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Main Chapter 11 Counsel

Increasingly, we are retained as main counsel by companies of all sizes, up to and including multibillion-dollar enterprises. At Togut Firm, we can do the smaller cases given our lower overhead costs, and we can do the mega cases due to our sophistication, expertise, and 40 years of experience in large, complex cases. We possess a thorough understanding of the U.S. Bankruptcy Code and corporate finance, have a practical ability to balance the myriad competing interests of creditors and other stakeholders at all stages of each case, and achieve resolution through negotiations in conference rooms or litigation in courtrooms.

Chapter 11 works best and costs are greatly reduced when a consensus can be reached without having to litigate every issue. We excel at distilling problems to their essence and in getting parties to agree on a common solution. This is an increasingly lost art in our highly litigious society. Getting parties to agree lowers costs enormously. Litigation is expensive. Wherever possible, we try to avoid litigating to a resolution. We prefer to negotiate with a solution.

We were the main counsel in the following representative cases:

Pareteum

Lead counsel to the debtors (with King & Spalding LLP, as special corporate and finance counsel), a publicly held, leading edge, global provider of mobile networking software solutions and services for communications service providers and enterprise retail customers, with operations in North America, Latin America, Europe, the Middle East, Africa, and the Asia-Pacific region, in their chapter 11 cases. The Togut Firm assisted the debtors in closing a going concern sale of the substantially all of the debtors’ assets within 56 days of commencment of the chapter 11 cases, which provided purchase price consideration to the estates, including the assumption of claims, of more than $70 million.

JPA No. 111 Co. & JPA No. 49 Co.

Counsel to the debtors, two Japanese special purpose vehicles that each owned one Airbus A350-900 aircraft, in their chapter 11 cases commenced with the primary purpose of pursuing a sale process for substantially all of the debtors’ assets pursuant to section 363 of the Bankruptcy Code. The Togut Firm successfully defeated the security agent’s motion to dismiss the cases and assisted the debtors in consumating sale of their assets cash, which provided for the satisfaction and release of all of the debtors’ prepetition secured lenders’ claims, as well as additional cash proceeds to the debtors’ estates. The Togut Firm also obtained confirmation of a chapter 11 plan of reorganization that provided a substantial return to the debtor’s equity holder.

Greensill Capital

Main counsel to Greensill Capital, Inc., the U.S.- based subsidiary of the international Greensill supply chain finance business, in connection with its chapter 11 case. Following an extensive marketing and auction process, the debtor closed a section 363 sale of its 100% ownership interests in Finacity Corporation, a leader in the structuring and provision of asset-backed working capital funding solutions, consumer receivables financing, supplier and payables finance, back-up servicing, and transaction reporting around the world. The Togut Firm obtained confirmation of a chapter 11 plan of liquidation that created a litigation trust to pursue claims and causes of action to provide additional recoveries to creditors.

Zuca Properties

Main counsel to Zuca Properties LLC, an owner of certain penthouse condominiums in Manhattan. The debtor is using the bankruptcy process to market for sale its condo units and consummate a chapter 11 plan of reorganization that is backstopped by a bid from its secured lender which has agreed to acquire the condos if no buyer is identified.

Westinghouse Electric Company LLC

Main counsel for Toshiba Nuclear Energy Holdings (UK) Limited, one of the debtors and the parent company of the international arm of Westinghouse’s global nuclear power business, in connection with the restructuring of over $9 billion in debt between Toshiba Nuclear Energy Holdings (UK) Limited and the 31 other Westinghouse debtors.

Pacific Drilling S.A.

Main counsel to Luxembourg-based Pacific Drilling S.A. and certain of its affiliates and restructured approximately $3 billion in debt. The debtors operate an international offshore drilling business that specializes in ultra-deepwater and complex well construction services.

Toisa, Limited

Main counsel to the debtors, 24 international shipping companies involving 46 vessels, and the restructuring of more than $1 billion in liabilities.

Aurora Commercial Corp

Main counsel to the debtors, two subsidiaries of Lehman Brothers Holdings Inc. that engaged in the origination and servicing of residential mortgage loans, in connection with their Chapter 11 wind-down and liquidation.

Rockefeller Center Properties

Main counsel to the debtor in the restructuring of mortgage and other indebtedness involving 12 historic landmark buildings in the heart of Manhattan.

AbitibiBowater Group Inc.

Main counsel to debtor Bowater Canada Finance Corporation and responsible for investigating claims, including a claim for more than $600 million against the debtor’s corporate parent arising under the Nova Scotia Companies Act.

Olympia & York World Financial Center (Tower B Company)

Main counsel to the debtor in restructuring mortgage and other indebtedness.

ContiMortgage Corporation

Main counsel to the debtor, a billion-dollar consumer finance business that both originated and serviced subprime home equity loans.

Loehmann’s Holdings Inc.

Main counsel to the debtor women’s fashion apparel chain that operated 48 retail stores in major metropolitan areas. We confirmed a Chapter 11 plan that kept the business operating and management in place.

Daewoo International (America) Corp.

Main counsel to the debtor, the U.S.-based trading arm of the Daewoo group of companies, which successfully underwent what was then the largest non-sovereign debt restructuring in history with aggregate liabilities exceeding $70 billion.

Our Lady Of Mercy Medical Center

A Bronx hospital that was successfully sold as a going concern in Chapter 11 despite having over $100 million in liabilities.

SK Global America, Inc.

Main counsel to the debtor, the U.S.-based trading arm of what was then the third-largest conglomerate in South Korea and one of the largest business enterprises in the world.

Clift Holdings LLC

Main counsel to the debtor in the successful restructuring of $75 million in debt for Ian Schrager’s premier San Francisco hotel.

Orion Telecommunications

Main counsel to one of the largest telephone card manufacturers in the country, with sales exceeding $100 million.

Guilford Mills, Inc.

Main counsel to the debtor, a leading worldwide producer and seller of textiles, which successfully restructured over $300 million in secured debt and paid all its unsecured creditors in full under its confirmed Chapter 11 plan.

Joan & David Helpern Inc.

Main counsel to the debtor/operator of the Joan & David Helpern luxury footwear and accessory retail chain, which had more than 55 stores located worldwide.

Fortunoff Fine Jewelry & Silverware, LLC

Main counsel to the debtor in the successful sale as a going concern of Fortunoff, a nationally known retailer.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.