Bankruptcy & Creditors' Rights

Expertise

The Satterlee Stephens Burke & Burke LLP Bankruptcy & Creditors' Rights Practice Group has a vibrant, multifaceted practice in insolvency, corporate reorganization and bankruptcy-related matters. Lawyers in this practice group have extensive experience in successfully representing debtors, secured creditors, unsecured creditors, bankruptcy trustees, indenture trustees, institutional lenders, creditors' committees, equity committees, equipment financiers, receivers, landlords and purchasers of assets in a wide variety of bankruptcy cases and non-bankruptcy workouts and loan restructurings. The firm also has extensive experience in structuring diverse corporate, real estate and bond transactions in order to minimize insolvency and bankruptcy-related risks, in rendering opinions to bond rating agencies with respect to preference, fraudulent conveyance, letter of credit and other bankruptcy related issues and in advising clients with respect to municipal debt readjustment and Chapter 9 of the Bankruptcy Code. Satterlee's ability to provide comprehensive legal services of the highest quality to its bankruptcy and restructuring clients is enhanced by the availability of expertise in other Satterlee practice areas. The firm's insolvency attorneys practice in the following areas:

Committees of Creditors and Stockholders

Satterlee has an active practice representing creditors' committees and equity committees. The firm prides itself in having developed a style and various methodologies of representation that minimize both the costs of legal services and the time demands of committee participation. Currently the firm represents three creditors' committees in "middle market" cases. Frequently the firm will represent members of creditors' committees in major cases.

Secured Lenders

Satterlee regularly represents commercial banks, floorplan financiers, equipment financiers and other institutional lenders in restructuring and enforcing secured loans in both out-of-court negotiations and bankruptcy proceedings. The firm has particular experience in prosecuting actions to lift or modify the bankruptcy automatic stay and has had extensive exposure to lender liability, equitable subordination and fraudulent conveyance litigation targeted at lending institutions. Satterlee attorneys also have frequently represented financial institutions in their capacity as equipment lenders and aircraft financiers in a number of the major airline bankruptcies. The firm is well versed in foreclosure, replevin proceedings and other remedies under state law.

Acquirers of Distressed Enterprises

Attorneys with Satterlee have significant expertise in representing acquirers of insolvent companies through a number of vehicles ranging from the traditional acquisition of assets free and clear of liabilities, to the negotiation and promulgation of a reorganization plan, to the acquisition of control through the purchase of a controlling position in the claims against a debtor.

Debtors and Trustees

Satterlee has extensive experience in advising insolvent, illiquid and otherwise distressed businesses in Chapter 11 reorganization proceedings and in out-of-court restructurings. We represent debtor clients in many different sectors of industry. The firm represents bankruptcy trustees in complex cases and cases involving fraud, including a Chapter 7 liquidation of an alleged Ponzi-scheme.

Representative assignments undertaken by Satterlee attorneys in the insolvency field include the following:

Bondholder and Creditor Groups

Representation of the Official Committee of Unsecured Creditors of the Kleid Company, Inc. (with in excess of $10 million of debt).
Representation of the Official Committee of Unsecured Creditors of Marsel Mirror and Glass Products, Inc. (with in excess of $2 million in trade debt and $10 million of debt overall).
Representation of the Official Committee of Unsecured Creditors of Colony Hill Associates, a partnership (with in excess of $100 million in debt) which owns the Marriott Windwatch Hotel & Golf Course in Long Island, New York.
Representation of the Official Committee of Unsecured Creditors of District 65 of the United Auto Workers. In excess of $60 million in unsecured debt is outstanding and unpaid.
Representation of controlling holders of secured debentures in the LTV bankruptcy proceedings.
Representation of controlling bondholders of the $120 million traunch of Revco's 11-3/4% Secured Sinking Fund Debentures in Revco's Ohio bankruptcy proceedings.
Representation of holders of $125 million of subordinated debentures in the Pittsburgh reorganization proceedings of Allegheny International, Inc.
Representation of the Official Committee of Unsecured Creditors of Green-Wood Health Care Center, Inc. and Kings Terrace Nursing Home, operators of substantial skilled residential nursing home facilities.

