Frederick D. (Rick) Hyman

Partner

  • Frederick D. (Rick) Hyman
  • Phone: +1 212 692 1063
    Fax: +1 212 208 4521

    Import to Address Book

  • Duane Morris LLP
    1540 Broadway
    New York, NY 10036-4086
    USA

Rick Hyman focuses his practice on the representation of domestic and foreign lenders in connection with in-court and out-of-court workouts and restructurings. He regularly counsels agents and lenders in both large and middle-market transactions in connection with the development of strategies to maximize their recoveries, including negotiating forbearance agreements and waivers, amendments and all other elements of an out-of-court restructuring and recapitalization. Where bankruptcy is necessary, Rick represents lenders in all aspects of the case, including negotiating restructuring support agreements and debtor-in-possession financing facilities. He has recent experience representing agents and lenders in some of the largest energy-related bankruptcies in the Southern District of New York and Eastern District of Texas. He has represented a number of foreign agents and lenders in the contested chapter 11 bankruptcies of their foreign-based borrowers with few domestic assets. 

Rick also has experience throughout his career representing debtors and foreign representatives in Chapter 15 proceedings, and frequently represents stalking-horse and other bidders in connection with the acquisition of distressed assets.

He is a 1992 graduate, with distinction, of Hofstra Law School, where he was a member of the Hofstra Law Review, and a cum laude graduate in 1989 of the University of Vermont.

Areas of Practice

  • Chapter 11 Reorganizations

  • Out-of-court Restructurings and Recapitalizations

Representative Matters

  • Represented one of the world's largest banks as agent in connection with the Chapter 11 bankruptcy of a helicopter leasing company, including in connection with the successful credit bid for the lenders' collateral.
  • Represented a major Asian bank in connection with a series of bilateral loans to certain of the debtors and affiliates of a large fishing company that filed for bankruptcy in the SDNY; with more than $200 million of exposure, the client was one of the largest creditors to the corporate enterprise, and the cases were filed in an effort to prevent creditors from exercising remedies in foreign jurisdictions.
  • Represented a Canadian bank in connection with the litigation and workout of approximately $50 million of loans extended to a New Jersey-based real estate developer; the borrowers had commenced suit against the bank on “lender liability”-based causes of action, with the matter ultimately settling to the bank's satisfaction.
  • Represented leading bank as agent for club lenders in out-of-court workout and restructuring of $150 million ABL facility and consumer products company.
  • Represented a major Japanese bank in connection with certain equipment leasing facilities relating to nuclear power plants, which were assumed by the reorganized debtor in connection with its plan of reorganization.
  • Represented a leading bank as agent for a large syndicate of banks, in connection with the pre-petition negotiations and the bankruptcy of a Canadian petroleum company and its U.S. subsidiaries; the client was agent on an unsecured $1 billion revolving credit facility to the operating company and the lenders ultimately received payment in full of their claims, including post-petition interest at the default rate.
  • Represented a Taiwanese bank with respect to bilateral loans in an aggregate amount in excess of $500 million in connection with a foreign shipping company's Chapter 11 bankruptcy. The cases addressed significant issues in relation to venue and jurisdiction, conflict of laws, international sanctions, and the reach of the automatic stay.
  • Represented a major bank as agent for a large syndicate of banks, in connection with the pre-petition negotiations and bankruptcy of an Oklahoma-based petroleum company and its subsidiaries; the pre-petition $250 million reserve base loan facility was replaced with a down-sized facility on exit.
  • Represented a major bank in connection with the restructuring of their loans to the owner of a professional sports franchise, which was in distress due to its connection with the perpetrator of a Ponzi scheme, and was in default under its various loan facilities with the bank. Negotiated and documented a successful restructuring that led to the repayment in full of all facilities.
  • Represented a major bank in connection with the restructuring of its loans to a New York-based real estate development company, during the real estate crisis; negotiated and documented a successful restructuring that led to the refinancing and repayment in full of all facilities.
  • Represented an international banking group in connection with the restructuring of an approximate $40 million reserve-based loan to the owner of oil and gas assets in Brazil.
  • Represented a multinational investment bank as agent for the lenders in connection with the restructuring of an approximate $40 million reserve base loan facility to and energy company, and guaranteed by its Swedish parent. The company owned oil and gas assets in Texas, Oklahoma, Kentucky and Wyoming.
  • Acted as debtor counsel to an offshore exploration and production company in its Chapter 11 case. The representation involved complex negotiations regarding BOEM decommissioning bonding, abandonment of offshore assets, and completion of deep-water capital pipeline projects during a bankruptcy proceeding. Among other things, represented the debtors in connection with a complex Section 363 sale process pursuant to which the DIP lenders acquired substantially all of the assets pursuant to a credit bid.
  • Acted as debtor counsel to a sports equipment manufacturer in connection with its pre-packaged bankruptcy in Delaware.

