The Creditors' Rights Department of Budd Larner represents creditors and debtors in troubled company turnarounds, loan workouts and collections, bankruptcy planning and bankruptcy proceedings. We also represent clients in corporate restructurings in non-bankruptcy settings.
The Firm's turnaround and workout practice represents both lenders and borrowers in formulating, negotiating and documenting debt restructuring plans, debt settlements and new or negotiated financing arrangements. The Firm frequently represents lenders in troubled loan recoveries and in specialized collection actions, such as replevin actions, construction lien proceedings, mortgage foreclosures and receiverships.
Our creditors' rights attorneys draw on their extensive expertise and the multidisciplinary expertise of the Firm's other attorneys to provide bankruptcy planning for businesses, banks and lending institutions, and develop pragmatic strategies for dealing with financially troubled enterprises, including negotiating and structuring prepackaged Chapter 11 plans. They also advise clients on complicated financial transactions, including asset-based loans, leveraged buyouts, publicly-traded collateralized mortgage obligations and other structured financings. Our attorneys also analyze contemplated transactions or existing financial arrangements and suggest means of minimizing the negative consequences of a future bankruptcy or insolvency.
Given the proliferation of massive tort litigation and the growing exposure of all business enterprises to overwhelming liabilities, including environmental and unfunded pension liabilities, the department offers advice to corporations on how best to restructure their organizations to enhance shareholder value and protect company assets and the assets of subsidiaries or affiliates. Firm attorneys also render advice on structuring contemplated mergers and acquisitions to minimize the risk of successor liability.
The Firm has extensive experience in representing secured, unsecured and subordinated creditors, equity security holders, and indenture trustees in bankruptcy cases and in nonbankruptcy proceedings. Group attorneys have helped clients extend financing to debtors-in-possession to fund operations during a Chapter 11 case or to fund a plan of reorganization. In bankruptcy cases, representation is also provided to other parties with special rights or interests, such as reclaiming sellers, possessory lien holders, administrative claimants, landlords, tenants and parties to "executory contracts" with debtors, such as franchisors or long-term suppliers. Related litigation matters, such as preference and fraudulent conveyance actions, relief from automatic stay proceedings, lender liability and equitable subordination claims, and borrower fraud actions are also handled.
Our attorneys have extensive litigation experience, as well as a general business law background. This expertise makes the Firm particularly well-equipped to represent clients aggressively while having the flexibility and ability to negotiate and structure settlements in bankruptcy cases. Attorneys in the Creditors' Rights Group are backed by the full resources of Budd Larner's diversified business and litigation practice.