John Ventola, Kevin Simard, Doug Gooding, Sean Monahan
Choate represented GA Capital in connection with a $55,000,000 debtor in possession Term Loan to Borders, Inc. and its various US and UK subsidiaries. Borders used the DIP facility to fund its initial operations during the commencement of its Chapter 11 proceeding. Choate represented GA Capital and the term lenders throughout the bankruptcy proceeding of Borders, including in connection with the liquidation and wind down of the company and assets and operations.
Choate represented the Chapter 11 Trustee of High Voltage Engineering Corporation and its subsidiaries in connection with the Section 363 sales of multiple business lines and all other aspects of the companies' bankruptcy cases. The sales generated approximately $250 million in proceeds, an amount sufficient to pay all creditors in full, with interest, and fund a substantial distribution to equity holders. The sale of Robicon Corporation, High Voltage's largest business line, to Siemens Corporation was nominated as a "Buyout Deal of the Year" by Buyouts Magazine.
Choate represented RBS Business Capital in connection with the out-of-court restructuring of one of its borrowers with locations in New York, California and Colorado. In connection with the restructuring, RBS sold certain of the borrower’s assets to a new company formed by the borrower’s chief executive officer pursuant to an Article 9 secured party sale in exchange for cash and a preferred equity position in the new company. The remainder of the borrower’s assets were liquidated on an orderly basis, with the proceeds of the liquidation used to further reduce the debt owed to RBS.
Choate represented Thompson Publishing Company and its affiliated debtors in connection with the Section 363 sale of substantially all of the companies’ assets and the confirmation of its plan of liquidation. The Section 363 sale resulted in the debtors’ senior secured lenders acquiring substantially all of the debtors’ assets.
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Sophisticated Bankruptcy & Restructuring Experience
Sophisticated company and creditor experience in all areas of corporate restructurings, workouts, distressed asset and debt acquisitions, and insolvency proceedings.
Company-Side and Creditors’ Committees Experts
Significant company and creditors’ committee bankruptcy representation and company representation in out-of-court restructurings, including:
- Chapter 11 debtor – Thompson Publishing Company and affiliated debtors bankruptcy, including in connection with Section 363 sales and confirmation of plan of liquidation.
- Chapter 11 trustee - High Voltage Engineering Corporation and affiliated debtors bankruptcy, including sales of four main business lines yielding over $230 million and 100% dividend to creditors.
- Creditors’ Committee – Bankruptcy of ACT Manufacturing, a manufacturer with operations in several countries and $1 billion in revenues.
- Company counsel to Zoots, a national dry-cleaner, in connection with Article 9 sales of its assets to over ten different buyers.
Blue Chip Clients
Represented blue chip clients in connection with DIP/emergence financings, cash collateral hearings, secured party sales, intercreditor disputes, plan confirmation hearings, collateral recovery and out-of-court restructurings:
Bank of America
RBS Citizens, NA
- Represented GA Capital in connection with a $55,000,000 debtor-in-possession term loan to Borders, Inc. and its subsidiaries.
- Represented RBS Business Capital in connection with Article 9 sales of borrowers with operations in New York, California and Colorado.
25 lawyers, including comprehensive support team of specialists in finance, major commercial litigation, and employment, tax and real estate law. Nationally recognized as one of the leading practices of its kind by US News & World Report.
Represent clients in courts across US, Canada and other foreign jurisdictions.
Experts in Bankruptcy Related Insurance Matters
Experts in representing insurers in insolvency/bankruptcy proceedings across US involving asbestos, silica, environmental and workers’ compensation liabilities.