Eckert Seamans' Bankruptcy & Restructuring Group is nationally ranked by Chambers USA, a leading independent guide to legal services. To compile the directory, Chambers canvasses clients and lawyers across the country to obtain a consistent market view of which firms and attorneys are considered leaders in their field.
Chambers notes, "Eckert Seamans advises a range of creditor and debtor clients. It is currently acting for a number of creditors’ committees, including the committee in the Philadelphia Newspapers bankruptcy. The firm also represents the Massachusetts Port Authority in a number of bankruptcy matters around the country.”
Eckert Seamans’ Bankruptcy and Restructuring Group has a national practice with extensive experience in the representation of debtors, creditors’ committees, equity holder committees, trustees and creditors in turnarounds, loan workouts, collections and bankruptcy proceedings. The firm also regularly represents clients in restructurings and liquidations occurring outside of formal bankruptcy proceedings. Chambers USA’s America’s Leading Lawyers for Business recognizes Eckert Seamans as a top law firm for bankruptcy/restructuring.
When representing a borrower, the firm’s lawyers bring their extensive experience to bear to help clients formulate a range of strategic business options. The firm works to help guide clients through the challenges of restructuring by formulating, negotiating and documenting debt restructuring plans, debt settlements and new or negotiated financing arrangements. For its lending clients who confront troubled loan recoveries and specialized collection matters, the firm draws on its deep knowledge to analyze contemplated transactions, as well as existing financial and contractual arrangements, and recommends innovative means of minimizing the negative consequences or costs of a future bankruptcy. The firm also helps clients navigate through replevin actions, mechanic's lien proceedings, foreclosures, receiverships and assignments for the benefit of creditors. The firm also focuses on prosecuting, preventing and defending lender liability claims.
In addition, the firm is frequently involved in cases with or represents parties with special rights or interests in bankruptcy cases, such as prospective purchasers, reclaiming sellers, PACA claimants, possessory lien holders, administrative claimants, landlords, tenants, directors and officers of troubled companies and parties to executory contracts with debtors, such as franchisors, licensees and long-term suppliers. The firm regularly represents insurance carriers in matters relating to insureds who have filed for bankruptcy protection. The issues in those proceedings range from assumption and rejection of insurance contracts to application of political risk and credit risk policies. The Bankruptcy and Restructuring attorneys also handle related litigation arising from bankruptcy proceedings, such as preference and fraudulent conveyance actions, relief from automatic stay proceedings, lender liability claims, equitable subordination claims, guaranty enforcement and borrower fraud actions.
- The firm has represented debtors and/or equity interests in numerous reorganization proceedings, including prepackaged Chapter 11 cases. The firm represented the controlling partners in the Historic Landmark for Living bankruptcies in filing 38 prepackaged Chapter 11's (with over $240 million of secured debt, in excess of $170 million unsecured debt and 2,500 limited partners), refinancing the debtors and confirming Chapter 11 plans transferring the properties to new entities controlled by management all in a period of 85 days.
- Members of the firm represented Home Health Corporation of America, Inc. and 34 of its related companies, leading providers of comprehensive home health care services and products, in their successful Chapter 11 proceedings. Members of the firm represented the debtor in the complex reorganization of DVI Inc. That proceeding involved a company which had originated, securitized and sold in excess of $2 billion of loans. The firm members have also recently represented the holding company of the Sands Hotel and Casino in a proceeding in the Bankruptcy Court in New Jersey.
- The firm’s members have represented numerous other debtors in their Chapter 11 proceedings, including Logan Square East, a retirement care community, Abbotts Dairies of Pennsylvania, Inc., Metro Transportation, Inc. (Yellow Cab Company of Philadelphia), Franklin Computer Corporation, Aphton Corporation, Oakwood Homes Corporation, Oxford Finance Company, Target Food Systems, Inc. (the owner and operator of 33 Wendy’s Restaurants), Metro Care, Inc. and Valley Forge Plaza Associates (which owned and operated a multi-use building complex).
- Representations by members of the firm include the Equity Security Holders’ Committee of Marvel Entertainment Group, Inc., and it subsidiaries, the largest creator and publisher of illustrated action and adventure material in the United States. That Chapter 11 proceeding is recognized as one of the most complex bankruptcy proceedings to take place in the United States.
- Members of the firm have gained distinction for their representation of the Unsecured Creditors' Committee in the Chapter 11 proceedings of The Susquehanna Center, Inc., Girard Medical Center, Nicolet Inc., U.S. Wood Products Inc., Freedom Rings LLC, U.S. Minerals Products Company, and St. Mary Hospital. In one such case, unsecured creditors received distributions totaling 109% of their claims. The firm has been very successful on negotiating improvements to proposed reorganization plans for the benefit of unsecured creditors.
- Eckert Seamans and its members have served as counsel to receivers appointed by state and federal courts and in various instances Eckert Seamans' members have been appointed as the receiver. Eckert Seamans represented the receiver, a member of the firm appointed to wind up the affairs of the nonprofit St. Francis Health System. This receivership is to our knowledge the largest of its kind to take place in Pennsylvania. Members of the firm have served as or represented receivers in matters commenced by the United States Postal Service, the Environmental Protection Agency and the United States Department of Justice.
- A member of the firm has served as a chapter 11 trustee for a natural gas company. The firm and its members have represented chapter 7 and 11 trustees in cases such as Log On America LLC, Network Plus Inc., Net 2000 Communications, Inc., BCH Inc., Wilcox and Gibbs, Inc. and Jack Greenberg Inc. In a number of these cases, the trustees investigated and successfully prosecuted causes of action against former directors and officers. The firm and its members have also often represented liquidation trustees and plan administrators who have been appointed pursuant to a confirmed chapter 11 plan to complete the liquidation of a bankruptcy estate.
- The firm has appeared on behalf of creditors and other parties of interest in a number of notable bankruptcy cases. These cases include the bankruptcy proceedings of K-Mart Corporation, U.S.
Airways, Delta Airlines, and Adelphia Communications Corporation.
- The firm has represented numerous troubled companies which reorganize without resorting to a bankruptcy filing, including a publicly traded franchisor and operator of over 500 fast food restaurants.
The ability to handle all aspects of a credit or insolvency related situation with the multidisciplinary attorneys in the Bankruptcy and Restructuring Group, with ready access to the vast resources of Eckert Seamans as a whole, has proven to be a cost-effective and productive means of providing specialized representation to the firm's clients.
Karen Lee ''Kitt'' Turner
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