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Business Solutions, Governance, Restructuring & Bankruptcy

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Overview

Proskauer’s Business Solutions, Governance, Restructuring & Bankruptcy Group represents both public and private companies (including private equity sponsor portfolio companies) in a wide variety of industries (including retail, manufacturing, media, health care, shipping and construction) in workouts, financial and operational restructurings, asset sales and complex chapter 11 proceedings.

We also represent lenders in debtor-in-possession and exit financing facilities; ad hoc groups of lenders in restructurings and bankruptcies; and buyers and sellers of distressed businesses, securities and assets in both in-court and out-of-court transactions.

In addition, we have significant experience representing onshore and offshore hedge funds in distress; their managers, advisers, and boards of directors; and sophisticated fund-of-funds and pension plan investors, in restructurings, wind-downs, liquidations and complex litigation matters.

 

Our practice distinguishes itself by providing interdisciplinary counsel that can handle virtually any issue that might arise in a corporate distressed situation. This includes working with the lawyers in a number of the firm’s other practices:

  • Capital Markets
  • Corporate Governance
  • Distressed Debt
  • Employee Benefits, Executive Compensation & ERISA Litigation
  • Finance
  • Financial Services
  • Health Care
  • Hedge Funds
  • Labor-Management Relations
  • Litigation
  • Mergers & Acquisitions
  • Multi-Tranche Finance
  • Private Equity
  • Private Investment Funds
  • Real Estate
  • Tax

We have broad experience in complex restructuring cases, in-court and out-of-court workouts, cross-border insolvencies, investigations by boards of directors and court-appointed fiduciaries, prepackaged and prearranged reorganization plans, law firm dissolutions and hedge fund restructurings, and fund wind-downs and fraud (clawback) litigation. We advise a diverse group of clients on insolvency, creditors' rights, distressed acquisitions, structured financing and securitization matters.

Our lawyers have been recognized as a group and individually in numerous rankings, directories and publications that include Chambers USA, The Legal 500 United States, IFLR, Martindale Hubbell, The Best Lawyers in America and Super Lawyers.

We work closely with other practice groups on insolvency and restructuring matters:

  • Multi-Tranche Finance and Distressed Debt. We focus on multi-tranche and junior capital financings, related restructurings and distressed debt acquisitions. We regularly advise alternative investors in special situations and restructurings.
  • Hedge Funds. We represent onshore and offshore hedge funds, their managers and boards of directors in a wide variety of matters, including fund formation, asset acquisitions, and divestitures and wind-downs. We regularly advise healthy and distressed funds on, among other things, corporate governance, cross-border issues, and chapter 15 and complex litigation matters.
  • Health Care. We represent a wide variety of health care companies, and private equity and other investors in the health care industry, on hospital and other health care company restructurings and sales, both in and out of court.
  • Employee Benefits, Executive Compensation & ERISA Litigation and Labor-Management Relations. We represent public and private companies in ERISA and executive compensation matters and litigation. We also work closely with lawyers in our Labor-Management Relations Group to develop and implement practical, business-oriented strategies associated with the multitude of labor-related issues that arise in restructurings, including the renegotiation and/or rejection of collective bargaining agreements and modification of retiree health benefits.
  • Capital Markets. We represent investment banks and public and private companies around the globe in public and private debt and equity transactions. The combined strengths of our capital markets and restructuring lawyers allow us to develop comprehensive strategies and solutions in insolvency matters involving significant public and private debt issuances, whether on behalf of the borrower/debtor or the creditor/debtholders.

Areas of focus

  • Company representations
    • Corporate restructuring
    • Workouts
    • Chapter 11 cases
    • Hedge fund restructuring and advisory
    • Cross-border insolvencies and chapter 15 cases
    • Board investigations
    • Prepackaged and prearranged plans
    • Structured finance and securitizations
  • Creditor representations
    • Senior lenders
    • Multi-tranche finance lenders
    • Ad hoc groups of lenders/investors
    • Hedge fund investors
    • Creditors' committees
  • Independent fiduciary representations
    • Federal equity receivers
    • Bankruptcy court-appointed trustees and examiners
    • Foreign court-appointed liquidators and fiduciaries
  • Distressed mergers and acquisitions representations
    • Buyers and sellers
    • Funding sources
    • Equity investors
  • Complex insolvency litigation representations
    • Hedge fund fraud and clawback litigation
    • Preference and fraudulent conveyance avoidance proceedings

Key representations

  • Philadelphia Newspapers, publisher of the Philadelphia Inquirer and the Philadelphia Daily News, in its chapter 11 case
  • TLC Vision (USA) Corporation, a nationwide eye care services company, in its chapter 11 bankruptcy case and an ancillary Canadian proceeding
  • Gas City, Ltd., owner of a regional chain of gas stations, convenience stores and truck stops, in its chapter 11 bankruptcy case
  • Sumner Regional Health Systems, a Nashville-based health system, in its chapter 11 bankruptcy case
  • Acting as sole managing member of the Bayou Group of hedge funds and pursuing fraudulent conveyance (clawback) recoveries for defrauded investors in its chapter 11 bankruptcy case
  • Wolverine Tube, Inc., a global manufacturer of copper alloy tube, fabricated products and metal joining products, in its prearranged chapter 11 bankruptcy case