Distressed Companies and Special Situations

Robinson+Cole’s Distressed Companies and Special Situations Team meets the complex needs of clients who wish to capitalize on dislocations in the market place, usually in time-sensitive transactions. Our clients represent the spectrum of players in the world of distressed investing, including private equity firms, banks, financial institutions, companies and their boards, and opportunistic strategic investors. This includes experience across asset class, sector and geography, as well as advising on the acquisition and disposition of distressed debt and equity.

Our Services

We work with our clients to evaluate and execute strategies through:

  • Advice on buying, selling and investing in distressed businesses and assets, both in and outside Chapter 11 (e.g., distressed debt, distressed assets, loan-to-own financing, credit-bidding pre-petition secured debt and post-emergence acquisitions)
  • Analysis of alternative strategies, including cash conservation techniques, expedited sale of a business unit to realize remaining value, refinancing through an out-of-court. transaction, such as an equity infusion or a consensual restructuring.
  • Counseling on governance provisions and provisions of transferability and voting rights
  • Reviewing debt covenants, anti-layering restrictions, inter-creditor and inter-lender provisions.
  • Evaluating customer, employee, vendor, and creditor relations.
  • Negotiating waivers, amendments and forbearances.
  • Recapitalizations
  • Claims trading
  • Guidance throughout the transaction’s lifestyle 
  • Outside counsel services for portfolio companies
     

Our Team

Strategically combining attorneys from our business reorganization, finance, mergers & acquisitions, real estate, tax and other practice areas, the Distressed Companies and Special Situations Team prides itself on its ability to advise on all aspects and contexts of distressed investing, including out-of-court transactions, piloting  bankruptcies (including bankruptcy acquisitions, debt restructurings, loan-to-own strategies and debtor-in-possession and exit financings), distressed real estate, capital structure analysis and claims-trading issues. This interdisciplinary methodology allows the team to provide comprehensive representation and insightful advice to clients in all manner of distressed situations. 

    • Experience
      • Represented international investment fund in debt and equity investment in underperforming synthetic oil producer.

      • Represented private equity firm in disposition of investment in underperforming company in food and beverage industry.

      • Represented private equity firm in the disposition of investment in company in mass media industry.

      • Represented strategic foreign investor in advice on targeted US acquisition strategy, including purchase of target’s debt and subsequent bankruptcy-based loan to own plan.

      • Represented national and regional banks in the sale of loan and loan portfolios, including non-performing and under-performing loans.

      • Following recapitalization, represented cellular technology company in analysis of credit exposure and issues involving near term liquidity.

      • Represented investor in foreign language newspapers in the out-of-court wind down of operating subsidiary, including development of strategy for sale of non-performing assets.

      • Advised corporate board on asset sale of troubled water treatment business to strategic investor, including post-sale wind-down issues arising from zone of insolvency.

      • Represented middle market private equity fund in connection with the distressed sale of an aerospace company, as well as addressing the Accommodation Agreement and other considerations with a major airline manufacturer and lenders prior to sale.

      • Represented investor group in the purchase of paper mill and forest land assets from a multinational energy, commodities, and services company in a Section 363 sale. *

      • Advice on buying, selling and investing in distressed businesses and assets, both in and outside Chapter 11 (e.g., distressed debt, Section 363 asset sales, loan-to-own financing, credit-bidding pre-petition secured debt and post-emergence acquisitions).* 

        *Attorney was counsel in these representative transactions prior to joining Robinson+Cole.

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    • News
      • June 8, 2020

        Patrick Birney and Les Levinson Author Article on Distressed Companies Published in New York Law Journal

        • » more info
    • Publications + Presentations
    • "Distressed Investors' Unexpected Tool: Understanding the Small Business Reorganization Act and Changes Related to the CARES Act" co-authored by Patrick M. Birney, Endicott Peabody IV (Kit) and Leslie J. Levinson

      "Distressed Company Investing in the COVID-19 Environment," co-authored by Leslie J. Levinson and Patrick M. Birney, published in a Corporate Restructuring & Bankruptcy special report by the New York Law Journal. (6/8/2020)
      • » more info

      "Financially Distressed Businesses: Revisiting the Business Judgment Rule and the Entire Fairness Doctrine" co-authored by Patrick M. Birney and Shant H. Chalian

      "Distressed Company Investing in the COVID-19 Environment," co-presented by Leslie J. Levinson, Patrick M. Birney and Jamie L. Edmonson, which addressed certain unique challenges of investing in distressed entities or their debt or equity. (5/12/2020)
      • » more info

Our Team

Members