Restructuring and Bankruptcy
Our national reputation is built on legal and financial expertise in corporate restructuring across diverse industries, whether through out-of-court workouts or bankruptcy proceedings. With 25 years of specialized experience, we design, develop and execute reorganizations that enable our clients to survive and successfully compete.
- Gaming: Lead counsel for Greektown Casino, LLC, in Chapter 11 proceedings. We secured $50 million in emergency debtor-in-possession financing and an additional $146 million to continue operations and complete the construction of an expanded 400 room hotel and casino resort complex.
- Parts Suppliers: Counseled international parts supplier and international home products and services supplier, in a wide range of supply issues, including contract negotiations and acquisitions, in bankruptcies and workouts nationwide.
- Health care: Negotiated and closed sale of mental health facility in Chapter 11. The proceeds of the sale were insufficient to pay secured debt, tax debt, administrative expenses, professional fees and unsecured claims, so we crafted a compromise that allowed all parties to get paid more than expected.
- Hospitality: Represented prominent entertainment conglomerate that purchased a hotel-casino complex out of a Chapter 11 proceeding. The firm designed a distribution plan that resolved all objections and strategically negotiated a provision that protected the purchase even if the distribution plan was overturned. On appeal, the distributing plan was challenged but the sale survived, just as planned.
- Automotive: Completed complex out-of-court reorganization for family-owned automotive supplier. First, the firm worked with unsecured creditors to obtain a payment moratorium. Next, the firm persuaded secured creditors to accept discounts and grant extended payment terms. Finally, the firm went back to the unsecured creditors and negotiated delinquent debt repayments at a discount over time. The business completely reorganized itself outside of chapter 11 at significantly less cost.