To mark International Women’s Day, the women of ION Analytics, including reporters and analysts at Debtwire, MergerMarket, Dealreporter, Cybersecurity Law Report, Hedge Fund 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 Part VI of this eight-part series, Debtwire legal analyst Sara Tapinekis and court reporter Kennedy Rose profile notable women in the restructuring field, including (i) Rachael Ringer Partner and Co-Head, Distressed Investing, Kramer Levin Naftalis & Frankel, (ii) Anna Deknatel, Of Counsel, Special Situations, Quinn Emanuel Urquhart & Sullivan, (iii) Lisa Laukitis, Partner, Financial Restructuring Group, Milbank, and (iv) Caroline Reckler, Partner, Restructuring & Special Situations, Latham & Watkins.

Part I of the ION Analytics’ Women to Watch series 

Part II of the ION Analytics’ Women to Watch series 

Part III of the ION Analytics’ Women to Watch series 

Part IV of the ION Analytics’ Women to Watch series 

Part V of the ION Analytics’ Women to Watch series  

Rachael Ringer, Partner and Co-Head, Distressed Investing, Kramer Levin Naftalis & Frankel

Rachael has extensive experience advising ad hoc and official creditor groups in some of the highest profile (and contentious) Chapter 11 cases, including the (i) parent ad hoc claimant group in the cross-border case of LATAM Airlines, (ii) official committees of unsecured creditors in Rite Aid, Boy Scouts of America, which had a marathon 21-day confirmation trial, Hexion, Toys “R” Us, which one advisor characterized as “probably” the largest liquidating retail case in US history, and Endo International, and (iii) ad hoc committee of governmental claimants in the Purdue Pharma case, which yielded arguably the most notable restructuring-related US Supreme Court ruling in recent history.

To what extent do you think that liability management exercises will play a role in reducing Chapter 11 filings by large companies, and what other impacts have you seen, or do you expect to see, from the increase in these transactions?  

Liability management exercises have certainly increased in popularity (and coverage) in recent years, though they have been in existence – in some form – for much longer.  I think that they will only ever be limited by the creativity of restructuring professionals, which means we will continue to see these exercises and transactions evolve alongside court rulings and tightened documentation. So while I think in the most immediate term they may reduce Chapter 11 filings by large companies, I think that this will only be temporary. I would expect that the additional runway that many of these transactions create will eventually run out, and we’ll start to see more post-LME Chapter 11 filings, which brings its own complexities as to how that may impact creditor leverage in those cases.

According to a 2024 article “Women in the Legal Profession” published by the American Bar Association, women constitute roughly 50% of law students, federal government lawyers, and law firm associates, but men continue to dominate the upper levels of the legal profession. Similarly, in 2023, McKinsey & Co found that women comprise approximately 20% of managing director and partner roles in private equity. To what extent have you observed there to be a reduced number of women in senior positions and what advice would you give to women who aspire to these positions? 

There remains a lot of work yet to be done to facilitate gender parity in the legal profession – particularly in senior roles. But I have been pleasantly surprised that the trends appear positive, and I am seeing more women at the table and in leading roles than I was just a few years ago.  Last year, I had the pleasure of leading the representation of the official creditors’ committee on Rite Aid, and often found myself on key negotiating calls that were predominantly led by women (including Aparna Yenamandra leading on the Debtor side, who was profiled by Debtwire last year!), and nearly every legal team for key parties in the case had women serving important or leading roles on their respective teams, which was inspiring. And even internally we have women that are junior, mid-level, and senior associates that I expect will have long, successful careers ahead of them and will soon be growing themselves into more senior roles on their cases. From an advice standpoint, I have found it important to take advantage of all of the resources available – internally and externally – to be able to progress your career, without needing to sacrifice other aspects of life that often disproportionately fall on women, and to find the right support system (both men and women) who know your aspirations and will help you achieve them.

What is the first big project that you took the lead on, and what did you learn from it?

