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)
More »
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
Associate Los Angeles
Senior Advisor Cleveland
Associate Cleveland
Associate Los Angeles
Counsel Denver
Partner Cleveland
Partner Orlando
Associate New York
Partner Cleveland
Partner Orlando
Partner New York
Partner Columbus
Partner Los Angeles
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.

News

Publications

Articles

Key Contacts

Blog

In The Blogs

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Financial Services Blog
Cordray to Resign as CFPB Director
November 16, 2017
In an email to CFPB staff on Wednesday, Director Richard Cordray announced that he will resign by the end of November. Although it is rumored that Director Cordray will run for governor of Ohio, he did not specify his future plans in the...
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Financial Services Blog
Second Circuit: Secured Lender Not Entitled to a Make Whole Premium in “Cramdown” Restructuring, But May Be Entitled to Higher Interest Rate
October 31, 2017
On October 20, in Matter of M.P.M. Silicones, L.L.C. (“M.P.M. Silicones”), the United States Court of Appeals for the Second Circuit held that secured noteholders were not entitled to an approximately $200 million make-whole premium when...
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Financial Services Blog
SEC Advisory Committee To Discuss Implications of Blockchain for Securities Markets – No Action Imminent
October 2, 2017
Blockchain technology has made the agenda for the October 12, 2017 meeting of the SEC’s Investment Advisory Committee, the SEC announced on September 22, 2017. The Committee will be hosting a two-hour panel discussion among industry...
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Financial Services Blog
CFPB alleges disparate treatment in Amex’s US territories’ credit and collection practices
September 26, 2017
The Consumer Financial Protection Bureau (CFPB) has issued a Consent Order addressing alleged disparate treatment by banks in overseas territories of the United States. The Consent Order illuminates the CFPB’s approach to disparate...
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Financial Services Blog
Second Circuit Dismisses FACTA Class Action Under Spokeo
September 21, 2017
The Second Circuit’s Sept. 19, 2017 decision in Katz v. The Donna Karan Company, LLC, et al., Dkt. No. 15-464, has potentially provided a new road map to defeating class actions alleging statutory damages for bare procedural violations...
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