Bankruptcy Reorganizations

Benesch’s business reorganization attorneys represent borrowers and debtors in capital restructurings and Chapter 11 reorganizations, official committees and major trade creditors in Chapter 11 cases, lenders in syndicated and unsyndicated loan originations and troubled debt workouts, and investors and acquirers of distressed companies in both in-court and out-of-court restructuring transactions.

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Overview

Our team operates across every stage of the restructuring lifecycle, including pre-filing contingency planning, debtor-in-possession financing, Section 363 sales, plan negotiations, confirmation and post-confirmation administration and wind-down.

We regularly serve as lead counsel, regional counsel and Delaware co-counsel in complex reorganization matters throughout the United States. Our experience spans a wide range of industries, including retail, consumer products, restaurant and hospitality, pharmaceutical, biotechnology, energy, manufacturing, real estate, financial services and transportation.

Our attorneys have represented:

  • Debtors-in-possession in large and middle-market Chapter 11 cases, including operators of national retail chains, specialty manufacturers and healthcare enterprises
  • Official committees of unsecured creditors, preferred equity holders and individual committee members in significant reorganizations across major jurisdictions
  • Secured and unsecured lenders, DIP lenders, indenture trustees and administrative agents in distressed financings, restructuring negotiations and exit strategies
  • Strategic and private equity buyers acquiring distressed assets through Section 363 sales or assignments for the benefit of creditors
  • Landlords, trade creditors, contract counterparties and other unsecured stakeholders with interests to protect in both going-concern reorganizations and liquidations

Our approach emphasizes practical restructuring strategies, efficient deal execution and the ability to guide clients through complex negotiations involving multiple constituencies and evolving regulatory, financial and business pressures.

Related Practices

Bankruptcy Litigation

Experience

Represented a company in its acquisition of substantially all of the assets of a deli restaurant chain in Florida with more than 20 locations pursuant to a §363 sale out of bankruptcy.*

Key Contacts: Jason M. Klein

Represented a private equity fund in the acquisition of substantially all of the assets of an upscale retail candy business with more than 60 locations in 27 states pursuant to a §363 sale out of bankruptcy.*

Key Contacts: Jason M. Klein

Represented Quaker Steak and Lube, owner, operator and franchisor of over 65 casual dining restaurants, in the sale of substantially all of its assets to a strategic public company buyer pursuant to a §363 sale out of bankruptcy.*

Key Contacts: Jason M. Klein

Represented the Assignee in its sale of virtual reality assets on Pier 39 in San Francisco via an assignment for the benefit of creditors.*

Key Contacts: Jason M. Klein

Represented a private equity fund in its purchase of e-commerce business assets of a menswear fashion brand via an assignment for the benefit of creditors.*

Key Contacts: Jason M. Klein

Represented client as strategic Stalking-Horse Bidder to purchase assets as going concern in a Section 363 bankruptcy sale.

Key Contacts: William E. SchonbergKevin M. CapuzziRobert A. Marchant

Committee: Delaware co-counsel to the official committee of unsecured creditors in the chapter 11 bankruptcy cases of United Artists Theatre Company, et al., a leading movie theater chain.*

Debtor: Delaware co-counsel to APS Holding Corporation, et al., a leading supplier of after-market auto parts, in their chapter 11 bankruptcy cases.*

Debtor: Restructuring/Bankruptcy counsel to USN Communications, Inc., et al., a telecommunications company, in their chapter 11 bankruptcy cases.

Debtor: Delaware co-counsel to Safety Components International, Inc., et al., a manufacturer of vehicle air bags and other safety devices, in their pre-negotiated chapter 11 cases.*

Debtor: Delaware co-counsel to Lernout & Hauspie / Dictaphone, et al., providers of voice recognition software and dictation / recording machines, in their chapter 11 reorganization cases.*

Debtor: Restructuring/Bankruptcy counsel to eToys, Inc., et al., an early online toy retailer, in their chapter 11 bankruptcy cases.*

Committee: Delaware co-counsel to the official committee of unsecured creditors in the chapter 11 bankruptcy cases of entities trading as the San Francisco Music Box Company.*

Committee: Delaware co-counsel to the official committee of unsecured creditors in the chapter 11 bankruptcy cases of Charys Holding Company, a remediation and construction company.*

Debtor: Restructuring/Bankruptcy counsel to Orion Refining Corporation, operator of a Louisiana-based refinery, in its chapter 11 case.*

Committee: Delaware co-counsel to the official committee of unsecured creditors in the chapter 11 and chapter 22 bankruptcy cases of the entities that then owned and operated the FAO Schwarz toy store chain.*

Debtor: Restructuring/Bankruptcy counsel to Rouge Industries, Inc., et al., in their chapter 11 bankruptcy proceedings resulting in the successful going concern sale of their steel mill operations and business.*

