[ Testimonials ]
Business Reorganization and Financial Restructuring
Lawyers in our Business Reorganization and Financial Restructuring Practice Group represent clients in all aspects of debt restructuring and bankruptcy proceedings. We work closely with debtors, trustees, creditors and other parties in interest to develop and implement successful strategies for achieving our clients' goals. We have a national team of insolvency lawyers who have been actively involved in the largest and most complex bankruptcy cases in all of the major markets in the United States.
Duane Morris represents GMAC Commercial Mortgage Corporation in the Kmart Corporation bankruptcy case pending in the U.S. Bankruptcy Court for the Northern District of Illinois. GMACCM is the servicer for numerous Real Estate Mortgage Investment Conduit Trusts holding mortgages and assignments of leases on more than 300 Kmart retail stores. Kmart proposed a plan of reorganization providing for the issuance of stock to unsecured creditors, including GMACCM as trustee/servicer. Although the proposed treatment of claims was not unusual, it would have violated the terms of the trusts and potentially caused detrimental tax consequences for the trust beneficiaries. Duane Morris lawyers vigorously objected to confirmation of Kmart's plan and, on the eve of trial, successfully negotiated a creative and favorable settlement for our client which not only avoided these adverse consequences, but also enabled the trusts to receive the economic benefit of a cash distribution on their claims.
"Duane Morris is one of our preferred firms when dealing with complex restructuring, bankruptcy and workout matters. Duane Morris lawyers have led us to successful outcomes in cases spanning a wide range of industries and credit structures. We know that we can rely on them to deliver high quality legal advice in virtually every area that impacts our business." - John P. Brady, Senior Vice President & Director, Wachovia Securities
Duane Morris represents Lucent Technologies Inc., in the San Diego cases of Leap Wireless, Inc., Cricket Communications, Inc. and certain of their affiliates which operate a large telecommunications network in 20 states. Lucent was a pre-petition supplier of equipment and services to Cricket and the agent and lender to Cricket under pre-petition credit and security agreements. Duane Morris successfully negotiated a complex settlement agreement with the debtors, as well as the terms of a central supply arrangement that remained in effect post-petition following confirmation of the debtors' plan of reorganization.
"Duane Morris lawyers have guided CitiCapital well through a number of highly complex matters. They respond promptly and to great effect in situations requiring complex analysis and legal skill. Its lawyers are well known in the U.S. business community and gain access effectively and efficiently to meet client needs." - Patricia G. McCormack, Senior Vice President, CitiCapital Group
Our lawyers represented Bank of America as agent for the largest credit syndicate in the Sunterra bankruptcy case in Baltimore, Maryland. Sunterra is the largest owner and manager of timeshare properties in the world. Within two months of successfully restructuring the syndicate's obligations in the context of Sunterra's chapter 11 plan, the syndicate was repaid in full by the newly reorganized Sunterra.
The firm's lawyers successfully concluded a chapter 11 case in Nashville, Tennessee representing the debtor in Pen Holdings, together with several affiliated coal companies operating in West Virginia, Kentucky, and Tennessee. The case involved major litigation with some of the largest utilities in the country, sales of certain of the companies' operations as going concerns, and a restructuring of remaining business operations. Significant distributions were made to all constituencies, and the restructured company continues to thrive.
"Our attorneys were an integral reason why the reorganization was so successful–they offered invaluable advice on both legal and business issues." - William E. Beckner, President & CEO, Pen Holdings
Duane Morris successfully represented the debtor, Borden Chemicals and Plastics Operating Limited Partnership, and achieved confirmation of BCP's chapter 11 plan in the United States Bankruptcy Court for the District of Delaware. BCP was the fifth largest North American manufacturer and marketer of PVC resins.
"As President & CEO of Borden Chemicals and Plastics, I worked daily, for nearly two and a half years, with Duane Morris bankruptcy lawyers in Atlanta, Wilmington and Philadelphia. To a person, their advice, guidance and support throughout the chapter 11 process was exemplary. As a result, I believe we achieved optimum recovery for BCP's creditors." - Mark J. Schneider, former President & CEO, Borden Chemicals & Plastics
Duane Morris represented the world's largest pizza restaurant company, Pizza Hut, Inc., a subsidiary of YUM! Brands, Inc., in bankruptcy cases and out-of-court transactions involving certain of Pizza Hut's financially troubled franchisees. Since the majority of Pizza Hut's 12,000 locations in 85 countries are franchised, Pizza Hut often becomes heavily involved if an individual franchise operator runs into financial difficulty. Duane Morris' restructuring services help Pizza Hut preserve and develop the market for its brands and products.
"Duane Morris attorneys understand the intricacies of franchise law and the difficulties that those laws and the franchise relationship often present when restructuring such a business. They have been an enormous help to us as we strive to improve our operations and better serve our customers around the world." - John J. Murphy, Vice President - Law, Pizza Hut, Inc.