Restructuring & Insolvency

We have one of the largest, most experienced and respected global restructuring and insolvency practices of any law firm, with more than 130 experienced lawyers in 36 offices in 15 countries collaborating on domestic and cross-border restructuring matters.  Our seasoned team is expert in all facets of restructuring and insolvency engagements including US Chapter 11 reorganizations, US Chapter 15 cross-border insolvencies, US Chapter 9 municipal restructurings, all forms of UK receivership, administration and liquidation, UK bankruptcy and voluntary arrangements, out of court restructurings and related contentious work.  In 2014, we launched our blog which is a recognized source of informative and thoughtful commentary on restructuring and insolvency matters across the globe.

Our clients span every type of business, both public and private, and range from middle market to Fortune 500 companies.  Clients include distressed companies, financial institutions and indenture trustees, private equity firms, hedge funds, insolvency practitioners, unsecured creditors and creditors’ committees, investors, bondholders and bond insurers, pension scheme trustees, strategic and financial buyers of distressed companies, lessors, and officers and directors.  

We have represented clients in some of the largest and most high-profile restructurings and insolvencies in recent history, including Enron, the City of Detroit, Chrysler, Lehman Brothers, Consort Homes, MG Rover, General Motors, Klarius Group, Printpack, Austin Reed, Cobra Beer, Silentnight, U-Haul, AmFin Financial, Mercedes Homes, the Phoenix Coyotes and the Administrators of UK Coal.  We are experienced in a wide variety of industries and sectors, including aerospace and defense, agribusiness, chemicals, construction, electricity generation, energy, financial services, healthcare, high-tech manufacturing, infrastructure, insurance, mining and minerals, municipalities, oil and gas, real estate, professional sports clubs, resort hotels and casinos, retail and trustees of pension fund schemes.

Why choose us? 

  • Our global team has restructured over US$5 billion of debt in domestic and cross-border restructuring transactions since 2008.
  • Cross-border restructuring and insolvency cases require a diverse set of skills. For our lawyers, operating across markets and boundaries is second nature. We blend our understanding of the potential risks, with a strategic approach, efficient project management, local insight and the ability to see the bigger picture. Our lawyers work with clients across the full range of the restructuring and insolvency process to preserve and create value to ensure a maximum recovery to stakeholders whenever a business or public entity faces financial difficulty.  
  • We have a reputation for devising creative and innovative solutions to our clients’ challenges and working collaboratively to achieve successful outcomes.
  • We cover more jurisdictions effectively and efficiently, across the U.S., UK, Europe, Asia, Australia and Latin America, than virtually any law firm, and we do so seamlessly.
  • In the last 10 years, we have represented parties in insolvency proceedings in the U.S., UK Belgium, Brazil, British Virgin Island, Canada, China, Czech Republic, France, Germany, Hong Kong, Hungary, Italy, Japan, the Netherlands, Poland, Russia, Singapore, South Korea, Spain, Switzerland and Venezuela.  
  • We are distinguished thought leaders in the restructuring and insolvency field.  Most of our lawyers have published widely and are frequent speakers at local, national and international conferences and seminars on important topics.  

Explore

We are highly skilled at handling the panoply of restructuring issues our clients face, and collaborating closely with our colleagues in other practice and industry groups.  Here are some of the varied types of representations and the industry and sector expertise for which we are globally recognized.

Representation of Debtors

Our global Restructuring & Insolvency team has a long-standing reputation for providing creative, solution-oriented advice and counseling to distressed businesses throughout our extensive global footprint.  With a focus on middle-market companies, we have successfully guided our clients through out-of-court restructurings, refinancings, sales and other dispostions, US Chapter 11 and Chapter 15 reorganizations, UK administrations, receiverships and pre-packs and a variety of European insolvency proceedings.  And, we are highly skilled at restructuring businesses in virtually every industry and sector, including in cross-border matters.  In addition, we frequently represent management and directors of distressed business.

