Restructuring Insolvency and Bankruptcy in the United States

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Restructuring Insolvency and Bankruptcy in the United States

Restructuring Insolvency and Bankruptcy in the United States

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“I wanted to express, as I’ve done in previous hearings, my admiration for the lawyers who have participated in the case. I think that when this case first came on board, I was concerned that it would be a difficult matter for the Court… and as it’s turned out, it’s not been such a matter. The reason for that is the extreme professionalism of all of the counsel who’ve been involved in the case. Counsel for the creditors, committee counsel for the principal creditors in the case, and particularly in the counsel for the debtors [Dentons], have all exhibited a high degree of professionalism and competency. The Court never went into a hearing without all of the information it needed for the hearing and with all the briefing it needed for the hearing. That’s not always the case. And so, I want to say that on the record.”

- Judge Kurtz, Astria Health Hearing (October 2019)

"Sources note that the team is “very responsible and carefully gives advice. They have a deep bench of partners with knowledge on who can assist the many issues we face.”

- Chambers and Partners USA, Restructuring and Insolvency, 2020

Dentons’ award-winning Restructuring, Insolvency and Bankruptcy group, with more than 40 dedicated practitioners and coast-to-coast coverage across the US, offers extensive experience and expertise in strategically navigating a full array of insolvency and restructuring matters across all sectors. We are repeatedly recognized for our services in distressed-finance, health care, insurance, real estate, hotels, manufacturing, and retirement and employment matters. With more than 300 restructuring lawyers worldwide, and as a member (by invitation only) of INSOL Group of 36, we are also known as a leading firm in cross-border insolvency matters with a broader global footprint than any other law firm.

Our partners are consistently recognized as market leaders by prominent legal directories such as Chambers and Partners USA, Best Lawyers LLC, The Legal 500 US, and U.S. News - Best Law Firms, where we have been praised for providing “clear, unambiguous advice” and “outstanding service,” and for being “extremely pragmatic in [our] approach.”

Our vast and deep experience allows us to quickly and effectively resolve restructurings no matter how complex, novel or contentious, and to deliver significant value to our clients by maintaining a sensible, business-oriented perspective throughout an engagement. Our business-focused and practical approach, which centers on maximizing returns available to all stakeholders, contributes greatly to our successful outcomes.

We provide advice to clients on all sides of restructuring matters, including representations of debtors, official and unofficial committees, lenders, asset and loan purchasers, insurers, creditors, trustees, foreign administrators and other parties in interest. Our team regularly evaluates competing jurisdictions domestically and around the world, identifying those jurisdictions and laws that are best suited to address our clients’ needs and protect their interests. Our lawyers are equally adept in out-of-court workout scenarios, assignments for the benefit of creditors, receiverships, foreclosures and Chapter 7 and Chapter 15 cases, as in Chapter 11 cases.

