To mark International Women’s Day, the ION Analytics team, including reporters and analysts at Creditflux, Debtwire, Mergermarket, Dealreporter, Cybersecurity Law Report, Hedge Fund Law Report, Private Equity Law Report, and Anti-Corruption Report have interviewed outstanding women in their respective jurisdictions and fields.

It is our honor to highlight these women and their accomplishments and contributions to their industries and share some of their insights and perspectives. These lawyers, advisors, and consultants from around the world specialize in private equity, restructuring, mergers and acquisitions, hedge funds, anti-corruption, data privacy, and more. We hope these remarkable women inspire you as much as they do us.

In this article, Sara Tapinekis, Global Head of Legal Analysis at Debtwire, profiles notable women in the restructuring field, including (i) Hon. Shelley C. Chapman (Ret.), senior counsel in the restructuring group at Willkie Farr & Gallagher (ii) Kelli Stephenson Norfleet, a partner and Chair of the restructuring group at Haynes & Boone, (iii) Lindsey Henrikson, a partner in the financial restructuring group at Paul Hastings, and (iv) Andriana Georgallas, a partner in the restructuring department at Weil, Gotshal & Manges.

Hon. Shelley C. Chapman (Ret.)

Senior Counsel, Restructuring, Willkie Farr & Gallagher

Hon. Shelley C. Chapman (Ret.) is Senior Counsel in the Restructuring Department and Chair of the Alternative Dispute Resolution practice at Willkie Farr & Gallagher. Prior to re-joining Willkie in 2022, she served as US Bankruptcy Judge for the Southern District of New York beginning in 2010. A widely-recognized leader of the bankruptcy bar, Judge Chapman oversaw the Lehman Brothers Holdings bankruptcy case – the largest bankruptcy case in history – among others.

She has acted as a court-appointed mediator in numerous complex Chapter 11 cases, including Windstream, Frontier Communications, Madison Square Boys & Girls Club, Sears Holdings, FTX Trading, Endo International, Rite Aid, Robertshaw US Holding, Exactech, the Diocese of Rochester, the Diocese of Syracuse, the Roman Catholic Diocese of Rockville Centre, and Ascend Performance Materials Operations.

Judge Chapman is currently serving as the lead mediator in the PROMESA/Title III case of The Puerto Rico Electric Power Authority (PREPA)/The Commonwealth of Puerto Rico and as a court-appointed mediator in the Chapter 11 cases of Purdue Pharma and Serta Simmons Bedding. She also currently serves as the Future Claims Representative in the Chapter 11 case of Whittaker, Clark & Daniels.

What leadership qualities do you think female attorneys bring to the profession that are sometimes overlooked?

This is a delicate and interesting question. With the caveat that the qualities I will mention are certainly found in lawyers of every gender, I would note two qualities that in my view are often overlooked in female attorneys. The first is the ability to build consensus, an invaluable skill in all walks of life and one that takes an attorney to the next level in all areas of the law. The second is the ability to multi-task, a super-power in the high stakes, 24/7 world lawyers must navigate today.

What advice do you have for younger women starting out their career in restructuring?

Be bold. Take risks. Speak up. And above all, re-examine your priorities on a regular basis.

To what extent do you think litigation challenging cooperation agreements will impact lenders’ strategic decisions or facilitate liability management exercises?

Only one thing is certain: litigation challenging cooperation agreements will be intense and interesting. Even before the current slew of LME litigation, I think many parties to cooperation agreements learned that such agreements can both help and constrain them, often in unanticipated ways. The “all for one, one for all” spirit and strategy of a cooperation agreement initially drafted for an LME transaction may not produce the exact results parties intended when it is subjected to the litigation process. There are inevitably unanticipated twists arising from discovery, settlement discussions, mediation, and trial. Before we get more clarity from courts, it is hard to predict how lenders are going to react, but LMEs do not yet appear to be slowing down. While the trajectory of lender decision-making remains uncertain for now, history demonstrates that innovative financial product structuring is here to stay.

