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 Highlights
-
Ad Hoc Group of Senior Term Lenders to PetSmart, the largest specialty pet retailer in North America, in the proposed spin-off of Chewy.com and related district court litigation.
-
Counsel to Ad Hoc Group of First Lien Lenders to Cumulus Media, owner and operator of the second largest group of radio stations in the United States, that were owed more than $1.6 billion.
-
Ad Hoc Group of Senior Term Lenders to iHeart Media in the restructuring of iHeart's nearly $20 billion in indebtedness.
-
Ad Hoc Group of Toys "R" Us B-2 and B-3 Term Lenders in the iconic toy retailer's Chapter 11 filing in the Eastern District of Virginia.
-
Controlling Class of Noteholders of Zohar III Corp. in the Zohar III bankruptcy cases and other litigation.
-
Ad Hoc Group of Term Lenders to Arch Coal in the restructuring of a $1.9 billion credit facility extended to Arch, which successfully emerged from Chapter 11 with the term lenders receiving more than 90% of the post-reorganization equity and achieved a more than par recovery following emergence.
-
Cortland Capital, as syndicate agent, and term lenders in Paragon's Chapter 11 proceeding involving total term, revolver and noteholder claims of approximately $2.4 billion.
-
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.
-
Wilmington Trust, as agent for the term lenders to NYDJ, a women's denim and apparel company, regarding the company's senior secured debt restructured in 2017 and in resolving related litigation filed in New York state court.
-
Cortland Capital (as agent) regarding its debtor-in-possession credit facilities extended to iconic Gibson Guitars in its Chapter 11 case pending in Wilmington, Delaware.
