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BANKRUPTCY & FINANCIAL RESTRUCTURING

Distressed businesses need seasoned legal counsel that can help them reach the best possible outcomes, both in and out of court. With savvy derived from decades of experience working “in the trenches” with debtors, boards of directors, individual creditors, and creditor committees across the country, Nixon Peabody attorneys are equally skilled at negotiation, litigation, and transactional approaches. Our full range of services spans all areas of bankruptcy law and includes:

  • Asset protection
  • Reorganization planning
  • Debt restructuring
  • Asset acquisitions and sales
  • Pre-bankruptcy counseling
  • Loan workouts and forbearance agreements
  • Creditor committee representation
  • Collateral liquidation
  • Real estate foreclosure
  • Preference litigation

We have represented both publicly and privately held companies in formal reorganization and liquidation proceedings, as well as in out-of-court workouts and restructurings. We have also served as Chapter 11 and Chapter 7 trustees. We provide representation to:

  • Debtors
  • Secured and unsecured lenders
  • Buyers and sellers of distressed businesses
  • Indentured trustees
  • Creditor committees
  • Landlords
  • Equity holders
  • Company management
  • Equipment lessors
  • Non-debtor contract parties
  • Venture funds

Nixon Peabody’s Financial Restructuring & Bankruptcy practice was featured in the inaugural “Best Law Firms” rankings by U.S. News & World Report/Best Lawyers (2010), where it was recognized nationally and received honors in Massachusetts, New Hampshire, and New York.

Our attorneys are educated business professionals. We understand how products are priced and sold, and we are skilled at financial modeling, interpreting financial statements, projections, and forecasting. We serve as high-level business counselors able to help companies:

  • Uncover areas of operational weakness
  • Discover where money is being made and lost
  • Develop and execute turnaround plans
  • Critique existing plans

Our negotiating skills enable us to often resolve contentious issues without having to return to court.

Thought Leadership/Alerts

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

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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

An update on second-lien financings and intercreditor agreements: Part II
Bankruptcy Law Alert | March 11, 2011

An Update on second-lien financings and intercreditor agreements: Part I
Bankruptcy Law Alert | January 4, 2011

The Evolution of Chinese Bankruptcy Law: Challenges of a Growing Practice Area
September 20, 2010

Hurricane season: Preference and other avoidance litigation in the Lehman cases
Bankruptcy Law Alert | September 13, 2010

Response to Vacating Chrysler
June 25, 2010

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Press

Chambers Recognizes Leading Nixon Peabody Attorneys and Practices
March 14, 2013

Nixon Peabody Attorneys Earn Top Recognition From Best Lawyers
September 14, 2012

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Media Clips

  • 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.

