Finance & Restructuring
Pragmatic thinking, broad experience and sophisticated counsel.
Choate clients rely on our Finance & Restructuring team to deliver on their most complex needs in the global financial markets. We assist many of the world’s leading banks, non-bank lenders, and mezzanine investors -- including Bank of America Merrill Lynch, SunTrust Bank, Wells Fargo, John Hancock, JPMorgan, Barings, Citibank, and U.S. Bank -- with everything from complex cash-flow and asset-based lending transactions to heavily-contested restructurings and bankruptcies. Our deep experience allows us to help lenders, borrowers, equity sponsors and other capital providers analyze potential risks and develop both short- and long-term plans best suited for their business goals.
All of our partners have substantial experience with both transactional finance work and distressed situations. Unlike most competitors, we do not typically transfer responsibility for matters among partners or other lawyers once a default or bankruptcy arises. By keeping the same team in place even through the most difficult times in the loan cycle, we help our clients maximize their recovery.
What We Do Best
Our deals frequently involve the retail sector, where we have one of the largest practices in the country. We serve as lead counsel to lenders in many of the most high-profile consumer products and retail loans and bankruptcies in the world. This includes a broad range of financing transactions for retailers, including multi-tranche and split collateral debt financings, leveraged buyout and leveraged recapitalization transactions and debtor-in-possession financing.
Choate has one of the nation’s leading sports lending practices, serving as lead counsel to financial institutions in franchise loans to MLB, the NHL, the NBA, the NFL and MLS teams, special purpose loans to individual leagues and their financing affiliates, and to teams in connection with stadium construction projects, including in Atlanta, San Francisco, Minneapolis, and Arlington, Texas, among others.
Mezzanine & Junior Capital
We counsel clients in highly specialized mezzanine debt transactions involving a wide variety of securities and issuers, ranging along the risk/return spectrum from venture capital financing for start-up entities to later-stage equity transactions and transactions for more established private and public companies.
We advise senior, first-lien, mezzanine, and second-lien lenders and equity sponsors and issuers in acquisition and recapitalization financings involving a range of US domestic and international industries. We are particularly strong in the middle market, where our finance and restructuring and private equity teams work together to represent borrowers, lenders and private equity sponsors and venture fund clients in heavily negotiated, complex transactions throughout the capital structure.
Restructuring & Bankruptcy
From troubled public companies and international insolvencies to failed start-ups, we work with debtors, creditors and equity sponsors in high profile and middle-market restructurings and bankruptcies. Our team’s reputation with financial institutions has enhanced our ability to work effectively with distressed companies in the most difficult stages of loan restructurings. We also have deep experience representing buyers and sellers of distressed businesses and assets, either through a §363 sale process in bankruptcy or an out-of-court transaction.
Our asset-based lending practitioners possess a deep understanding of the industry’s products and practices, in the US and around the world. Our experience includes structuring and executing transactions, working out and restructuring problem credits, and enforcing creditors’ rights in a wide range of industries, including manufacturers, distributors and transportation companies.
We have significant experience representing and counseling healthcare providers, commercial banks, underwriters, and issuers in the capital structures and needs of the ever-evolving healthcare industry.
We combine our deep focus on finance with decades of experience structuring transactions and counseling issuers and underwriters on finance, 34 Act compliance and taxation matters in the utilities industry. We have specific experience advising issuers and underwriters on public, private and tax-exempt financing transactions for investor-owned, municipal-owned, and member-owned electric, gas and water utilities.
Majority of practice areas recognized for excellence
Majority of equity partners named Best in America
Meet the Team
John F. Ventola
Practice Group Leader - Finance & Restructuring
Sean M. Monahan
Practice Group Leader - Finance & Restructuring
Douglas R. Gooding
Department Co-Chair - Business
Andrew J. Hickey
Peter M. Palladino
Susan Yoon Parker
Mark D. Silva
Kevin J. Simard
Lyman G. Bullard Jr.
James A. McDaniel
Rachel S. Connors
Jennifer Conway Fenn
Jonathan D. Marshall
Seth D. Mennillo
Katherine F. Reynolds
Shaina Wamsley London
Melissa D. Waite
Choate represented Pathlight Capital in a $97.5 million senior secured asset-based credit facility with Encina Business Credit, LLC to Black Box Corporation and certain of its U.S., UK and Dutch affiliates.
Choate represented Bank of America, N.A. in connection with a $3,150,000,000 senior secured loan to Rite Aid Corporation, comprised of a $2,700,000,000 asset-based revolving credit facility and a $450,000,000 first-in last-out term loan facility (collectively, the “Senior Credit Facilities”).
Jennifer Conway Fenn has been elected to partner in the Firm’s finance and restructuring practice, effective January 1, 2019.
Choate recently represented the underwriters, led by Barclays Capital Inc., Goldman Sachs & Co. LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC, in a $900,000,000 public offering of two series of senior notes by Eversource Energy.
Choate represented GACP Finance Co., LLC in connection with a $40,000,000 second lien term loan to Vista Outdoor Inc., a global, publically traded company that specializes in the design, manufacturing and marketing of consumer products in the outdoor sports and recreations market.