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:
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. The debtor is pursuing a section 363 auction and marketing process overseen by the Bankruptcy Court for the 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.
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.
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.
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.
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.
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