Notable U.S. representations of debtors, boards and management in R&I engagements include: 

All American Semiconductor, AMERCO/U-Haul, America West Airlines Inc., AmFin Financial Corporation, ATLS Acquisition (Liberty Medical), British-American Insurance Company Limited, Centrix Financial, Cook and Go USA, Inc., Dominion Homes,  EaglePicher, Elder-Beerman Stores, Flat Out Crazy, Jameson, JER/Highland, Kenwood Towne Place, LTV, Legacy Partners, M. I. Hummel Company, Mercedes Homes, Phoenix Coyotes, Station Casinos, TECO-Panda, Veris Gold USA and WCI Steel.

Notable U.K. representations of debtors, boards and management in R&I engagements include:

Adams Childrenswear, Adpoints, AMF Bowling, Austin Reed, BIPB,  BusinessDesk,  Cobra Beer, Dwell Retail, Evans Easy Space,  Envy/Faith Group, Greenwoods Menswear, Help-Link, Klarius, Newtown Vehicle Rentals, Oddbins, Printpack Europe, Silentnight, Swayfields Group (Extra Motorway Services), Trustmarque, UK Coal and the Video Duplicating Company.

Representation of Lenders and Other Creditors

Our lawyers have represented creditors in virtually every type of restructuring and insolvency matter across the globe. Our creditor clients include global top-10 financial institutions and groups; senior secured, second lien and subordinated lenders; asset-based lenders; private equity firms; hedge funds; distressed debt investors; aquirers; bond trustees and holders; pension trustees, landlords and equipment lessors; and trade and general unsecured creditors. 

In the US, we have represented significant creditors and other parties in prominent Chapter 9, 11 and 15 cases including: Adelphia Communications, Advanced Marketing Systems, American Home Mortgage, Ames Department Stores, Bethlehem Steel Liquidation Trust, Borders, Boston Chicken, Inc., Calpine, Carlton Cove, Chrysler, Coldwater Creek, City of Detroit, Erickson Senior Living, Fairfield Residential, Fountainebleu Las Vegas, General Motors, Harvey Electronics, James River Coal, Lehman Brothers, Levitz Furniture, Loewen Group International, The Groves in Lincoln, Lincolnshire Campus, LLC, Madoff Investment Securities, Michigan, National Century Financial Enterprises, Ownit Mortgage, Penson Worldwide, PRS Insurance Group, PSL North America, Refco, Inc., RG Steel, Sigma Finance,  City of Stockton, California.  In the UK, we have represented creditors in recent nationally and internationally prominent insolvencies including: APPE, Arrows and Super Aguri Formula One teams, Asprey Jewellers, Global Shipping Group, Harley Medical Group, Jaeger Group Limited, Mediacom, Manches,  Oddbins, Printpack Europe, Silentnight, Slumberland, UK Coal, Unipart and Unipart Automotive.

Representation of Committees

Our U.S. lawyers have extensive experience representing creditors’ committees, equity committees and other official and ad hoc committees in Chapter 11 cases.  We have served as committee counsel in some of the largest Chapter 11 cases in the United States including serving as co-counsel to the Official Committee of Unsecured Creditors of Enron Corp. and its affiliates. Other notable engagements include serving as counsel to the Committee of Chrysler Affected Dealers in Chrysler’s historic Chapter 11 case and counsel to the official committees of unsecured creditors in EnviroSolutions, Mesaba Aviation, SHC, Inc. (Top-Flite Golf), EaglePicher, Techneglas, Inc. and McCulloch Industries. We regularly represent clients serving on committees as well.

Representation of Parties in Cross-Border Restructurings and Chapter 15 Cases

With more than 132 lawyers in 36 offices across the US, UK, Europe, Middle East, Asia Pacific and South America working on both domestic and cross-border cases and restructurings, Squire Patton Boggs has one of the largest, most experienced and respected global restructuring and insolvency practices of any law firm. From Beijing to Warsaw, we consult and collaborate with each other – across offices, countries and continents – to bring the right mix of specialized industry and legal expertise along with geographical knowledge of the country and region in which our clients operate.

