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The Bankruptcy & Restructuring Department of Eckert Seamans 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 frequently is 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 & 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 & Restructuring
Department, 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.
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