transactions

  • Harbar LLC and Built By Nature Group, LLC
  • Industrial development bond financing for major plant expansion
  • Frazer Capital & Co.
  • Acquisition and financing of 801 Boylston St, Boston, MA
  • The Grossman Companies, Inc.
  • Acquisition and construction of East Boston self-storage facility

Service Areas

Bankruptcy, Workout and Business Reorganization

Bankruptcy, receiverships and other legal mechanisms are frequently employed by businesses to effect a reorganization, liquidation or going concern sale.  Financially distressed businesses, their creditors and other interested third-parties require legal representation to assist them in formulating and implementing strategies to protect their interests and otherwise to advance their objectives based on established legal principles and good business sense.The firm maintains a diverse and sophisticated bankruptcy and workout practice that cuts across numerous industries, roles and legal settings.

Chapters 11 and 7 (reorganization and liquidation)

The firm’s practice encompasses substantial experience in Chapter 11 reorganizations.  We represent debtors in possession, trustees, creditors committees, secured and unsecured creditors, DIP lenders, landlords, purchasers of assets and equity holders.  We also represent both debtors and creditors in business-related Chapter 7 liquidations.

Receiverships

Under the right circumstances, state court receiverships provide a less expensive and more effective alternative to bankruptcy.  Members of the firm have been involved in nearly all aspects of state court receiverships, including representing receivers, petitioning for appointment of receivers and defending against such petitions.

Out-of-court workouts

Out-of-court loan workouts and restructurings are generally preferable to bankruptcy and other court or administrative tribunals.  They provide greater flexibility, are less costly and are generally more predictable.  Their success, however, depends entirely on the outcome of a voluntary negotiation.  The firm has substantial experience in conducting complex workouts, with several attorneys possessing the depth of legal skills over a broad spectrum of legal areas to achieve our clients’ objectives in negotiation.

Diversity of industries

The firm’s practice in business reorganization and liquidation cuts across a wide diversity of industries, including real estate, health care, manufacturing, transportation, technology and other service industries.

Representative transactions

  • Chapter 11 counsel in successful liquidating plan of reorganization of seven affiliated debtors owning four nursing homes valued at $50 million.
  • Chapter 11 counsel to largest landlord in New England in which over $675 million of debt was restructured.
  • Counsel to state court receiver in real estate fraud case in which 17 real properties aggregating $3 million in value were successfully recovered for the benefit of the receivership estate and its creditors.
  • Represented the Bondholders Committee in the successful Choate-Symmes Hospital Chapter 11 reorganization, involving the closing of one hospital, sale of another facility, and negotiation of the terms of the issuance of replacement bonds to bondholders at $8 million more than initially offered by the debtor.
  • Represented an apparel manufacturer in a successful Chapter 11 reorganization involving restructuring and subordinated debt, pension withdrawal issues, union claims, the hiring of new management, debtor in possession financing and post confirmation financing.
  • Represented a group of affiliated partners in the successful negotiation and sale of their assets to a subordinated lender, to avoid foreclosure by the senior lender. The sale accomplished relief from all indebtedness and cash payments to the owners.

Bankruptcy, Workout and Business Reorganization: Related Services Areas

Bankruptcy, Workout and Business Reorganization: Professionals

Justin A. Kesselman

Associate 617.973.6102 ext.   fax 617.722.4993 jkesselman@pbl.com

Laura A. Otenti

Associate 617.973.6116 ext.   fax 617.722.4926 lotenti@pbl.com

David J. Reier

Partner 617.973.6145 ext.   fax 617.722.4937 dreier@pbl.com

Michael E. Rubin

Partner 617.973.6110 ext.   fax 617.722.4911 mrubin@pbl.com

Robert Somma

Senior Counsel 617.973.6126 ext.   fax 617.722.4985 rsomma@pbl.com

Bankruptcy, Workout and Business Reorganization: Publications

R.I. Socks Curt, Advisers

Boston Herald, David J. Reier, November 2, 2012

R.I. Files Legal Action Against Schilling, Others

NECN Business News, David J. Reier, November 2, 2012

R.I. EDC Sue Schilling, Stokes and 12 Others on 38 Studios

Providence Business News, David J. Reier, November 1, 2012

When Companies Go Through Bankruptcy

WRKO, David J. Reier, July 16, 2012

Beyond Bankruptcy Basics—Practical Advice Regarding Tenant Bankruptcies

Retail Law Strategist , Jo-Ann M. Marzullo, Laura A. Otenti, June 8, 2012

38 Studios bankruptcy

WBZ Radio, David J. Reier, June 7, 2012

Supreme Court plays taps for Anna Nicole

Massachusetts Lawyers Weekly, Robert Somma, August 22, 2011

Electricity Is a "Good" for Purposes of ? 503(b)(9) Administrative-Priority Claims

American Bankruptcy Institute Journal, David J. Reier, Ian H. Moss, June 10, 2010