As Buyer's Counsel in Distressed Situations, Essex Crane Rental Corp. (supplier of crane rental and lifting services)
Corporate Restructuring & Bankruptcy Law
Clark Hill had deep experience in bankruptcy, business reorganization, and insolvency-related matters.
We regularly represent parties in bankruptcy and other judicial proceedings as well as in out-of-court workouts across the country, including business debtors and borrowers, unsecured creditors' committees, lenders and other secured parties, bondholders, vendors and trade creditors, asset purchasers, insurance carriers, landlords, equipment lessors, liquidating agents and individual stakeholders. The industries in which Clark Hill attorneys have provided representation cover the spectrum of business enterprises, including the automotive, manufacturing, retail, telecommunications, aviation, oil and gas, banking, finance, insurance, energy, technology and software, restaurant, healthcare, transportation and logistics, and real estate industries. Our clients include Fortune 200 companies, large and medium-sized businesses, international businesses (with a focus on Europe, Mexico and Latin America) and financial institutions.
We do not take a one-size-fits-all approach in guiding our clients through the reorganization, workout, or liquidation process. Because business strategies and legal needs almost always change dramatically when the prospect of insolvency is introduced, our attorneys look at the specific and often unique problems and issues facing a company and its constituents, and we work quickly and diligently to analyze the legal, financial and operational issues. Combining that understanding with an approach which is both creative and pragmatic, we develop and implement well-tailored solutions to support going-concern viability or, in a liquidation scenario, the highest and best recovery for creditors. We always strive for an appropriate balance between the aggressive pursuit of value and cost-effectiveness.
Whether a specific representation is transactional in nature, such as the purchase or sale of assets, or litigation-oriented, such as the prosecution defense of a fraudulent transfer or preference action, our attorneys bring exceptional dexterity, sophistication and knowledge to achieve the best possible results for our clients. Our attorneys also have a substantial network of contacts from which to bring other valuable resources to bear, including lenders, investors, investment bankers, financial consultants, real estate consultants, and liquidation specialists.
Represented debtors, creditors, trustees, and bidders in Section 363 sales, as well as sales accomplished through confirmed plans of reorganization
Represented liquidating trustees in the recovery and disposal of estate assets, and the prosecution of avoidance actions
Represented a casino/hotel operator in its successful pre-packaged bankruptcy resulting in the reduction of the long-term debt from $225 Million to $67 Million
Represented various single asset real estate debtors operating hotels, extended-stay facilities, apartment complexes, self-storage facilities, medical complexes, and commercial centers to obtain significant principal reductions of secured debt, substantially reduced interest rates, and/or extended repayment terms
Represented rapid transit operator in successfully restructuring $650 million of state-sponsored conduit bond financing
In re Fleming Packaging - represented this leading manufacturer of pressure-sensitive labels catering to the wine and spirits industries with annual revenues of $60 million.
In re Telco Services - represented this manufacturer of communication transmission enclosures, with annual revenues of $200 million per year.
In re Purely Cotton, Inc.- represented the unsecured creditors committee for this start-up manufacturer of cotton-based tissue paper. Negotiated for the sale of intellectual property to an identified strategic buyer and created a fund to make an initial distribution in excess of 25% to the unsecured creditors.
In re Pheasant Run Apartments, LP - represented this 190 unit apartment complex in Chapter 11 case.
In re Nedwick Steel Company/ American Steel Works - represented this specialty steel manufacturer.
In re Castle Cheese - representing pre-petition and DIP lender owed in excess of $7 MM.
In re Livemercial Aviation Holding LLC - represented this aviation holding company in Chapter 11.
In re RHC/Spacemaster Corporation - represented the fourth largest manufacturer in the back-room shelving industry with annual revenues exceeding $200 million.
Achieved 100% recovery of principal balance of under-secured, non-performing multi-million dollar commercial loan in rare Chapter 12 farm bankruptcy
Represented the buyers of assets of My Child’s Room (furniture store); In re Media Copy, Inc. (video reproduction company); In re Future Media, Inc. (video reproduction company); In re Rickel Home Centers (chain of home improvement stores); In re Archibald Candy Company (Fannie May Candy Company) (prospective buyer); In re United Homes (land and home developer) (prospective buyer); In re Lake Shore Mazda (automobile dealership); In re Ben Franklin, Inc. (craft stores); In re H.I. Schaumburg Investment (200+ room Holiday Inn); In re Nanoink (technology company); represented assignee for benefit of creditors (seller) in Power Plate North America (international manufacturer and distributor of specialty exercise equipment).
In re Belvidere Bay LLC - represented the secured lender in this single asset chapter 11 real estate case.
Representing numerous residential home builders in restructuring their secured and unsecured debt obligations owed to numerous separate lending institutions with aggregate debt in excess of $400,000,000.
In Re Label Systems Inc. - represented unsecured creditors committee. Obtained 100% dividend for all creditors within six months of being retained.
In re Browns Chicken & Pasta - represented unsecured creditors committee in this regional fast food franchiser bankruptcy.
In re Ventilex, USA - represented unsecured creditors committee. Debtor was the sales division of a foreign manufacturer. Negotiated settlement that ended 3-year dispute and obtained sizable dividend for creditors.
In re Not Really, et. al. - represented pre-petition and DIP lender owed in excess of $10.0 MM.
Represented the publisher of nationally known magazine in an out of court debt restructuring.
In re Pasteurized Eggs - represented the ad hoc Equity Committee. The principal asset of the company was its technology to pasteurize raw eggs.
In re Duraco Products, Inc. - represented pre-petition and DIP secured lender in a $5.0MM facility.
