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Chapter 11

Contact

Andrew M. Troop
Partner, New York
T: +1.212.858.1660
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Pillsbury’s Insolvency & Restructuring (I&R) lawyers have extensive experience navigating clients through chapter 11 proceedings and devising cutting-edge, client-specific solutions for debtors, creditors and other interested parties.

Our I&R team focuses on delivering effective and efficient results for diverse parties in chapter 11, including debtors, creditors' committees, indenture trustees, administrative agents, unsecured creditors, lessors, equity holders, and potential asset purchasers. Our extensive experience representing a broad array of interests in complex chapter 11 cases enables us to approach each situation with an understanding of the options and how other parties in interest will likely respond. Drawing on our deep substantive knowledge in particular industries—including energy, aviation, health care, real estate, and financial services—and leveraging experience across practice areas, we guide clients through bankruptcies and restructuring matters, solving the most challenging and complex issues in and out of court. Our lawyers are adept at restructurings, reorganizations, troubled loan and distressed asset workouts, debtor-in-possession financings, state and federal court litigation across the U.S. and dispute resolution through negotiated settlements.

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Our Chapter 11 bankruptcy practice includes such areas as:

  • Corporate governance
  • Pre-bankruptcy planning
  • Claims assertion and allowance
  • Litigation 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
  • Section 363 and plan 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
  • Government/municipal bankruptcies
  • Bankruptcy discharge and nondischargeability actions
  • Relief from stay litigation
  • Handling cross-border insolvency matters, including chapter 15 petitions in U.S. bankruptcy courts

Representative Experience

  • Represented multiple parties in the chapter 11 bankruptcy of Republic Airways. Restructured aircraft financing and equipment leases, and negotiated the assumption of a long-term equipment sales contract.
  • Represented Canyon Ranch as the manager and licensee of intellectual property, in the chapter 11 bankruptcy of the Lehman-owned Carrillon Hotel property in Miami.

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  • Energy and Chemicals
    • Advised Union Oil Company of California regarding its working interest owner rights in Alaska offshore oil and gas fields with bankrupt Pacific Energy Resources Ltd.’s subsidiary Pacific Energy Alaska Operating LLC.
    • Represented the indenture trustee for $50 million in public debt securities in oil and gas exploration and production company GMX Resources’ chapter 11 case.
    • Represented Third Avenue Management and Zell Credit in a debtor-in-possession loan to Metro Fuel Oil Corp. and its debtor affiliates, priming the existing lenders on a nonconsensual basis.
    • Representing LyondellBasell Industries, which was the world’s third largest independent petrochemical company when it filed for chapter 11 in 2009, in its bankruptcy and in post-emergence litigation.
  • Health Care & Pharmaceuticals
    • Represented the indenture trustee for $200 million of subordinated notes in the chapter 11 cases of K-V Pharmaceutical Co.
    • Represented the creditors’ committee in In re Columbia Hospital for Women, a case involving a 135-year-old landmark hospital located in Washington, DC.
    • Obtained bankruptcy court approval of Laboratory Partners’ plan of reorganization, which provided for all remaining assets to be transferred to a liquidating trust for the benefit of prepetition secured lenders.
    • Obtained dismissal of an involuntary chapter 7 petition filed against Apollo Health Street orchestrated by the former owners of an entity that Apollo acquired.
    • Represented for-profit Specialty Hospital of America as debtor counsel in its chapter 11 bankruptcy cases in the District of Columbia.
  • Aviation & Transportation
    • Represented two financial institutions regarding equipment trust certificates, leveraged leases and other financing transactions in the American Airlines bankruptcy, involving 325+ aircraft and $3 billion in debt.
    • Represented indenture trustees for more than $2 billion of leveraged lease debt secured by more than 100 aircraft in the Delta Airlines chapter 11 case.
    • Represented Airbus North America Inc. in the comprehensive restructuring of the lease, aircraft purchase, aircraft finance and secured financing arrangements in the Northwest Airlines bankruptcy case.
    • Represented Zimmer Lucas Capital and Stone Tower Capital as chair and other senior representative on the secured lenders’ steering committee in the pre-arranged chapter 11 restructuring of US Shipping Partners LP.
    • Represented debtor airline Varig Brazilian Airlines, then the largest Latin American airline, in U.S. bankruptcy proceedings (ancillary to main bankruptcy in Brazil).
  • Real Estate
    • Represented a financial institution in American Home Mortgage’s chapter 11, as master servicer and indenture trustee for mortgage-backed securities issues aggregating several billion dollars of original principal.
    • Represented a financial institution in buying the subprime mortgage servicing and origination business of People’s Choice Home Loan Inc. in a bankruptcy acquisition.
    • Represented Lehman Commercial Paper Inc. as agent for the First Lien Lenders to the LBREP/SunCal Master I group of debtors in their chapter 11 bankruptcy cases.
  • Financial Services
    • Defended a financial institution in a series of cases in connection with its nationwide policy for handling the bank accounts of individual debtors who file chapter 7 bankruptcy cases.
    • Represented a financial institution as indenture trustee for $4 billion of senior unsecured notes in the Washington Mutual Inc. chapter 11 case.
  • Engineering, Industrials & Manufacturing
    • Served as Congoleum Corp.’s lead bankruptcy counseling chapter 11 bankruptcy proceedings in U.S. District Court in New Jersey, resolving 300,000 individual asbestos tort claims by creating a plan trust.
    • Representing Wilmington Trust as secured notes indenture trustee and collateral trustee in a restructuring under the Canada Business Corporation Act and a U.S. chapter 15 proceeding.
    • Represented IREX Corp., parent company of Armstrong Contracting & Supply, as debtor-in-possession in chapter 11 proceedings in Delaware, resolving nearly 300,000 asbestos tort claims by creating $700 million plan trust.
  • Travel, Leisure & Hospitality
    • Represented Camarero Race Track Corp., successful purchaser of all assets in In re El Comandante Management Co., one of the largest chapter 11 cases ever filed in the District of Puerto Rico.
    • Represented a financial institution as administrative agent for nine lenders in restructuring of a $160 million defaulted credit facility owed by Las Vegas casino/ hotel operator and gaming company Golden Gaming Inc.
  • Professional Services
    • Represented a financial institution as agent bank with loans outstanding to the Heller Ehrman law firm, which was in dissolution until its bankruptcy case was filed at the end of 2008.
    • Represented Integreon Managed Solutions as buyer and DIP lender in the chapter 11 bankruptcy case of ONSITE3.
  • Agriculture
    • Obtained complete recovery, including principal, interest and fees, of over $80 million+ for a multinational banking and financial services holding company in the workout and bankruptcy of an agricultural borrower.
    • Represented a multinational banking and financial services holding company in the workout and bankruptcy involving loans to Cocopah Nurseries, the largest supplier of date palm trees in the U.S.
    • Represented a financial institution in connection with a judicial insolvency proceeding involving Brazilian sugar and ethanol producer Aralco.
  • Technology
    • Represented stalking-horse bidder Fujimori Kogyo Co. Ltd. in its bankruptcy purchase of Hedwin Corp.
    • Advised Tobii Technology AB in its acquisition of bankrupt DynaVox.
    • Represented XO Communications Inc. and certain of its affiliates in a $780 million debt restructuring and working capital infusion from affiliates of XO’s principal shareholder, Carl Icahn.
  • Consumer & Retail
    • Represented the Official Committee of Unsecured Creditors in In re Syroco, Inc., the bankruptcy of a furniture and home décor manufacturing company with locations in New York, California, Florida and Arkansas.
    • Assisted U.S.-based grocery store Fresh & Easy Neighborhood Market Inc. in evaluating its options and stabilizing operations to preserve value in its chapter 11 case and sale to Yucaipa.

