Financial Restructuring & Bankruptcy



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 and certain affiliated companies. This transaction was recognized in 2014 as “Healthcare/Life Sciences Deal of the Year” by M&A Advisor.

Ten years after Chapter 9 filing, Vallejo looks ahead

The Bond Buyer | May 18, 2018

New York City financial restructuring and bankruptcy partner Robert Christmas is quoted in this article about how things have changed over the last decade in the city of Vallejo, California, since filing for Chapter 9 bankruptcy in 2008.

Franchisee fraud: When fraud threatens a franchisor's good name

Journal of Corporate Renewal | May 01, 2018

Boston financial restructuring and bankruptcy partner Rick Pedone and New York City counsel Chris Desiderio authored this article about the steps and strategies franchisors and franchisee lenders must take to mitigate exposure to potential fraud.

When is Final, Final? Appeals from § 363(m) Findings

ABI Journal | April 05, 2018

New York City financial restructuring and bankruptcy counsel Chris Desiderio and Manchester financial restructuring and bankruptcy partner Dan Sklar are co-authors of this article analyzing two recent circuit court decisions that may have exposed a weakness in the bankruptcy court sale-and-approval process.

The State Of Post-Secondary Education in the US

New Hampshire Business Review | January 19, 2018

Manchester financial restructuring and bankruptcy partner Dan Sklar contributed this article on the challenges facing colleges and universities.

Chicago suburb follows city with securitization, bypassing junk rating

Bond Buyer | December 21, 2017

This article mentions Nixon Peabody for serving as special bankruptcy counsel to Chicago's Sales Tax Corporation.

How cash-strapped Chicago snagged a triple-A rating for its new bonds

Wall Street Journal | December 03, 2017

In this article on Chicago’s $3B bond sale, New York City financial restructuring and bankruptcy partner Robert Christmas is quoted for advising the city.

Chicago securitization bond pitch to investors begins in earnest

The Bond Buyer | November 14, 2017

This article lists Nixon Peabody as transaction counsel for the city of Chicago and its new highly rated sales tax securitization and quotes New York City financial restructuring and bankruptcy partner Robert Christmas.

Heavy debt crushed owners of Toys ‘R’ Us

Wall Street Journal | September 19, 2017

San Francisco financial restructuring and bankruptcy partner Lou Cisz is quoted in this article on the factors that led to retailer Toys ‘R’ Us’ bankruptcy filing.

Lehman judge signs off on MBS claims estimation deal

Law360 | July 06, 2017

This article notes New York City financial restructuring and bankruptcy group senior counsel Dennis Drebsky for representing Deutsche Bank National Trust Co. in an ongoing settlement with Lehman Brothers.

Lehman throws support behind RMBS settlement

Law360 | July 03, 2017

New York City financial restructuring and bankruptcy group senior counsel Dennis Drebsky is mentioned in this article for representing Deutsche Bank National Trust Co. in a settlement with Lehman Brothers.

Cosi files new creditor-backed reorganization plan

Law360 | March 24, 2017

Boston financial restructuring and bankruptcy partner Lee Harrington is mentioned in this article as representing the creditors in Cosi Inc.’s new Chapter 11 reorganization plan.

Aging coal-fired power plants in the Trump era

Law360 | February 10, 2017

San Francisco financial restructuring and bankruptcy partner Lou Cisz and commercial litigation associate Karl Sung co-authored this article about the future of the coal industry under the Trump administration.

Kochs and other Madoff investors are winners in fight over profits held abroad

The New York Times | November 22, 2016

Boston partner and co-leader of the commercial litigation practice Jon Sablone is quoted in this article about a recent ruling in federal bankruptcy court in favor of Madoff fund investors.

Bayou Shores: A Reminder That Successful Restructurings Require Advice of Experienced Health Care Counsel

Journal of Bankruptcy Law | October 01, 2016

New York City financial restructuring and bankruptcy partner Robert Christmas authored this column that discusses the importance of proper planning for health care entities to navigate the legal “shoals” of Bayou Shores and similar cases to arrive at a successful restructuring.

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 08, 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.

Bruegger's Moving Toward Sale

Rochester Business Journal | April 29, 2016

New York City Financial Restructuring & Bankruptcy counsel Chris Desiderio is quoted in this article about a U.S. Bankruptcy Court sale of Flour City Bagels LLC.

After Bankruptcies, Murky Future for California POBs

The Bond Buyer | April 28, 2016

New York City Financial Restructuring & Bankruptcy partner Robert Christmas is quoted extensively throughout this article about the future of pension obligation bonds in California in the wake of the San Bernardino and Stockton bankruptcies.

Former Apple Supplier GTAT Gets Nod On Ch. 11 Plan

Law360 | March 09, 2016

The following coverage notes that GT Advanced Technologies Inc. can leave Chapter 11 with a reorganization plan that puts its exit lender in control of the reorganized business. Manchester Financial Restructuring & Bankruptcy partner Dan Sklar is identified as debtor counsel.

GT Advanced Technologies set to emerge from court protection

The Deal | March 09, 2016

This coverage notes that GT Advanced Technologies Inc. can leave Chapter 11 with a reorganization plan that puts its exit lender in control of the reorganized business. Manchester Financial Restructuring & Bankruptcy partner Dan Sklar is identified as debtor counsel.

Grocers start to wilt under competitive pressures

The Deal | February 05, 2016

Boston Bankruptcy & Financial Restructuring partner Rick Pedone provides commentary in this feature story on the state of the supermarket industry in light of a number of brands shuttering outlets.

Not Your Grandfather's Municipal Market: Investors Eye Recovery Value

Forbes | December 22, 2015

New York City Financial Restructuring & Bankruptcy partner Robert Christmas provides third-party commentary on efforts by investors to emphasize recovery values in their credit work.

In Post-Detroit Bankruptcy Era, California Protects Investors Before Pensioners

Governing Magazine | July 30, 2015

New York City Bankruptcy partner Robert Christmas provides third-party commentary about the impact of Detroit’s bankruptcy and the effect on future bankruptcy cases.

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