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Bankruptcy & Financial Restructuring

Related Practices

Rankings & Honors

  • U.S. News/Best Lawyers “Best Law Firms” in Boston and Manchester (2017)
  • M&A Advisor
    • Eighth Annual Turnaround Awards Healthcare/Life Sciences Deal of the Year
    • Restructuring Deal of the Year
 

BANKRUPTCY & FINANCIAL RESTRUCTURING

We protect and preserve value for companies in distress, protect creditor interests and uncover investment opportunities involving troubled assets — all with a vigilant focus on future growth.

Our approach

Corporate bankruptcy has evolved.

In the new economy, fewer businesses in distress are charting a course of traditional reorganization. Companies are taking advantage of cheaper access to capital and pursuing refinancings, restructurings, sales and acquisitions. We help them or their creditor constituencies explore options such as fast-paced Section 363 bankruptcy sales and other distressed investment strategies.

Our focus on industry nuances is a significant advantage.  Financial restructuring solutions aren’t one-size fits all and are shaped by market and regulatory forces. We know the dynamics and players unique to a variety of industries—from real estate and financial services, to health care and manufacturing, to infrastructure and beyond.  In all instances, our goal is to protect existing assets and unlock new value.

Our team is always focused on being high-level business counselors as well as legal advisors. We address operational inefficiencies, facilitate balance sheet restructuring, advance turnaround plans, draft agreements that guard against future risk and (when necessary) wind down and liquidate.

We help our clients focus on the future by taking a strategic approach to:

  • Asset protection
  • Reorganization planning
  • Debt restructuring
  • Investor recoveries
  • Asset acquisitions and sales
  • Pre-bankruptcy counseling
  • Loan workouts and forbearance agreements
  • Asserting creditors’ rights in insolvency proceedings
  • Collateral liquidation
  • Real estate foreclosure modification and workouts
  • Avoidance litigation, including preference and fraudulent transfer actions

Who we work with

  • Debtors
  • Secured and unsecured lenders
  • Buyers and sellers of distressed businesses
  • Investors including private equity and hedge funds
  • Indenture trustees, domestic and off-shore collateral managers, administrative agents, and issuers
  • Creditor committees
  • Landlords
  • Equity holders and equity committees 
  • Company management
  • Equipment lessors
  • Non-debtor contract parties
  • Syndicators
  • Subordinated debt holders
  • Claim acquirers

Representative Experience

  • Represented Connecticut-based, nonprofit health care system, Lawrence & Memorial Corporation, on its acquisition of the assets of Rhode Island's The Westerly Hospital
    Represented Connecticut-based, nonprofit health care system, Lawrence & Memorial Corporation, on its acquisition of the assets of Rhode Island’s The Westerly Hospital and certain affiliated companies. This transaction was recognized in 2014 as “Healthcare/Life Sciences Deal of the Year” by M&A Advisor.

