Bankruptcy and Restructuring
For troubled businesses, their creditors and other interested parties, bankruptcy can provide a strategic opportunity to address a wide range of complex financial and legal concerns. It can also be an intimidating and frustrating experience for companies that suddenly find themselves as creditors in a bankruptcy or subject to a preference or fraudulent conveyance action. Likewise, lenders often find themselves in the unenviable position of having to evaulate the value of a business, the prospects for continued viability, the worth of assets and the like to determine what their best course of action is when their client finds itself in financial trouble. The Bankruptcy and Restructuring Practice Group works with clients to assess the numerous alternatives available to them, and to pursue efficient, sophisticated solutions that can help minimize losses, resolve disputes and increase the likelihood of successful outcomes. The key factors to success are tenacity, follow-through and a balanced understanding of how our clients can maximize value.
A primary practice strength is our significant experience representing all parties involved in bankruptcies, workouts, turnarounds and restructurings. By understanding the concerns and expectations of distressed businesses, secured and unsecured creditors, creditors committees, trustees, acquirers and others, we are able to quickly identify, negotiate and implement strategies that can achieve our clients’ objectives more effectively. We also work with trustees to return assets to bankrupt estates, and eventually to the creditors of the estate. Maximizing recovery requires diligence, force and creativity; attributes our attorneys possess in spades.
In addition to Stahl Cowen's broad-based bankruptcy practice, Jon Cohen lead a group that focuses on the representation of Retiree Committees (sometimes called "1114 Committees") in major corporate bankruptcy cases. Jon has achieved impressive results representing Retiree Committees in several major bankruptcies--results that have been recognized by judges, opposing attorneys, U.S. Trustees, and of course the retirees and Retiree Committees they represent. We are proud to say that we have represented more Retiree Committees than any other law firm in the United States, which is a testament to our experience and dedication to the retirees we serve. We also often work to establish and counsel retiree groups that establish Voluntary Employee Benefit Associations (or "VEBAs") to maintain healthcare benefits for retirees, often using funds from settlements that we have helped them achieve under Section 1114 of the Bankruptcy Code.
Our long experience with distressed and insolvent companies enables us to provide effective guidance with respect to the long-term effects of agreements, contracts, credit applications and other transactions. We are keenly aware of the signs and circumstances that may trigger financial problems, and regularly help negotiate and rewrite documents and court filings, assess financing options, and audit other initiatives in order to help clients increase their chances for business success.