Admissions

  • New York
  • U.S. District Court for the Southern District of New York
  • U.S. District Court for the Eastern District of New York

Education

  • Hofstra University School of Law, J.D., with distinction, 1992
    - Hofstra Law Review
  • University of Vermont, B.A., cum laude, 1989

Experience

  • Duane Morris LLP
    - Partner, 2019-present

  • Mayer Brown LLP
    - Partner, 2001-2019

  • Duval & Stachenfeld LLP
    - Associate, 2000-2001

  • Simpson Thacher & Bartlett LLP
    - Associate, 1996-2000

  • Milbank Tweed Hadley & McCloy LLP
    - Associate, 1992-1996

Professional Activities

  • American Bankruptcy Institute

Selected Publications

  • "Debtor in Possession Financing in Asia - Considerations for Financial Institutions," Mayer Brown Legal Update, August 29, 2018

  • "Buckle Up in Advance of the Storm--A Landlord's Guide to Mitigating Risks in Tenant Retail Bankruptcies," The Real Estate Finance Journal, Fall 2017

  • "Considerations When Lending to a Not-for-Profit Entity," The New York Law Journal, June 22, 2015

  • "Rough Waters Ahead: Non-Performing Shipping Loans—Solutions Are Available," The Banking Law Journal, July/August 2014

  • Enforceability of the "Bankruptcy Waiver": Where Are We Now? – Bloomberg Law Reports, 2011

  • "The Restructuring of Nonperforming Shipping Loans," Mayer Brown Legal Update, February 26, 2014

  • "In re KB Toys Inc.: Disallowance Cannot Be Washed Away," Mayer Brown Legal Update, 26 November 2013

  • "In re Fairfield Sentry Ltd.: Second Circuit Provides Guidance to 'COMI' Determina??ons in Chapter 15 Cases," Bloomberg BNA Bankruptcy Law Resource Center, August 22, 2013

  • "In re KB Toys, Inc.: 'Disabilities Attach To and Travel With the Claim'," Mayer Brown Legal Update, May 17, 2012

  • "Navigation Provides Further Test of a Foreign Debtor's Access to the Protection of the US Bankruptcy Courts," Mayer Brown Legal Update, December 2011

  • "Bankruptcy Court Holds Assignment of Voting Right Unenforceable," Mayer Brown Legal Update, November 29, 2011

  • "New York District Courts Differ Regarding the Scope of the Bankruptcy Code's "Safe Harbors' for Protected Contracts," Mayer Brown Legal Update, October 5, 2011

  • "Enforceability of the 'Bankruptcy Waiver': Where Are We Now?" Bloomberg, March 14, 2011

  • "Unsecured Creditors May Claim Post-Petition Attorneys' Fees," Mayer Brown Legal Update, November 24, 2009

  • "Lyondell Case Shows Bankruptcy Loans Are Available for a Price," Bloomberg, February 4, 2009

  • "Delaware Bankruptcy Court Permits DIP Lender to Submit Fee Letters Under Seal," Mayer Brown Legal Update, December 15, 2008

  • "Debtor-in-Possession Lending: Why Loans Should Be Made to a Bankrupt Company," Aspatore Special Report, The Viability of Debtor-in-Possession Loans in the Economic Crisis, December 10, 2008

  • "Credit Default Swaps: What You Need to Know Now," The Secured Lender, September/October 2007

Selected Speaking Engagements

  • "2017 Year in Review: Banking and Financial Services Litigation," February 6, 2018

  • New York Law Journal Corporate Restructuring/Bankruptcy Webinar, July 22, 2015

  • "Schiffsfinanzierungen & -beteiligungen - aktuelle Herausforderungen und Chancen," September 16, 2014

  • "Schiffsfinanzierungen in rauer See – Einfluss von US-Recht," July 22, 2014

  • "Rough Waters Ahead: What Rising Levels of Non-Performing Shipping Loans Might Mean for Banks, Institutional Investors and the Shipping Industry," April 3, 2014

  • "On the Rocks: Current Issues in Shipping Industry Restructurings," Teleconference, 28 March 2012