Bankruptcy & Financial Restructuring
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.
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
- 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
- Equity holders and equity committees
- Company management
- Equipment lessors
- Non-debtor contract parties
- Subordinated debt holders
- Claim acquirers
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.
- Texas Utility Energy Future Pushes Bankruptcy Exit Plan in Trial
Reuters | August 17, 2016
This article focuses on Energy Future Holdings Corp, Texas’s biggest power company, request of a US bankruptcy court to allow the bulk of its operations to exit Chapter 11. The coverage notes that Energy Future faces stiff opposition from a group of creditors—including NP client American Stock Transfer & Trust Co. LLC—about how tax assets would be used in the power giant’s proposed spinoff of its major operating unit as the company kicked off the first half of its second attempt to exit bankruptcy. Boston financial restructuring and bankruptcy partner Rick Pedone is quoted and Boston global finance partner Amanda Darwin, Boston commercial litigation partner George Skelly, and New York City financial restructuring and bankruptcy associate Christopher Fong are listed among American Stock’s counsel.
- Detroit's $615m bond deal helped by market, held back by Michigan
Debtwire | July 29, 2016
Bankruptcy and financial restructuring partner Robert Christmas provides commentary in this feature story focused on Detroit's financial strength.
- Courts Are Looking Closely At Section 546(e) Application
Law360 | July 8, 2016
Boston Financial Restructuring & Bankruptcy partner Lee Harrington authored this piece that discusses decisions suggesting that recipients of payments on securities and debt instruments have to carefully consider how broadly a court will apply the Section 546(e) safe harbor to protect these payments from avoidance and recovery by a bankruptcy trustee.