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www.nutter.com

Workout, Restructuring and Bankruptcy

Why Nutter for Workout, Restructuring and Bankruptcy

Nutter has a team of lawyers with deep experience in bankruptcy, workouts, restructurings and turnarounds. It couples this experience with deep expertise in commercial finance and a demonstrated track record of success. Our lawyers have represented both debtors and creditors, so we know the strategies commonly used on each side of the negotiating table.

Members of our team have gained nationwide recognition for their work as banking and finance counsel, and our firm represents 7 of the top 10 commercial banks in the country. As a result, we know what it takes to strike a working bargain for borrowers and for lenders. We also know how to turn down the temperature when businesses are in crisis, staying focused on the development of rational and creative solutions to debt problems.

Furthermore, Nutter has valuable experience in helping creditors and debtors to finance, purchase or sell all kinds of assets in distress, including intellectual property and intangible rights that can have great value to a creditor or the critical ability to keep a debtor company alive.

But if a negotiated solution cannot be reached, we have the ability to act as advocates in court. Nutter has a great tradition and history of success in all kinds of business-related litigation. From the date of our founding and the days when Justice Louis D. Brandeis was still a trial lawyer at Nutter, we have taken much pride in training and developing generations of trial lawyers. We have in-house mock trial and moot court programs, and we conduct our own “nuts and bolts” seminars on how to try cases. Our team is constantly striving to assess, analyze and improve its performance.

As a result, all of our lawyers are thoroughly prepared and very willing to go to trial when necessary. We know how to identify the key factors and weaknesses in even the most complex cases, and how to present the best possible arguments to a judge in a way that is clear and compelling.

Clients also repeatedly choose Nutter for our emphasis on delivering value as well as results. We can prepare a case to be won without breaking the client’s budget. We do not overstaff cases, and we commit significant partner level attention to each and every matter for the sake of efficiency and results. Our unleveraged partner to associate ratio also results in superior associate training and satisfaction (as ranked in nationwide surveys) which means that clients do not have a revolving door of associate lawyers assigned to their cases. Often, a team of one partner and one associate is right for the job.

In short, we prepare for victory, but we are focused on value and we always put the client first.

Our Team

Our workout, restructuring and bankruptcy team includes: 

  • Four lawyers named in the peer-reviewed “Best Lawyers in America”; 
  • Three lawyers named as Massachusetts Super Lawyers by Boston Magazine, and a young trial lawyer named as a “Rising Star;” 
  • Three lawyers listed as “leaders in their field” by Chambers USA; 
  • A former private practice colleague of a current Massachusetts Bankruptcy Court Judge; and 
  • Several lawyers who have authored or co-authored articles or books about bankruptcy, business litigation, or banking and commercial finance.

Our firm has also been: 

  • Listed among the ranked firms nationwide in banking and finance, as well as litigation by Chambers USA; and 
  • Rated as a tier one Boston law firm in banking and finance by U.S. News & World Report.

Who We Represent

Our attorneys have represented many different clients in the context of workout, restructuring or bankruptcy, including the following.

Lenders and creditors: 

  • National, regional and community banks, individually, as agents and in consortia; 
  • Life insurance companies and pension funds; 
  • Mortgage warehouse lenders; 
  • Equipment lessors; 
  • Loan originators, master servicers and special servicers of commercial mortgage-backed securities (CMBS); 
  • Government agencies, including the Federal Deposit Insurance Corporation (FDIC), the Resolution Trust Corporation (RTC) and their servicers; 
  • REITS, corporations, individuals and other private lenders, including private equity funds and investors; 
  • Community development corporations; 
  • Retailers; and 
  • Senior secured parties, mezzanine lenders, subordinate lenders and unsecured parties.

Borrowers, guarantors and debtors: 

  • Public and private businesses and individuals; 
  • Not-for-profit entities; and 
  • Parties involved in a broad range of economic sectors, including advertising, art and antiques, commercial real estate investment and/or development (for offices, industrial facilities, multi-family or affordable housing, nursing homes, hospitals, condominiums, and hotels), education, equipment leasing, health care, high technology, insurance, life sciences, manufacturing, mortgage lending, professional services, publishing/media, and telecommunications.

