Bankruptcy & Restructuring

If you face restructuring issues for your own company, your borrowers, or people you do business with, we can help. We have a strong reputation for representing large, sophisticated debtors in matters that require significant resources and specialized knowledge. We are able to draw upon the legal resources within the firm to handle the nonbankruptcy issues that often become a source of disputes during Chapter 11 reorganization cases. 

Our practice is considered to be one of the premier bankruptcy and workout practices for tax-exempt bondholders. We have represented tax-exempt and taxable bondholders and their indenture trustees doing business throughout the country and internationally, and we have appeared in bankruptcy courts in almost every state in the nation.

We know the intricacies of deal documents as well as how to attack or defend them. Throughout the bankruptcy process, we are always attentive to the cost that must be shouldered by the client and the fact that, in the end, the client’s needs and desires are paramount.

Quick Facts

  • Nationally recognized bankruptcy practice
  • Supported by a full-service firm of approximately 500 attorneys in virtually all areas of law
  • Comprehensive, creative, and cost-effective representation in the most complex insolvency and reorganization proceedings
  • Experience representing all parties and interests involved in the debtor / creditor relationship
  • Deep knowledge of creditors’ remedies allows for effective, efficient representation for our debtor clients
  • Past and present leaders and board members at American College of Bankruptcy, American College of Bankruptcy Foundation, American Bankruptcy Institute, Turnaround Management Association, and Massachusetts Continuing Legal Education

Areas of Focus

  • Acquisitions or dispositions of financially distressed entities or their assets
  • Bondholder, indenture trustees, and bond issuers in debt restructurings, workouts, reorganizations including Chapter 9 filings
  • Debtors in Chapter 11 cases and out-of-court restructurings
  • Distressed debt and claims trading
  • Landlords with respect to financially distressed tenants
  • Litigation of insurance coverage disputes arising from bankruptcies
  • Representation of boards, individual directors, and management of financially stressed companies
  • Structured financings and asset based lending
  • Secured and unsecured creditors, including parties providing debtor-in-possession financing
  • Uniform Commercial Code issues and litigation

Rankings & Recognitions

  • American College of Bankruptcy
    • 3 attorneys are members, and one attorney serves as national vice president and chairs its National Education Committee
  • Best Lawyers in America
    • Practice leader included for 25+ consecutive years and named Lawyer of the Year in 2010 and 2013
    • 7 bankruptcy attorneys listed
  • Chambers USA
    • Practice ranked 1st Tier in Massachusetts
    • 7 bankruptcy attorneys listed
    • Practice leader named a Star Individual in 2015
    • Practice listed as a Nationwide “Recognized Practitioner”
  • The Legal 500 United States
    • Practice recognized as a leading firm within the Finance - Municipal Bankruptcy practice area
  • Massachusetts Super Lawyers
    • More bankruptcy lawyers listed than any other firm in New England
    • 2 bankruptcy lawyers listed in the top 100 lawyers in any field
  • San Diego Super Lawyers
    • Senior bankruptcy attorney ranked (2007 – 2013)
  • U.S. News & World Report and Best Lawyers: “America Best Law Firms”
    • Bankruptcy and Creditor Debtor Rights/Insolvency Law:
      - Nationally ranked (2010 – 2013)
      - Boston (2010 – 2013)
      - New York (2011 – 2013)
      - San Diego (2011 – 2013)
    • Litigation - Bankruptcy
      - Nationally ranked (2011 – 2013)
      - Boston (2013)
      - New York (2013)
      - San Diego (2013)
  • M&A Advisor
    • 4 bankruptcy lawyers recognized as deal team member recipients of the 2015 "Restructuring Community Impact" Award
    • 2nd year Mintz has been recognized at the Annual M&A Advisor Turnaround Awards
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Case Study: Caesars Bankruptcy Settlements Far Exceed Expectations

Mintz Levin represented an ad hoc committee of holders of the 12.75% Second Priority Senior Secured Notes in the bankruptcy case of Caesars Entertainment Operating Company (“CEOC”) and related district court litigation.

The ad hoc committee appeared as a party in CEOC’s bankruptcy case in the US Bankruptcy Court for the Northern District of Illinois and, in their role as directing noteholders, directed the Indenture Trustee's litigation against CEOC's parent ("CEC") in the US District Court for the Southern District of New York. In addition, Mintz Levin’s government relations consulting group, ML Strategies, lobbied the US Congress on behalf of the ad hoc committee with respect to changes to the Trust Indenture Act of 1939 that had been proposed by CEC in an effort to reverse certain legal rulings which favored the ad hoc committee.