Resolving the many complex issues in a cross-border restructuring and insolvency requires a diverse set of skills coupled with exceptional legal proficiency. Our lawyers work with clients and their financial professionals across the full range of the restructuring and insolvency spectrum to preserve and create value, thereby ensuring a maximum recovery to stakeholders whenever a business faces financial difficulties. This process enables Squire Patton Boggs to provide creative strategies that fit the requirements and expectations of our clients, which is a critical component of the value our practice brings to its restructuring engagements.

Our recent cross-border representations include:

Chapter 15

  • Representing Veris Gold USA and its affiliates in Chapter 15 cases in the United States Bankruptcy Court in the District of Nevada with its parent company engaged in CCAA proceedings in Vancouver, Canada.
  • Representing Baker Tilly Restructuring and Recovery LLP as bankruptcy trustee of an individual debtor located in the UK in a chapter 15 case in the United States Bankruptcy Court for Middle District of Pennsylvania.  
  • Representing KPMG as provisional liquidator of U.S. Realty Investments, LLC and its affiliates in their Chapter 15 cases in the United States Bankruptcy Court for the District of Arizona.
  • Representing British American Insurance Company and its affiliates formed under the laws of various countries in the Eastern Caribbean in Chapter 15 cross-border cases in the United States Bankruptcy Court for the Southern District of Florida.
  • Representing PWC Antigua as liquidators of Interacciones Banking Corporation Ltd. in its Chapter 15 case filed in Houston, Texas
  • Representing PWC BVI and PWC Cayman Islands as liquidators of TS Multi-Strategy Fund.
  • Representing PWC BVI and PWC Cayman Islands as liquidators of Reserve International Liquidity Fund Ltd.

UK and Europe Cross Border

  • Representing the Klarius Group, Europe’s largest after-market car parts manufacturer, on the restructuring of its facilities and on the sale and insolvency options for the Group’s operations in the UK, Spain, Germany, France, Ireland, Poland and Italy. We subsequently represented KPMG as administrators and achieving a successful sale of the Group’s business and assets.
  • Representing the board of Printpack Europe throughout its exit from the global group and the successful restructure of £60m of debt.
  • Representing Landsbanki Islands hf (London branch) during and after the Icelandic banking crisis.
  • Representing the Chinese joint venture partners of a US automotive supplier located in Detroit, Michigan, and the Chinese joint venture in connection with a successful out of court restructuring.
  • Representing Energy Conversion Devices/United Solar in connection with the liquidation of their European subsidiaries located in Germany, Italy, France, and Spain.
  • Representing two German companies, Europcell GmbH and Germex GmbH, as large creditors in insolvency of Neman Mill Plant located in the Kaliningrad Region of Russia. 
  • Representing the administrators of a distressed architectural firm Renton Howard Wood Levin with offices in UK, Qatar and Germany and selling the practice to a Hong Kong buyer.  
  • Representing one of the largest independent UK providers of healthcare and social care and their bankers on the provider’s credit facilities and security structure, including advice in restructuring and exit routes.
  • Representing the trustees of APPE’s pension scheme on the entry of its £1.5bn turnover parent, La Seda de Barcelona, and the rest of the group into formal insolvency in Spain and protecting the Scheme’s £30m exposure for the trustees.
  • Representing English based administrators of a Guernsey based pan-European property group with assets/claims across the Nordic countries and Luxembourg. 
  • Representing the trustee of Jim Moore with regard to tracing and recovery of assets in a number of jurisdictions including: USA (Florida), BVI, Panama, Brazil, Spain, Liechtenstein and Isle of Man.
  • Representing the trustee of Balvinder Singh Malhi and obtaining recognition in India of freezing orders granted by UK courts and successfully repatriating assets from India. 
  • Representing the administrators of Discovery Foils Ltd which included negotiation of trading agreements with major customers in the US such as Nestle and Hershey; negotiated settlements in the US of hedging arrangements against fluctuations in the price of foil; complex ROT negotiations in China and the sale of the business to Slovakian investors.  
  • Representing the trustees of the AMF Bowling Pension Plan in respect of the liquidation of the UK employer and Chapter 11 proceedings covering Group Companies in the US in respect of a multi-million pound pension deficit and guarantee claims in the UK and US, including dealings with the Pensions Regulator and Pension Protection Fund.
  • Representing the financiers and the administrators of B3 Industries and dealing with the assets and operations in the UK, Sweden and Spain.