Secured Lenders

Representation of two secured commercial bank lenders, to a NYC residential housing cooperative corporation and to marina, in separate Chapter 11 bankruptcy proceedings in Westbury, Long Island.
Representation of a lead floorplan D-I-P lender in the New York Chapter 11 proceedings of Newmark & Lewis Inc.
Representation of floorplan lenders in numerous bankruptcy proceedings and state court replevin proceedings.
Representation of the largest secured lender to P.A. Bergner & Co. (Carson Pirie Scott) in Milwaukee, Wisconsin Chapter 11.
Representation of a U.S. subsidiary of a Dutch commercial bank, in numerous loan restructurings, bankruptcies and workouts.

Equipment Financiers

Representation of aircraft lessors in connection with the Chapter 11 proceedings of Eastern Airlines, Continental Airlines, Frontier Airlines and People Express.
Representation of an aircraft manufacturer and financier in the Pan Am bankruptcy proceedings.
Representation of twelve equipment trusts in the Chapter 11 case of Continental Information Systems (CIS).

Debtors and Trustees

Representation of The Village Green Bookstores, Inc., a publicly-held retail bookstore chain in Chapter 11 proceedings pending in Rochester, New York.
Representation of Building Blocks, Inc., a retail toystore chain and the wholly-owned operating subsidiary of the publicly-held Specialty Retail Group, Inc., in Chapter 11 proceedings in Manhattan.
Representation of New Valley Corporation (f/k/a Western Union Corporation) as a Chapter 11 debtor-in-possession in its Newark, New Jersey proceedings.
Representation of The Oxford Energy Company, a publicly-held company that engaged in the development and ownership of resource recovery and power generation facilities, as debtor-in-possession in its Chapter 11 proceedings.
Representation of two publicly-held companies in their respective successful Chapter 11 reorganizations: the John B. Stetson Company (manufacturer of the Stetson® hat); and Container Industries, Inc.
Representation of Liberty Lighting Company and Schreiber Wholesale Services as debtors-in-possession in their Chapter 11 proceedings filed in Trenton, New Jersey and Reading, Pennsylvania, respectively.
Representation of Harrison J. Goldin, as a Chapter 11 operating trustee in the Southern District of New York.
Representation of Morton C. Batt, as a Chapter 7 trustee in the District of New Jersey, in the bankruptcy unwind of a Ponzi-scheme.

Equity Holders

Representation of the Gifford Fund as largest equity security holder in the White Plains, New York Chapter 11 proceedings of Pudgies, Inc., a publicly-held fast food chain.
Representation of an unofficial committee of equity security holders in connection with the reorganization of Alert Holdings, Inc. and its affiliates.
Representation of Carl C. Icahn as the largest shareholder in the Texaco Chapter 11 proceedings.
Representation of the Official Committee of Equity Security Holders of the publicly-held American Healthcare Management, Inc. during its reorganization proceedings in Dallas.

Miscellaneous

Representation of Trans World Airlines in its affiliation with a regional air carrier in bankruptcy proceedings in Wilkes Barre, Pennsylvania.
Representation of strategic lender to debtor-in-possession in New York Chapter 11 proceedings of American Medical Waste Systems, Inc., including confirmation of Chapter 11 plan wherein lender acquired debtor's assets.

Contact Us:

For further information on our bankruptcy & creditors' rights practice, we invite you to come in to our offices and meet with a practice group member. We welcome the opportunity to work with you.

New York Office:

230 Park Avenue
New York, New York 10169
Phone: (212) 818-9200
Fax: (212) 818-9606/7

New Jersey Office:

47 Maple Street
Summit, New Jersey 07901-2518
Phone: (908) 277-2221
Fax: (908) 277-2038

World Wide Web Site:

http://www.ssbb.com