There were a lot of smaller projects – or projects within projects – that I had the opportunity to lead throughout the years, but the first one where I felt I was truly out front was when I was a senior associate, on the precipice of making partner, and got an inbound from a client on Christmas eve about a representation of a consortium of funds in connection with a multi-billion-dollar bid for certain claims in a bankruptcy case on a very tight timeline. It was one of the most grueling, but rewarding, experiences of my career at that point, and I quickly learned that projects and opportunities are really what you make of them: I poured myself into the case, worked collaboratively with the client group, and found myself growing as an attorney in real-time while simultaneously fostering important relationships with the client group that have stood the test of time.

Anna Deknatel, Of Counsel, Special Situations, Quinn Emanuel Urquhart & Sullivan 

Anna has been at the forefront of one of the largest trends in restructuring, representing parties in lawsuits concerning disputes over up-tier transactions in TriMark USA, Boardriders, and Wesco Aircraft Holdings (Incora). Anna has been recognized in 2024 and 2025 by The Best Lawyers in America: Ones to Watch for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law.

To what extent do you think that liability management exercises will play a role in reducing Chapter 11 filings by large companies, and what other impacts have you seen, or do you expect to see, from the increase in these transactions? 

Liability management exercises seem to be here to stay. We have seen companies land in bankruptcy despite an LME, so it’s not a panacea, especially if the transaction generates litigation. But those cases remain well outnumbered by LMEs that have helped avoid a bankruptcy filing. Overall LMEs should continue to offer a meaningful out-of-bankruptcy route to restructure and recapitalize and, at minimum, extend runway to forestall Chapter 11.

While tracking market impacts is outside my wheelhouse, one shift we have seen is increased consideration of litigation risk at the transactional phase. The law continues to develop, with high-profile rulings such as the Fifth Circuit’s reversal of bankruptcy court approval for the Serta transaction. But the legal landscape is still uncertain, and even appellate precedent can have limited application, given that LMEs hinge on granular technicalities of complex and distinct agreements. So we are seeing an increased interest in getting litigators in the room (so to speak) with the transactional team, to kick the tires on new transactions and apply insights from past LME litigation at the front end, rather than waiting to be reactive to litigation threats.

According to a 2024 article “Women in the Legal Profession” published by the American Bar Association, women constitute roughly 50% of law students, federal government lawyers, and law firm associates, but men continue to dominate the upper levels of the legal profession. Similarly, in 2023, McKinsey & Co found that women comprise approximately 20% of managing director and partner roles in private equity. To what extent have you observed there to be a reduced number of women in senior positions and what advice would you give to women who aspire to these positions? 

Although the legal profession has made strides bringing women in the door, there is certainly more to do to value and support female leaders. I am aware that the transformation of this profession is recent history, and am grateful to have mentorship from women who climbed into legal leadership when these rooms were far closer to all male, including both the judges I was fortunate to clerk for. My godmother graduated from law school in 1970 as one of the few women in her class; she entered a nearly all-male profession, but thrived and made a path to partnership. Mentors like these offer invaluable wisdom on navigating those environments, and understanding the change they accomplished buoys my sense of what is possible.

From there, I think the advice is both well-worn and complex in practice: find people to work for who not only support women, but who understand the value to their teams and clients of an array of perspectives and skill sets; don’t be the one to say no to yourself; look to those above you for guidance, and pull those behind you up.

What is the first big project that you took the lead on, and what did you learn from it?

Out of college, I worked on local political campaigns, a setting where you can be the communications director one minute, training a candidate or volunteer the next, and drafting a political mailer the next. Where being the “lead” is as much about a title as stepping up to do what needs to get done. In addition to major task juggling, that setting taught me strategic planning and judgment—how to look at issues from all sides, to take initiative to prevent and solve problems, and to be self-aware enough to know when to ask for help. I still use all those skills today. Litigation can resemble a campaign, and I’m grateful to be on teams that share that culture—thinking creatively and collaboratively on tight deadlines, taking on tasks ostensibly above or below your seniority, approaching problems with both rigor and flexibility.

