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Bankruptcy & Financial Restructuring

Related Practices

Rankings & Honors

  • U.S. News/Best Lawyers “Best Law Firms” (2015)
  • M&A Advisor
    • Eighth Annual Turnaround Awards Healthcare/Life Sciences Deal of the Year
    • Restructuring Deal of the Year


We protect and preserve value for companies in distress, protect creditor interests and uncover investment opportunities involving troubled assets — all with a vigilant focus on future growth.

Our approach

Corporate bankruptcy has evolved.

In the new economy, fewer businesses in distress are charting a course of traditional reorganization. Companies are taking advantage of cheaper access to capital and pursuing refinancings, restructurings, sales and acquisitions. We help them or their creditor constituencies explore options such as fast-paced Section 363 bankruptcy sales and other distressed investment strategies.

Our focus on industry nuances is a significant advantage.  Financial restructuring solutions aren’t one-size fits all and are shaped by market and regulatory forces. We know the dynamics and players unique to a variety of industries—from real estate and financial services, to health care and manufacturing, to infrastructure and beyond.  In all instances, our goal is to protect existing assets and unlock new value.

Our team is always focused on being high-level business counselors as well as legal advisors. We address operational inefficiencies, facilitate balance sheet restructuring, advance turnaround plans, draft agreements that guard against future risk and (when necessary) wind down and liquidate.

We help our clients focus on the future by taking a strategic approach to:

  • Asset protection
  • Reorganization planning
  • Debt restructuring
  • Investor recoveries
  • Asset acquisitions and sales
  • Pre-bankruptcy counseling
  • Loan workouts and forbearance agreements
  • Asserting creditors’ rights in insolvency proceedings
  • Collateral liquidation
  • Real estate foreclosure modification and workouts
  • Avoidance litigation, including preference and fraudulent transfer actions

Who we work with

  • Debtors
  • Secured and unsecured lenders
  • Buyers and sellers of distressed businesses
  • Investors including private equity and hedge funds
  • Indenture trustees, domestic and off-shore collateral managers, administrative agents, and issuers
  • Creditor committees
  • Landlords
  • Equity holders and equity committees 
  • Company management
  • Equipment lessors
  • Non-debtor contract parties
  • Syndicators
  • Subordinated debt holders
  • Claim acquirers

Representative Experience

  • Represented Connecticut-based, nonprofit health care system, Lawrence & Memorial Corporation, on its acquisition of the assets of Rhode Island's The Westerly Hospital
    Represented Connecticut-based, nonprofit health care system, Lawrence & Memorial Corporation, on its acquisition of the assets of Rhode Island’s The Westerly Hospital and certain affiliated companies. This transaction was recognized in 2014 as “Healthcare/Life Sciences Deal of the Year” by M&A Advisor.

