Financial Services: Restructuring

Overview

Our nationwide team brings together experienced attorneys with meaningful experience in assisting financial institutions and other secured creditors in restructuring and insolvency matters. We understand the unique needs of secured lenders, debtors, creditors’ committees, critical vendors, trustees, receivers, and other stakeholders in those proceedings. In court, we can often prevent the dissipation of assets and help maximize a creditor’s recovery. We also have deep experience representing creditors in litigation brought by debtors, guarantors, trustees, creditors’ committees, or other lenders. Our experience in business workouts, complex reorganizations, and bankruptcy proceedings – backed by attorneys throughout the country in our litigation, employment, tax, environmental, hospitality, healthcare, real estate, intellectual property, and corporate practices – enables us to provide comprehensive legal counsel to clients regarding creditor and debtor relations.

For much of our history, we have handled large and middle-market commercial bankruptcies, receiverships, and related cases for clients regardless of the form of commercial enterprise. We are distinguished by our experience in working with a number of borrower industries, and our approach is business-focused and practical.

What we do
  • Bankruptcy
  • Debt restructuring
  • Foreclosure proceedings
  • Intercreditor matters
  • Litigation
  • Receivership
  • Syndications
  • Workouts (e.g., deeds-in-lieu, forbearance agreements, loan modifications)
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Who we work with

We counsel a broad array of clients, including:

  • Commercial banks
  • Commercial lessors (including landlords)
  • Credit card issuers
  • Credit unions
  • Distressed debt investors
  • Insurance companies
  • Loan servicers
  • Mortgage lenders
  • Retailers
  • Secured creditors
  • Thrifts
Industries
  • Admiralty
  • Aviation
  • Commercial real estate
  • Energy
  • Finance
  • Healthcare
  • Hospitality
  • Insurance
  • Manufacturing
  • Multifamily housing
  • Oil and gas
  • Retail
  • Securities

Select Experience

  • Advised in the litigation and resolution of $135 million CMBS facility secured by an iconic portfolio of commercial office buildings, including attempts to pursue a personal guarantor through so-called “bad boy” provisions in loan documents.
  • Represented a registered investment advisor with more than $1 billion in assets under management in connection with the sale of substantially all its assets and related chapter 11 restructuring.
  • Assisted a regional bank in resolving more than $12 million in defaulted commercial loans through complex individual chapter 11 proceedings. We defended the bank’s lien positions and claims and, through negotiation of favorable plan and cash collateral treatment and the prosecution of related-party state court foreclosure proceedings in two states, were able to achieve nearly a 100 percent recovery for the bank.
  • Represented a major national bank in minimizing and recouping losses arising out of a failed processor and servicer of prepaid bank-card products. Faced with a potential exposure in the tens of millions of dollars, we negotiated, through the servicer’s bankruptcy, a global resolution that recouped millions of dollars in potential losses and permitted the bank to transition and run off millions of outstanding prepaid bank card products with no disruption of consumer service.
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Professionals

Name Title Office Email
Counsel Denver
Senior Advisor Cleveland
Counsel Cleveland
Counsel Denver
Partner Cleveland
Partner Orlando
Associate New York
Partner Cleveland
Partner Orlando
Partner New York
Partner Columbus
Partner New York
Partner Houston
Senior Advisor Washington, D.C.
Partner Cincinnati
Partner New York
Partner New York
Partner Cleveland
Partner Cleveland
Partner Washington, D.C.

Experience

  • Advised in the litigation and resolution of $135 million CMBS facility secured by an iconic portfolio of commercial office buildings, including attempts to pursue a personal guarantor through so-called “bad boy” provisions in loan documents.
  • Represented a registered investment advisor with more than $1 billion in assets under management in connection with the sale of substantially all its assets and related chapter 11 restructuring.
  • Assisted a regional bank in resolving more than $12 million in defaulted commercial loans through complex individual chapter 11 proceedings. We defended the bank’s lien positions and claims and, through negotiation of favorable plan and cash collateral treatment and the prosecution of related-party state court foreclosure proceedings in two states, were able to achieve nearly a 100 percent recovery for the bank.
  • Represented a major national bank in minimizing and recouping losses arising out of a failed processor and servicer of prepaid bank-card products. Faced with a potential exposure in the tens of millions of dollars, we negotiated, through the servicer’s bankruptcy, a global resolution that recouped millions of dollars in potential losses and permitted the bank to transition and run off millions of outstanding prepaid bank card products with no disruption of consumer service.
  • Secured a unanimous ruling from the Ohio Supreme Court on behalf of a bank, defeating guarantors’ attempt to bar enforcement of guarantees based on an alleged oral forbearance agreement; the court held such oral agreements are invalid.
  • Represented a major regional bank with the resolution of distressed loans to a residential real estate developer. Tenaciously pursued the owner-guarantor, who had engaged in asset protection planning in Florida, resulting in a resolution on terms favorable to the bank.
  • Assisted with the resolution of distressed loan facilities to distressed middle-market oil producers and oilfield services companies operating in Ohio, Texas, Oklahoma, Colorado, and other states.
  • Represented multiple foreign banks and investment banks in connection with unwinding numerous derivatives and complex financial instruments in the Lehman Brothers bankruptcy and related SIPA proceeding.
  • Assisted nationally rated special servicers with the disposition of more than $10 million in distressed hospitality loans throughout Ohio; managed receivership processes and used creative approaches to liquidate the assets to maximize recovery for investors.

Recognition

  • Recognized as one of the top law firms for client service, we were named to the 2018 BTI Client Service 30 for the fourth consecutive year.

News

Publications

Memberships

  • Affiliate member of the Ohio Bankers League (OBL) (2016-2018)

Key Contacts

Blog

In The Blogs

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Financial Services Blog
Supreme Court Resolves Circuit Split Over Application of Section 546(e) to Transactions Involving Conduits
By Adam L. Fletcher, Eric R. Goodman
May 31, 2018
The Supreme Court’s recent decision in Merit Management Group, LP v. FTI Consulting, Inc., 138 S.Ct. 883 (2018), held that transfers made by or to entities that are not “financial institutions” or other covered entities fall outside the...
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Financial Services Blog
Congress Passes Repeal of CFPB Guidance on Indirect Auto Lender Liability for Discriminatory Lending
By M. Mitchell Oates
May 16, 2018
The U.S. House of Representatives voted last Tuesday to reject a 2013 Consumer Financial Protection Bureau (CFPB) bulletin that provided guidance regarding liability for discrimination in indirect auto lending. The same measure passed the...
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Financial Services Blog
Eleventh Circuit Sides with Wells Fargo on Post-Class Certification Motion to Compel Arbitration
By Douglas L. Shively
May 14, 2018
Wells Fargo achieved a significant victory on Thursday in decade-old litigation over allegedly unlawful overdraft fees when the Eleventh Circuit held that Wells Fargo had not waived its right to compel arbitration as to the unnamed...
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Financial Services Blog
CFPB Auto Lending Rule May Be on the Way Out
By Kyle T. Cutts
April 30, 2018
An Obama-era regulation intended to restrain discriminatory lending practices by automobile lenders appears to be on its way out. On April 18, under the Congressional Review Act (CRA), the Senate voted to repeal the Consumer Financial...
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Financial Services Blog
Mulvaney Issues Report Outlining Proposals to Reform CFPB
By Ruth E. Hartman
April 17, 2018
Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued its semiannual report (the “Report”) to the President and Congress. In the Report, Acting CFPB Director Mick Mulvaney proposes to significantly reform the CFPB’s...
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