Media Clips

  • Texas Utility Energy Future Pushes Bankruptcy Exit Plan in Trial
    Reuters | August 17, 2016
    This article focuses on Energy Future Holdings Corp, Texas’s biggest power company, request of a US bankruptcy court to allow the bulk of its operations to exit Chapter 11. The coverage notes that Energy Future faces stiff opposition from a group of creditors—including NP client American Stock Transfer & Trust Co. LLC—about how tax assets would be used in the power giant’s proposed spinoff of its major operating unit as the company kicked off the first half of its second attempt to exit bankruptcy. Boston financial restructuring and bankruptcy partner Rick Pedone is quoted and Boston global finance partner Amanda Darwin, Boston commercial litigation partner George Skelly, and New York City financial restructuring and bankruptcy associate Christopher Fong are listed among American Stock’s counsel.
  • Detroit's $615m bond deal helped by market, held back by Michigan
    Debtwire | July 29, 2016
    Bankruptcy and financial restructuring partner Robert Christmas provides commentary in this feature story focused on Detroit's financial strength.
  • Courts Are Looking Closely At Section 546(e) Application
    Law360 | July 8, 2016
    Boston Financial Restructuring & Bankruptcy partner Lee Harrington authored this piece that discusses decisions suggesting that recipients of payments on securities and debt instruments have to carefully consider how broadly a court will apply the Section 546(e) safe harbor to protect these payments from avoidance and recovery by a bankruptcy trustee.
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  • Bruegger's Moving Toward Sale
    Rochester Business Journal | April 29, 2016
    New York City Financial Restructuring & Bankruptcy counsel Chris Desiderio is quoted in this article about a U.S. Bankruptcy Court sale of Flour City Bagels LLC.
  • After Bankruptcies, Murky Future for California POBs
    The Bond Buyer | April 28, 2016
    New York City Financial Restructuring & Bankruptcy partner Robert Christmas is quoted extensively throughout this article about the future of pension obligation bonds in California in the wake of the San Bernardino and Stockton bankruptcies.
  • Former Apple Supplier GTAT Gets Nod On Ch. 11 Plan
    Law360 | March 9, 2016
    The following coverage notes that GT Advanced Technologies Inc. can leave Chapter 11 with a reorganization plan that puts its exit lender in control of the reorganized business. Manchester Financial Restructuring & Bankruptcy partner Dan Sklar is identified as debtor counsel.
  • GT Advanced Technologies set to emerge from court protection
    The Deal | March 9, 2016
    This coverage notes that GT Advanced Technologies Inc. can leave Chapter 11 with a reorganization plan that puts its exit lender in control of the reorganized business. Manchester Financial Restructuring & Bankruptcy partner Dan Sklar is identified as debtor counsel.
  • Grocers start to wilt under competitive pressures
    The Deal | February 5, 2016
    Boston Bankruptcy & Financial Restructuring partner Rick Pedone provides commentary in this feature story on the state of the supermarket industry in light of a number of brands shuttering outlets.
  • Not Your Grandfather's Municipal Market: Investors Eye Recovery Value
    Forbes | December 22, 2015
    New York City Financial Restructuring & Bankruptcy partner Robert Christmas provides third-party commentary on efforts by investors to emphasize recovery values in their credit work.
  • In Post-Detroit Bankruptcy Era, California Protects Investors Before Pensioners
    Governing Magazine | July 30, 2015
    New York City Bankruptcy partner Robert Christmas provides third-party commentary about the impact of Detroit’s bankruptcy and the effect on future bankruptcy cases.
  • Illinois Republicans' New Chapter 9 Bill Deemed ‘Bondholder Friendly'
    Debtwire | June 16, 2015
    Bankruptcy & Financial Restructuring partner Mark Berman discusses a new municipal bankruptcy bill which would provide a statutory lien for general obligation bondholders at the municipal level.
  • Chicago dives into municipal market with split ratings and opinions
    Debtwire | May 26, 2015
    This article discusses how the pricing of $600+ in general obligation bonds will test market confidence in the City of Chicago. Bankruptcy & Financial Restructuring partner Mark Berman provides commentary.
  • Nonprofits in the Zone of Insolvency: 2 Cautionary Tales
    Law360 | May 19, 2015
    New York City financial restructuring and bankruptcy counsel Chris Desiderio, Washington, DC, M&A and Corporate Transactions partner Mike Cooney, and associate Rob Trott and Boston partner and leader of the firm’s Bankruptcy & Financial Restructuring practice Victor Milione coauthored this column on important issues charitable fiduciaries should educate themselves on to avoid insolvency.