Media Clips

  • Debate Simmers over Coal Future
    Law360 | March 6, 2015
    San Francisco Bankruptcy & Financial Restructuring partner Lou Cisz authored this article discussing potential new legislation requiring California public pension funds to start divesting from their coal holdings.
  • Bankruptcies Propel a California School Bond Bill
    The Bond Buyer | March 4, 2015
    New York City Financial Restructuring & Bankruptcy partner Robert Christmas authored a client alert, “Legislative Advisory—California Senate Bill 222,” that is referenced in this article on the new California bill. The bill would add language to school district general obligation bonds to protect investors if the district goes bankrupt.
  • Managing Cross-Border Restructurings and Bankruptcies
    Financier Worldwide | March 1, 2015
    Boston Financial Restructuring & Bankruptcy partner Rick Pedone provides commentary in this special report on managing cross-border restructurings and bankruptcies.
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  • Atlantic City Schools Get Sucked into City's Distress
    Debtwire | February 4, 2015
    Boston Financial Restructuring and Bankruptcy partner Mark Berman is quoted in this article discussing the Board of Education of Atlantic City’s preparation of a plan to avoid a cash flow crisis for the 2014–2015 school year.
  • What Municipal Bond Investors Can Learn from Detroit
    Law360 | November 26, 2014
    Boston Bankruptcy & Financial Restructuring partner Mark Berman and Boston Global Finance associate Erik Schneider authored this column discussing what the municipal finance community can learn from analyzing the bankruptcy court’s formal written opinion of Detroit’s Chapter 9 plan.
  • Chelsea Housing Authority sues to recover lost cash
    Boston Globe | November 24, 2014
    Boston Bankruptcy & Financial Restructuring partner Rick Pedone is quoted in this article discussing efforts to recover funds for the Chelsea Housing Authority, which suffered major financial loss under its former executive director. This is an ongoing pro bono matter for Rick and team.
  • Stockton's amended plan of debt adjustment could wipe out Franklin's secured claim
    Debtwire | June 11, 2014
    Boston Bankruptcy & Financial Restructuring partner Mark Berman discusses the city of Stockton’s efforts to wipe out the secured claim of Franklin Templeton Investments, the city’s only dissenting creditor, through its amended plan of debt adjustment (PDA).
  • SIFMA: Detroit's LTGO Treatment Would "Shatter" Muni Industry
    The Bond Buyer | May 12, 2014
    This article notes Nixon Peabody’s representation of the Securities Industry and Financial Markets Association in an amicus brief urging the rejection of Detroit's bankruptcy exit plan. Bankruptcy & Financial Restructuring partners Mark Berman and Robert Christmas are SIFMA’s counsel.
  • Stockton, Last Creditor to Face Off in Final Hearing
    The Bond Buyer | May 9, 2014
    New York City Bankruptcy partner Robert Christmas provides third-party commentary on the City of Stockton, California’s plan to recover from chapter 9 bankruptcy.
  • Lessons Learned and What to Disclose
    Municipal Finance Journal | April 1, 2014
    Boston Bankruptcy & Financial Restructuring partner Mark Berman discusses lessons learned from court decisions issued in recent chapter 9 municipal bankruptcy cases and what information about the potential consequences in bankruptcy analysts should be looking for when deciding whether or not to purchase a municipal security.
  • California GOs Different—And Stronger—Than Detroit's
    The Bond Buyer | March 20, 2014
    New York City Bankruptcy & Financial Restructuring partner Robert Christmas discusses the ripple effects within the municipal bond market caused by Detroit’s proposed cuts to its general obligation bondholders.
  • Detroit Seeks to Undercut Muni Bondholders' Creditor Priority
    Bloomberg News | February 20, 2014
    Boston Bankruptcy & Financial Restructuring partner Mark Berman discusses the issue of presumption by municipal bond investors.
  • Lincoln Maritime Center Taps Nixon Peabody Attorney as President of Board
    Boston Bar Association BBA Week | February 6, 2014
    This coverage notes that Boston Bankruptcy & Financial Restructuring partner Rick Pedone has been named president of the Lincoln Maritime Center.
  • Eastern Massachusetts Bankruptcies Off Sharply in 2013
    Boston Business Journal | December 31, 2013
    Boston Bankruptcy & Financial Restructuring partner Mark Berman discusses bankruptcies, including personal filings and business reorganizations, which were down in 2013.
  • Pension Threats in Illinois, Detroit Rattle Government Workers
    Bloomberg News | December 5, 2013

    Boston Bankruptcy & Financial Restructuring partner Mark Berman discusses how bankruptcy and financial restructuring efforts in Indiana, Michigan and Wisconsin are impacting state and government workers.

  • Making a Play
    The Deal | November 22, 2013
    Boston Bankruptcy & Financial Restructuring partner Rick Pedone discusses efforts by private equity firms to raise funds to invest in distressed companies.
  • A Crack in the Armor of the Special Revenue Bond
    Real Estate Finance Journal | October 1, 2013
    Boston Bankruptcy & Financial Restructuring partner Mark Berman discusses the implications of a decision dealing with efforts by a bankrupt municipality to invade special revenues incurred during a Chapter 9 bankruptcy case.
  • Industry Faces Restructuring Challenges
    Supermarket News | September 13, 2013

    Bankruptcy & Financial Restructuring partners Lee Harrington and Rick Pedone discuss distressed M&A and reorganization opportunities and challenges in the grocery sector.

  • Wall Street Swaps Claim Detroit Cash over Retirees: Muni Credit
    Bloomberg News | August 23, 2013

    Boston Bankruptcy & Financial Restructuring partner Mark Berman discusses how banks that sold interest-rate swaps to Detroit could be paid ahead of other creditors in the city’s record bankruptcy.

  • IRS to Appeal Judge's Approval of Solyndra Reorganization Plan
    Daily Journal | November 5, 2012

    Manchester Bankruptcy & Financial Restructuring partner Dan Sklar provides commentary in this article discussing the IRS’ plans to appeal a bankruptcy judge’s approval of bankrupted solar company Solyndra’s restructuring plan alleging that it would allow the company to avoid paying taxes.

  • City Bar Recognizes Pro Bono Efforts
    New York Law Journal | October 25, 2012

    New York City Bankruptcy & Financial Restructuring associate Chris Desiderio is among the honorees of the annual City Bar Justice Center Jeremy G. Epstein Awards for Outstanding Pro Bono Service highlighted in this article.