Representation of Parties in Municipal Restructurings and Chapter 9 Cases

Fiscal distress involving municipal debt is not new – whether the debtor is a distressed government, a conduit or a corporate borrower. It is unusually complicated, however, because it requires legal expertise in public sector law, federal tax, public policy, public pensions and other employment-related obligations, restructuring and insolvency, and federal securities laws. We have more than a century of experience in counseling creditors, investors and local governments with respect to debt incurrence and purchase and public sector fiscal matters. We have done so successfully through many economic cycles and changing federal-state-local fiscal arrangements and regulatory regimes.

Our success has been a direct result of our ability to act collaboratively to bring to bear our multidisciplinary expertise and deep experience. This enables us to provide, at the intersection of the private and public sector, the counsel our clients need in order to fashion, build consensus for and implement comprehensive and creative solutions to complex problems. There is simply no other law firm that can bring the combination of public finance, public policy and restructuring and insolvency expertise and experience in the US public finance market that we possess.

Our experience is deep and unparalleled.  We have advised clients on major publicly financed projects and public-private partnerships throughout the United States, arranging the financings for public infrastructure, schools, universities, airports, healthcare facilities and professional sports stadiums and arenas.  We provide deep substantive knowledge of the policy issues surrounding municipal finance, as well as decades-long relationships with key policymakers and decision- makers. We understand the importance of economic development and the appropriate use of P3s in growing the top line in developing strategies to address municipal distress. Our ranks include a former head of the Bond Market Association as well as a former senior executive staff at the Municipal Securities Rulemaking Board.

We have worked on distressed situations involving municipalities across the United States, including Arizona, California, Florida, Michigan, Ohio and New York.  We are involved in a number of matters involving public pensions including serving as court appointed counsel to a civil grand jury investigating pension costs. We served as counsel to the Court Appointed Expert in the City of Detroit’s historic Chapter 9 case and as counsel to taxpayers in Stockton, California’s Chapter 9 case. One of our partners worked with the California legislature to adopt AB 506, which requires mediation before a municipal bankruptcy filing. We have also provided advice in connection with both out-of-court and litigated matters involving CCRC’s, private schools, prisons and ports and to a number of small districts and the City of Pacific Grove, California.

Representation of Buyers and Sellers in Distressed Asset Sales

We have a long history of advising sellers and both strategic and financial buyers of distressed assets.  Working with our corporate/M&A colleagues, we frequently advise parties to distressed sales across our global footprint on structuring acquisitions from distressed companies including using own-to-loan, debt and security acquisitions pre and post-pack, company voluntary arrangements, Chapter 11 section 363 sales, receiverships, assignments for the benefit of creditors and secured party sales under Article 9 to achieve the optimum outcome for our clients.  Our distress M&A experience involves virtually every industry and sector and includes:

Buy Side

  • Representing JD Sports Fashion Plc in the acquisition of the business of online footwear retailer Cloggs UK Ltd out of administration.
  • Representing Brookfield Asset Management, Inc., in its acquisition of Fairfield Residential, LLC, the largest owner and operator of multi-family units in the United States, involving a transaction value of more than $5 billion.
  • Representing Drug Emporium in its acquisition of substantially all of the assets of Phar-Mor in a section 363 sale.
  • Representing a Connecticut based private equity firm in its acquisition of a US manufacturing business from a subsidiary of Gencor through a section 363 sale.
  • Representing a Boston based private equity firm in its acquisition of a distressed California based furniture manufacturer through a secured party sale under Article 9.
  • Representing buyers of large commercial loan and lease portfolios from financial institutions.
  • Representing Taylor Corporation, the US’s leading wholesale printing company, with regard to its acquisition of UK based CCA Occasions.
  • Representing Epic Structured Finance on various distressed acquisitions including Pastimes, Whittards of Chelsea, and Dolcis Shoes.
  • Representing Bosideng and an MBO team in acquiring Greenwoods Menswear.
  • Representing  Grafton Group on the acquisition of the UK national plumbing supplies business Thompsons from administrators.
  • Representing the buyer of the entire intellectual property portfolio of failed FX trader Alpari UK Limited

