Spencer Fane attorneys navigate clients through the turmoil of situations involving financially-troubled companies. We represent a wide range of clients, including debtors, secured and unsecured creditors, bond trustees, bondholders, investors, boards of directors, bankruptcy trustees, and creditors’ and equity holders’ committees in complex corporate restructuring, workout and bankruptcy planning, negotiation and litigation.
Members of Spencer Fane’s restructuring practice have long been known for their creative problem-solving abilities, responsiveness and networks with financial institutions, restructuring advisors and other attorneys. The combination of these resources allows us to develop the most appropriate business solutions based upon our clients’ needs and goals. We have the ability and experience to resolve, promptly and cost-effectively, novel and difficult legal issues in restructurings, out-of-court loan workouts, Chapter 11 reorganizations, Chapter 9 bankruptcies, involuntary bankruptcy filings, distressed sales, litigation matters and other insolvency proceedings. We are effective litigators as well as seasoned negotiators.
Spencer Fane’s restructuring lawyers also have backgrounds in banking, corporate finance, real estate and litigation. This breadth of experience allows our attorneys to address problems with an interdisciplinary approach. We also regularly draw upon the experience of other attorneys in our firm, including those focusing on franchise agreements, labor and employment, antitrust, employee benefits, insurance, mergers and acquisitions, securities, tax and various litigation disciplines.
Specific Areas of Expertise
Spencer Fane has a full-service insolvency practice. Our experience can be grouped into the following general types of representations:
- Bankruptcy Trustees;
- Bond Trustees;
- Secured creditors;
- Debtor-in-possession lenders;
- Creditors’ committees;
- Investors/purchasers of assets;
- Distressed transactions;
- Out-of-court restructurings and workouts;
- Other restructuring engagements;
- Creditors’ rights and enforcement; and
- Bankruptcy and insolvency litigation.
In addition, we regularly advise our clients regarding other issues that arise in multiple contexts, including the following:
- Fiduciary duties of officers and directors of troubled companies;
- Lender-liability concerns;
- Substantive-consolidation issues, including “true sale” and “non-consolidation” legal opinions;
- Equitable subordination and other intercreditor issues;
- Intellectual-property rights in bankruptcy;
- Purchasing and selling assets;
- Purchasing and selling debt and equity securities of distressed issuers;
- Regulatory issues affecting restructurings, including banking, securities, environmental and insurance laws;
- Rights of landlords and tenants in bankruptcy;
- Rights of counterparties to contracts and leases;
- Employee retention, compensation and benefits issues;
- Collective bargaining agreements and retiree obligations; and
- Tax issues, including income from the discharge of indebtedness, income tax consequences of debt modifications and the preservation and exploitation of net operating losses.