Gould + Ratner

Business Reorganization and Creditors’ Rights

Our Business Reorganization and Creditors’ Rights Practice brings the depth of experience traditionally found at larger firms combined with a cost-effective and efficient approach. This enables us to represent corporations and financial institutions as well as smaller closely held businesses. We have a deep understanding of the expectations of all constituents in insolvency situations and proceedings. As a result, we are well positioned to develop creative solutions and reach favorable results for our clients in any given situation, whether representing debtors, creditors, or other parties that are dealing with debtors. A particularly unique feature of our practice is our representation of financially distressed businesses involved in all situations and roles.

In bankruptcy and reorganization cases, receiverships, out-of-court workouts and all forms of insolvency-related litigation, we work with our clients to achieve a positive outcome in their difficult situations.


Representative Matters

  • Trial counsel in U.S. Bankruptcy Court dispute over insurance coverage for historical asbestos exposure.
  • Representing purchasers of assets from, and sellers of assets by, companies undergoing reorganization.
  • Negotiating, litigating and vetting Section 363 sales procedures.
  • Representing both plaintiffs and defendants in breach of fiduciary claims against directors and officers.
  • Litigating claims and adversary actions in Chapter proceedings.
  • Serving as counsel to creditors, committees, trustees, liquidating agents, receivers and assignees for the benefit of creditors.
  • Represented a major financial institution that held secured debt, the collateral for which consisted of leases on aircraft. Successfully negotiated stipulations for continued adequate protection payments in exchange for debtor’s usage of aircraft.
  • Assisted a major asset-based lender to realize on its collateral in Chapter 11 case filed by owner of large suburban restaurant through a sale of restaurant fixtures and equipment to real estate lessor in an Article 9 sale, and through foreclosure of mortgages upon residences of restaurant’s principals.
  • Assisted trustee’s counsel in Chapter 11 case filed by rivet manufacturer in negotiating cash collateral with debtor’s senior lender and then worked with senior lender in procuring sale of substantially all assets of debtor pursuant to Section 363.
  • Represented a major asset-based lender holding mortgages upon approximately 46 separate gas stations and convenience store parcels. A substantial recovery of client’s claim was achieved by persuading Chapter 11 Debtor to conduct a Section 363 auction of the real estate. Worked closely with the lender’s environmental consultant in order to obtain recovery from environmental insurance carrier.
  • Represented the FDIC in the Chapter 11 proceeding of a real estate developer, where the FDIC held a first lien position on 21 newly constructed condominiums in Illinois. Obtained court approval (over the objections of lien claimants) for debtor’s sale of the FDIC’s collateral, which resulted in a payoff of the FDIC.
  • Developed strategies and business organizational structure and related planning for acquisition of major retail and related operations out of bankruptcy.
  • Documented debtor-in-possession loans in connection with Chapter 11 bankruptcy proceedings.
A particularly unique feature of Gould & Ratner's practice is our representation of financially distressed businesses involved in all situations and roles.