For creditors and lenders, extracting maximum value when faced with a distressed company, loan or property starts well before the initiation of formal foreclosure or bankruptcy proceedings. We work with clients at all stages of the loan restructuring and workout processes to develop and execute strategies that are carefully-tailored to the unique circumstances of distressed situations. Taking a practical and business-oriented approach, the attorneys in our Bankruptcy and Creditors' Rights practice work closely with members of our Banking and Financial Services, Corporate, Real Estate, Taxation and Commercial Litigation practices to offer comprehensive solutions that reflect the complexities of the particular circumstances at hand.
Multidisciplinary Representation for Distressed Situations
Our team takes this approach to representing lenders, special servicers, buyers of distressed loans and properties, property owners, and investors in all aspects of loan restructurings and workouts, up to and including bankruptcy planning and filing. Our attorneys advise clients on rights and remedies under loan documents, credit agreements, notes, purchase agreements, pooling and servicing agreements, trust agreements, indentures, aircraft leases, equipment leases, servicing agreements, ISDA derivative agreements, forbearance agreements and amendments, and other documents. We also provide representation for perfection of collateral, and we provide guidance for matters including debt-to-equity conversions, note sales, loan assumptions, receiverships, purchases and dispositions of REO property, assignments for the benefit of creditors, and judicial and non-judicial foreclosures.
Our bankruptcy and creditors' rights attorneys have represented clients in the restructuring of all types of financing, including: commercial mortgage loans, collateralized loan obligations, construction loans, bridge loans, mezzanine loans, preferred equity investments, single and multiple bank lines of credit, and syndicated credits. We also provide true sale, safe harbor and substantive non-consolidation opinion letters in support of various transactions.
- Represented a regional private college in the restructuring and refinancing of its debt, including the restructuring of publicly-traded bonds.
- Represented private regional lender in a foreclosure action and the borrowers' Chapter 11 bankruptcy involving a multi-million-dollar loan secured by a boutique hotel property in Miami, Florida.
- Represented a public REIT in connection with the restructurings of several large real property investments, including an 1100-unit multi-family building in Michigan and a 450-unit building in Florida.
- Represented a private lender with senior and mezzanine debt secured by an apartment complex in Connecticut in a foreclosure action on the senior debt and separate action on the mezzanine debt resulting in a full recovery.
- Represented Citibank, N.A. in the workout of a multi-million-dollar credit line issued to a home health care provider.
- Selected by Citibank, N.A. to represent participants of a multi-million-dollar loan facility in a foreclosure action against a mixed-use property located in Long Island, New York.
- Represented a senior lender in the workouts of eleven multi-family buildings in New Jersey and Pennsylvania.