Lisa Laukitis, Partner, Financial Restructuring Group, Milbank 

Lisa Laukitis has more than 25 years of experience in corporate restructuring, largely representing companies restructuring both in and out of court. Laukitis has served as debtors’ counsel in cases including Endo International and LL Flooring Holdings Inc (Lumber Liquidators), and she has also represented the ad hoc lenders in Voyager Aviation Holdings LLC and as counsel to the Chapter 11 trustee and plan administrator in China Fishery Group Peru Singapore. She has been recognized as one of Crain’s New York Business’ 2023 Notable Women in Law and one of The Deal’s Top Women in Dealmaking for M&A, and Laukitis was recently selected as a fellow of The American College of Bankruptcy.

To what extent do you think that liability management exercises will play a role in reducing Chapter 11 filings by large companies, and what other impacts have you seen, or do you expect to see, from the increase in these transactions? 

Liability management will likely reduce the number of Chapter 11 filings in the near term, as companies are able to access additional liquidity that might not otherwise be available and to push out maturities, resulting in more runway to turn things around. Chapter 11 will remain a valuable tool for effectuating operational restructurings and financial restructurings, particularly where complex capital structures exist or where or where cross-border restructurings are necessary.

According to a 2024 article “Women in the Legal Profession” published by the American Bar Association, women constitute roughly 50% of law students, federal government lawyers, and law firm associates, but men continue to dominate the upper levels of the legal profession. Similarly, in 2023, McKinsey & Co found that women comprise approximately 20% of managing director and partner roles in private equity. To what extent have you observed there to be a reduced number of women in senior positions and what advice would you give to women who aspire to these positions? 

I actually think the numbers of senior women are improving, but are still at relatively low levels given the percentage of women entering the workforce in these areas. When I started practicing in the late 90s, rarely was there another woman in the conference room or courtroom with me. Since then, there have been a number of strides made by women in the industry, including more women in leadership roles at prominent restructuring practices and, more recently, more women serving in independent director roles. Investment banking and funds may be areas that continue to lag in terms of woman leaders.

When speaking to younger women in our industry, I often encourage them to be deliberate about any decisions to downsize their roles in anticipation of, or as a result of, a shift in their family dynamics or other personal aspirations. While there will never be perfect balance in a client service business, more senior roles may afford a bit more flexibility. And while I work hard to be a mentor and role model for the women on my teams and on the deals I am working on, not every woman will have the opportunity to work with a more senior woman. Given the realities of representation, it’s critically important for women to identify male mentors and sponsors who are willing to invest in them and act as sponsors to help advance their careers. Women should not be afraid to be assertive about their career goals and ask for the opportunities that are necessary to bolster their qualifications. Women should also prioritize their networks and look to create their own opportunities for business development, since being a great lawyer is not enough to warrant progression.

What is the first big project that you took the lead on, and what did you learn from it?

The first Chapter 11 case that I had full responsibility for was in 2005 for The Boyds Collection, a teddy bear company, of all things. The company was private equity owned, and it was the first case where I was the lead in both the boardroom and the courtroom. During that case, I learned a number of important things, including:

1) The importance of strong leadership; the CEO Jan Murley was a very strong operational manager and also compassionate leader. I really saw the strain on her and other members of management who were trying to navigate a complex restructuring process while also worrying about keeping their teams together and motivated during a very stressful time in the life cycle of the company and in their employees’ lives. In every company-side case I have worked on since then, making sure management feels understood and supported has been a key goal,

2) You are only as good as your team; no one can do these complex engagements alone, and it’s important to be appreciative of the talents and hard work of others and to provide opportunities for people to stretch in their roles, and

3) The benefits of having a constructive relationship with opposing counsel; a good working relationship with other advisors can make cases much more efficient and cost-effective; the fact that we could be straight with each other and established a level of trust enabled us to cut through a lot of red tape and posturing to get to a good result quickly and preserve stakeholder value.

