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.

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.

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.

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

ABI Journal | April 04, 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 18, 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 20, 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 02, 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 13, 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 18, 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 05, 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 02, 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 23, 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 09, 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 21, 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 | September 30, 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.

Contacts

Victor G. Milione

Practice Group Leader, Financial Restructuring & Bankruptcy

vmilione@nixonpeabody.com

Phone: 617-345-1215

  • 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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