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Thomas Salerno

Transition Partner

Thomas brings global experience and out-of-the-box solutions to his work with complex commercial corporate and real estate restructurings, helping distressed, often high-profile companies find new paths forward.

Clients turn to Tom for his national and international experience helping private and publicly traded companies in a broad range of industries continue operations as they negotiate restructuring plans. He has advised lenders, distressed companies, committees and asset acquirers in bankruptcies and out-of-court settlements. Tom's experience landed him a spot on Forbes' "Top 200 Attorneys In The U.S." in May 2024 and Lawyer of the Year: Bankruptcy and Litigation by The Best Lawyers In America for 2009, 2010, 2014 and 2024.

Tom works with a global roster of clients from an array of industries, including transportation, real estate developments (such as master planned communities and development rights), hotels, casino, sports, tech, power generation, agribusiness, construction, healthcare, manufacturing, airlines and franchising. Many of his cases have an international component. He is an adjunct professor and prolific author and lecturer, writing for both practitioners and corporate executives.

Experience

Tom represented Epicenter Partners in the restructuring of 300 acres of prime developable real estate in the Desert Ridge area, and involving disputes related to the master development rights over 5000 acres of State Trust leased property.

Tom represented the owners of the Phoenix Coyotes, an NHL hockey team, in bankruptcy negotiations that resulted in a historic sale of the team to the NHL, marking the first time the NHL purchased one of its own franchises.

Known for his savvy in large-scale cases, Thomas has served as restructuring counsel for a national drug store chain, a nationwide operator of nursing homes and assisted living facilities, a publicly traded owner/operator of fire and ambulance services, and Industrias Nucleares do Brasil S/A, the Brazilian nuclear regulatory agency in the bankruptcies of Nuexco Exchange (U.S. and Switzerland).

In addition to serving as an expert witness on U.S. insolvency law in litigation in Germany, Thomas has advised numerous foreign governments on revamping their laws and has taught Comparative International Insolvency at the University of Salzburg.

Thomas is active in leadership in the American Bankruptcy Institute and is a past chair of the Bankruptcy Section of the State Bar of Arizona.

Publications

  • "SCOTUS's Latest Proclamation on the Limits of Sovereign Immunity," American Bankruptcy Institute, May 2025
  • "Round-Canopy Parachuting Makes Me A Better Lawyer," Law360, September 2024
  • Collier Guide to Chapter 11 (co-authored "Chapter 11 Cases Involving Professional Sports Franchises") (Lexis Nexis 2019)
  • The Executive Guide to Corporate Bankruptcy, Second Edition (Beard Books 2010)
  • Pre-Bankruptcy Planning for the Commercial Reorganization – A Brief Guide for the CEO, CFO/COO, General Counsel and Tax Advisor, Third Edition (American Bankruptcy Institute 2020)
  • "Acquisitions from Financially Distressed Companies," American Bankruptcy Institute, April 2020
  • Commercial Bankruptcy Litigation, 2d (co-authored "Chapter 3: Jurisdiction and Venue") (Thompson Reuters 2023)
  • "In Defense of Third-Party Releases in Chapter 11 Cases: Part I, II and III," American Bankruptcy Institute, 2022
  • "SBA Consent to PPP Debtor Loan Provisions Under CARES Act II: Just Do It, Already!!!!!," American Bankruptcy Institute, March 2021
  • Co-author, "This DIP Loan Should Be Brought to You by Someone Who CARES! (or, 'You Can't Get There from Here'), Part 2.5" American Bankruptcy Institute, June 2020
  • Co-author, "This DIP Loan Should Be Brought to You by Someone Who CARES! (Or 'You Can't Get There from Here'), A Plea for Rationality: Part 2," American Bankruptcy Institute, April 2020
  • Co-author, "The Coronavirus and Its Likely Impact on the Bankruptcy World: Eight Predictions from Two Restructuring Professionals," American Bankruptcy Institute, April 2020
  • Co-author, "This DIP Loan Brought to You by Someone Who CARES! (Or 'I'm From the Government and I'm Here to Help You')," American Bankruptcy Institute, March 2020
  • Co-author of the two-volume Bankruptcy Litigation and Practice; A Practitioners' Guide, Fifth Edition, Aspen Law Publications, 2021

Speaking Engagements

  • "Section 365 and Dealing with Landlords," National Association of Bankruptcy Trustees Annual Conference, June 2025
  • "Four Proposed Legislative Changes to Deal with Third Party Releases in Bankruptcy" American Bankruptcy Institute, August 2023
  • "Opportunity Amidst Crisis-Buying Distressed Assets, Claims and Securities for Fun & Profit," Restructuring, Insolvency & Troubled Companies 2016 Series

  • Selected as one of America's Top 200 Lawyers by Forbes, May 2024
  • Selected to the 2010, 2022 and 2023 Lawdragon 500 Leading Bankruptcy and Restructuring Lawyers guide
  • Selected for inclusion in the "Top 100 Lawyers in Arizona" list by Az Business magazine, 2020, 2022 - Present
  • Recognized by AZ Business Leaders in the area of Bankruptcy Law
  • Member of the select group of insolvency professionals listed in the K&A Restructuring Professionals Registry
  • Recognized in The Best Lawyers in America® list, 1993-2026, Bankruptcy and Creditor-Debtor Rights/Insolvency and Reorganization Law, Phoenix
  • Recognized by Best Lawyers with the "Lawyer of the Year" award in Litigation–Bankruptcy, 2009, 2010, 2014, 2024, 2025
  • Selected for inclusion in Southwest Super Lawyers, 2007 - Present
  • Southwest Super Lawyers' Top 50 Attorneys in Arizona, 2020, 2023, 2025
  • Listed in The International Who's Who of Insolvency & Restructuring Lawyers, 2009
  • Listed in The International Who's Who of Business Lawyers, 2009 and 2011
  • Who's Who Legal 100, 2012
  • Named one of 12 Outstanding Bankruptcy Attorneys in 1998 and 2000 by Turnarounds & Workouts
  • Rated "AV/Preeminent Attorney" by Martindale-Hubbell®