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Education

  • University of Illinois (B.A., cum laude, 1977)
  • University of California School of Law, Los Angeles (J.D. 1982)
  • Phi Beta Kappa

Bar and Court Admissions

  • 1983, California
  • 1983, Alaska
  • 2011, New York

Clerkships

  • Judicial law clerk, Chief Justice Edmond Burke (Alaska)

Ira D. Kharasch

Photo of Ira D. Kharasch
Los Angeles
Tel: 310.277.6910

Mr. Kharasch has significant experience as lead counsel representing debtors, creditors' committees, and other constituencies in chapter 11 corporate reorganizations and out-of-court workouts, and has a proven track record of confirming both creditor and debtor chapter 11 plans of reorganization. He has also been a longstanding member of the firm’s management committee.

Mr. Kharasch is a graduate of the University of Illinois and received his J.D. from UCLA. He holds an AV Preeminent Peer Rating, Martindale-Hubbell's highest recognition for ethical standards and legal ability, and has been named a “Super Lawyer” in the field of Bankruptcy and  Creditor/Debtor Rights in a peer survey conducted by Law & Politics and the publisher of Los Angeles Magazine. He was also listed in the 2018 edition of Best Lawyers in America. Mr. Kharasch is admitted to practice in California, New York and Alaska and is a resident in our Los Angeles office.

Representations

  • Forbes Energy Services: Represented Forbes Energy Services, an independent oilfied services contractor located in Texas with over $330 million of debt. Prior to the chapter 11 filing in Houston, the firm negotiated a restructuring with the bondholders where all their debt was converted to new equity, as well as providing new employment and management incentive contracts for management. A prepackaged plan was confirmed.

  • Pacific Energy Resources: Representing Pacific Energy Resources, an independent energy company that develops and produces oil and gas at its Alaska and California offshore drilling facilities. Pacific Energy had over $500 million in debt and generated over $200 million in revenue at the time of its chapter 11 filing. Pacific Energy's common stock traded on the Toronto Stock Exchange causing it to file a CCAA reorganization proceeding in Vancouver to enforce certain US bankruptcy court orders. The company successfully sold its operations and confirmed a plan, and Mr. Kharasch continues to represent the company as a going concern.
  • Plainwell: Successfully managed the sale, resolved and restructured billions in claims (including $3.2 billion of Superfund claims), and confirmed the reorganization plan as principal bankruptcy counsel for this leading U.S. paper producer.
  • Telogy: Successfully reorganized Telogy, Inc., a Silicon Valley-based, high-tech distribution company that had approximately $100 million in revenue.
  • OwnIt Mortgage Solutions: Represented OwnIt Mortgage Solutions, a Southern California-based subprime mortgage company, in its chapter 11 case. OwnIt originated approximately $8.3 billion in subprime mortgage loans in 2005, filed for bankruptcy in late 2006 and successfully confirmed its plan of reorganization.
  • Specialty Trust: Represented Specialty Trust, a Reno-based Real Estate Investment Trust (REIT), in its chapter 11 case. Specialty Trust managed $203 million in mostly short-term mortgage loans to residential developers and confirmed its plan within 16 months.