Lisa A. Holl Chang

Restructuring, Distressed Real Estate, Special Situations


Lisa Holl Chang advises clients in out-of-court restructurings, workouts and liability management transactions, Chapter 11 proceedings, enforcement actions, cross-border restructurings, and other reorganization proceedings. Lisa’s expertise includes intercreditor issues that arise in debt financing transactions and reorganizations, such as first/second lien loans, split-lien financings, mezzanine financings, unitranche structures and subordination agreements. Lisa regularly represents a wide variety of commercial banks, agent banks and lending syndicates, private credit lenders and other alternative credit providers, companies, indenture trustees and other parties-in-interest in all types of distressed situations.


Lisa’s representative matters include:

  • Represented the administrative agent and revolving lender group of a $1.5 billion revolving and term loan facility in the open-market debt exchange and restructuring of $2.9 billion secured and unsecured debt of The GEO Group Inc. The Global M&A Network recognized this matter as the “Out of Court Restructuring of the Year – Large” in the 2023 Turnaround Atlas Awards.
  • Represented the administrative agent under the $500 million syndicated, multi-lender, pre-petition revolving credit facility to Brazos Electric Power Cooperative, Inc. in its Chapter 11 case, resulting in a recovery of over 92 cents on the dollar for the primarily unsecured claims of the lending group.
  • Represented GWG Holdings, Inc. and certain of its subsidiaries, a publicly-traded life settlements and alternative investments company, in their Chapter 11 cases, culminating in plan confirmation and successful emergence from Chapter 11 in June 2023, resolving more than $2.1 billion in debt.
  • Represented a privately-held poultry company in connection with its out-of-court restructuring of over $700 million of existing debt and raising $250 million of new capital from existing lenders. The comprehensive restructuring led to a profitable sale of the company to a major private equity firm.
  • Represented Goldman Sachs Lending Partners LLC, as sole structuring agent and lead left arranger and bookrunner and Goldman Sachs Bank, as administrative agent, on a first-of-its-kind $6.8 billion financing consisting of $3.8 billion of senior secured high yield bonds and $3 billion of senior secured institutional term loans to MileagePlus Holdings, LLC, a direct wholly-owned subsidiary of United Airlines, Inc., with each of the loans and bonds secured by United Airlines’ loyalty program, MileagePlus and subject to a parent guarantee by United Airlines, Inc. and United Airlines, Holding Inc. and guarantees by certain other subsidiaries of United. This innovative transaction involved the contribution of intellectual property of the MileagePlus program to a newly formed offshore subsidiary that was structured to be bankruptcy remote.
  • Represented bond trustee, collateral agent and offshore accounts bank in the restructuring of Odebrecht Oil & Gas and its subsidiaries and affiliates, which was awarded “Restructuring Deal of the Year” by both the International Financial Law Review and Latin Lawyer. The restructuring involved working with multiple constituencies to successfully restructure more than $2.5 billion of secured notes through proceedings in Brazil and the United States.
  • Represented a large U.S. financial institution and a premier loan agency service company, as agents for syndicates of banks, in connection with the workout, restructuring and multijurisdictional insolvency cases of Waypoint Leasing Holdings Ltd. and its various subsidiaries. This deal was awarded “Restructuring of the Year ($1B to $10B)” at the 2019 M&A Advisor Turnaround Awards.

Related Services & Industries


  • Lisa was recognized by the Chicago Alliance Against Sexual Exploitation as “Pro Bono Superstar of the Year” in 2018 for her representations of survivors of sex trafficking in vacating prostitution convictions under Illinois law.


  • University of Southern California, BS, cum laude
  • University of Wisconsin Law School, JD, summa cum laude
    Order of the Coif; Salmon Dalberg Award (outstanding member of the graduating class); Managing Editor, Wisconsin Law Review


  • Wisconsin
  • Illinois


  • Chinese