Karol K. Denniston is a member of the Global Board and an experienced restructuring lawyer. Karol has a strong interest in negotiated restructurings and has been a mediator since 1992. Karol is a member of the firm’s Advancing Women Task Force.

    Karol has been working in the distress municipal sector since 2009 and routinely represents cities, special districts, indenture trustees, bondholders, taxpayers and monoline insurers in a variety of municipal restructuring engagements throughout the US. She has represented clients in municipal insolvency proceedings with a focus on negotiating resolutions, including in Puerto Rico PROMESA restructurings for the Government Development Bank and COFINA. The Legal 500 has designated Karol as a municipal restructuring Leading Lawyer.

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    • Counsel to monoline insurer in connection with novating in excess of US$1 billion in insurance policies to reinsurer.
    • Counsel to US territory in connection with voluntary disclosure, recovery assistance and access to alternative funding sources.
    • Counsel to investment bank serving as dealer manager and solicitation agent in connection with restructuring of Puerto Rico’s sales tax backed bonds (COFINA).
    • Counsel to investment bank serving as dealer manager and solicitation agent in connection with qualifying modification used to restructure the Government Development Bank of Puerto.
    • Counsel to foreign entity wholly owned by a sovereign in connection with asset recovery and protection.
    • Counsel to bond insurer in contested Chapter 9 proceeding. Renegotiated early redemption rights, confirmed plan resulting in expedited redemption of bond debt relieving client liability under the insurance policy.
    • Counsel to indenture trustee in connection with charter school chapter 11 filing and subsequent chapter 7 filing and foreclosure on collateral.
    • Counsel to monoline insurers in connection with chapter 9 filings involving sale of two district owned hospitals.
    • Counsel to indenture trustee in finalizing transfer of public bond debt to larger hospital system to avoid need for further restructuring.
    • Counsel to university in connection with restructuring of bank debt and tax-exempt public bond debt after covenant default.
    • Counsel to indenture trustee in connection with restructuring of university issued tax-exempt public bond debt and subordinate bank loans.
    • Counsel to governor appointed state designee for Atlantic City in connection with financial supervision and oversight of Atlantic City.


    • West Virginia University, J.D., 1985
    • West Virginia University, M.A., 1982
    • Concord College, B.A., 1980


    • Texas, 1985
    • California, 1988
    • Recognized by The Legal 500 as a municipal restructuring Leading Lawyer.
    • Recognized by Northern California Super Lawyers for 2015 in IP/Business and Corporate.
    • Recognized by The Daily Law Journal as one of California’s Top 100 Lawyers for 2012.

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    • Co-Author with Stephen Lerner, “Will Bankruptcy Stay Criminal Proceedings for PG&E?” Law360, January 24, 2019.
    • Author, “PG&E’s Bankruptcy – Why Governmental Agencies and Counterparties Need to Pay Attention,” January 2019.
    • Co-Author with Peter R. Morrison, “Special Revenue Bonds in Municipal Restructuring,” Practical Law Bankruptcy, July 2018.
    • Co-Author with Travis McRoberts, “Chapter 11 or Chapter 9: Investors Beware,” eSquire Global Crossings blog, July 31, 2018.
    • Author, “Cities in Distress: A Tale of 3 California Bankruptcies”, Law360, July 12, 2018.
    • Co-Author with Peter R. Morrison, “Keeping Revenues “Special,” eSquire Global Crossings blog, May 29, 2018.
    • Author, “A Big Haircut for Indenture Trustee Counsel Fees,” National Law Review, March 30, 2017.
    • Author, “Marblegate’s Lost Marbles and Why Bondholders and Indenture Trustees Should Care,” National Law Review, January 18, 2017.
    • Author, “Stormy Seas for Indenture Trustees and Bondholders Settling Claims in Bankruptcy”, eSquire Global Crossings blog, November 21, 2016.
    • Co-author, “Behind Sabine’s Curtain Lies Negotiation” with Michael Cuda, eSquire Global Crossings blog, March 11, 2016.
    • Author, “New Wormhole in Chicago’s Pension Black Hole,” eSquire Global Crossings blog, April 19, 2016.
    • Co-author, “Back to the Future: This Plummeting Oil & Gas Market is Unlike Any Prior Crisis” with Stephen Lerner, eSquire Global Crossings blog, January 26, 2016.
    • Author, “New Developments in Chapter 11 and Chapter 9 Filings,” chapter in Inside the Minds: Chapter 11 Bankruptcy and Restructuring Strategies – Leading Lawyers on Navigating Recent Trends, Cases and Strategies Affecting Chapter 11 Clients, Thomson Reuters/Aspatore, 2016.

    Speaking Engagements


    • Speaker, “Self-Advocacy & Countering Personal Negation When Advancing a Legal Career,” The 2nd Annual Women, Diversity & Change Summit: San Francisco, CenterForce USA, San Francisco, California, June 11, 2019.
    • Speaker, “California’s Wildfires – Impacts on Western Power Markets,” Western Systems Power Pool Operating Committee Meeting, Coral Gables, Florida, April 10, 2019.
    • Speaker, “PG&E and Independently Owned Utilities – Where is PG&E Going?” Western Power Trading Forum, San Diego, February 22, 2019.
    • Speaker, “PG&E Update- What’s Next?” Association of General Contractors of California, February 12, 2019.
    • Speaker, “Key Issues in PG&E Bankruptcy”, Expert Webcast, February 12, 2019.


    • Moderator and Speaker, “Avoiding Municipal Bankruptcy Series – Fiscal Emergencies, AB506 and Mediation”, Squire Patton Boggs Webinar, November 13, 2018.
    • Moderator and Speaker, “Avoiding Municipal Bankruptcy Series – Out of Court Restructuring”, Squire Patton Boggs Webinar, October 16, 2018.
    • Moderator and Speaker, “Avoiding Municipal Bankruptcy Series, Pension Costs and Financial Pressure”, September 18, 2018.
    • Speaker, “Pension Pain,” Best Best & Krieger “The Bill is Due” Conference, Yorba Linda, California, April 24, 2018.
    • Moderator, “Pensions: New Funding and Reporting Considerations,” California Public Finance Conference, Los Angeles, California, October 2018.


    • Speaker, “Growing Faster than Debt: Pension Liabilities,” California Public Finance Conference, La Jolla, California, September 2017.
    • Speaker, “Court Cases in Play that could Change the Pension Landscape,” California Society of Municipal Analysts, San Francisco, California, May 10, 2017.
    • Speaker, “Stakeholder Risks in the Restructuring Process,” National Federation of Municipal Analysts Advanced Seminar of Local Governments in Crisis, Salt Lake City, Utah, January 2017.


    • Speaker, “Fiscal Fitness: Women Working Out,” Women in Public Finance, 20th Annual Conference, Chicago, Illinois, September 30, 2016.
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