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.

Auction Set for LRGHealthcare's Assets

Laconia Daily Sun (N.H.) | November 06, 2020

This article covers an upcoming auction of LRGHealthcare’s assets as part of the nonprofit hospital operator’s Chapter 11 bankruptcy case, noting an initial $30 million bid from Concord Hospital. Financial Restructuring & Bankruptcy practice group leader and Boston partner Victor Milione, Boston Complex Commercial Disputes partner Morgan Nighan, New York City counsel Chris Desiderio and associate Chris Fong, both of the Financial Restructuring & Bankruptcy group, are representing LRGHealthcare, and the auction is scheduled for Dec. 16 at NP’s Manchester office.

LRGHealthcare Files for Bankruptcy, Concord Hospital May Acquire

Business NH magazine | October 20, 2020

The following article covers nonprofit hospital operator LRGHealthcare’s Chapter 11 bankruptcy filing as it seeks a buyer, mention Financial Restructuring & Bankruptcy practice group leader and Boston partner Victor Milione, Boston Complex Commercial Disputes partner Morgan Nighan, New York City counsel Chris Desiderio and associate Chris Fong, both of the Financial Restructuring & Bankruptcy group, for representing LRGHealthcare.

Covid Forces smarTours to Check into Ch. 11

The Deal | October 20, 2020

This story covers travel company smarTours’ Chapter 11 bankruptcy filing, after the pandemic forced the company to suspend all tours earlier this year. The article mentions Boston partner Rick Pedone and New York City counsel Christopher Desiderio and associate Christopher Fong, all of the Financial Restructuring & Bankruptcy practice group, for representing smarTours.

New Hampshire Hospital Group Seeks Bankruptcy Relief

Reuters Legal | October 19, 2020

The following article covers nonprofit hospital operator LRGHealthcare’s Chapter 11 bankruptcy filing as it seeks a buyer, mention Financial Restructuring & Bankruptcy practice group leader and Boston partner Victor Milione, Boston Complex Commercial Disputes partner Morgan Nighan, New York City counsel Chris Desiderio and associate Chris Fong, both of the Financial Restructuring & Bankruptcy group, for representing LRGHealthcare.

LRGHealthcare to Sell Assets in Ch. 11

The Deal | October 19, 2020

The following article, covers nonprofit hospital operator LRGHealthcare’s Chapter 11 bankruptcy filing as it seeks a buyer, mention Financial Restructuring & Bankruptcy practice group leader and Boston partner Victor Milione, Boston Complex Commercial Disputes partner Morgan Nighan, New York City counsel Chris Desiderio and associate Chris Fong, both of the Financial Restructuring & Bankruptcy group, for representing LRGHealthcare.

Little-Known Bank Regulations Have Globally Changed Creditor Rights

New York Law Journal | September 29, 2020

New York Financial Restructuring & Bankruptcy partner Robert Christmas contributed this article on how actions taken by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have altered the rights in bankruptcy of parties to contracts with the world’s largest financial institutions.

Painful Impact of COVID-19 on the Troubled Skilled-Nursing Industry

ABI Journal | September 01, 2020

San Francisco Financial Restructuring & Bankruptcy partner Lou Cisz, III co-authored this article, which provides an outlook on COVID-19’s financial impact on skilled-nursing facilities, while looking ahead to set the stage for industry-wide restructurings and bankruptcy filings.

Paper Store Receives Higher Bid at Auction

The Deal | August 28, 2020

Boston Financial Restructuring & Bankruptcy partner Rick Pedone is mentioned in this article for representing TPS Group Holdings LLC in its stalking horse bid in Paper Store LLC’s bankruptcy auction. Private Equity group leader and Manchester partner Phil Taub is also representing the investor group.

2nd Circuit blocks latest Lehman effort to recover $1 billion from noteholders

Reuters Legal | August 11, 2020

This article, covering the Second Circuit’s rejection of Lehman Brothers’ effort to claw back $1 billion, mentions NP for the work of Global Finance partner Amanda Darwin (Boston), and Financial Restructuring & Bankruptcy partner Rick Pedone (Boston) and counsel Chris Desiderio (New York) in representing the noteholders.

2nd Circ. Rejects Lehman's $1B Clawback Effort

Law360 | August 11, 2020

This article, covering the Second Circuit’s rejection of Lehman Brothers’ effort to claw back $1 billion, mentions NP for the work of Global Finance partner Amanda Darwin (Boston), and Financial Restructuring & Bankruptcy partner Rick Pedone (Boston) and counsel Chris Desiderio (New York) in representing the noteholders.

Paper Store Names Insider Vehicle as Lead Bidder in Ch. 11

The Deal | August 06, 2020

Boston Financial Restructuring & Bankruptcy partner Rick Pedone is mentioned in this article for representing TPS Group Holdings LLC in its stalking horse bid in Paper Store LLC’s bankruptcy auction. Private Equity group leader and Manchester partner Phil Taub is also representing the investor group.

