Because financially distressed companies and individuals often face issues outside of a bankruptcy proceeding, our attorneys also provide a full range of legal services focused specifically on non-bankruptcy remedies.
We offer sound strategic advice and innovative solutions to restructure assets and liabilities, while maximizing recoveries through creative loan workouts and other out-of-court proceedings. This bottom-line approach assists us in protecting and enforcing our clients’ rights in dealing with financially distressed and insolvent companies.
Our creative attorneys have an extensive background in the full range of alternatives to bankruptcy, including state foreclosure proceedings, receiverships, assignments for the benefit of creditors, and foreclosure sales under Article 9 of the Uniform Commercial Code. Similar to our bankruptcy practice, we strive to maximize recoveries and the value of assets. Our attorneys have a proven record of successfully restructuring debt to benefit both lenders and borrowers and in protecting and enforcing our clients’ rights in and out of the courtroom.
For example, we recently represented a national commercial bank, the leader in a group of lenders, in a state court foreclosure action filed against a prominent commercial real estate developer. After hotly contested litigation, our attorneys obtained appointment of a receiver to complete the construction and leasing of the project, a high-profile development in downtown Chicago, and ultimately obtained summary judgment against the developer.
In addition to representing distressed companies and creditors in litigation matters, we are also regularly called upon to represent asset purchasers by negotiating terms and assuring the smooth transfer of property rights.