  • Bankruptcy Bar Fighting Off ‘Unfair' Fee Proposal
    Massachusetts Lawyers Weekly | June 18, 2012

    Boston Bankruptcy & Financial Restructuring partner Mark Berman provides commentary in this article discussing the controversial fee proposal from the Executive Office for U.S. Trustees and how it could impact bankruptcy attorneys.

  • Harrisburg’s Unkovic Says was in “untenable position”
    Reuters | April 2, 2012

    Boston Bankruptcy & Financial Restructuring partner Mark Berman discusses the uncertainty of Harrisburg, PA’s financial plans following the resignation of the city’s receiver amid efforts to find a solution to the city’s financial crisis.


Recent cases point to more judicial scrutiny of authority to amend indentures under the TIA
Corporate Trust Alert | March 17, 2015

Is "coal" becoming a four-letter word for institutional investors?
Distressed Coal News | February 26, 2015

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Legislative Advisory – California Senate Bill 222
Public Finance Alert | February 26, 2015

Reduced coal sales to China in the next five years: don't count on it
Distressed Coal News | February 12, 2015

The Stockton case changed the legal landscape for Chapter 9 — here's how
Bankruptcy Law Alert | December 2, 2014

Observations: confirmation of the City of Detroit chapter 9 Plan of Adjustment
Bankruptcy Alert | November 24, 2014

Second Circuit says certain offshore SIPA claim transfers now subject to approval by U.S. bankruptcy courts
Private Fund Disputes Alert | October 2, 2014

So you think your make-whole and no-call rights will protect your yields? Think again. Some lessons learned from recent case law.
October 2, 2014

Webinar Recording: Insurance Law & the Bankruptcy Code
Originally recorded July 9, 2014 | July 11, 2014

New blow to Picard's Madoff miracle
Private Fund Disputes Alert | July 8, 2014

Webinar Recording: Recent Developments in Municipal Finance: "General Obligation" Bonds, Chapter 9 Cases (Detroit/Stockton) and Beyond
Originally recorded June 25, 2014 | June 30, 2014

Federal district court rules hedge funds were not "Eligible Assignees" under loan agreement and not entitled to vote on chapter 11 plan
Banking & Finance Alert | April 16, 2014

What will happen when your foreign IP licensor becomes insolvent?
Bankruptcy Alert | March 3, 2014

Webinar Recording: Chapter 15: Current Trends in Cross-Border Insolvency—from Intellectual Property Licenses to U.S. Recognition Procedures and Powers
Originally recorded February 12, 2014 | February 13, 2014

Webinar Recording: Detroit in Context - A Chapter 9 Update
Originally recorded September 25, 2013 | October 2, 2013

Regular re-noticing can keep the metal/jewelry consignor from "melting"
Consignment Law Alert | September 4, 2013

Self-insurance guaranty funds: Are they property of a company's estate?
Insurance Law Alert | August 28, 2013

Detroit in Context: Understanding Municipal Defaults and Bankruptcy
Prepared for BDA Members by Nixon Peabody LLP | August 18, 2013

A crack in the armor of the special revenue bond
Bankruptcy Law Alert | July 31, 2013

Second Circuit holds that the relevant period for determining a foreign debtor's COMI is the filing of the Chapter 15 petition
Bankruptcy Law Alert | May 15, 2013

Second Circuit holds that Madoff feeder fund's "center of main interests" is located in British Virgin Islands
Private Fund Disputes Alert | May 1, 2013

Stockton court holds municipalities in Chapter 9 can settle claims without court approval
Bankruptcy Law Alert | February 21, 2013

Webinar Recording: Chapter 15: Recent Cases in Cross-Border Insolvencies
Originally recorded December 4, 2012 | December 6, 2012

U.S. Bankruptcy Court issues important ruling for state self-insurance guaranty funds
Insurance Law Alert | September 5, 2012

Seventh Circuit holds that non-debtor party to trademark licensing agreement may retain use of IP rights despite rejection of licensing agreement in licensor's bankruptcy
Bankruptcy Law Alert | August 7, 2012

To obtain third party releases, indenture trustees must specifically and conspicuously inform bondholders of releases proposed under a plan of reorganization and fully inform bondholders of all aspects of any proposed settlement
Bankruptcy Law Alert | July 3, 2012

Secured creditors hold the right to credit-bid when a plan seeks the sale of its collateral
Bankruptcy Law Alert | June 20, 2012

The tale of two TOUSAs
Bankruptcy Law Alert | June 13, 2012

Webinar Recording: Health Care Bankruptcy & Restructuring: Staying Ahead of the Game
Health Care Check-up Webinar Series | June 12, 2012

Webinar Recording: Rhode Island's Distressed Municipalities: What You Should Know
Originally recorded May 3, 2012 | May 7, 2012

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Bankruptcy & Financial Restructuring