In re PMB Hydra Screw, Inc. - represented the secured lender with a blanket lien on all assets to secure a $3.0MM claim in this chapter 11 bankruptcy case.
Nissan Motor Acceptance Corp. v. Gold Coast Infiniti - represented Nissan Motor Acceptance Corp., the floor plan lender.
In re Proven Methods Seminars - represented the unsecured creditors committee. Plan was confirmed 10 months after the case was filed. Creditors received a 70% dividend and waiver of all avoidance actions.
In re John Hubler Nissan - represented Nissan North America in this chapter 11 bankruptcy case.
Homeplace of Am., Inc. v. Salton, Inc. (In re Waccamaw’s Homeplace), 325 B.R. 524 (Bankr. D. Del. 2005). Defended a manufacturer in a $3.5 Million preference action in a week-long trial in the Bankruptcy Court for the District of Delaware
In re Sparrer Sausage Co., Inc. - represents unsecured creditors committee in the bankruptcy of manufacturing company, which liquidated its assets under section 363 of the bankruptcy code.
In re Bernadette Business Forms, Inc. - represented unsecured creditors committee in bankruptcy of manufacturer of business paper products.
In re Edgewater Medical Center - represented the unsecured creditors committee. Negotiated a carve-out for unsecured creditors even though the secured creditor was not paid in full.
In re AppleIllinois - serves as chairman of the unsecured creditors committee. Debtor is owner of 34 Applebee franchises.
Counsel to the Official Committee of Unsecured Creditors in the Chapter 11 case Greektown Holdings LLC, involving a hotel and casino gaming complex with annual revenues of approximately $300 million
Counsel to the Litigation Trustee of the Greektown Litigation Trust in the prosecution of a multi-million dollar fraudulent transfer action
Counsel to the Debtor in the Chapter 11 case Edgewood Villas, involving a bond-financed low-income multifamily apartment complex
Counsel to the Unsecured Creditors' Committee in the Chapter 11 case Cadence Innovation, LLC, pending in Delaware, involving a Tier 1 automotive supplier with consolidated annual revenues of approximately $750 million
Special Restructuring Counsel to the Detroit Retirement Systems in connection with the City of Detroit’s financial and operational restructuring and Chapter 9 bankruptcy proceedings
Counsel to several automotive suppliers in the Motors Liquidation Company (f/k/a General Motors Corporation), Old Carco LLC (f/k/a Chrysler LLC), and DPH Holdings Corporation (f/k/a Delphi Corporation) Chapter 11 cases
Counsel to the Unsecured Creditors' Committee and the Liquidating Trustee in the Chapter 11 case Plastech Engineered Products, Inc., involving a Tier 1 automotive supplier with annual revenues of approximately $1.4 billion
Counsel to the Liquidating Trustee in the Chapter 11 case Plastech Engineered Products, Inc., in connection with the liquidation of a Tier 1 automotive supplier which had annual revenues of approximately $1.4 billion
Counsel to the Trustee of the Greektown Distribution Trust, a trust established to reconcile unsecured claims and distribute $10 Million in accordance with the terms of the joint plans of reorganization confirmed in the Greektown Holdings, LLC Chapter 11 case
Counsel to a large not-for-profit community mental health services corporation in the successful out of court restructuring of its secured and unsecured indebtedness
Counsel to several large Tier 1 automotive suppliers in the troubled supplier cases of General Motors Corporation (New York, N.Y.), Dura Automotive, Inc. (Wilmington, Del.), Delphi Corporation (New York, N.Y.), among others
Counsel to the Unsecured Creditors' Committee in the Chapter 11 case Greektown Holdings, LLC, involving a casino and hotel complex with annual revenues in excess of $300 million
Bankruptcy and Financial Restructuring Litigation - Reported bankruptcy-related decisions include the following: In re Monsour Medical Center, 11 B.R. 1014 (Bankr. W.D. Pa. 1981), aff’g, 8 B.R. 606 (Bankr W.D. 1981); In re Grimes Furniture, Inc., 47 B.R. 68, 12 Collier Bankr. Cas. 2d 193 (Bankr. W.D. Pa. 1985); In re Chateaugay Corp. 86 B.R. 40 (Bankr. S. D. N. Y 1988); In re I.D. Craig Service Corp. No. 89-00640, 1993 Bankr. Lexis 886 (Bankr. W.D. Pa. 1993); In re I.D. Craig Service Corp. 125 B.R. 453 (Bankr. W.D. Pa. 1991); In re I.D. Craig Service Corp. 118 B.R. 335, 20 Bankr. Ct. Dec. 1597 (Bankr. W.D. Pa. 1990); In re Clark Grind & Polish, Inc. 137 B.R. 172 (Bankr. W.D. Pa._1992) In re Passodelis, 234 B.R. 52, 41 Collier Bankr. Cas. 2d 1757 (Bankr. W.D. Pa. 1999).
Bankruptcy and Financial Restructuring Litigation - Enforced rights of creditor corporations and other business organizations with respect to federal bankruptcy and state insolvency/receivership proceedings in Bankruptcy Courts, United States District Courts, United States Courts of Appeals, and state courts in various regions of the country.
Bankruptcy and Financial Restructuring Litigation - Represented bond trustee in bankruptcy of debt service obligor.
Bankruptcy and Financial Restructuring Litigation - Tried/argued bankruptcy cases on behalf of creditors in U.S. District Courts in the Western, Middle and Eastern Districts of Pennsylvania; Southern District of New York; Northern District of Illinois; and Second and Third Circuit United States Courts of Appeal.