Creditors’ Committees

Our Approach

We excel at identifying strategies, reconciling the differing interests of committee members and pursuing a consensus strategy on the committee’s behalf while at the same time applying unprecedented litigation leverage.

Negotiated solutions are often possible, but when it is not possible to avoid litigation, we aggressively pursue remedies for creditors in court. We diligently protect the rights and remedies of creditors by:

• Assisting the committee in thoroughly assessing the viability of the company’s operations, management competency and any mitigating circumstances
• Investigating the company’s pre-bankruptcy activities to determine whether any rights of creditors might be implicated or any assets recovered
• Resolving secured creditor issues
• Preserving the assets of the debtor’s estate
• Dealing with unsecured creditor issues
• Developing strategies, when appropriate, to bring in strategic investors or new partners to buy debtor’s assets
• Negotiating terms of a consensual reorganization plan, assisting in getting it implemented or opposing a plan that is not in the interests of the general unsecured creditors
• Establishing post-confirmation liquidation trusts or other devices to protect assets and preserve their value for unsecured creditors

Who we work with

Our attorneys have represented both official and unofficial creditors’ committees in Chapter 11 bankruptcy cases, and we have bridged competing interests and maximized payments for unsecured creditors time after time.

Over the past decade, we have advised creditors in the largest cases in the country including EFH, Lehman and Calpine. We also have extensive experience in bankruptcy-related financings, including numerous large and important debtor-in-possession and exit financings, many culminating in transfer of control to creditor groups.

Representative Experience

Counsel to the official committee of unsecured creditors

• Cosi, Inc.
• R. Esmerian, Inc.
• Visiting Nurse Association of Long Island

Counsel to a member of the official committee of unsecured creditors

• Energy Future Holdings, Corp.
• Calpine Corp.
• Enron Corp.
• Payless Holdings, Inc.