Practice Area Highlights

  • Pillsbury is “Highly Commended” by Financial Times for legal innovation in our out-of-court work.
  • Best Lawyers recognizes our Bankruptcy and Creditor/Debtor practice as among the top in the nation and U.S. News & World Report reports top-tier national recognition to Pillsbury for bankruptcy litigation.
  • Lawdragon has recognized several of our partners on their annual lists of the 500 Leading Global Restructuring & Insolvency Lawyers and 500 Leading U.S. Bankruptcy & Restructuring Lawyers.

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  • Chambers USA recognizes individual Bankruptcy/Restructuring partners throughout our various offices.
  • Law360 recognized a Bankruptcy/Restructuring counsel as one of five national “Rising Stars” under 40 (2019).
  • Multiple “Deal of the Year” honors and other accolades from publications such as The Financial Times, M&A Advisor, Global M&A Network, Turnaround Management Association, International Financial Law Review and Latin Lawyer.

Awards

2022 Lawdragon 500 Guide

Three Pillsbury partners named to the 2022 Lawdragon U.S. Bankruptcy & Restructuring Lawyers guide

2022 U.S. News—Best Lawyers Best Law Firms

96 Tier 1 practice rankings in the U.S. News—Best Lawyers 2022 Best Law Firms survey

2022 Latin Lawyer Deal of the Year - Restructuring

Counsel for multiple creditors in the Chapter 11 restructuring of Avianca Holdings, S.A.

Resources

Insolvency Issues, Real Estate & COVID-19

Pillsbury insights on insolvency-related solutions, obstacles and precedents

Video Series

Swimming Lessons–Surviving and Navigating the Choppy Waters of Distressed Real Estate

Case Study

(VCLF) Prevailing at Trial Against a Determined Plaintiff

Case Study

Bankruptcy as a Civic Service

Related Insights

Alert 05.24.22

Profit Motive? Not Required for Subchapter V Eligibility

The Ninth Circuit BAP explains that “commercial or business activities” that satisfy section 1182(1)(A)’s Subchapter V eligibility requirement “would include not-for-profit businesses, and would not be limited to those having only a benevolent purpose.” Pursuing litigation, and some indicia of future business goals, are enough, even for a non-operating business that has never made a profit.

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