Kelli Stephenson Norfleet

Partner, Chair, Restructuring, Haynes & Boone

Kelli Norfleet is a Partner and Chair of the Restructuring Practice Group at Haynes and Boone. Kelli represents clients in connection with business bankruptcy and insolvency law and related litigation, financings, dispositions, and other restructuring transactions. She has represented a variety of stakeholders in some of the largest recent Chapter 11 cases, including cases filed by J.C. Penney, Neiman Marcus Group, and McDermott International, and she is currently representing Saks Global Enterprises in its Chapter 11 case.

She is also active in professional organizations, serving as Co-Chair of the American Bankruptcy Institute’s Secured Credit Committee and holding leadership positions with the International Women’s Insolvency & Restructuring Confederation (Houston Chapter) and the Bankruptcy Law Section of the State Bar of Texas. Kelli has been recognized by Chambers USA and The Best Lawyers in America and was recently selected for induction as a Fellow of the American College of Bankruptcy.

What leadership qualities do you think female attorneys bring to the profession that are sometimes overlooked?

In my experience, many of the people who are successful in restructuring are good collaborators. Not only do they take a collaborative approach to build consensus around a particular solution to a problem, but they also build good teams around them. In a practice with so many varied interests in a given case, being able to consider many different perspectives is often the key to finding a path forward and solving the client’s problem. Developing skills in social intelligence and empathy can help professionals understand different perspectives and motivate others, both in their cases and on their own teams, to work together towards a common goal or solution.

What advice do you have for younger women starting out their career in restructuring?

When I was starting out in restructuring as a young lawyer, a woman who had been practicing for decades longer than I had gave me a simple piece of advice: sit at the table. Sit at the table in the meeting with clients and opposing counsel. Sit at counsel table in the courtroom. Even if you are not leading the matter, you can still contribute, and it is much easier to contribute when you are sitting with everyone else rather than off to the side or in the back of the room.

Relatedly, know what you bring to the table, and do not be afraid to speak up. Chances are the hours you spent drafting the brief or sitting through negotiations give you a perspective that is helpful to the partner who is pulled in many different directions.

Lastly, I would recommend that young women starting out in restructuring seek out mentors and sponsors in the restructuring space to help guide, advise, encourage, and promote them along the way. I have been incredibly lucky to have a team of mentors and sponsors at Haynes Boone, but I also developed friendships with more senior women at other firms from working with them on cases and getting to know them through women’s organizations like IWIRC. They have helped me with practical advice, encouragement, and networking throughout my career, and I do not think I would have lasted this long in the restructuring field without their support.

To what extent do you think litigation challenging cooperation agreements will impact lenders’ strategic decisions or facilitate liability management exercises?

While commentators have deliberated whether the litigation challenging cooperation agreements will eliminate or significantly curtail their use, litigation often shapes the contours of a contractual arrangement rather than eliminating it. Take, for example, oil and gas gathering agreements and the issue of whether the mineral dedication provisions were covenants running with the land (preventing their rejection in bankruptcy), which was heavily litigated in several bankruptcy cases during the last oil and gas downturn. Midstream companies altered the way they drafted those provisions, but the use of those provisions ultimately continued. Where there is a strong desire to achieve certain protections, sophisticated commercial parties will find a way to draft around adverse litigation outcomes. If there is a strong desire to keep the protections of cooperation agreements going forward, lenders will continue to find creative ways to draft agreements to obtain those protections.

Lindsey Henrikson

Partner, Financial Restructuring, Paul Hastings

Paul Hastings Financial Restructuring partner Lindsey Henrikson has represented Antares Capital in the Shoes for Crews bankruptcy case and lead lender-side negotiations in Acorda Therapeutics’ bankruptcy case, securing DIP financings, credit bids and value-maximizing outcomes.

The American Bankruptcy Institute recognized her as one of 2025’s “40 Under 40” honorees. The same year, she also was ranked by Chambers as Up and Coming, recognized as a Law360 Rising Star and named one of Turnarounds & Workouts’ “Outstanding Young Restructuring Lawyers.”

What leadership qualities do you think female attorneys bring to the profession that are sometimes overlooked?

Individuality. I think that especially coming out of COVID where the lines between work and home were blurred, there is now more flexibility for female attorneys to embrace their own leadership styles, as there is no one size fits all mold to good leadership. I think that in turn allows associates and other attorneys to feel comfortable developing and leaning into their own abilities – and being able to lead in a way that is most natural to you and bring out those parts in others is an amazing strength.