  • Reduced Coal Sales to China in the Next Five Years? Don't Count on It
    Coal Blog | March 31, 2015
    New York City Financial Restructuring & Bankruptcy partner Dennis Drebsky authored this article on Chinese reliance on coal-based energy.
  • Debate Simmers over Coal Future
    Law360 | March 6, 2015
    San Francisco Bankruptcy & Financial Restructuring partner Lou Cisz authored this article discussing potential new legislation requiring California public pension funds to start divesting from their coal holdings.
  • Bankruptcies Propel a California School Bond Bill
    The Bond Buyer | March 4, 2015
    New York City Financial Restructuring & Bankruptcy partner Robert Christmas authored a client alert, “Legislative Advisory—California Senate Bill 222,” that is referenced in this article on the new California bill. The bill would add language to school district general obligation bonds to protect investors if the district goes bankrupt.
  • Managing Cross-Border Restructurings and Bankruptcies
    Financier Worldwide | March 1, 2015
    Boston Financial Restructuring & Bankruptcy partner Rick Pedone provides commentary in this special report on managing cross-border restructurings and bankruptcies.
  • Atlantic City Schools Get Sucked into City's Distress
    Debtwire | February 4, 2015
    Boston Financial Restructuring and Bankruptcy partner Mark Berman is quoted in this article discussing the Board of Education of Atlantic City’s preparation of a plan to avoid a cash flow crisis for the 2014–2015 school year.
  • What Municipal Bond Investors Can Learn from Detroit
    Law360 | November 26, 2014
    Boston Bankruptcy & Financial Restructuring partner Mark Berman and Boston Global Finance associate Erik Schneider authored this column discussing what the municipal finance community can learn from analyzing the bankruptcy court’s formal written opinion of Detroit’s Chapter 9 plan.
  • Chelsea Housing Authority sues to recover lost cash
    Boston Globe | November 24, 2014
    Boston Bankruptcy & Financial Restructuring partner Rick Pedone is quoted in this article discussing efforts to recover funds for the Chelsea Housing Authority, which suffered major financial loss under its former executive director. This is an ongoing pro bono matter for Rick and team.
  • Stockton's amended plan of debt adjustment could wipe out Franklin's secured claim
    Debtwire | June 11, 2014
    Boston Bankruptcy & Financial Restructuring partner Mark Berman discusses the city of Stockton’s efforts to wipe out the secured claim of Franklin Templeton Investments, the city’s only dissenting creditor, through its amended plan of debt adjustment (PDA).
  • SIFMA: Detroit's LTGO Treatment Would "Shatter" Muni Industry
    The Bond Buyer | May 12, 2014
    This article notes Nixon Peabody’s representation of the Securities Industry and Financial Markets Association in an amicus brief urging the rejection of Detroit's bankruptcy exit plan. Bankruptcy & Financial Restructuring partners Mark Berman and Robert Christmas are SIFMA’s counsel.
  • Stockton, Last Creditor to Face Off in Final Hearing
    The Bond Buyer | May 9, 2014
    New York City Bankruptcy partner Robert Christmas provides third-party commentary on the City of Stockton, California’s plan to recover from chapter 9 bankruptcy.
  • Lessons Learned and What to Disclose
    Municipal Finance Journal | April 1, 2014
    Boston Bankruptcy & Financial Restructuring partner Mark Berman discusses lessons learned from court decisions issued in recent chapter 9 municipal bankruptcy cases and what information about the potential consequences in bankruptcy analysts should be looking for when deciding whether or not to purchase a municipal security.
  • California GOs Different—And Stronger—Than Detroit's
    The Bond Buyer | March 20, 2014
    New York City Bankruptcy & Financial Restructuring partner Robert Christmas discusses the ripple effects within the municipal bond market caused by Detroit’s proposed cuts to its general obligation bondholders.
  • Detroit Seeks to Undercut Muni Bondholders' Creditor Priority
    Bloomberg News | February 20, 2014
    Boston Bankruptcy & Financial Restructuring partner Mark Berman discusses the issue of presumption by municipal bond investors.
  • Lincoln Maritime Center Taps Nixon Peabody Attorney as President of Board
    Boston Bar Association BBA Week | February 6, 2014
    This coverage notes that Boston Bankruptcy & Financial Restructuring partner Rick Pedone has been named president of the Lincoln Maritime Center.
  • Eastern Massachusetts Bankruptcies Off Sharply in 2013
    Boston Business Journal | December 31, 2013
    Boston Bankruptcy & Financial Restructuring partner Mark Berman discusses bankruptcies, including personal filings and business reorganizations, which were down in 2013.
  • Pension Threats in Illinois, Detroit Rattle Government Workers
    Bloomberg News | December 5, 2013

