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BANKRUPTCY & FINANCIAL RESTRUCTURING

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

  • 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.
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  • 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.

  • U.S. Judge Clears Way for Alabama County Bankruptcy
    Reuters | March 5, 2012

    This feature story discusses a ruling by a U.S. Bankruptcy Judge allowing for Alabama’s Jefferson County to move forward with its $4.23 billion bankruptcy case, the biggest ever by an American municipality. Boston Bankruptcy & Financial Restructuring partner Mark Berman provides third-party commentary.

  • Chapter 7 Filings Decline Sharply in Mass.
    Boston Business Journal | December 30, 2011

    This feature story discusses bankruptcy industry trends and issues. Boston Financial Restructuring & Bankruptcy partner Mark Berman provides third-party commentary.

  • Delaware Supreme Court’s CML V LLC v. Bax Decision and Rights of Creditors of Delaware LLCs
    Bankruptcy Law Reporter | November 10, 2011

    This contributed article, coauthored by Boston Bankruptcy & Financial Restructuring partner Lee Harrington and New York City Bankruptcy & Financial Restructuring associate David Lee, discusses the implications of the Delaware Supreme Court’s recent decision in CML V LLC v. BAX. The decision undercuts the long-held understanding of most practitioners and commentators that creditors can obtain standing to pursue derivative claims on behalf of insolvent Delaware limited liability companies.

  • Second Circuit Upholds Expansive Reading of Code’s Safe Harbor Provisions
    BNA Bankruptcy Law Reporter | October 27, 2011

    This contributed article, coauthored by New York City Bankruptcy & Financial Restructuring partner Dennis Drebsky and associate Chris Desiderio, discusses the Second Circuit’s expansive reading of the Bankruptcy Code’s safe harbor provisions in Bankruptcy Code Section 546(e) in Enron Creditors Recovery Corp. v. ALFA, S.A.B. DE C.V. et al.

  • Reverse Mergers by China-based Companies: Is This the End?
    BNA Securities Regulation & Law Report | July 11, 2011
    This contributed article focuses on recent developments regarding China-based reverse merger companies and the resulting challenges and opportunities. New York City associate David Lee coauthored the piece.
  • Decline in Business Bankruptcies Due to Freer Credit, Observers Say
    New York Law Journal | April 19, 2011
    This feature article discusses the decline in corporate bankruptcy filings in New York in 2010. New York City Bankruptcy & Financial Restructuring partner Robert Christmas provides third-party commentary in the piece.

Ideas

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

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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

The enforceability in bankruptcy proceedings of waiver and assignment of rights clauses within intercreditor or subordination agreements
Bankruptcy Law Alert | January 24, 2012

Supreme Court opinion sets narrower constitutional limits on jurisdiction of bankruptcy court
Bankruptcy Law Alert | July 5, 2011

The Second Circuit upholds an expansive reading of the safe harbor provisions of the Bankruptcy Code
Bankruptcy Law Alert | July 1, 2011

Subrogation clause in an intercreditor agreement successfully transferred the right to vote on a bankruptcy plan
Bankruptcy Law Alert | June 1, 2011

Big win for ratings agencies
Bankruptcy Law Alert | May 24, 2011

Good news for indenture trustees and bondholders on ad hoc committees in bankruptcy cases
Bankruptcy Law Alert | May 16, 2011

An update on second-lien financings and intercreditor agreements: Part III
Bankruptcy Law Alert | May 6, 2011

U.S. District Court clarifies application of in pari delicto in lawsuit brought by fiduciary of debtors in bankruptcy
Bankruptcy Law Alert | April 20, 2011

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