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Erin Fay
Partner
Corporate
Wilmington, DE
efay@wsgr.com

D302-502-8404

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  • Deep Understanding of Restructuring and Distress

    Erin has significant experience advising clients on restructuring and bankruptcy matters, including debtors, lenders, individual creditors, equity holders, official committees, ad hoc committees, and others in proceedings under the Bankruptcy Code, wind down alternatives, and out-of-court restructurings.

Erin Fay is a partner in the Delaware office of Wilson Sonsini Goodrich & Rosati, where she is a member of the restructuring practice. In Chapter 11 cases, Erin represents a variety of clients, including debtors, lenders, individual creditors, equity holders, asset purchasers, official committees, and ad hoc committees. She assists companies with understanding and executing on non-bankruptcy liquidity management solutions and wind down strategies, such as foreclosures, safe harbor dissolutions, and assignments for the benefit of creditors. Further, Erin counsels management, boards, and creditors on fiduciary duty and other issues related to distressed companies, the rights of creditors, and insolvency. She has represented clients in a broad range of industries, including biotech, technology, medical devices, real estate, retail, manufacturing, transportation, energy, healthcare, and financial services.

Early in her legal career, Erin served as a clerk to three judges—the Honorable Brendan L. Shannon, the Honorable Kevin Gross, and the Honorable Peter J. Walsh—of the U.S. Bankruptcy Court for the District of Delaware. While in law school, she interned for the Honorable Shirley S. Abrahamson of the Wisconsin Supreme Court. 

Experience

Erin Fay is a partner in the Delaware office of Wilson Sonsini Goodrich & Rosati, where she is a member of the restructuring practice. In Chapter 11 cases, Erin represents a variety of clients, including debtors, lenders, individual creditors, equity holders, asset purchasers, official committees, and ad hoc committees. She assists companies with understanding and executing on non-bankruptcy liquidity management solutions and wind down strategies, such as foreclosures, safe harbor dissolutions, and assignments for the benefit of creditors. Further, Erin counsels management, boards, and creditors on fiduciary duty and other issues related to distressed companies, the rights of creditors, and insolvency. She has represented clients in a broad range of industries, including biotech, technology, medical devices, real estate, retail, manufacturing, transportation, energy, healthcare, and financial services.

Early in her legal career, Erin served as a clerk to three judges—the Honorable Brendan L. Shannon, the Honorable Kevin Gross, and the Honorable Peter J. Walsh—of the U.S. Bankruptcy Court for the District of Delaware. While in law school, she interned for the Honorable Shirley S. Abrahamson of the Wisconsin Supreme Court. 

Education
  • J.D., University of Wisconsin Law School

    Order of the Coif, Moot Court, Wisconsin International Law Journal

  • B.A., English and Political Science, University of Wisconsin – Stevens Point

    Summa Cum Laude

Associations and Memberships
  • Member, American Bankruptcy Institute
  • Member, International Women’s Insolvency & Restructuring Confederation
  • Past Chair, Bankruptcy Section, Delaware State Bar Association
Honors
  • Selected among Lawdragon’s 2024-2026 “500 Leading Global Bankruptcy & Restructuring Lawyers” 
  • Recognized as a leading bankruptcy and restructuring attorney in Chambers USA, 2019-2026
  • Named in Best Lawyers in America for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law, 2023
  • Honored in Super Lawyers for Business Bankruptcy, 2022
  • Recognized in Delaware Today’s Top Lawyers Edition, Bankruptcy Business, 2019-2022
  • Named to Super Lawyers “Rising Stars” list, 2017-2019
  • Member of American Bankruptcy Institute’s “40 Under 40” Program, Class of 2020
Admissions
  • State Bar of Delaware
  • U.S. District Court for the District of Delaware
Credentials
Education
  • J.D., University of Wisconsin Law School

