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

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.

Illinois Republicans' New Chapter 9 Bill Deemed ‘Bondholder Friendly'

Debtwire | June 16, 2015

Bankruptcy & Financial Restructuring partner Mark Berman discusses a new municipal bankruptcy bill which would provide a statutory lien for general obligation bondholders at the municipal level.

Chicago dives into municipal market with split ratings and opinions

Debtwire | May 26, 2015

This article discusses how the pricing of $600+ in general obligation bonds will test market confidence in the City of Chicago. Bankruptcy & Financial Restructuring partner Mark Berman provides commentary.

Nonprofits in the Zone of Insolvency: 2 Cautionary Tales

Law360 | May 19, 2015

New York City financial restructuring and bankruptcy counsel Chris Desiderio, Washington, DC, M&A and Corporate Transactions partner Mike Cooney, and associate Rob Trott and Boston partner and leader of the firm’s Bankruptcy & Financial Restructuring practice Victor Milione coauthored this column on important issues charitable fiduciaries should educate themselves on to avoid insolvency.

Reduced Coal Sales to China in the Next Five Years? Don't Count on It

Coal Blog | March 31, 2015

New York City Financial Restructuring & Bankruptcy partner Dennis Drebsky authored this article on Chinese reliance on coal-based energy.

Debate Simmers over Coal Future

Law360 | March 06, 2015

San Francisco Bankruptcy & Financial Restructuring partner Lou Cisz authored this article discussing potential new legislation requiring California public pension funds to start divesting from their coal holdings.

Bankruptcies Propel a California School Bond Bill

The Bond Buyer | March 04, 2015

New York City Financial Restructuring & Bankruptcy partner Robert Christmas authored a client alert, “Legislative Advisory—California Senate Bill 222,” that is referenced in this article on the new California bill. The bill would add language to school district general obligation bonds to protect investors if the district goes bankrupt.

Managing Cross-Border Restructurings and Bankruptcies

Financier Worldwide | March 01, 2015

Boston Financial Restructuring & Bankruptcy partner Rick Pedone provides commentary in this special report on managing cross-border restructurings and bankruptcies.

Atlantic City Schools Get Sucked into City's Distress

Debtwire | February 04, 2015

Boston Financial Restructuring and Bankruptcy partner Mark Berman is quoted in this article discussing the Board of Education of Atlantic City’s preparation of a plan to avoid a cash flow crisis for the 2014–2015 school year.

What Municipal Bond Investors Can Learn from Detroit

Law360 | November 26, 2014

Boston Bankruptcy & Financial Restructuring partner Mark Berman and Boston Global Finance associate Erik Schneider authored this column discussing what the municipal finance community can learn from analyzing the bankruptcy court’s formal written opinion of Detroit’s Chapter 9 plan.

Chelsea Housing Authority sues to recover lost cash

Boston Globe | November 24, 2014

Boston Bankruptcy & Financial Restructuring partner Rick Pedone is quoted in this article discussing efforts to recover funds for the Chelsea Housing Authority, which suffered major financial loss under its former executive director. This is an ongoing pro bono matter for Rick and team.

Stockton's amended plan of debt adjustment could wipe out Franklin's secured claim

Debtwire | June 11, 2014

Boston Bankruptcy & Financial Restructuring partner Mark Berman discusses the city of Stockton’s efforts to wipe out the secured claim of Franklin Templeton Investments, the city’s only dissenting creditor, through its amended plan of debt adjustment (PDA).

SIFMA: Detroit's LTGO Treatment Would "Shatter" Muni Industry

The Bond Buyer | May 12, 2014

This article notes Nixon Peabody’s representation of the Securities Industry and Financial Markets Association in an amicus brief urging the rejection of Detroit's bankruptcy exit plan. Bankruptcy & Financial Restructuring partners Mark Berman and Robert Christmas are SIFMA’s counsel.

Stockton, Last Creditor to Face Off in Final Hearing

The Bond Buyer | May 09, 2014

New York City Bankruptcy partner Robert Christmas provides third-party commentary on the City of Stockton, California’s plan to recover from chapter 9 bankruptcy.

Lessons Learned and What to Disclose

Municipal Finance Journal | April 01, 2014

Boston Bankruptcy & Financial Restructuring partner Mark Berman discusses lessons learned from court decisions issued in recent chapter 9 municipal bankruptcy cases and what information about the potential consequences in bankruptcy analysts should be looking for when deciding whether or not to purchase a municipal security.

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.

Contacts

Victor G. Milione

Practice Group Leader, Financial Restructuring & Bankruptcy

vmilione@nixonpeabody.com

Phone: 617-345-1215

  • U.S. News/Best Lawyers “Best Law Firms” in Boston and Manchester (2017)
  • M&A Advisor
    • Eighth Annual Turnaround Awards Healthcare/Life Sciences Deal of the Year
    • Restructuring Deal of the Year
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