James Sprayregen, a prominent figure in U.S. bankruptcy law, has left Kirkland & Ellis's corporate restructuring practice to join Hilco Global as Vice Chairman. Hilco Global, a private financial advisory firm, announced his appointment on March 19, 2024. Sprayregen will advise founder and CEO Jeffrey Hecktman and collaborate with other key executives in the Office of the Chairman, including David Kurtz, who joined from Lazard in late 2023.
Sprayregen was instrumental in establishing Kirkland & Ellis's restructuring practice, building it over three decades into a leading firm for distressed companies. His extensive client list includes major entities such as casino operator Caesars, retailer Toys "R" Us, United Airlines, and Energy Future Holdings. Kirkland's restructuring attorneys, numbering over 300, charge up to $2,465 per hour for their services. The firm has also been noted for its role in shifting large corporate bankruptcy filings to Houston, moving away from traditional venues like Delaware and Manhattan.
This is not Sprayregen's first departure from Kirkland. He previously left in 2006 for a three-year stint as co-head of the Restructuring Group at Goldman Sachs, returning to Kirkland at the end of 2008. Hilco Global and Kirkland & Ellis have often collaborated on major bankruptcy cases, such as the Toys "R" Us restructuring. Hilco Global, which employs approximately 900 people, offers a wide array of services including capital provision, asset valuation, and the disposition of inventory and intellectual property. The firm is currently involved in high-profile projects, such as assisting WeWork in lease renegotiations and redeveloping a 1,300-acre former refinery site in Philadelphia.
