Capabilities
Bankruptcy and Restructuring

Corporate Governance

Our firm's Corporate Governance practice advises corporate boards, special committees, and individual officers and directors regarding their fiduciary duties in situations involving financial distress, insolvency, restructuring, or bankruptcy. These situations often involve competing interests, difficult decisions, and stakeholder demands that are impossible to reconcile. The law surrounding the duties of officers and directors of a financially distressed or insolvent company is evolving, and it is important to have counsel who are up to speed on the most recent developments. We help our clients navigate these complex situations so that they are able to follow appropriate procedures, comply with their duties, maximize value for stakeholders, and at the same time protect their own interests. Situations involving financial distress or bankruptcy sometimes result in litigation against officers and directors, as aggressive creditors, trustees, and committees second-guess judgments that were made, seek leverage, and look for every possible source of recovery. We are experienced at defending these claims, and we have a track record of success in doing so.

Experience

Directors Allied Systems Holdings, Inc. Chapter 11 proceedings

Representation of directors in connection with breach of duty claims filed in the Delaware Bankruptcy Court in the Allied Systems Holdings, Inc. Chapter 11 proceedings.

Investment funds and their principals Breach of duty, equitable subordination, and recharacterization claims

Defended investment funds and their principals against breach of duty, equitable subordination, and recharacterization claims asserted in the Steve & Barry’s bankruptcy case in the Southern District of New York.

Private equity fund and individual directors Breach of fiduciary duty claims

Defended a private equity fund and individual directors against breach of fiduciary duty claims filed by a bankruptcy trustee, arising from a failed leveraged buyout.

Independent members of the Board of Directors of Capmark Capmark Financial Chapter 11 proceedings

Advised the independent members of the Board of Directors of Capmark Financial Group, Inc. in connection with Capmark's Delaware Chapter 11 reorganization.

Ad Hoc Group of Term Lenders Cumulus Media, Inc.

Representation of an ad hoc group of more than 30 term lenders to Cumulus Media, Inc. under the $1.9 billion credit facility extended to the national radio station operator. The lender clients are led by Eaton Vance, Ares, Bain Capital, Highland Capital Management and Symphony Asset Management. Currently, representing the term lenders in litigation seeking to prevent an exchange transaction between Cumulus and unsecured noteholders.

Overview

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