Sell Side

  • Representing EaglePicher Incorporated in the sale of all of its operating subsidiaries in sales pursuant to its confirmed chapter 11 plan of reorganization.  Its subsidiaries were involved in the following industries:  automotive, pharmaceuticals, mining, power supply and government contracting.
  • Representing All-American Semiconductor in the sale of substantially all of its assets in a successful section 363 sale.
  • Representing the Official Committee of Unsecured Creditors of Enron Corp. in connection with Enron’s sale of more than 20 energy related and other businesses during its Chapter 11 case.
  • Representing Flat Out Crazy in the sale of substantially all of its assets in a section 363 sale.
  • Representing the parent of a Massachusetts based continuing care retirement community in its section 363 sale. 
  • Representing Glacial Energy LLC and eighteen affiliates in the sale of substantially all of their assets in a section 363 sale.
  • Representing Kaiser Group International on the sale of its engineering and consulting segments
  • in two simultaneous section 363 sales.
  • Representing  JD Sports Fashion Plc in the acquisition of the business of online footwear retailer Cloggs UK Ltd out of administration.

In the UK the vast majority of our representations for administrators and other insolvency practitioners referred to on our website involve the successful sale of businesses over which they were appointed.   We have in-depth experience across all sectors and specialisms

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Automotive

Our lawyers have significant expertise in the automotive industry. We have represented major automobile manufacturers throughout the world as well as auto suppliers in a vast array of insolvency and restructuring matters. Members of our bankruptcy and restructuring group have significant experience both in and relevant to a number of auto companies and suppliers including supplier restructurings such as Klarius, one of Europe’s largest parts producers and distributors, and EaglePicher Incorporated in its successful Chapter 11 reorganization.  Others include the Chrysler Committee of Affected Dealers, several notable trade creditors of General Motors, including TRW Automotive, and both the Arrows and Super Aguri Formula One teams.

Aviation 

Our lawyers have played a central role in a number of airline restructurings throughout the United States, representing both companies and creditors’ committees. We have served as counsel to America West Airline (now US Airways) in its first Chapter 11 reorganization, as well as to National Airlines, a Las Vegas-based carrier.  We served as counsel to the creditors committee of Mesaba Aviation, the largest regional carrier serving Northwest Airlines, in a highly successful reorganization in which creditors recovered 100 percent of their claims. 

Chemicals 

For decades, we have counseled chemical industry clients in restructuring and insolvency, corporate, environmental, financing, litigation, regulatory and intellectual property matters.  We have the chemical industry background and depth of knowledge to advise on opportunities and challenges wherever they occur, no matter the issue.  We advised the UK administrators of C6/Hickson & Welch, a major chemical manufacturer and producer, on the continued safe operation of business, the cleanup options for its 140 acre site and liaised with various regulators including the UK’s Hazardous Installations Directorate.

Energy 

We have deep experience in energy and oil and gas insolvency matters and in fashioning creative solutions for distressed oil and gas businesses and their counterparties. We understand the legal documentation unique to the oil and gas industry, including oil, gas and mineral leases, joint operating agreements, ORRIN agreements, production payments, drilling and other service contracts, and oil and gas engineering reports and the financing documentation related to oil and gas lending.  Our energy restructuring engagements include counsel to the Enron creditors committee, TECO-Panda, and lenders in more than a dozen Texas and Oklahoma oil and gas bankruptcies and workouts.

Environmental Issues

Our environmental, health and safety practice provides excellent support for our related work in restructuring and insolvency matters. We have broad experience in a number of areas, including soil and groundwater contamination, hazardous waste and industrial and permitting and compliance.  We have successfully litigated a wide array of environmental issues in insolvency proceedings across the globe.