What advice do you have for younger women starting out their career in restructuring?

Network! But don’t make it a chore. Grab dinner with interesting people you meet at events, go get drinks with colleagues and old friends from law school who are in town, go to a seminar on a topic you are interested in and talk to other attendees. Networking is critical to your success, but it should also be a natural and easy part of your progression. Find people you connect with and who share similar interests and keep in touch—you never know where you or they may end up. The legal community is smaller than you think and after a few years of practice you’ll be surprised how familiar the faces are, and those faces are potential clients, mentors and friends that will help shape your career, often in unexpected ways.

To what extent do you think litigation challenging cooperation agreements will impact lenders’ strategic decisions or facilitate liability management exercises?

As with any restructuring hot topic, I think there will be different reactions and pivots to the ongoing litigation depending on what side of the coin lenders find themselves on. But at the end of the day creative lawyers will always find ways to transact within loan documents (whether on the borrower or creditor side, and with or without cooperation agreements). I suspect the litigation will not change the key goals – maximizing opportunities and maintaining relationships – both of which will remain critical for borrowers to access capital and for lenders to be repaid in full.

Andriana Georgallas

Partner, Restructuring, Weil, Gotshal & Manges

Andriana advises debtors, creditors, equity holders, and other interested parties in domestic and international restructurings, distressed asset sales, distressed financings, liquidations, and liability management transactions. She currently is advising Everstream in its USD 1bn Chapter 11 case and pending sale to Bluebird where, among other things, she helped secure a USD 100m auction price increase and negotiate a global stakeholder settlement incorporated into the confirmed plan. She also represents First Brands in its Chapter 11 cases where, among other things, she helped obtain court approval of USD 1.1bn in new money DIP financing.

Crain’s New York Business named Andriana to its 2026 “Notable Women in Law” and in 2025 she was recognized as one of the American Bankruptcy Institute’s “40 Under 40.”

What leadership qualities do you think female attorneys bring to the profession that are sometimes overlooked?

In today’s restructuring market where negotiated solutions often outperform litigation-driven outcomes, building consensus among stakeholders with diverging interests is paramount. Great leaders encourage collaboration without sacrificing momentum. They do this by stabilizing difficult situations and creating trust—reading the room, defusing tensions, and understanding what motivates people. In high-stakes negotiations, those skills are often the “x factor” that gets deals done. Many female attorneys have honed this leadership style which is oftentimes the quiet driver of a successful result.

Historically, Weil has had many women leaders in our Restructuring Department – literally spanning generations. Many of these women were also mothers with full and relatable lives outside the office. They embodied the leadership qualities I’ve mentioned, and their success was supported by an environment at the Firm that genuinely values collaboration. I think about these women often and I try to emulate them in both how I lead and how I show up for the people around me.

What advice do you have for younger women starting out their career in restructuring?

Two things. First, don’t wait until you feel ready. Raise your hand for that assignment, ask to join that meeting, and step into something new. You’ll grow by doing. And, by doing, you’ll build confidence and trust not only in yourself, but in those around you. Second, the relationships you form early on will be key to your development. Nurture them – internally, through mentorship, and externally, by building connections with your peers, advisors, and clients. Bonds take time, but by investing early you’ll build meaningful relationships that will enrich your career for years to come.

To what extent do you think litigation challenging cooperation agreements will impact lenders’ strategic decisions or facilitate liability management exercises?

The industry is definitely paying attention to this one but, so far, it hasn’t sparked meaningful changes to the prevalence of coop agreements and/or material changes in behavior of coop participants or LME dynamics. If anything, feels a bit “business as usual” with coops of various sizes and constellations negotiating with borrowers with respect to liability management opportunities. Even pre-coop litigation, we were seeing larger coop groups incorporating technology to allow for differential treatment amongst the members to avoid a coop being a blocker to getting to a deal. It seems like this trend is here to stay (for now).

Prior to joining Debtwire, Sara was a law clerk to two judges in the United States Bankruptcy Court, S.D.N.Y. and practiced in the Financial Restructuring Group at Clifford Chance, where she represented financial institutions (as secured and unsecured creditors, defendants in adversary proceedings, and participants in DIP financings) in high-profile restructurings. She also represented foreign representatives in Chapter 15 cross-border cases.

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