Insolvency & Restructuring

Steptoe's team of insolvency professionals offers complete coverage on all debtor and creditor services, both in and out of court. Our lawyers are highly regarded masters of the distress playbook. Lawyers in our Insolvency & Restructuring practice have successfully represented companies—both while at Steptoe and at prior firms—in many of the largest and most significant bankruptcy cases and out of court workouts filed over the past decade, including representations in Eddystone Rail Company, Inmarsat Group, FCS Advisors d/b/a Brevet, PG&E, Better 4 You Breakfast, Inc, JAB Energy Solutions II, LLC, Salem Harbor Power Development LLP, Verity Health System of California, Inc, Murray Energy Holdings Co, Takata, Caesar's Entertainment, Energy Future Holdings, Intellisat, Real Mex, The Walking Company, Circuit City, RCS Securities, Momentive, Lake Las Vegas, GenOn, Chrysler, AMR Corporation, TWA, US Airways, Northwest Airlines, Aloha Airlines, ION Geophysical Corp., First Republic Bank Receivership, Furie Operating Alaska, ProNerve Holdings, LLC, United Sporting Companies, Affirmative Insurance Holdings, Inc., Globe Metallurgical, Inc., Cred Inc., Centric Brands, Inc., OGX Petroleo & Gas Participacoes SA, Hanjin Shipping Co., Ltd., O.W. Bunker Germany GmbH, and Samarco Mineracao S.A.

Faced with shifting economic pressures, many companies will find themselves in a position of needing to restructure or address insolvency proceedings. Financial problems can occur for many reasons, including due to macroeconomic factors such as COVID-19, the upcoming "debt wall," or economic corrections, or company-specific issues relating to litigation, supply chain disruption, labor issues, product failures, or otherwise. The financial strain caused by one or more of these factors, impacts more than the distressed company. It also can affect the company's suppliers, customers and other entities with which it does business, particularly if they are not prepared. Preparation is an essential step in understanding options, minimizing the risks and resultant harm, and potentially taking advantage of market distress.

Whatever the challenge, we have the team to help. We assist our clients both in avoiding and planning for bankruptcy, depending on their strategic options and implementing the resultant plans. When companies consider bankruptcy, they often believe that they have limited options. However, there are multiple avenues to pursue both as an alternative to, and in conjunction with, financial distress. The earlier our team gets involved, the greater the number of available options. Through comprehensive contingency planning, we help clients face challenges and optimize their path forward rather than passively responding to others' agendas.

We also represent other parties impacted by bankruptcy filings or potential filings, including formal and informal creditors' committees, secured and unsecured creditors, equity holders, assignees, receivers and trustees in bankruptcy, and similar cases throughout the United States. Our experience also includes representing parties in distressed M&A transactions, out-of-court restructurings, and assignments for the benefit of creditors.

If we reach the litigation stage, our lawyers are skilled advocates for both plaintiffs and defendants, navigating the nuances of complex disputes. Creditors and investors often look to boards and companies for recovery on breach of duty, fraud, fraudulent transfer, preferential transfer, illegal dividend, unfair competition, data breach, and many other potential causes of action, all of which we handle routinely. Similarly, we manage distressed sale transactions for buyers and sellers, and have the tax, labor, insurance, regulatory, and other experience to handle these matters effectively.

From an industry perspective, our experience is comprehensive and includes: commercial, single family and mixed-use real estate development, retail, entertainment, technology, transportation, energy, construction, surety, railroad, satellite, hospitality, sporting goods. mass-tort, asbestos, sporting goods, and securities.

We pride ourselves on the efficient handling of our restructuring matters, from the smallest to the most impactful cases.