    Boston Bankruptcy & Financial Restructuring partner Mark Berman discusses how bankruptcy and financial restructuring efforts in Indiana, Michigan and Wisconsin are impacting state and government workers.

Ideas

Dozens of Madoff clawback cases dismissed as out of reach of U.S. Courts
Private Fund Disputes Alert | November 23, 2016

Bayou Shores decision is a reminder that, in a fight with CMS over Medicare/Medicaid reimbursement, successful restructurings require advice of experienced health care counsel
Distressed Health Care Alert | August 9, 2016

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Delaware Bankruptcy Court limits the scope of bankruptcy safe harbor for settlement payments in connection with a securities contract under section 546(e)
Bankruptcy Alert | July 1, 2016

Bankruptcy court eviscerates Madoff trustee's $220m clawback suit for failing to show investor's actual knowledge of fraud
Private Fund Disputes Alert | March 17, 2016

CMS must have its say before providers can go to court, even in bankruptcy cases—bankruptcy stay is ineffective to prevent the termination of Medicare and Medicaid provider agreements
Distressed Health Care Alert | July 9, 2015

Marblegate Decision: Broad interpretation of the TIA focuses on minority bondholders and increases scrutiny to amend indentures
Corporate Trust Alert | July 8, 2015

Webinar Recording: The future of fossil fuels as a global energy source and special problems in restructuring energy companies
Originally recorded June 18, 2015 | June 22, 2015

Court approves $11.1 million global settlement in three Madoff avoidable transfers cases
Private Fund Disputes Alert | May 26, 2015

Recent cases point to more judicial scrutiny of authority to amend indentures under the TIA
Corporate Trust Alert | March 17, 2015

Is "coal" becoming a four-letter word for institutional investors?
Distressed Coal News | February 26, 2015

Legislative Advisory – California Senate Bill 222
Public Finance Alert | February 26, 2015

Reduced coal sales to China in the next five years: don't count on it
Distressed Coal News | February 12, 2015

The Stockton case changed the legal landscape for Chapter 9 — here's how
Bankruptcy Law Alert | December 2, 2014

Observations: confirmation of the City of Detroit chapter 9 Plan of Adjustment
Bankruptcy Alert | November 24, 2014

Second Circuit says certain offshore SIPA claim transfers now subject to approval by U.S. bankruptcy courts
Private Fund Disputes Alert | October 2, 2014

"So you think your make-whole and no-call rights will protect your yields? Think again. Some lessons learned from recent case law."
Bloomberg BNA's Bankruptcy Law Reporter | October 2, 2014

Webinar Recording: Insurance Law & the Bankruptcy Code
Originally recorded July 9, 2014 | July 11, 2014

New blow to Picard's Madoff miracle
Private Fund Disputes Alert | July 8, 2014

Webinar Recording: Recent Developments in Municipal Finance: "General Obligation" Bonds, Chapter 9 Cases (Detroit/Stockton) and Beyond
Originally recorded June 25, 2014 | June 30, 2014

Federal district court rules hedge funds were not "Eligible Assignees" under loan agreement and not entitled to vote on chapter 11 plan
Banking & Finance Alert | April 16, 2014

What will happen when your foreign IP licensor becomes insolvent?
Bankruptcy Alert | March 3, 2014

Webinar Recording: Chapter 15: Current Trends in Cross-Border Insolvency—from Intellectual Property Licenses to U.S. Recognition Procedures and Powers
Originally recorded February 12, 2014 | February 13, 2014

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