Phone: 832-274-7629  |  Email:
About Zack A. Clement

Here are some of the services I have provided clients over 40 years

  • Restructured the debt of major companies, both out of court and in Chapter 11 cases;
  • Led a municipality to restructure its debts in a four month Chapter 9 case;
  • Been responsible as bankruptcy counsel for (i) DIP loans, (ii) purchase or sale of assets from Chapter 11 debtors and (iii) exit financings for plans of reorganization, representing (a) debtors, (b) secured lenders and (c) new capital providers; and
  • Acted as lead trial counsel concerning all these kinds of issues involving billions of dollars.

Details of some major representations

  • Represented Continental Airlines in its Chapter 11 case in Delaware, successfully reorganizing this $9 billion company.
  • Represented Metals USA in its Houston Chapter 11 case, in which this billion dollar revenue company converted $400 million of debt to equity, and emerged from bankruptcy in less than a year with the best balance sheet in its industry.
  • Represented the Town of Mammoth Lakes, California in a Chapter 9 case that was successfully completed in four months.
  • Represented Yukos Oil Company in its effort to stop expropriation of its assets and reorganize through a U.S. Chapter 11 case, and to resist liquidation and propose a plan of reorganization in connection with a U.S. Chapter 15 case.
  • Represented a successful competing bidder who purchased substantially all the assets of Stone & Webster for $700 million in an auction conducted in the Delaware Bankruptcy Court.
  • Represented a number of major foreign banks in a successful trial and appeal through the U.S. Supreme Court of a U.S. involuntary bankruptcy petition against foreign citizens, who defaulted on over $300 million of debt in their country of origin, then came to live in the U.S.

What I Have Learned

Whether it be a business, city, state, territory or sovereign nation, the approach is the same.

First, understand cash flows and debt structure to come to grips with insolvency. Then figure out what is the core business or government services that you are trying to preserve, determine how much cost cutting austerity can be imposed, how much revenue and new capital can be raised, and thus what net cash flow is available to pay debts in the order of legal priority.

Armed with this, formulate a fair and equitable plan for debt restructure and either (i) make a deal with creditors to restructure some or all of your debt based on that plan, or (ii) pursue a prompt court case to enforce it on those who refuse to make a reasonable deal.


  • Princeton University A.B. 1970 – Woodrow Wilson School for Public Affairs
  • University of Virginia J.D. 1975
  • U.S. Navy Air Intelligence Officer 1970 to 1972

Honorary Organizations and Listings

  • American College of Bankruptcy
  • International Insolvency Institute
  • Listed in Chambers USA, Texas Leaders
  • Listed as one of 100 Best Lawyers in Houston

Legal Career

  • Fulbright & Jaworski, Partner, 1991 to 2014, Retired
  • Weil, Gotshal & Manges, 1985 to 1990
  • Sidley & Austin, 1975 to 1985

Bar Admissions

  • Texas, Illinois, New York, District of Columbia, Virginia


  • Houston Livestock Show and Rodeo – Lifetime member and contributor; wife is an executive director
  • See below for more personal detail.

The Clients section of this website contains detailed case studies describing what was accomplished in the cases described above and other cases.

The Resources section of this website contains papers outlining what I have learned about how to analyze insolvency and overcome it through a deal or a trial.

The Resources section also contains published articles, opinions, statutes, court rules and recent blogs concerning financial restructure.

All this material is available for free download. It will help you start thinking about your financial restructure issues. I would be pleased to talk with you about how to resolve them.

 Download Zack Clement’s Bio

 Download Zack Clement’s Resume

 Contact Zack Clement


My wife, Jill Clement, is an Executive Director at the Houston Livestock Show and Rodeo. We have three children, ages 14, 12 and 12, and live in the cultures of the rodeo and our childrens’ schools and sports teams. We support the rodeo’s mission to educate young people and honor their heritage. We also support civic and political causes to make Houston a place of broad opportunity.

I also have four beautiful adult children who live in Zurich, San Francisco, Chicago and Houston.