Financial Institutions and Services

We regularly and successfully assist clients of our Corporate and Financial Services practices in both public and private debt and equity restructurings. We have represented AmFin Financial Corporation, the parent of the 4th largest U.S. bank to fail in 2009, in its complex Chapter 11 case including successful precedent setting litigation with the FDIC over claims worth in excess of $700 million. Our lawyers assist in the analysis of the existing capital structure and the relative rights of the various constituencies, the negotiation of treatment of the creditors and equity holders in the plan of reorganization, and the design, documentation and implementation of new financing arrangements and debt and equity securities to be issued as part of the reorganized capital structure.   In the UK we are retained by and regularly advise the major clearing banks, asset based lenders and a number of building societies and other mutual organisations.   We have advised a building society on the best route to and structure of the disposal of an impaired £30m loan portfolio. We also advised a national firm of stockbrokers, in relation to their acquisition of a client portfolio and assets totalling £300m. This was only the fourth ever Special Administration where an appointment was made under the Special Administration Order to deal with insolvent banks and financial institutions, and resulted in the successful transfer of the £300m client assets and share portfolios.

Food and Beverage

We have served as counsel to several large and well known food and beverage companies in significant restructuring and insolvency  proceedings in the US and UK. These include representing Flat Out Crazy, the owner of several fast casual restaurant chains in its Chapter 11 case and the senior secured creditor in the reorganization of the Boston Chicken franchises.   In the UK we have also acted for the administrators of Oddbins, Cobra Beer, Silver Spring, Anglo-Dutch Meats and Devon Cider.  We also advised the administrators on the sale of Perfect Pizza Ltd, one of the UK’s leading pizza franchise businesses. 

Healthcare and Senior Living

Our lawyers have helped restructure large, national healthcare enterprises such as hospitals and skilled nursing facilities.  We represent several large financial institutions that are the senior secured lenders to several continuing care retirement centers (CCRC) and have represented operators and acquirers of large assisted living and skilled nursing facilities throughout the US. We have substantial and in-depth experience advising secured lenders to senior care facilities across the UK. We regularly advise insolvency practitioners on the proper management and control of such facilities and are adept at liaising with government regulators such as the Care Quality Commission.  We have represented both distressed CCRC’s and lenders to CCRC’s in more than ten Chapter 11 cases and out of court restructurings since 2008.  We also have substantial M&A expertise in distressed healthcare, including advising the buyer of a large Washington, D.C. hospital system in a Chapter 11 acquisition in 2015 and advising Snyder Drugs in its acquisition of the assets of Phar-Mor.   We also have substantial and in-depth experience advising secured lenders to senior care facilities across the UK and regularly advise insolvency practitioners on the proper management and control of such facilities. 

Intellectual Property and Technology Issues

Our experience in intellectual property law, combined with our ability to handle the largest of litigation cases and all forms of dispute resolution, enables us to assist businesses both in actively protecting their intellectual property rights and in properly defending them from charges of violating the intellectual property rights of others. We acted for the buyer of all the IP from the special administrators of Alpari (UK) Limited and also gave in-depth technical advice with regard to the multiple intellectual property issues encountered in the Klarius/Quinton Hazell administrations and sales. We advised the administrators of Greenwoods Communications Ltd, a provider of services and equipment to major network and mobile operators such as BT, Virgin Media, O2 and Vodafone. 

Restructuring-Related Litigation

Our Restructuring & Insolvency Litigation Practice is among the most experienced in the US and UK and has played a key role in some of the largest and most complex recent restructurings and insolvencies, including Enron, Chrysler, Phoenix Coyotes, AmTrust Financial  AMERCO/U-Haul, UK Coal,  Silentnight,  Unipart Automotive, Printpack Europe, various UK trustees on cross border litigation issues and repatriation of assets and the Arrows and Super Aguri Formula One teams. We represent debtors, insolvency practitioners, administrators, creditors and other significant restructuring participants – across all industries – in all types of restructuring and insolvency related litigation.  In the U.S., we have expertise in contested plan confirmation hearings, adversary proceedings, fiduciary duty/director and officer (D&O) cases, and fraudulent transfer and avoidance litigation. 

