Bankruptcy & Restructuring
Sklar Kirsh has significant experience representing all parties in the insolvency process — debtors, creditors, committees, trustees and asset buyers.
Our clients include business and property owners, landlords, secured and unsecured creditors, Chapter 11 debtors in possession, financial institutions, asset-based lenders, management companies, high-net worth individuals and purchasers of financially distressed businesses. We protect our clients and their interests by prosecuting and defending claims of fraudulent transfer, preference actions, nondischargeability and bar to discharge actions, and other bankruptcy-related matters. We also have significant experience representing landlords throughout the country in high-profile, multi-location, retail Chapter 11 bankruptcies and providing guidance to companies in all stages of their life cycles.
- Acted as counsel to one of the largest general unsecured trade creditors and member of the Official Committee of Unsecured Creditors in the chapter 11 bankruptcy cases of Chrysler LLC and certain of its affiliates in the United States Bankruptcy Court for the Southern District of New York; successfully obtained payment in full for the client through negotiations with purchaser of the debtors’ business operations.*
- Acted as counsel to over 29 related entities comprising one of the largest independent power generation companies in the world, both as debtors out of court and as debtors in a chapter 11 bankruptcy case, and successfully restructured over $11 billion in debt in seven months.*
- Acted as counsel to Japan Airlines (JAL) in the Aloha Airlines chapter 11 bankruptcy pending in Hawaii. JAL had service agreements with Aloha Airlines that were put at risk due to Aloha’s bankruptcy filing. The practice structured a successful result for JAL that allowed its contracts to remain fully intact with assignees whom JAL approved.*
- Acted as counsel to American Racing, Inc., in its $24 million acquisition of the assets of Weld Wheels, Inc., a manufacturer and distributor of premium aftermarket automobile, light truck, racing, and sport wheels to both domestic and international customers. Negotiated stalking horse bidder protections and purchase agreement, and advised client throughout sale process taking place through auction of assets in US Bankruptcy Court, Western District of Kansas. Successfully consummated client’s purchase as successful bidder.*
- Acted as counsel to State of California Ex Rel. Department of Water Resources and handled all bankruptcy aspects regarding State of California in the chapter 11 bankruptcy case of California Power Exchange, the operator of several types of markets for wholesale electricity who matched suppliers and purchasers of electricity.*
- Acted as counsel to Missoula Area Economic Development Corporation (MAEDC) in representing its interests in the bankruptcy case of Smurfit-Stone Container Corporation and its affiliates, with particular emphasis on Smurfit’s abrupt closure in early January 2010 of its paper mill in Missoula County, Montana.*
- Acted as counsel to a national bank in the chapter 11 bankruptcy case of the largest grower and seller of palm trees in the country. Successfully negotiated the $78 million loan facility secured by farmland in Arizona and California.*
- Acted as counsel to a fund that holds a credit linked note of several hundred million dollars issued as part of an integrated transaction with various US and foreign Lehman Brothers entities, as a creditor in the Lehman Brothers US and international insolvency proceedings.*
- Acted as counsel to committees of creditors in extremely adversarial chapter 11 bankruptcy cases of the owner and operator of Gas Company Tower Building, a 52-story premier office building in downtown Los Angeles. As a result of the committee’s request for participation in mediation, settlement was reached and a plan of reorganization was confirmed that paid unsecured creditors in full plus 7% interest , while restructuring more than US$400 million in debt.*
- Acted as counsel to the committee of creditors of Bell Brand Snack Foods, Inc. , a snack food manufacturer and distributor. Negotiated a consensual plan of reorganization that provided for immediate 90 percent payout to general unsecured creditors before any payments on secured or unsecured debts owed to affiliates.*