Article 03.12.24
Insolvency Issues in Real Estate
Pillsbury insights on insolvency-related solutions, obstacles and precedents for owners, landlords and lenders to consider.
Kwame Akuffo focuses his practice on all aspects of insolvency and restructuring and represents debtors, lenders, indenture trustees, secured and unsecured creditors, asset purchasers, bankruptcy trustees and foreign liquidators in cross-border matters.
He also assists clients in litigation matters in bankruptcy and appellate courts, and his work spans a broad range of industries, including the news and media, real estate, technology, retail, oil and gas and power generation sectors. Kwame writes frequently on insolvency and restructuring topics, and his articles have been published in the Energy Law Report and Journal of Bankruptcy Law, among other publications.
Representative Experience
- McClatchy: Represent trustee of liquidation trust in the chapter 11 cases of The McClatchy Company, in all aspects of administration and litigation and settlement of claims (including pension claims of approximately $1.1 billion and class action claims).
- Ascentra: Represent foreign representatives in the chapter 15 case of Ascentra Holdings in connection with a contested chapter 15 recognition and cross-border asset recovery investigation.
- Galleria: Represent secured lender in the chapter 11 case of Galleria 2425 Owner LLC.
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- Rockley: Represented Rockley Photonics Holdings Limited, a global leader in photonics-based health monitoring and communications solutions, in connection with the negotiation and implementation of its prepackaged chapter 11 plan to go private and restructure its business through transactions that eliminated more than $120 million of secured debt and generated additional funding from existing secured noteholders of approximately $35 million.
- Comair: Represented foreign representatives in the chapter 15 case of Comair Limited to obtain the first known recognition of a business rescue insolvency proceeding in South Africa.
- Clarus: Represented indenture trustee for the 12.5% Senior Secured Notes due 2025 in the Clarus Therapeutics chapter 11 bankruptcy cases.
- PG&E: Represented large utility in the chapter 11 cases of PG&E in litigating issues over the rejection of power purchase agreements.
- Melinta: Represented trustee of liquidation trust in the chapter 11 cases of Melinta Therapeutics, in all aspects of administration and litigation and settlement of claims.
- Advised clients on RIN retirement and environmental remediation obligations in chapter 11 cases.
Professional Highlights
- Panelist, “Bankruptcy Code Changes Under the 2021 Consolidated Appropriations Act,” Strafford webinar, April 7, 2021
- CALI Award for Excellence in Bankruptcy
- Associations
- Member, American Bankruptcy Institute
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- Member, Turnaround Management Association
- External Publications
- “Retail Debtor’s Bid for ‘Super’ Rent Holiday and Rent Abatement Denied,” Journal of Bankruptcy Law, Authors: Patrick J. Potter, Brian L. Beckerman, Patrick E. Fitzmaurice, Kwame O. Akuffo, 05/11/2021
- “Midstream Gathering Agreements in Bankruptcy,” Energy Law Report, Authors: Hugh M. Ray, III, Hugh M. McDonald, Kwame O. Akuffo, 03/09/2021
- Co-author, “A Modest Proposal: Amend the Bankruptcy Code to Give Single Asset Real Estate Debtors a Chance to Survive the COVID Crisis,” Porzio Bankruptcy & Corporate Restructuring Bulletin, December 21, 2020
- “Bankruptcy Court Reiterates Tempnology – Rejected Contracts Do Not Terminate Or Rescind Pre-Petition Contract Rights Granted To Non-Breaching Party,” featured in Mondaq, September 24, 2020
Education
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J.D., Western New England University Law School, 2017
B.A., West Chester University, 2013
Admissions
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New York
Clerkships
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Honorable Jerrold N. Poslusny, Jr., U.S. Bankruptcy Court for the District of New Jersey (2018-2020)
Superior Court of Connecticut (2017-2018)