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Bankruptcy and Creditors' Rights
Increasing economic pressures, a changing regulatory environment and the rapid revamping of business models combine to create enormous challenges for those doing business in the United States and beyond. Many companies and creditors today are faced with critical, complex problems that cannot be solved quickly or easily by formula approaches or traditional thinking. Successfully navigating through today’s bankruptcy, reorganization and related litigation problems requires experience, resolve and a willingness to examine issues from a variety of perspectives.
Attorneys in Wolff & Samson’s Bankruptcy & Creditors’ Rights Group represent both debtors and creditors in a myriad of business ventures. With decades of experience in this arena, we have an understanding of the financial issues that extends far beyond the current environment. Our representation of clients during the savings and loan crisis of the mid-1980s and the rapid rise and fall of high-tech companies during the course of the last 10 years taught us the importance of applying rigorous, analytical thinking and “out of the box” creative solutions. Our Group is recognized as one of the leading such practices in New Jersey in the 2010 inaugural "Best Law Firms" rankings published by U.S. News and Best Lawyers.
In the present economic climate, bankruptcies must adapt to the lack of financing; and reorganizations — no matter how the cases get into court — are being driven at warp speed by secured creditors. Prepackaged bankruptcies and pre-petition agreements are resulting in Confirmation of Plans measured in months, if not weeks. Other constituencies, such as unsecured creditors, junior note and bondholders, equity holders and public and private investors must react with equal speed or find themselves "out of the money" with no say in the outcome.
On the other hand, acquisitions or sales of businesses or assets through the bankruptcy process represent an opportunity to obtain court approval of due diligence prior to acquisition that is unique and unrivaled for finality.
Wolff & Samson attorneys can deliver the rapid response to a fast moving bankruptcy that can help you get a seat at the table and, hopefully, increase your recovery. Our attorneys offer informed strategic advice on when to file, when not to file, when to restructure and how to restructure out of court. We provide insolvency advice to companies that can’t afford the often prohibitive expense of a Chapter 11 bankruptcy process. We avoid unnecessary litigation, but when litigation in bankruptcy is required, we focus on achieving the best outcome possible for our clients. To this end, we collectively bring to bear more than 100 years of experience and the determination to see business issues to resolution.
Our bankruptcy and creditors’ rights attorneys also work closely with our other attorneys to counsel clients on business, environmental, tax, labor and real estate matters pertinent to reorganization and restructuring plans. This cross-practice approach positions us to address the range of legal issues and disciplines every bankruptcy presents.
Wolff & Samson represents clients in all aspects of debtor-creditor relations, including:
- Counseling creditors, including major commercial banking institutions, by preparing proposals and, if appropriate, instituting litigation to maximize their return and to recover collateral
- Representing borrowers and lenders in extensions of debtor-in-possession financing related documentation
- Enforcing security interests, liens and guarantees in federal and state courts
- Representing financially distressed companies in developing legal strategies, negotiating with creditors and creditor groups, and formulating reorganization plans through out-of-court and Chapter 11 proceedings
- Representing creditors' committees and trustees appointed under Chapters 7 and 11
- Advising on acquisitions of stock and/or assets of corporations in reorganization
- Handling matters related to state court actions to recover goods, complex commercial foreclosures and pre-judgment writs of attachment
- Enforcing the rights and remedies of sureties and insurers in reorganization proceedings
- Representing debtors in reorganization
- Handling the prosecution and defense of bankruptcy-related litigation, including valuation and cash collateral hearings, motions to vacate automatic stays and contested matters such as adequate protection, transfer avoidance and asset recovery issues
Our attorneys represent clients throughout the United States, with the majority of our bankruptcy and creditors’ rights activity concentrated in the New York metropolitan area, including New Jersey, Delaware, and the Eastern and Southern Districts of New York.
Our clients represent a diverse cross-section of industries including real estate, retail, manufacturing, telecom, health care, energy, automotive, franchising, construction and banking. Some of our most recent representations include:
- HSBC Bank in bankruptcy and restructuring matters having to do with some of its borrowers
- Skanska, a multi-national general contractor, in the Chapter 11 bankruptcy of a casino that was filed in the midst of a $250 million construction contract
- Mack-Cali Realty Corporation, as national bankruptcy counsel with respect to the bankruptcy reorganization or restructuring of its tenants’ leases
- A major insurance company, as national bankruptcy counsel to enforce rights and remedies as issuer of workers compensation policies to Chapter 11 debtors
- Landlords or contractors in such high-profile cases as Trump Resorts in Atlantic City, Sirva, Delta Airlines and Refco
- MWHF Palisades Park LLC, an affiliate of Phoenix Realty Group, as the "stalking horse" bidder in connection with an acquisition in the bankruptcy of Tarragon Corporation, a New York City-based mixed-use developer
- The Official Committee of Unsecured Creditors in the Velocita Corp. (formerly PF.Net) Chapter 11 reorganization in New Jersey
- The Bank of New York, a secured lender, in the O'Brien Environmental Chapter 11 reorganization in New Jersey
- National surety clients in the Chapter 11 reorganizations of:
- Enron (S.D.N.Y.)
- Adesta Communications, Inc. (Colorado)
- Lyondell Chemical Company (S.D.N.Y.)
- Tronox Incorporated (S.D.N.Y.)
- Grace Industries (E.D.N.Y.)
- SemCrude, L.P. (Delaware)
- Exodus Communications, Inc. (now EXDS, Inc.) (Delaware)
- The Grand Union Company (New Jersey)
- American Tissue, Inc. (Delaware)
- The Warnaco Group (S.D.N.Y.)
- Polaroid Corporation (Delaware)
- Venture Link Holdings (Texas)
- RBX Corporation (Virginia)
- Thrifty Rent-A-Car System, Inc. in the Acme Auto Leasing Chapter 11 reorganization in Connecticut
- Public Service Electric & Gas, Inc., a regional power utility, in the Thermal Systems, Inc., Chapter 11 reorganization in Delaware
- A major national retailer and real property owner in Chapter 11 cases filed by their vendors and/or tenants in Delaware, California, Puerto Rico, New York, Virginia, Texas and New Jersey
