Capabilities
Bankruptcy and Restructuring

Creditor Practice

Our firm draws on the strengths of its national Bankruptcy and Restructuring and Finance practices to offer clients an integrated team of lawyers who practice in the area of creditors' rights.

We represent individual creditors and creditor groups of all kinds, including agents and bank groups in syndicated credit facilities, secured and unsecured noteholders, creditors' committees, and examiners and other fiduciaries. We work with these clients in matters involving loan workouts, debt restructurings, debtor-in-possession financings, and the enforcement of creditors' rights generally. We have experience in a wide range of industries, including aviation, energy, environmental, entertainment, government contracting, healthcare, hospitality, manufacturing, mass torts, retail, technology, and transportation. We also understand how to approach complex, cross-border insolvencies and the types of issues that creditors face when dealing in foreign jurisdictions.

We represent trade creditors in some of the largest bankruptcy cases, as well as in smaller cases throughout the country. Our lawyers advise clients on reducing or altering trade credit; planning for a customer's bankruptcy; filing and pursuing claims against debtors; potential recoveries from non-debtor parties; rights of reclamation, set-off, and recoupment; and other issues faced by trade creditors. We also represent clients in selling bankruptcy claims, as a way to achieve a quick and certain recovery. We represent unsecured creditors in a wide variety of litigation, including preference and fraudulent conveyance matters.

Experience

Lehman Brothers' creditor Chapter 11 bankruptcy proceedings of Lehman Brothers

Represented the Federal Housing Finance Agency (FHFA), as Conservator of Freddie Mac and Fannie Mae in the Lehman Brothers’ Chapter 11 bankruptcy proceedings. 

Cortland Capital and Term Lenders Paragon Offshore LLC

Representation of term lenders and syndicate agent in Paragon Offshore, Inc. Chapter 11 proceeding involving total term, revolver and noteholder claims of approximately $2.4 billion. During the course of two separate multi-day trials, on behalf of Cortland Capital and the term loan lenders that are owed in excess of $642 million, successfully defeated confirmation of the debtors’ plan of reorganization which sought to reinstate the term loan debt. As per its press reports, the Debtor is now attempting to pursue a consensual plan of reorganization process with all stakeholders.

Ad Hoc Group of Term Lenders Arch Coal, Inc.

Representation of the ad hoc group of term lenders in the restructuring of a $1.9 billion credit facility extended to Arch Coal, Inc. Our attorneys devised a strategy to oppose an exchange offer proposed by Arch Coal with its senior noteholders that would have resulted in significant dilution of the term lenders’ position. The company and the term lenders subsequently entered into a plan support agreement and the company commenced a Chapter 11 proceeding. Arch successfully emerged from Chapter 11 as the term lenders received over 90% of the post-reorganization equity and achieved a more than par recovery following emergence.

Cantor Fitzgerald RadioShack

Representation of Cantor Fitzgerald, as administrative agent for a $585 million senior secured asset-based uni-tranche loan facility extended to RadioShack and as DIP agent for a $285 million debtor-in-possession facility in connection with RadioShack’s Chapter 11 bankruptcy. Obtained dismissal of lawsuit commenced by junior creditors seeking disgorgement of over $125 million in payments made to the agent and the lenders.

Cortland Capital Noranda Aluminum

Representation of Cortland Capital, as prepetition administrative agent and DIP agent for $635 million of loans in the Chapter 11 case filed by Noranda Aluminum in St. Louis, MO.

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