In the UK and Europe, we have expertise in advising all stakeholders in relation to statutory offences including preference, transactions at an undervalue, misfeasance, fraudulent and wrongful trading as well as wider offences under the UK Companies Act including unlawful dividends.  We advise on cross-border matters under the EU Insolvency Regulation including Centre of Main Interest (CoMI) issues and challenges.

Manufacturing – We have assisted well known manufacturing companies with finding innovative and timely solutions to a variety of challenges using our bankruptcy and restructuring expertise. Our experience includes a wide variety of industries, such as defense (EaglePicher), construction materials (Trussway Industries), packaging (Printpack Europe), bedding (Slumberland and Silentnight) -  steel production (WCI Steel) auto parts (Klarius/Quinton Hazell), coatings and linings (Tenza Technologies/Advanced Coated Products). 

Professional Services 

We have represented clients in some of the largest law firm bankruptcies in US history including Finley, Kumble and Shea & Gould, and have represented the creditors’ committee in the reorganization of a prominent Midwest architectural and design firm. In the UK we have regularly advised secured lenders on restructuring investments in accountancy and legal practices including Manches, plus advising the board of Renton Howard Wood Levin, an international architects practice on restructuring the liability to its pension fund.

Real Estate

We have represented the gamut of parties involved in real estate restructurings and insolvencies. We frequently represent developers and builders of residential, commercial and industrial real property in restructuring matters throughout the globe. These restructurings often involve construction defect litigation and complex developmental financing vehicles. We are counsel to large public and private company homebuilders in their efforts to restructure their debt as a result of the historic downturn in the housing market. Our lawyers represent other substantial businesses impacted by the current subprime mortgage and real estate crises including in the Chapter 11 cases of American Home Mortgage and Ownit Mortgage Solutions.    We have acted for the senior lenders and the subsequent administrators in the restructuring of £85m debt due from UK based Magnus Properties.  We have also acted for the administrators of the Bournston group of companies which held a portfolio of purpose built student letting properties and other commercial properties, worth in excess of £30m.  We are acting for administrators in connection with Millennium Estates pursuing circa £18m of claims against defaulting buyers in relation to a major residential development in Liverpool. 

Retail 

Our experience in retail restructurings and insolvency is extensive. Our lawyers have served as counsel to secured lenders for a number of Chapter 11 cases of major department, furniture, electronics, clothing and sporting goods retailers. Our debtor representations include Drug Emporium and Brendamour’s and acting for the administrators of Dwell Retail, a large UK retailer with over 30 sales outlets. We have represented large unsecured creditors, as members of the official committee of unsecured creditors, in the Phar-Mor and F&M Distributors Chapter 11 cases. We also have assisted landlords and other significant parties in some of the largest retail bankruptcies in the United States including Tweeter, Winn Dixie, Rhodes Furniture, Big Bear Supermarkets, Elder-Beerman Stores, LJ Hooker (Bonwit Teller and B. Altman) and Ames Department Stores.  In the UK, we have acted for the administrators of Jaeger Group, the supervisors of Austin Reed, the financiers and administrators of Pastimes, Barratts Shoes, Dolcis Shoes, and Adams Childrenswear, the management and buyer of Greenwoods Menswear, and the management of the Faith and Envy fashion brands.

Sports and Leisure

In the UK we have acted for the administrators of various sporting institutions, including the administrators of Leigh Rugby League Football Club and Doncaster Rovers Football Club.   We have represented the administrators of Flying Pizza, Copper Dragon Brewery, Hotelier Group and many other businesses in the leisure sector.

Tax Issues

Our tax lawyers are nationally recognized as experts in the tax implications of complex commercial financial restructurings offering a wide variety of related services, including a practical understanding of the tax issues in leasing, tax exempt bonds and other financing structures as well as tax-qualified pension plans, ESOPs and other benefit programs. We also negotiate or litigate with national tax authorities (e.g., the IRS and Her Majesty’s Revenue & Customs).

Focus Areas