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  • 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.
  • An Update on Second-Line Financings and Intercreditor Agreements: Part II
    American Bankruptcy Institute (ABI) Journal | March 10, 2011
    This article, coauthored by Boston Bankruptcy & Financial Restructuring partner Mark Berman, discusses intercreditor decisions from late 2010, some concerns raised by the Lehman decision on the rights of a derivative counterparty and the concept of ”collective action.“
  • Extending Chapter 9 to States Would Present Hurdles
    The National Law Journal | February 21, 2011
    This contributed article, featured in the publication’s “Corporate Restructuring and Bankruptcy” special section, discusses whether states will be able to file bankruptcy under Chapter 9. The article is coauthored by New York City Bankruptcy & Financial Restructuring partner Dennis Drebsky.
  • Extending Chapter 9 to States Would Present Hurdles
    The National Law Journal | February 21, 2011
    This contributed article, featured in the publication’s “Corporate Restructuring and Bankruptcy” special section, discusses whether states will be able to file bankruptcy under Chapter 9. The article is coauthored by Boston Bankruptcy & Financial Restructuring associate Ann Chernicoff.
  • Refusing to Hire Bankrupt Applicants is Legal
    Human Resource Executive | February 11, 2011
    This article discusses an important federal circuit court ruling finding that private employers are not prohibited from denying employment to an individual based on a bankruptcy filing and the need for employers to be careful when handling these bankruptcy-related matters. Boston Bankruptcy & Financial Restructuring partner Rick Pedone provides third-party commentary throughout the piece.
  • Human Capital: People on the Move
    Boston Business Journal | February 2, 2011
    In this column, noting Boston-area moves, promotions, and honors, Bankruptcy & Financial Restructuring attorney Lee Harrington is included for being elected to the firm’s partnership.
  • New Council Draws Big Interest with Event
    India New England | February 1, 2011
    This feature article highlights the India-U.S. Trade & Investment Conference 2011. It discusses the featured panels and highlights the speakers, which included Boston Bankruptcy & Financial Restructuring and South Asia group senior associate Lesley Varghese.
  • An Update on Second-Lien Financings and Intercreditor Agreements
    American Bankruptcy Institute Journal | January 1, 2011
    This contributed article, authored by Boston Bankruptcy & Financial Restructuring partner Mark Berman, discusses recent bankruptcy court decisions and examines how bankruptcy courts are likely to deal with the issues presented by intercreditor or subordination agreements.
  • Sklar Returns to Legal World with Fresh Take on Business
    Daily Bankruptcy Review | October 1, 2010
    This feature article profiles Manchester Bankruptcy & Financial Restructuring partner Dan Sklar.
  • Bankruptcy Primer for Sellers of Goods to Debtors
    Law 360 | September 17, 2010
    This guest column, authored by New York City Bankruptcy & Financial Restructuring associate David Lee, discusses a few recent bankruptcy cases that have had effects on a large number of sellers and how/why sellers and their counsel need to understand their rights in bankruptcy and be prepared to deal effectively with bankruptcy proceedings.
  • Turning Around Struggling Franchisees
    Franchise Update | August 31, 2010
    The feature story discusses what franchisors can do to help turn around distressed units—without spending scarce funds or getting themselves into legal hot water. Boston Bankruptcy & Financial Restructuring partner Rick Pedone provides commentary in the piece.
  • Chap. 9 Plan in S.C. Hits Pothole
    The Bond Buyer | August 16, 2010
    This feature story discusses the South Carolina Department of Transportation’s challenge in a Chapter 9 bankruptcy filing, which has delayed efforts to restructure $369 million of the agency’s toll road bonds that went into default at the beginning of the year. New York City Bankruptcy & Financial Restructuring partner Dennis Drebsky is quoted addressing this matter.
  • Sun Capital Complaint Could Be Harbinger
    Buyouts | August 16, 2010
    This feature article discusses a bankruptcy complaint against Sun Capital Partners Inc., which could be an indication of increased legal action against buyout firms. Boston partner and leader of the firm’s Bankruptcy & Financial Restructuring practice Victor Milione provides third-party commentary in the piece.
  • Howard Hughes Estate Dispute Pits Heirs Against Mall Owner General Growth
    Bloomberg News | July 22, 2010
    This feature story discusses the ongoing conflict between Howard Hughes’ heirs and mall owner General Growth Properties Inc. regarding a final payout of the late mogul’s estate. Boston partner and leader of the firm’s Bankruptcy & Financial Restructuring practice group Victor Milione provides third-party commentary in the piece.
  • Biz Owners Gain Insight on Restructuring
    Buffalo Business First | June 29, 2010
    The story discusses a Buffalo-area business restructuring symposium designed to help business owners to identify, navigate through, or steer clear of financial crises. Rochester Bankruptcy & Financial Restructuring partner Greg Mascitti, a former president of the Upstate New York Chapter of the Turnaround Management Association, is quoted in the piece.
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Events

Clean Up In Aisle 9: Distressed M&A and Reorganization Opportunities and Challenges in the Retail Grocery Sector
May 15, 2013 | Boston, MA

Webinar: Chapter 15: Recent Cases in Cross-Border Insolvencies
December 4, 2012

Webinar: Health Care Bankruptcy & Restructuring: Staying Ahead of the Game
June 7, 2012

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Bankruptcy & Financial Restructuring