As capital markets, the global economy and industries evolve and change, business insolvencies play an increasingly significant role. Businesses utilize the special provisions of bankruptcy law to buy and sell distressed assets, shed unwanted contractual obligations, restructure balance sheets, resolve legacy obligations and achieve reductions in workforce. We help various stakeholders in business insolvencies protect and maximize the value of their interests. Our Clients- Financial institutions with non-performing assets or at-risk loans
- Creditors’ committees
- Suppliers and customers of insolvent companies
- Distressed companies
- Counterparties to contracts with insolvent companies
- Trustees in bankruptcy
- Purchasers of assets
- Landlords and tenants
- Foreign businesses or administrators
What Makes Us DifferentShumaker understands applicable bankruptcy and related laws and effectively uses those provisions to our clients’ advantage. These are the strengths we bring to a bankruptcy practice that is structured to help clients deal with today’s competitive realities: - Depth. Twelve lawyers focused on business insolvencies.
- Scope. A national and global practice that includes representation in Bankruptcy Courts in 36 states, including frequent appearances in Delaware and New York, as well as appearances in foreign countries.
- Experience. Our lawyers are well versed in the relevant law and use it creatively to our clients’ advantage.
- Responsiveness. Our lawyers are dedicated and responsive, and take the time to comprehend your business and goals.
- Understanding Clients' Objectives. Our lawyers understand that one size doesn’t fit all, and that our clients’ legal issues require tailored and often unique solutions.
Particular Areas of Focus- Services to creditors’ committees: From “first day motions” to Plan confirmation, we advise creditors’ committees on maximizing value for creditors on Chapter 11 issues including:
- DIP financing
- Section 363 sales
- Executory contracts
- Negotiating plan terms
- Avoidance litigation.
- Services to secured lenders: For financial institutions and other lenders, our work on bankruptcy and workout situations includes:
- Covenant violations and forbearance agreements
- DIP financing, cash collateral and adequate protection
- Relief from stay
- Section 363 sales
- Assertion and defense of secured claims.
- Debtor/trustee bankruptcy litigation: We represent debtors and trustees in bankruptcy in complex litigation to recover assets for the benefit of creditors.
- Services to Suppliers: We represent suppliers to distressed companies with respect to various rights including:
- 20-day administrative claims
- Post-petition sales to a debtor
- Setoff of mutual obligations
- Supply contracts and intellectual property rights
- Defense of preference or other avoidance actions
- Related issues: We also:
- Advise clients on non-bankruptcy work-outs, assignments for the benefit of creditors and receiverships
- Advise Chapter 7 trustees and unsecured creditors' committees in all aspects of bankruptcy proceedings
- Assist commercial landlords in disputes with tenants who have filed bankruptcy petitions
- Defend clients in preference actions
Why You BenefitClients tell us we get it right. We know there is little margin for error in a business insolvency. Companies in the zone of insolvency, lenders with at-risk loans, suppliers and customers of troubled companies all need decisive, spot-on legal advice to maximize outcomes in insolvency situations. Our lawyers: - Add value by getting it right
- Provide guidance quickly and at reasonable cost
- Are decisive and know what we are doing at every stage
- Understand the importance clients place on cost-benefit analysis
Core Services- Creditors’ committees
- Secured lender remedies
- Secured and unsecured creditor remedies
- Advice to companies in the zone of insolvency
- Chapter 11 filings
- Receiverships
- Assignments for the benefit of creditors
- Avoidance litigation
- Equitable subordination claims
- Lender liability claims
- Section 363 sales
- Intellectual property rights in bankruptcy
- Labor and employment rights for insolvent companies
- Tax issues arising from a business insolvency
What you can expect from ShumakerFrom a simple matter to a complex case, Shumaker is intent on providing the right solutions for our clients’ business objectives by: - Recognizing our clients’ business goals and objectives
- Appropriately matching our experience and resources to our clients’ goals
- Proactively using our experience and command of applicable law to our clients’ advantage
- Being dedicated advocates for our clients’ positions
- Responding to our clients and their needs with diligence and dedication
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