    Order of the Coif, Moot Court, Wisconsin International Law Journal

  • B.A., English and Political Science, University of Wisconsin – Stevens Point

    Summa Cum Laude

Associations and Memberships
  • Member, American Bankruptcy Institute
  • Member, International Women’s Insolvency & Restructuring Confederation
  • Past Chair, Bankruptcy Section, Delaware State Bar Association
Honors
  • Selected among Lawdragon’s 2024-2026 “500 Leading Global Bankruptcy & Restructuring Lawyers” 
  • Recognized as a leading bankruptcy and restructuring attorney in Chambers USA, 2019-2026
  • Named in Best Lawyers in America for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law, 2023
  • Honored in Super Lawyers for Business Bankruptcy, 2022
  • Recognized in Delaware Today’s Top Lawyers Edition, Bankruptcy Business, 2019-2022
  • Named to Super Lawyers “Rising Stars” list, 2017-2019
  • Member of American Bankruptcy Institute’s “40 Under 40” Program, Class of 2020
Admissions
  • State Bar of Delaware
  • U.S. District Court for the District of Delaware

Select Chapter 11 Debtor Representations

  • Plenty Unlimited – Counsel to agricultural technology company in its restructuring and emergence from Chapter 11 bankruptcy
  • Forma Brands – Counsel to cosmetics and beauty company in Chapter 11 case
  • SilverRock – Counsel to real estate company in Chapter 11 case

  • OSG Group Holdings, Inc – Counsel to billing and marketing solutions company in a prepackaged bankruptcy*
  • Charlotte Russe, Inc. – Counsel to specialty clothing and accessories retailer in Chapter 11 case*
  • AeroGroup International, Inc. – Counsel to specialty shoe and accessory retailer in Chapter 11 case*
  • ABT Molecular Imaging, Inc. – Counsel to medical device manufacturer in Chapter 11 case*
  • VIP Cinema Holdings, Inc. – Counsel to luxury theater seating manufacturer and distributor in Chapter 11 case*
  • GNC Holdings, Inc. – Counsel to post-confirmation liquidating debtors in Chapter 11 case*
  • WP Steel Venture LLC – Counsel to one of the largest flat-rolled steel company in the United States in Chapter 11 case*
  • Premium Transportation Services, Inc. – Counsel to a logistics provider offering drayage, long distance haul, and freight management services in Southern California and Virginia in Chapter 11 case*

Select Creditors' Committees

  • Insys Therapeutics, Inc. – Counsel to unsecured creditors committee in first opioid-related pharmaceutical company bankruptcy*
  • GNC Holdings, Inc. – Counsel to unsecured creditors committee for specialty health and wellness retailer*
  • Sugarfina, Inc. – Counsel to unsecured creditors committee for national boutique confectionary retailer*
  • RHM Franchise Holdings, Inc. – Counsel to unsecured creditors committee for large Applebee’s franchisee*
  • LifeCare Holdings, Inc. – Counsel to unsecured creditors committee in hospital bankruptcy*
  • Libbey Glass, Inc. – Counsel to unsecured creditors committee for tableware manufacturer and distributor*
  • Claire's Stores, Inc. – Counsel to unsecured creditors committee for a specialty retailer*
  • Arandell Holdings, Inc. – Counsel to unsecured creditors committee for a commercial printing company*

Select Trustee/Lender Representations

  • Mallinckrodt – Counsel to indenture trustee for $1.6 billion senior notes in opioid bankruptcy*
  • East West Bank – Counsel to prepetition secured lender in pre-bankruptcy workout of nutritional brand company*
  • Medical Technology Associates II – Counsel to lender and plan sponsor in subchapter V bankruptcy case of preclinical biotech company*

Select Other Representations 

  • Counsel to the board of directors for Rite Aid Corporation in its restructuring
  • Counsel to Quantum Computing as a buyer of significant assets of LiDAR and semiconductor business in Chapter 11

  • Counsel to various companies and boards of directors in multiple out of court restructurings or wind downs
  • Counsel to various asset sellers and buyers across various industries in distressed situation
  • Counsel to social media platform in customer bankruptcies across the United States
  • NewAge, Inc. – Counsel to former directors and officers in fiduciary duty adversary proceeding
  • Boy Scouts of America – Counsel to significant insurer in mass tort bankruptcy*
  • Imerys Talc America, Inc. – Counsel to parent of talc mining company in mass tort bankruptcy*
  • MTE Holdings, Inc. – Counsel to senior secured lender in oil and gas exploration and production company bankruptcy*
  • State of Delaware – Counsel to the State as the most-significant contract counterparty party to debtor providing behavioral and mental health services in Delaware*
  • Energy Future Holding Corp. – Counsel to largest fulcrum unsecured creditor in complex contested reorganization*
  • CEC Entertainment, Inc. – Counsel to landlord in entertainment bankruptcy in Southern District of Texas*

* Denotes experience at another firm prior to joining Wilson Sonsini in 2023.