CARES Act Expands Restructuring Options for Small Businesses

Journal of Bankruptcy Law | July 14, 2020

Financial Restructuring & Bankruptcy practice group leader Victor Milione, partner Rick Pedone (both in Boston), and associate Christopher Fong (in New York City), contributed this article on the key changes made to the Small Business Reorganization Act that small businesses and lenders must understand.

Fight over releases stalls Level Solar's Ch. 11 hearing

Law360 | March 03, 2020

This article mentions Financial Restructuring and Bankruptcy partner Victor Milione in Boston and associate Chris Fong in New York City, who are representing two funds created by Level Solar as part of the shuttered company’s Chapter 11 plan.

Philly refinery owner fires back at Chapter 11 plan objections

Law360 | February 10, 2020

This article on the latest developments in a Delaware-based bankruptcy matter mentions Financial Restructuring and Bankruptcy partner Rick Pedone in Boston and associate Chris Fong in New York City as co-counsel for Point Breeze Renewable Energy LLC, which is objecting to the Chapter 11 plan proposed by a shuttered Philadelphia refinery.

Objections to Philly refinery Chapter 11 pile up as hearing nears

Law360 | February 05, 2020

This article mentions Boston Financial Restructuring and Bankruptcy partner Rick Pedone and New York City Financial Restructuring and Bankruptcy associate Chris Fong as co-counsel for Point Breeze Renewable Energy LLC, which is objecting to a proposed Chapter 11 plan for a shuttered Philadelphia refinery.

IN BRIEF: Bankruptcy judge puts off hearing on PES confirmation plan

Reuters Legal | February 04, 2020

This article about Philadelphia Energy Solutions’ (PES) Chapter 11 case mentions Boston Financial Restructuring and Bankruptcy partner Rick Pedone as co-counsel to Point Breeze Renewable Energy, an RNG Energy Company, in connection with its lease from PES to open a biofuels plan on the site of PES’ South Philadelphia refinery.

Chicago plans full-court press with investors this week

The Bond Buyer | January 08, 2020

This article on the city of Chicago’s efforts to close a $838 million budget gap mentions New York City Financial Restructuring and Bankruptcy partner Robert Christmas as STSC bond counsel for the city.

Justices cite Igloos, McDonald's in bankrupt brands case

Law360 | February 20, 2019

Boston Financial Restructuring & Bankruptcy partner Lee Harrington is mentioned in this article for his representation of Tempnology, a company whose decision to revoke its trademark license under bankruptcy law, is now before the U.S. Supreme Court.

Chapter 11 doesn't cancel TM contract, clothier tells high court

Law360 | December 11, 2018

Financial Restructuring & Bankruptcy partners Lee Harrington of Boston and Dan Sklar of Manchester and Complex Commercial Disputes partner George Skelly of Boston are mentioned in this story for their representation of Tempnology in an ongoing licensing suit, which is now before the Supreme Court.

High court to address rift on bankrupt brands' trademarks

Law360 | October 26, 2018

Boston Financial Restructuring and Bankruptcy partner Lee Harrington is quoted in this article about his representation of Tempnology in a trademark licensing case that was just taken up by the Supreme Court.

According to a recent study/survey … End-of-August 2018 edition

Modern Restaurant Management | August 29, 2018

This end-of-month roundup of top restaurant news includes highlights from Nixon Peabody’s Food, Beverage & Agriculture team’s quarterly Crystal Ball outlook report. Boston Financial Restructuring and Bankruptcy partner Lee Harrington, Los Angeles Corporate partner Ellie Altshuler, Rochester Corporate partner Tyler Savage, and Buffalo Complex Commercial Disputes associate Tracey Scarpello are quoted.

Ten years after Chapter 9 filing, Vallejo looks ahead

The Bond Buyer | May 17, 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 | April 30, 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.

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” 2020 ranked as National Tier One in: Appellate Practice, Commercial Litigation, Corporate Law, Employment Law—Management, Energy Law, Franchise Law, Health Care Law, Labor Law—Management, Litigation—Construction, Litigation—Labor & Employment, Litigation—Real Estate, Mass Tort Litigation/Class Actions—Defendants, Patent Law, Public Finance Law, Real Estate Law, Securities Regulation, Tax Law
  • In addition, many Nixon Peabody practices received U.S. News/Best Lawyers Tier 1 rankings at the regional level in the following geographies: Albany, NY; Boston; Buffalo; Chicago; Long Island; Los Angeles; Manchester, NH; New York City; Providence, RI; Rochester, NY; San Francisco; and Washington, DC.
  • U.S. News/Best Lawyers metropolitan Tier 1 leader in  Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law in Boston and Manchester (2019)
  • M&A Advisor
    • Eighth Annual Turnaround Awards Healthcare/Life Sciences Deal of the Year
    • Restructuring Deal of the Year
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