Mintz Levin’s professionals guided the ad hoc committee through every step of CEOC’s bankruptcy case, even prior to the bankruptcy filing, by analyzing the documents associated with each tranche of debt and advising on various intercreditor issues. During the pendency of the case, Mintz Levin developed strategy on a wide range of bankruptcy-related litigation issues that would impact noteholder recoveries, including the viability of various fraudulent transfer claims, the treatment of original issue discount (“OID”), and the implications of an election to be treated as "fully secured" under section 1111(b) of the Bankruptcy Code. The ad hoc committee often led the charge in litigation and negotiations with CEOC and its non-debtor parent guarantor, CEC, which resulted in settlements far in excess of what was initially thought possible, including full reimbursement by CEC of all of the ad hoc committee’s legal fees.

In addition to representing and litigating on behalf of the ad hoc committee in CEOC's bankruptcy proceedings, Mintz Levin also shaped the fight against the debtors' parent, CEC, in the District Court. There, as directed by the ad hoc committee, the Indenture Trustee sued CEC to enforce CEC’s guarantee of the Notes. It was Mintz Levin’s strategy to seek summary judgment early in the case, thereby securing a very favorable opinion by the District Court that paved the way to an expeditious and favorable settlement with CEC. In the midst of the litigation, when CEC sought to have the Trust Indenture Act amended to render the District Court action moot, ML Strategies helped lobbying efforts with Congress, which ultimately failed to pass any such amendments.

Case Study: Synata Bio Wins Bankruptcy Auction for Kansas Ethanol Plant

Attorneys from our Bankruptcy & Restructuring, Real Estate and Corporate & Securities practices collaborated to represent Synata Bio, Inc., a bio-based renewable energy company, as the winning bidder in a bankruptcy auction of a cellulosic ethanol plant and electricity cogeneration facility in Hugoton, Kansas. The seller, a subsidiary of Spanish company Abengoa S.A., is in Chapter 11 bankruptcy.

To facilitate the $48.5 million deal, the Mintz Levin team negotiated the asset purchase agreement, prepared Synata’s winning bid package, and spearheaded a complicated real estate due diligence process. Attorneys also attended the 14-hour auction and counseled Synata on how to effectively compete against the stalking horse bidder, Shell Oil Company. In addition, the firm represented Synata at the subsequent sale hearing in bankruptcy court. With Mintz Levin’s assistance, Synata closed the deal a week and a half after the bankruptcy court approved the sale.

The acquisition of the facility, ideally located for Synata’s purposes, will allow the company to commercialize the technology it purchased from Coskata in another distressed asset sale in which Synata also was represented by Mintz Levin.

Debtor & Trustee Representation

  • Assisted a national discount retail chain with Chapter 11 issues including the divestiture of surplus real estate and the assignment and assumption of real estate leases.
  • Represented a manufacturing company in Chapter 11 proceedings.
  • Represented retail companies in Chapter 11 proceedings.

Creditor Representation

  • Assisted several government entities in the Lehman Brothers bankruptcy and helped clients respond to subpoenas, document requests, and general litigation.
  • Represented a national commercial real estate operator in one of the largest bankruptcy proceedings ever brought in the District of Massachusetts involving claims owed on the premier office tower in Boston — at the close of Mintz Levin’s presentation of evidence in the trial, the debtor agreed to pay $679 million to our client.
  • Represented a REIT in the foreclosure of a large residential condominium conversion project in Brookline, Massachusetts.

Creditors Committee Representation

  • Represented a creditors committee and liquidating trustee in the Oscient Pharmaceuticals Corporation Chapter 11 bankruptcy case, including the investigation, litigation, and asset recovery issues.

Out-of-Court Restructurings

  • Represented a real estate fund with $1 billion of assets in an out-of-court restructuring of loans.

Bankruptcy Acquisitions

  • Represented an acquirer of telecommunications companies from Chapter 11 proceedings.

Bondholder & Trustee Representation

  • Represented bond trustees and bondholders in numerous hospital bankruptcies and workouts throughout the country as well as numerous sales of hospitals throughout the United States.
  • Represented bondholders in connection with appointment of a receiver, foreclosure, and disposition of a golf course–based residential development project in Louisiana.
  • Represented bondholders in connection with marketing a disposition of a hotel condominium unit that served as collateral for defaulted tax-exempt financing.
  • Represented numerous bond trustees and bondholders in workouts and bankruptcies of numerous Continuing Care Retirement Communities, including the sale and/or restructure of facilities in Pennsylvania, Illinois, and Massachusetts.
  • Represented numerous bond trustees as bondholders in Chapter 9 bankruptcies and municipal workouts.

Clients We Serve

  • Acquirers of assets
  • Bondholders and their trustees
  • Committees
  • Companies
  • Debtors
  • Directors
  • Equipment lessors
  • Examiners
  • Executives
  • Investors and equity holders
  • Landlords
  • Private equity
  • Receivers
  • Secured and unsecured creditors
  • Trustees