Matters

Select Chapter 11 Debtor Representations

  • Plenty Unlimited – Counsel to agricultural technology company in its restructuring and emergence from Chapter 11 bankruptcy
  • Forma Brands – Counsel to cosmetics and beauty company in Chapter 11 case
  • SilverRock – Counsel to real estate company in Chapter 11 case

  • OSG Group Holdings, Inc – Counsel to billing and marketing solutions company in a prepackaged bankruptcy*
  • Charlotte Russe, Inc. – Counsel to specialty clothing and accessories retailer in Chapter 11 case*
  • AeroGroup International, Inc. – Counsel to specialty shoe and accessory retailer in Chapter 11 case*
  • ABT Molecular Imaging, Inc. – Counsel to medical device manufacturer in Chapter 11 case*
  • VIP Cinema Holdings, Inc. – Counsel to luxury theater seating manufacturer and distributor in Chapter 11 case*
  • GNC Holdings, Inc. – Counsel to post-confirmation liquidating debtors in Chapter 11 case*
  • WP Steel Venture LLC – Counsel to one of the largest flat-rolled steel company in the United States in Chapter 11 case*
  • Premium Transportation Services, Inc. – Counsel to a logistics provider offering drayage, long distance haul, and freight management services in Southern California and Virginia in Chapter 11 case*

Select Creditors' Committees

  • Insys Therapeutics, Inc. – Counsel to unsecured creditors committee in first opioid-related pharmaceutical company bankruptcy*
  • GNC Holdings, Inc. – Counsel to unsecured creditors committee for specialty health and wellness retailer*
  • Sugarfina, Inc. – Counsel to unsecured creditors committee for national boutique confectionary retailer*
  • RHM Franchise Holdings, Inc. – Counsel to unsecured creditors committee for large Applebee’s franchisee*
  • LifeCare Holdings, Inc. – Counsel to unsecured creditors committee in hospital bankruptcy*
  • Libbey Glass, Inc. – Counsel to unsecured creditors committee for tableware manufacturer and distributor*
  • Claire's Stores, Inc. – Counsel to unsecured creditors committee for a specialty retailer*
  • Arandell Holdings, Inc. – Counsel to unsecured creditors committee for a commercial printing company*

Select Trustee/Lender Representations

  • Mallinckrodt – Counsel to indenture trustee for $1.6 billion senior notes in opioid bankruptcy*
  • East West Bank – Counsel to prepetition secured lender in pre-bankruptcy workout of nutritional brand company*
  • Medical Technology Associates II – Counsel to lender and plan sponsor in subchapter V bankruptcy case of preclinical biotech company*

Select Other Representations 

  • Counsel to the board of directors for Rite Aid Corporation in its restructuring
  • Counsel to Quantum Computing as a buyer of significant assets of LiDAR and semiconductor business in Chapter 11

  • Counsel to various companies and boards of directors in multiple out of court restructurings or wind downs
  • Counsel to various asset sellers and buyers across various industries in distressed situation
  • Counsel to social media platform in customer bankruptcies across the United States
  • NewAge, Inc. – Counsel to former directors and officers in fiduciary duty adversary proceeding
  • Boy Scouts of America – Counsel to significant insurer in mass tort bankruptcy*
  • Imerys Talc America, Inc. – Counsel to parent of talc mining company in mass tort bankruptcy*
  • MTE Holdings, Inc. – Counsel to senior secured lender in oil and gas exploration and production company bankruptcy*
  • State of Delaware – Counsel to the State as the most-significant contract counterparty party to debtor providing behavioral and mental health services in Delaware*
  • Energy Future Holding Corp. – Counsel to largest fulcrum unsecured creditor in complex contested reorganization*
  • CEC Entertainment, Inc. – Counsel to landlord in entertainment bankruptcy in Southern District of Texas*

* Denotes experience at another firm prior to joining Wilson Sonsini in 2023.

