Insolvency & Restructuring
Deryck A. Palmer
Pillsbury’s Insolvency & Restructuring team concentrates on the representation of all parties involved in workout, corporate restructuring and bankruptcy matters. Our depth of experience and legal acumen, coupled with the bench of our firm resources, enable us to provide highly sophisticated, yet pragmatic and timely legal advice.
Our Insolvency & Restructuring team represents a broadly diverse range of clients in dealing with complex, sophisticated, distressed financial situations, from debtors to those who deal with them. Our clients include banks and other financial institutions, secured and unsecured creditors, debtors and borrowers, agents and participants in syndicated loan transactions, indenture trustees and bondholders, landlords, official and unofficial creditors' committees, equity committees, equipment lessors, investment funds, venture capital funds, shareholders, partners, purchasers, vendors, and other interested parties. We keep our clients' economic interests foremost in mind and use our experience and familiarity with sophisticated matters to provide efficient, result-oriented advice.
One of the team’s core strengths is in handling complex and sophisticated creditors’ rights matters on behalf of national and international financial institutions. We also represent non traditional banking clients, like hedge funds and private equity firms, in distressed transactions. Additionally, we advise middle market and notable Fortune 500 companies in the bankruptcy and restructuring area. The nature of our representation spans from handling troubled commercial and real estate loans, and enforcement of our clients’ rights as creditors of insolvent or bankrupt entities in industries hardest hit by the U.S. economy over the last few years, including healthcare, financial services, real estate, hospitality and gaming, technology and agriculture.
In addition to the financial services industry, our team also has deep industry experience advising clients, whether as debtor, creditor, trustee or distressed investor, in the aviation, energy, healthcare, shipping and real estate industries.
We also draw on the knowledge and experience of attorneys throughout our firm to meet our clients’ business objectives, including lawyers from practice areas as diverse as corporate and securities, commercial litigation, intellectual property, financial institutions, project finance, real estate, environmental, aviation, and outsourcing. Where appropriate, we include colleagues with focused industry knowledge as members of our client teams.Third-Party Recognition
- Best Lawyers recognizes our Bankruptcy and Creditor / Debtor practice as among the top in the nation.
- Our Insolvency & Restructuring practice was named to the IFLR 1000 for 2015.
- Chambers USA recognizes individual Bankruptcy / Restructuring lawyers in our California and New York offices.
- 2015 awarded multiple Deals of the Year and other accolades from publications such as The Financial Times, M&A Advisor and Latin Lawyer.
In bankruptcy cases, we act on behalf of creditors, debtors, official and unofficial committees, trustees and fiduciaries, lessors, and other interested parties. Our practice includes such areas as:
- Pre-bankruptcy planning
- Claims assertion and allowance
- Resolution of lien priority, intercreditor and subordination issues
- Debtor-in-possession (DIP) financing
- Negotiating, formulating and confirming plans of reorganization
- Prepackaged and prenegotiated bankruptcies
- Representation of indenture trustees
- Cash collateral stipulations and adequate protection
- Objections to disclosure statements and plans
- Cram-down litigation
- Sales of stock and other assets
- All aspects of unexpired leases and executory contracts and intellectual property licenses
- Prosecution and defense of avoidance actions (fraudulent transfers, preferences, etc.)
- Turnover actions
- Abstention and removal issues
- Involuntary petitions
- Governmental/municipal bankruptcies
- Bankruptcy discharge and non-dischargeability actions
- Relief from stay litigation
Workouts & Litigation Experience
Our practice is not limited to the bankruptcy court. Our lawyers are experienced in all areas of problem loan workouts and creditors' rights litigation, including the following:
- Capital structure and general business restructuring advice for lenders and borrowers
- Complex loan workouts and restructurings from strategic development through negotiation and documentation
- Buy- and sell-side distressed company mergers and acquisitions
- Legal and strategic counseling to loan officers and indenture trustees on potential problem credits
- Alternatives to bankruptcy
- Non-bankruptcy fraudulent conveyance and other avoidance actions
- Constructive trusts
- Writs of attachment, writs of possession (also known as replevin or claim and delivery) and other pre-judgment remedies
- Judicial and non-judicial foreclosures
- Defense of lender liability claims
- Execution, garnishment, judgment debtor examinations and other methods of enforcement of judgments