Paul Possinger is a Partner in the Business Solutions, Governance, Restructuring & Bankruptcy Group who focuses his practice on corporate reorganization, creditors’ rights, and bankruptcy matters.
Paul primarily represents financially troubled entities and senior, second lien and mezzanine lenders, in and out of bankruptcy, in debt restructuring and reorganization, workouts, asset and going-concern sales, and litigation. He has acted as lead counsel to distressed borrowers, Chapter 11 debtors, official creditor and equity committees, boards of directors and other fiduciaries, hedge funds and fund investors, lenders, and repurchase counterparties in a variety of bankruptcy and insolvency matters. Such representations have involved negotiation and confirmation of plans of reorganization, prepackaged and prearranged bankruptcies, out- of-court debt-for-equity exchanges, debtor-in-possession financing and cash collateral arrangements and disputes, hedge fund redemption disputes and hedge fund insolvencies, asset divestitures under section 363 of the Bankruptcy Code, foreclosures under Article 9 of the UCC, orderly liquidations, preference and fraudulent conveyance litigation, distressed debt trading, and other distressed situations. He also has represented warehouse and repurchase lenders and subprime mortgage investors in a variety of insolvency matters relating to the recent subprime lending and financial market crises.
Recent engagements include the representation of:
Manchester, Inc. and its affiliates in their Chapter 11 reorganization
Brown Jordan International, Inc. in connection with its out-of-court debt restructuring
Hirsh Industries, Inc. in its Chapter 11 reorganization
One of the largest mortgage repurchase lenders and mortgage loan investors in a series of subprime lender bankruptcies, liquidations and workouts
The Chapter 7 trustee for the estate of Refco LLC
A committee of investors in a group of distressed hedge funds
The official committee of equity security holders in the Chapter 11 case of Integrated Electrical Services, Inc.
In addition to restructuring and insolvency matters, Paul has represented secured lenders and borrowers in numerous senior and mezzanine financings, including structured finance, asset-based and real estate transactions.