Select Publications

  • Author, "Where’s the Rent? Statutory and Contractual Payment Excuses in Pandemic Bankruptcies," Norton Journal of Bankruptcy Law and Practice, Vol. 30 No. 4, August 2021
  • Author, "Liquidation Trustee Cannot Recover Under D&O Policy Due to Insured-vs.-Insured Exception," ABI Journal, Vol. XXXVI, No. 10, October 2017

Select Speaking Engagements

  • Roundtable Co-lead, “Acquiring Distressed Companies with Significant Debt,” The L Suite 2025 Liquidity Summit, February 12, 2025
  • Panelist, "Fiduciary Duties During Financial Distress & in Bankruptcy," Delaware District Court Bench and Bar Conference, September 2023
  • Conference Planning Committee, ABI Delaware Views From the Bench, November 2022
  • Panelist, "Avoiding Pitfalls at the Pre-Plan Stage," ABI webinar, January 2022
  • Panelist, "Bankruptcy Nuts and Bolts: A Primer for Chapter 11 Cross-Training," Delaware State Bar Association, June 2020
  • Panelist, "ABI Talk on Mass Tort Bankruptcy Issues," ABI Mid-Atlantic Conference, June 2019
  • Panelist, "An LLC’s Path Through Bankruptcy," ABI Winter Leadership Conference, December 2018
  • Conference Planning Committee, Delaware District Court Bench and Bar Conference, Intersection of Bankruptcy and Employment, May 2018

 

Insights

Select Publications

  • Author, "Where’s the Rent? Statutory and Contractual Payment Excuses in Pandemic Bankruptcies," Norton Journal of Bankruptcy Law and Practice, Vol. 30 No. 4, August 2021
  • Author, "Liquidation Trustee Cannot Recover Under D&O Policy Due to Insured-vs.-Insured Exception," ABI Journal, Vol. XXXVI, No. 10, October 2017

Select Speaking Engagements

  • Roundtable Co-lead, “Acquiring Distressed Companies with Significant Debt,” The L Suite 2025 Liquidity Summit, February 12, 2025
  • Panelist, "Fiduciary Duties During Financial Distress & in Bankruptcy," Delaware District Court Bench and Bar Conference, September 2023
  • Conference Planning Committee, ABI Delaware Views From the Bench, November 2022
  • Panelist, "Avoiding Pitfalls at the Pre-Plan Stage," ABI webinar, January 2022
  • Panelist, "Bankruptcy Nuts and Bolts: A Primer for Chapter 11 Cross-Training," Delaware State Bar Association, June 2020
  • Panelist, "ABI Talk on Mass Tort Bankruptcy Issues," ABI Mid-Atlantic Conference, June 2019
  • Panelist, "An LLC’s Path Through Bankruptcy," ABI Winter Leadership Conference, December 2018
  • Conference Planning Committee, Delaware District Court Bench and Bar Conference, Intersection of Bankruptcy and Employment, May 2018

 

Focus Areas
  • Corporate
  • Finance and Structured Finance
  • Restructuring
Recent Insights
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Wilson Sonsini Practices, Attorneys Recognized in 2026 Chambers USA Guide
The 2026 Chambers USA guide has recognized Wilson Sonsini Goodrich & Rosati as a leading law firm in 44 geography-specific practice categories and named 87 Wilson Sonsini attorneys among the best in their fields. This year, the firm received four new practice area rankings, including in the nationwide National Security and Capital Markets: Convertible Debt categories, and three improved practice area rankings.
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News Articles
Lawdragon Names Erin Fay Among 2026 “500 Leading Global Bankruptcy & Restructuring Lawyers”
On March 13, 2026, Lawdragon recognized Wilson Sonsini’s Erin Fay among its “500 Leading Global Bankruptcy & Restructuring Lawyers” for 2026. For this guide, Lawdragon conducted independent research, accepted nominations, and consulted with industry peers.
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College for Clients Series: Distressed M&A
Join our team of experienced restructuring partners for an in-depth webinar exploring the evolving landscape of distressed M&A transactions. This session will cover key legal and strategic considerations including fiduciary duties in distressed contexts, acquisitions outside of bankruptcy, sales through assignments for the benefit of creditors, and navigating purchases within bankruptcy proceedings.
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The L Suite 2025 Liquidity Summit
Wilson Sonsini is a proud sponsor of TechGC’s 2025 L Suite Liquidity Summit, a two-day event bringing together GCs at venture-backed startups and PE-owned companies pursuing an IPO or M&A exit. 
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