Bankruptcy & Creditors' Rights

Pierce Atwood's Bankruptcy and Creditors' Rights team is multidisciplinary, drawing upon our banking, litigation, business, mergers and acquisitions and real estate experience to address the broad range of issues often involved in dealing with financially distressed entities effectively and efficiently. Our team represents secured creditors, trade and other unsecured creditors, bankruptcy and indenture trustees, government agencies, lessors, licensors, licensees, financially distressed entities, and acquirers of distressed assets and entities in and out of bankruptcy. Members of our team provide business and legal counsel on bankruptcy and creditors' matters pending throughout the country, particularly throughout New England and in the bankruptcy centers of the Southern District of New York and the District of Delaware. Because your business extends beyond the borders of a single state, ours does too.

REPRESENTATIVE MATTER

Relief from Automatic Stay Granted

Obtained relief from the automatic stay to permit prosecution in High Court of England.

 

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REPRESENTATIVE MATTER

 

California Department of Water Resources

 

Provided representation for the Department in its efforts to recover overcharges.

 

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REPRESENTATIVE MATTER

Preferential Payment Defense

Successful representation of defendants in re excess payments.

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REPRESENTATIVE MATTER

 

CMP and Unitil Executory Contracts

 

Represented two of Northern New England's largest investor-owned utilities with respect to claims arising under various executory contracts.

 

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Expera Specialty Solutions Acquires Maine’s Old Town Mill Putting Employees Back to Work

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Areas of Expertise

Bankruptcy and Other Distressed Business/Asset Acquisitions

Combining the expertise of our bankruptcy, banking, corporate, mergers and acquisitions, and real estate professionals, our bankruptcy and creditors' rights practice offers potential acquirers of distressed assets and entities tremendous depth and resources to navigate the maze of hurdles often raised in distressed entity and asset acquisitions.

Representative Matters

Lessors, Licensors, Licensees and Other Executory Contract Counterparties

The treatment given to leases, licenses and other executory contracts in bankruptcy can create multiple and sometimes novel issues for our clients, who include software licensors and licensees, landlords, tenants, manufacturers, sellers and other executory contract counter-parties.  Our team regularly advises clients on the full range of executory contract issues arising under Section 365 of the Bankruptcy Code, including cure claim issues, issues relating to the treatment of intellectual property, executory contract assumption and rejection disputes and the rights of landlords, including shopping center owners and tenants.

Representative Matters

Secured Creditors

Our team regularly represents national commercial banks and local community banks, including KeyBank, N.A., The First, N.A., Bank of America, Bangor Savings Bank, Machias Savings Bank and Northeast Bank, and other secured parties in all manner of commercial and consumer collection actions (including replevin actions and state court receiverships), workout and foreclosure matters (including civil action and statutory power of sale foreclosures and UCC secured party sales), Chapter 11 reorganizations, Chapter 7 liquidations and Chapter 13 wage earner cases.

We are experienced in negotiating, documenting and obtaining bankruptcy court approval of debtor-in-possession loans and bankruptcy "exit" financings, preparing and implementing agreements to use cash collateral and provide adequate protection of interests in collateral, reaffirmation agreements, litigating contested cash collateral, relief from stay and adequate protection motions, and contesting plan confirmations. In addition, we are often called on to develop and implement "exit strategies" for commercial lenders and other secured parties, including creditor plans of liquidation. We routinely negotiate settlements of claims and litigate objections to allowance of claims.

Representative Matters

Unsecured Creditors

Our practice is focused on protecting the rights and interests of creditors. Our experience includes commercial collections, claims allowance, claims estimation proceedings, defense of preference and fraudulent transfer actions, assertion of reclamation and 503(b)(9) claims, Chapter 7 liquidations, and the full range of issues associated with the structure and approval of Chapter 11 reorganization and Chapter 13 "wage earner" plans.

Representative Matters