Experience

Agspring Mississippi Region LLC: Dentons represented Agsprings Mississippi Region LLC and four related agribusiness and logistics companies that acquired, consolidated and operated midstream agricultural commodities firms in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. Key aspects of the case included a going concern sale of assets, confirmation of a Chapter 11 plan and settlement of long-pending pre-petition litigation involving its lenders
Astria Health: Represented Astria Health System in the recently completed 13 related chapter 11 bankruptcy cases in Yakima, Washington. Dentons secured several victories including: (a) overcoming vigorous opposition from a secured creditor to obtain authorization for $28 million in debtor in possession financing ensuring that Astria would have sufficient liquidity to continue to operate; (b) securing a ruling from the court enforcing the automatic stay and requiring a health staffing company to provide intensive care unit nurses, as specified in its contract with Astria, so that Astria can continue to provide essential healthcare services to the community; (c) obtained replacement debtor in possession financing from its major secured creditor to allow it to formulate a plan of reorganization; (d) restructuring operations including closing one hospital, replacing management and restructuring operations; and (e) secured a ruling from the Bankruptcy Court obtaining a loan under the Paycheck Protection Program over the vigorous objection of the Small Business Administration. Finally, Dentons secured confirmation of a joint plan of reorganization which provided for a partnership with the Multicare Health System, and reduced Astria’s obligations by over $100 million.
Extended Stay, Inc.: Served as counsel to the trustee of a CMBS Remic trust holding more than US$4 billion in secured debt secured by more than 650 hotels owned by a nationwide hotel chain, at the request of a special servicer of a large structured transaction.
First Guaranty Mortgage Corp.: A broad cross-disciplinary team of Dentons lawyers successfully transitioned mortgage loan pipelines, securitized portfolios and servicing for this nationwide home mortgage company and confirmed a Chapter 11 plan on an expedited basis in the United States Bankruptcy Court for the District of Delaware. Dentons obtained approval for two debtor-in-possession financing facilities: one related to its cash flow for daily operations and the other providing the financing to allow the fund of loans in the company’s pipeline. Dentons also obtained approval of key employee incentive and retention plans and negotiated complex settlements or agreements with, among other parties, Fannie Mae, Freddie Mac and Ginnie Mae.
GenCanna Global USA, Inc: Dentons represented the Debtors who were one of the country’s largest, premier producers of hemp and hemp-derived CBD products. The Debtors had approximately $190 million in debt and pivoted from an involuntary bankruptcy petition, through an expedited sale process, and on to a confirmed plan in less than a year. The Debtors’ sale of substantially all of their assets was awarded Honorable Mention for the Asset Sale of the Year Award given annually by the American Bankruptcy Institute’s Asset Sales Committee, and Small Transaction of the Year by the Chicago/Midwest branch of the Turnaround Management Association.
Insurers: Dentons insurance and mass tort bankruptcy practice regularly represents insurance companies in connection with insurance coverage disputes and settlements in a variety of mass tort Chapter 11 cases, including, without limitation, numerous Catholic diocese Chapter 11 cases filed throughout the US, Purdue Pharma, Imerys Talc, Aldrich Pump and USA Gymnastics. Dentons also represents insurers in connection with their subrogation rights and claims against mass tort debtors, including in the Pacific Gas and Electric and Talen Energy bankruptcy cases.
Montreal Maine & Atlantic Railway, Ltd: Dentons served as counsel to the directors and officers and certain related companies of US and Canadian cross-border debtors Montreal Maine & Atlantic Railway, Ltd., and Montreal Maine & Atlantic Canada Co. in simultaneous cross-border bankruptcy/insolvency proceedings arising from the derailment of 72 tanker cars carrying Bakken crude oil through eastern Quebec. The bankruptcy cases and related claims were resolved in a US$338 million settlement.
Official Committee of Retirees for the City of Detroit: Representing in the largest Chapter 9 bankruptcy case in US history. The committee represented the interests of approximately 23,500 public safety and general city retirees, as well as the interests of approximately 9,000 dependents, who were owed approximately US$9 billion in pension and retirement health care benefits. With the assistance of Dentons, almost all pension benefits were protected and health care benefits payments continued. Dentons was awarded The M&A Advisor’s 2014 "Restructuring of the Year Award" and Global M&A Network’s 2015 "Turnaround Atlas Award" for this representation.
Official Committee of Unsecured Creditors of Alto Maipo: Dentons as Committee counsel represented the Official Committee of this hydroelectric company in Chile that filed for Chapter 11 in the United States Bankruptcy Court for the District of Delaware. The committee was able through negotiation and litigation to change the originally proposed 0% distribution to unsecured creditors when the Committee was formed to a 100% distribution to unsecured creditors.
QHC Facilities, LLC et al.: Dentons served as co-counsel in representing QHC Facilities, LLC and 10 related entities, including 8 skilled nursing facilities and 2 assisted living facilities, in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Iowa. The bankruptcy cases resulted in a going-concern sale of 4 of the skilled nursing facilities and the 2 assisted living facilities and a separate sale of 4 of the skilled nursing facilities that closed during the cases.
Rayburn Country Electric Cooperative: Dentons represented Rayburn Electric, a Texas electric co-operative, in connection with the over $700 million of claims asserted by ERCOT against Rayburn arising from Winter Storm Uri and the resulting Texas power crisis. Rayburn ultimately issued securitized debt to pay the asserted claims while challenging the amount asserted by ERCOT thereafter under Texas administrative procedures.
RSG Group: Dentons represented RSG Group (the largest gym operator in Germany) in their purchase of Golds Gym at a bankruptcy auction of Golds Gyms’ 61 company owned gyms and more than 600 franchise-owned gyms in the United States. Post-closing of the purchase, Dentons has continued to represent RSG in litigation with the litigating trustee over amounts alleged owed under the Asset Purchase Agreement.
Tillary Hotel Brooklyn (85 Flatbush): Represented an affiliate of a Ohana Real Estate Investors, LLC in the purchase of a first mortgage loan in the original principal amount of $70 million on a hotel and residential project in Brooklyn, New York while the Chapter 11 cases were pending in the United States Bankruptcy Court for the Southern District of New York and after extensive litigation with the Debtors (including a rival Chapter 11 proposed by the Debtors) and the Mezzanine Lender, was able to confirm a creditors Chapter 11 plan and after prevailing on two appeals of the confirmation order to the United States District Court, to close its credit bid and acquire the property.
United Airlines, Inc. (UAL): Represented the Official Creditors’ Committee in these Chapter 11 cases, which resulted in a successful plan of reorganization resulting in a material recovery to unsecured creditors in the form of stock in reorganized UAL and an enhanced platform to facilitate United's merger with Continental.
Verity Health Systems: Dentons represented Verity Health Systems of California, Inc. and 16 related entities, including 6 operating acute care hospitals, in their Chapter 11 cases in the United States Bankruptcy Court for the Central District of California. This is the second largest hospital system bankruptcy case in American history with over $1.4 million of debt. Dentons was able to sell all six hospitals as going concerns. The sale of nonprofit assets in Verity Health raised unique issues related to the transfer healthcare assets in bankruptcy, including the scope of the powers of the state attorney general, and after litigation, there was precedent setting decisions issued in the Debtors favor on these issues. Dentons also obtained approval of debtor-in-possession financing of $185 million and successfully defended an appeal of that order to the Ninth Circuit Court of Appeals.