Debtor: Delaware co-counsel to The Penn Traffic Company, et al., operators of regional grocery chains, in their chapter 11 bankruptcy cases.*

Acquiror: Restructuring/Bankruptcy counsel to successful acquiror of the Fuddruckers fast casual restaurant chain and related assets in the bankruptcy cases of Deel, LLC, et al.*

Other: Delaware co-counsel to certain Fox Sports affiliates in chapter 11 bankruptcy case of the Los Angeles Dodgers LLC.*

Debtor: Restructuring/Bankruptcy counsel to Security National Property Funding III, et al., which owned and operated a portfolio of commercial real estate properties, in chapter 11 reorganization proceedings.

Other: Delaware co-counsel to the parent company of Specialty Products Holding Corp., et al., in the debtors’ chapter 11 reorganization cases, which successfully addressed thousands of asbestos related claims and lawsuits.*

Committee: Delaware co-counsel to official committee of unsecured creditors in chapter 11 cases of CODA Holdings, Inc., et al., a manufacturer of electric vehicles.*

Other: Counsel to a leading performance rights management organization in bankruptcy proceedings throughout the United States.*

Debtor: Restructuring/Bankruptcy counsel to the APCO Liquidating Trust in its chapter 11 bankruptcy proceedings.*

Lender/Acquiror: Delaware co-counsel to hedge fund that was largest prepetition lender, DIP lender and asset acquiror in first chapter 11 bankruptcy cases of Radio Shack debtors.*

Lender: Delaware co-counsel to certain affiliates of Oaktree Capital in the chapter 11 bankruptcy cases of Molycorp, Inc., et al., an enterprise involved in mining and processing rare earth elements.

Debtor: Restructuring/Bankruptcy counsel to Kalobios Pharmaceuticals, Inc., a development stage biopharma company, in its successful chapter 11 reorganization.*

Lender: Delaware co-counsel to agent for prepetition term loan lenders in chapter 11 cases of The Sports Authority debtors.*

Other: Delaware co-counsel to former owner of certain talc mine assets in chapter 11 bankruptcy cases of Imerys Talc America, Inc., et al.*

Debtor: Delaware co-counsel to Scottish Holdings, Inc., et al., an offshore reinsurer of life insurance, annuities and annuity-type products, in their chapter 11 bankruptcy cases.*

Other: Counsel to Crayola LLC in connection with the chapter 11 bankruptcy cases of Toys “R” Us, Inc., et al.

Committee: Counsel to the largest trade vendor and chair to the official committee of unsecured creditors in the chapter 11 bankruptcy of Orchids Paper Products Company, et al., a supplier of consumer tissue paper.*

Committee: Counsel to the official committee of preferred equity security holders in the chapter 11 reorganization cases of Elk Petroleum, Inc., et al., an enterprise focused on the development and production oil and gas reserves.*

Debtor: Restructuring/Bankruptcy counsel to Oklahoma ProCure Management LLC, operator of a proton cancer treatment center, in its chapter 11 case resulting in a successful going concern sale of its business and liquidating chapter 11 plan.*

Lender: Delaware co-counsel to agent for prepetition lenders in chapter 11 reorganization cases of Quorum Health Corporation, et al.

Lender: Delaware co-counsel to equity sponsor and DIP lender in chapter 11 cases of Advantage Holdco, Inc., et al., operators of a car rental business.

Lender: Counsel to certain affiliates of Pender Capital Funding, a direct commercial bridge lending company, in bankruptcy case of borrower that operates assisted living facilities in Texas.

Other: Counsel to affiliate of former owner of certain battery manufacturing operations in bankruptcy cases filed by Exide Holdings, Inc., et al. (2020).

Debtor: Restructuring/Bankruptcy counsel to Art Van Furniture, LLC, et al., operators of approximately 300 retail furniture stores, in their chapter 11 bankruptcy cases.

Committee: Delaware co-counsel to the official committee of unsecured creditors in the multi-billion dollar chapter 11 bankruptcy cases of The Hertz Corporation, et al.  The Hertz debtors’ restructuring was a success by any measure. Under the Hertz debtors’ confirmed and effective plan of reorganization, existing creditors are being paid in full, in cash, and shareholders are receiving cash, stock and warrants valued at approximately US$7-$8 per share.  The Honorable Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware, in confirming the plan, described it as a “fantastic result” that “surpasses any result I’ve seen in any chapter 11 case that I’ve faced in my 20-plus years.”

Debtor: Restructuring/Bankruptcy counsel to GenCanna Global USA, Inc., et al, one of the world’s largest vertically-integrated producer of hemp-derived CBD products, in their chapter 11 reorganization cases.

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