Third parties/other interested persons: 

  • Landlords and tenants affected by the bankruptcy proceedings as third parties; 
  • Creditors’ committees (both formal and informal) in bankruptcies; 
  • Purchasers of assets and businesses from distressed companies, through bankruptcy proceedings or otherwise; 
  • Charitable organizations collecting on pledges; 
  • Credit support parties in bond transactions; 
  • Parties involved in assignments for the benefit of creditors; 
  • Parties involved in state court receivership proceedings; 
  • Parties involved in conservatorship proceedings; 
  • Turnaround consultants and other similar advisors; and 
  • Independent fiduciaries and indentured trustees.

What We Do

Nutter has helped clients to formulate strategies, negotiate agreements, document deals and otherwise facilitate the reworking of a distressed company or the collection of debts associated with a distressed enterprise. We have performed these services in connection with: 

  • Workout, forbearance and standstill agreements; 
  • Loan modification agreements; 
  • Debtor-in-possession (DIP) financing arrangements; 
  • Enforcement of notes, guaranties and other loan obligations; 
  • Fraudulent transfer and preference actions; 
  • Exercise of rights under mortgage loan documents, including taking possession of property and collecting rents; 
  • Foreclosures and deeds in lieu of foreclosure; 
  • Enforcement of rights under leased documents; 
  • Summary process eviction proceedings; 
  • Enforcement of UCC security interests, including foreclosure of liens on equity interests and personal property liens; 
  • Repossession of collateral, including leased personal property; 
  • Collection of debt, and pursuit and liquidation of assets both domestically and internationally; 
  • Interpretation and enforcement of inter-creditor issues; 
  • Litigation and settlement of claims in state and federal courts; 
  • Structuring of out-of-court compositions and arrangements; 
  • Sale and operation of companies in state court receiverships; 
  • Sale and acquisition of debt instruments; 
  • Sale and acquisition of distressed assets, including intellectual property assets; 
  • Secured party sales arrangements; 
  • Permitting, construction, operation, management, leasing and sale of properties following foreclosure; and 
  • Tax planning related to structured reorganizations and settlements.

Bankruptcy practice and litigation

Nutter attorneys are well equipped to represent clients in bankruptcy court in Chapter 11 bankruptcy reorganizations, Chapter 7 bankruptcy liquidations, and Chapter 13 bankruptcy proceedings. We know how and when to take the appropriate actions in order to deliver value and optimal results to a client, including:

For clients who are creditors: 

  • Obtaining relief from the automatic stay to conduct foreclosure-related proceedings; 
  • Supporting or opposing the adequacy of disclosure statements and the confirmation of plans of reorganization; 
  • Defending objections to the priority and the allowance of claims; 
  • Obtaining the appointment of Trustees and Examiners; 
  • Moving to dismiss or convert Chapter 11 cases; 
  • Contesting the valuations of assets and the reorganization of securities; 
  • Contesting whether assets are subject to the debtor’s bankruptcy filing; 
  • Providing post-petition financing to debtors-in-possession; 
  • Defending fraudulent conveyance and preference claims; 
  • Seeking the estimation and allowance of contingent claims for reimbursement; 
  • Purchasing, selling or otherwise transferring claims; 
  • Asserting claims for reclamation; 
  • Contesting the assumption or rejection of executory contracts and leases; 
  • Enforcing rights under executory contracts and leases; and 
  • Considering offers of status as “critical vendors” or “essential trade creditors.”

For clients who are debtors: 

  • Objecting to, and negotiating, claims of landlords, creditors and investors; 
  • Obtaining confirmation of plans of reorganization; 
  • Liquidating and selling assets; 
  • Obtaining debtor-in-possession financing; 
  • Implementing assignments for the benefit of creditors; 
  • Negotiating compositions with creditors and other out-of-court arrangements with creditors; 
  • Assuming or rejecting executory contracts and leases; and 
  • Litigating avoidance actions, such as fraudulent transfers and preferences.

For other parties: 

  • Bankruptcy trustees investigating fraud claims and pursuing preference claims; 
  • Businesses and individuals purchasing real estate, equipment, inventory, intellectual property and other assets from court-appointed receivers or bankruptcy estates; 
  • Landlords exercising rights with respect to security deposits and rents; 
  • Indenture trustees representing holders of indentured securities; 
  • Independent fiduciaries seeking to protect employee-benefit plans; and 
  • Insurance commissioners in the bankruptcy of insurance holding companies.