Workout, Restructuring and Bankruptcy Counseling
We help our clients maximize value and capitalize on opportunities in financially distressed environments. Often, this work is done outside of a courtroom. Our team has successfully helped numerous clients in debt restructures which have avoided bankruptcy. For example, we regularly represent both lenders and borrowers in out-of-court restructurings and workouts, including drafting of forbearance agreements and loan modifications. We understand the goals of our lending clients and the businesses they are lending to, and are able to obtain results that are mutually beneficial to the client and its customer in order to maintain their relationship when possible. We also advise our creditor clients on UCC Article 9 dispositions of collateral and deeds in lieu of foreclosure. To effectively achieve our client’s goals of maximizing value, our attorneys are often required to become familiar with all aspects of the collateral, including many types of business assets and operations to properly advise our clients on appropriate terms of a loan restructure or other collateral dispositions. Before a default occurs, we also advise our lender clients on the impact that bankruptcy and insolvency laws may have on the terms of their loan documents and how best to protect their rights in the loan collateral.
We also help our clients in numerous other industries in dealing with a distressed customer or supplier. We help them craft strategies that allow them to minimize risk while accomplishing their business objectives. This may take many forms, including changes to payment terms, securing the client’s position through credit supports, or negotiating business terms to improve the client’s position were litigation or a bankruptcy to occur. We will also regularly counsel our clients regarding business practices and contract terms based on the impact of the bankruptcy laws to mitigate risk in any future downturn.
In counseling our clients both before and during a workout or distress situation, we often collaborate with the firm’s wide array of specialized practice groups, including business and finance, employment, tax, labor, environmental, health law, real estate and employee benefits groups, to provide comprehensive and efficient service.