American Hospice Management Holdings LLC: Represented American Hospice Management Holdings LLC and 11 related entities in their Chapter 11 proceedings in Delaware. Dentons' representation included a successful auction, which resulted in an increase of almost 60% over the stalking horse bid, approval of $9 million cumulative sale of the company's assets in six states in three separate transactions, as well as a comprehensive settlement of a $5.5 million claim with the Medicare program, enabling buyers to settle any successor liability issues and avoid operating under a Corporate Integrity Agreement. Prior to the sale approval, Dentons also advised American Hospice in securing debtor-in-possession funding.
Bluberi Technologies, Inc.: Representing this major designer and developer of gaming technology and equipment, and its subsidiaries, in Chapter 15 proceedings in the US Bankruptcy Court for the Northern District of Illinois and in parallel Companies' Creditors Arrangement Act proceedings in Montreal.
EFG Bank AG, EFG Bank (Monaco), and European Financial Group EFG (Luxembourg) S.A.: Representing as defense counsel in a suit brought in the Bankruptcy Court of the Southern District of New York seeking to recover investments withdrawn from the Fairfield Funds, feeder funds for Bernard L. Madoff Investment Securities, LLC (BLMIS).
Federal-Mogul: Representing the Official Creditors’ Committee. It is one of the largest auto parts and systems manufacturers and distributors in the world, with operations throughout the US and Europe.
Official Committee of Unsecured Creditors for Dura Automotive: Representing the Official Committee of Unsecured Creditors in the Dura Automotive case. Dura is approximately a US$1 billion revenue automotive supply business with multiple locations in the US and outside of the US. Early case issues the Committee has been active on include the Final DIP Financing, the proposed bidding and sale process, the Key Employee Retention Plan and discovery matters.
Official Committee of Unsecured Creditors of Hovensa LLC: Representing in the Chapter 11 proceedings of Hovensa, a joint venture owned by a subsidiary of Hess Oil and Venezuela-owned PDVSA. The case achieved a sale in less than four months, which had previously had failed to be accomplished over a period of a year pre-bankruptcy, allowing unsecured creditors to receive a substantial recovery.
IHOP Franchising LLC: Representing the company and related entities in the Chapter 11 cases involving 19 restaurants of a Midwestern US franchisee. These cases were heavily litigated and IHOP ultimately obtained (i) appointment of a trustee for the franchisees, (ii) a going-concern sale of most of the restaurants to an approved operators and (iii) payment of significant cure costs to IHOP, including for revenue underreporting. We are also representing IHOP with respect to a newly filed case of a Midwest-based franchisee.
Longview Power LLC: Advising as special litigation counsel in Longview’s Chapter 11 bankruptcy protection filing in the US Bankruptcy Court for the District of Delaware. Longview, a US$2 billion, 700-megawatt coal-fired power generation facility outside Morgantown, West Virginia, was subject to $400 million of mechanics' lien claims asserted by construction contractors in the bankruptcy case and parallel arbitration proceedings, which were settled or resolved for much lesser amounts.
Michael Frege, insolvency administrator for Maple Bank GmbH: Representing the German Insolvency Administrator for Maple Bank GmbH in its US Chapter 15 proceedings. Maple Bank GmbH was shut-down by German banking regulators because of allegations of tax evasion and money laundering. The US Chapter 15 proceedings supported a sale by Maple Bank GmbH of a subsidiary US broker/dealer and also provided a forum to resolve disputes between the German Insolvency Administrator and the liquidator of Maple Bank GmbH's Toronto Branch, which was subject of Canadian winding-up procedures, over the ownership of assets located within the territory of the United States claimed by both.
Montreal Maine & Atlantic Railway, Ltd: Serving as counsel to the directors and officers and certain related companies of US and Canadian cross-border debtors Montreal Maine & Atlantic Railway, Ltd., and Montreal Maine & Atlantic Canada Co. in simultaneous cross-border bankruptcy/insolvency proceedings arising from the derailment of 72 tanker cars carrying Bakken crude oil through eastern Quebec. The bankruptcy cases and related claims were resolved in a US$338 million settlement.
Northstar Aerospace (USA), Inc.: Representing the company and its affiliated US debtors in Chapter 11 cases. Northstar’s products include military and civilian helicopter transmissions, and the debtors were owned by a Canadian company listed on the Toronto Stock Exchange. Parallel Companies’ Creditors Arrangement Act proceedings for the Canadian affiliates of Northstar were also filed, including a cross-border protocol for the two proceedings, and joint cross-border sale process and joint debtor-in-possession financing hearings. The matter resulted in a going-concern sale of the US and Canadian assets for approximately US$120 million of cash and assumed liabilities. There was also a complex international arbitration post-closing related to purchase price adjustment related disputes.
Nuo Therapeutics Inc.: Representing Nuo Therapeutics Inc., a Gaithersburg, Maryland based publicly traded biomedical wound care company, in its Chapter 11 proceedings.