Caroline Reckler, Partner, Restructuring & Special Situations, Latham & Watkins 

Caroline Reckler represents debtors in restructuring and special situations, having advised companies including Accuride Corporation, GNC Holdings and Alta Mesa Resources. She is a fellow in the American College of Bankruptcy, and she also serves as chair of Latham’s Women Enriching Business initiative and as chair of the Chicago office’s financial department.

To what extent do you think that liability management exercises will play a role in reducing Chapter 11 filings by large companies, and what other impacts have you seen, or do you expect to see, from the increase in these transactions? 

Fundamentally, liability management transactions are simply the company and the lenders finding ways to give the company time to see if an improved outcome is possible. In that sense, from the company’s standpoint, LM presents an opportunity to stave off, and in the best case avoid, a bankruptcy filing. For their cooperation, participating lenders get substantial benefits, which may include downside protection and enhancement of their recoveries if, despite the parties’ best efforts, the company finds itself in Chapter 11 later. Given the potential for a “win-win” outcome, LM transactions are often an attractive option for distressed companies and their stakeholders. The viability and success of LM transactions are not hypothetical.  My colleagues and I have advised on many successful LM transactions which were clear and undeniable economic successes.

With interest rates currently elevated, and a large number of companies overleveraged, we expect to see robust liability management transaction activity as companies pursue that route before pivoting to an in-court option, and the costs that entails.

According to a 2024 article “Women in the Legal Profession” published by the American Bar Association, women constitute roughly 50% of law students, federal government lawyers, and law firm associates, but men continue to dominate the upper levels of the legal profession. Similarly, in 2023, McKinsey & Co found that women comprise approximately 20% of managing director and partner roles in private equity. To what extent have you observed there to be a reduced number of women in senior positions and what advice would you give to women who aspire to these positions? 

While I would love to see more women in senior positions, I am encouraged by my own experience of practice in the restructuring space over the last 20+ years. I have seen significant positive change throughout the legal profession — from the courtroom to the boardroom. I am encouraged to see women in all parts of our industry actively participating in senior roles in ways that they were not when I first started my practice. Change doesn’t happen overnight, but it does accelerate – an increase in women in senior positions now should lead to an even greater increase in women in senior positions in the future. And, women are making significant progress. At Latham in particular, there are many reasons for this change, including an unwavering commitment by my firm and my colleagues to tackle this issue head on. I am optimistic that these numbers will be even more positive by the end of my career.

As for advice: Run your own race. Focus on what you can control. Be the best version of yourself each day. Advocate for yourself. Be intentional. Take control of and affirmatively drive your career forward; nobody is going to do that for you, but if you are proactive, you will find sponsors and mentors to help guide you along the way and on whom you can lean for support. The best leaders take the blame and share the credit and the best oral advocates are also the most patient listeners. Recognize that there are going to be good days and bad days; celebrate the good ones with your team and dust yourself off after a bad day and move on.

What is the first big project that you took the lead on, and what did you learn from it?

It was not the first, but an early experience where I took the lead that comes to mind was my work on the A123 bankruptcy which involved a public US company that had received a grant from the Obama administration and ended up filing for bankruptcy and selling its assets to a Chinese buyer over the objection of a US buyer, all during a contentious presidential election cycle and uncertain regulatory times. It was a project that taught me to embrace complexity and the challenges beyond the board room and court room. I also learned how to work effectively with Latham colleagues who have experience and insight into the many different elements of complex, multi-jurisdictional bankruptcies. I learned to block out the noise and to focus on the substance and the practical needs of my client and that the pen is indeed mightier than the sword. I also learned to focus on what I can control, but to be strategic in anticipating what’s around the corner. It really brought home to me the importance and value of being part of a full-service firm that was able to address not just the restructuring needs of our client but also all of its other litigation, M&A, finance, tax and regulatory needs associated with such a complex matter.