Business is risky. A host of reasons may cause companies to struggle and, in some cases, force a business restructuring or trigger an insolvency proceeding. For those on the unfortunate side of such situations, understanding the options available can be the difference between a second chance or shuttering operations or recouping an investment. For others, opportunities await those poised to acquire the distressed assets. Retaining a law firm with the capabilities to navigate the complexity of the laws governing business restructurings is critical.

McDermott Will & Schulte’s business restructuring group is a global team knowledgeable in all aspects of distressed transactions. We have experience—and a veritable track record—advising the full range of interested parties, domestically and internationally, from the debtors requiring relief to the interested stakeholders lining up to recoup their positions.

What distinguishes our team is our ability to provide seamless, global counsel, particularly for complex assignments that cross borders. We understand the application of the European Insolvency Regulation and the UNCITRAL model law, along with the US chapters 11 and 15 bankruptcy laws, and the assertion and enforcement of claims in numerous jurisdictions.

We advise clients on their rights, options and opportunities, including how troubled companies can utilize the legal process for a successful business restructuring and rescue package. We are also skilled in advising creditors to ensure they receive enhanced recoveries on their investments. And lastly, we counsel the savvy observer on how best to position itself for the opportunity to acquire troubled assets.

Healthcare
Healthcare bankruptcies are complicated, and require sophisticated advice. Drawing on our Chambers USA-recognized “Team of the Year” for health regulatory law and corporate restructuring lawyers, we provide health care clients—providers, institutional lenders and investors, and strategic buyers—with an interdisciplinary team that concentrates on distressed finance, restructuring, and merger and acquisition transactions in the highly regulated and ever-changing health care sector. Our focus is to provide practical and cost-effective advice to achieve tangible results that add value to the underlying transaction, whether a work-out, recapitalization or distressed sale transaction inside or outside of bankruptcy. We are particularly skilled in advising debtors and ad hoc and official committees in Chapter 11 health care cases.

Private equity
Our global business restructuring team is skilled at representing private equity firms and their portfolio companies with the acquisition or sale of distressed assets. In particular, we provide sophisticated strategic and legal advice to navigate the peculiarities associated with asset sales in Chapter 11 and 7 bankruptcy cases, UCC Article 9 foreclosures and out-of-court restructurings. We have had success with section 363 bankruptcy sales and are skilled at pursuing stalking horse status for clients. Similarly, clients rely on our experience when acquiring assets through a debtor’s plan of reorganization in Chapter 11 bankruptcy cases.

Cross-border investment
Whether you’re working on a deal in the U.S. or a cross-border transaction, with more than 150 lawyers across 20 global offices, we have the experience and capabilities you need to accomplish your objectives. In addition to helping our clients get deals done, we advise on tax issues, management incentive plans, health regulations, and multi-jurisdictional debt financing and restructuring.

HIGHLIGHT EXPERIENCE

• Represented Biora Therapeutics, Inc., a biotechnology company focused on developing innovative, smart, pill-based drug delivery platforms for targeted oral therapeutics, in its Chapter 11 bankruptcy case
• Represented the Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy case of Claire’s Stores, a fashion jewelry chain with more than 11,000 locations around the world and $700 million of funded debt
• Represented the Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy case of Forever 21, a leader in the “fast fashion” industry with more than 350 retail locations in the U.S. and approximately $1.6 billion of funded debt
• Represented Genesis Healthcare, Inc., one of the largest skilled nursing operators in the country comprising of approximately 175 facilities, four ancillary businesses, and multiple joint ventures in real property, and its affiliates and subsidiaries in connection with their Chapter 11 bankruptcy cases
• Represented Hartford HealthCare, one of the two largest health systems in Connecticut, in its acquisition of hospitals from Prospect Medical Holdings out of Chapter 11 bankruptcy
• Represented LaVie Care Centers, operator of 42 skilled nursing and independent living facilities throughout five states, and previously one of the largest skilled nursing operators in the country, in connection with its Chapter 11 bankruptcy proceedings
• Represented Mercy Hospital, Iowa City, one of the hospitals operated by Mercy Health, in connection with its Chapter 11 bankruptcy proceedings
• Represented Output Services Group, Inc., a leading provider of print and digital payments solutions, employing approximately 1,400 employees and with funded debt obligations of approximately $754 million, and certain of its affiliates in their prepackaged Chapter 11 cases
• Represented Prime Trust, a leader in the crypto space with more than $3.8 billion of crypto and fiat under custody at its peak, in connection with its Chapter 11 bankruptcy proceedings
• Represented Quorum Health Corporation, operator of 22 hospitals in 13 states, in its pre-packaged Chapter 11 bankruptcy cases involving the restructuring of approximately $1.5 billion of funded debt
• Represented Supply Source Enterprises, Inc., a leading distributor of branded and private label personal protective equipment and janitorial, safety, hygiene, and sanitation products, and its affiliates in the successful sale of substantially all of their assets in their Chapter 11 bankruptcy cases
• Represented Volunteer Energy Services, Inc., a retail supplier of electricity and natural gas, in its Chapter 11 bankruptcy proceedings
• Represented Wellpath Holdings, Inc., the leading provider of healthcare to vulnerable patients in challenging clinical environments, and certain of its affiliates in their Chapter 11 bankruptcy cases