Recognition

Partner Tania Moyron recognized as one of Los Angeles’ top 100 lawyers

April 24, 2025

For the second year in a row, partner Tania Moyron has been named to the Los Angeles Business Journal’s Top 100 Lawyers.

Krystal Mikkilineni named to the Business Record 2025 Forty Under 40 list

March 12, 2025

Dentons Restructuring, Insolvency, and Bankruptcy lawyer Krystal Mikkilineni was recently named as a Des Moines Business Record Forty Under 40 honoree.

Dentons wins Sector Deal of the Year at 2024 M&A Advisor Awards

November 22, 2024

Dentons is proud to announce that the Firm won Sector Deal of the Year in the Healthcare/Life Sciences ($10mm to $50mm) category at the 2024 M&A Advisor Awards for our representation of Curitec, LLC.

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Insights

In re Americanas SA: Is Chapter 15 The New Way Around the US Supreme Court’s Ruling Prohibiting Third Party Releases?

July 29, 2024

United States: On June 27, 2024, the United States Supreme Court ruled 5-4 that the Bankruptcy Code does not authorize any non-consensual third party releases (other than regarding asbestos liabilities). Harrington v. Purdue Pharma L.P., 144 S.Ct. 2071 (2024).

Supreme Court Finds Insurers with Financial Responsibility for Bankruptcy Claims Are Parties in Interest

June 13, 2024

United States: The Supreme Court recently reversed and remanded a decision from the Fourth Circuit Court of Appeals and holds that an insurer with financial responsibility for bankruptcy claims qualifies as a “party in interest” under §1109(b) of the Bankruptcy Code and can therefore object to a plan of reorganization in a chapter 11 case.

Assignment for the benefit of the creditors of Universal Lighting Technologies, Inc.

November 3, 2023United States: On September 5, 2023, ULT Inc., executed a General Assignment for the Benefit of Creditors of Universal Lighting Technologies, Inc. (the “Initial Assignment”) in favor of Andre M. Toffel, P.C. (the “Initial Assignee”). The Initial Assignment effectuated the transfer of all assets of ULT Inc. (as they existed on September 5, 2023) to the Initial Assignee, specifically for the benefit of the creditors of ULT Inc.

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News and Events

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