreement in Disguise? Rights of Both Sides Hinge on the Answer," The Journal of Corporate Renewal, July 2004 (with Tracy L. Treger).
•   "Indenture Trustee Fees and Expenses in Bankruptcy: Theory and Practice," co-authored with Harold L. Kaplan, Corporate Trust section, ABA (American Bankers Association) Trust & Investments, May/June 2004.
•   Contributing Author, 2002, Wiley Law Update.
• "MSRB Proposes Rules for Communicating with Beneficial Owners," co-authored with Harold L. Kaplan, ABA (American Bankers Association) Trust & Investments, May/June 2001.
•   "Saga Continues in Eastern Case," co-authored with Harold L. Kaplan, ABA (American Bankers Association) Trust & Investments, May/June 2001
•   "Prepetition Waivers of the Automatic Stay in Bankruptcy: The Economic Case for Nonenforcement," 115 Banking L.J. 126, February 1998.
•   "The Economic Case for Judicial Deference to Break-Up Fee Agreements in Bankruptcy," 13 Bankr. Dev. J. 475, Spring 1997.

*The Illinois Supreme Court does not recognize certifications of specialties in the practice of law and no award or recognition is a requirement to practice law in Illinois.

Areas of Practice

• Corporate Restructuring
• Corporate & Securities

Bar Admissions

• Illinois
• Georgia

Professional Associations and Memberships

• American Bar Association
• American Bankruptcy Institute
• Chicago Bar Association

Education

• Emory University School of Law, Atlanta, Georgia, 1997
  J.D.
  
  Law Journal: Bankruptcy Developments Journal, Articles Editor
• Wake Forest University, 1993
  B.A.
  Honors: cum laude
  Honors: Pi Sigma Alpha (Political Science) National Honor Societies
  Honors: Omicron Delta Epsilon (Economics) National Honor Societies
  Major: Economics
  Major: Politics

Published Works

• "Doing Well by Doing Right: The Ethical-Legal Challenge of the Indenture Trustee in an Activist World", ABA (American Bankers Association) Trust & Investments, July/August, 2008
• "Keeping a Level Playing Field: The Evolution of Discriminatory Consent Solicitations and Exchange Offers", ABA (American Bankers Association) Trust & Investments, March/April, 2008
• "Aggressive Enforcement of Indenture Covenants: The No-Action Clause in an Activist World", ABA (American Bankers Association) Trust & Investments, November/December, 2007
• "Indenture Trustee Fees and Expenses in Bankruptcy - A Strategic Consideration Update", ABA (American Bankers Association) Trust & Investments, May/June, 2007
• "Update on Trustee Litigation in the United Airlines Case: Lease Recharacterization", ABA (American Bankers Association) Trust & Investments, May/June, 2007
• "Update on Trustee Litigation in the United Airlines Case: Lease Recharacterization", ABA (American Bankers Association) Trust & Investments, March/April, 2007
• "Denial of Antitrust Claims Against United EETC Trustees", ABA (American Bankers Association) Trust & Investments, January/February, 2006
• "The Impact of New Bankruptcy Legislation on Indenture Trustees", ABA (American Bankers Association) Trust & Investments, July/August, 2005
• "Indenture Trustees and Lease Recharacterization", ABA (American Bankers Association) Trust & Investments, March/April, 2005
• "Is Lease' a Financing Agreement in Disguise? Rights of Both Sides Hinge on the Answer", The Journal of Corporate Renewal, July, 2004
• "Indenture Trustee Fees and Expenses in Bankruptcy: Theory and Practice", ABA (American Bankers Association) Trust & Investments, May/June, 2004
• "MSRB Proposes Rules for Communicating with Beneficial Owners", ABA (American Bankers Association) Trust & Investments, May/June, 2001
• "Saga Continues in Eastern Case", ABA (American Bankers Association) Trust & Investments, May/June, 2001
• "Prepetition Waivers of the Automatic Stay in Bankruptcy: The Economic Case for Nonenforcement", 115 Banking L.J. 126, February, 1998
• "The Economic Case for Judicial Deference to Break-Up Fee Agreements in Bankruptcy", 13 Bankr. Dev. J. 475, Spring, 1997

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