Financial Restructuring

Our Financial Restructuring group (FRG) represents clients in all aspects of corporate restructurings, workouts, and distressed and insolvency situations.

FRG has a demonstrated track record of developing and implementing strategies that preserve and create value for clients. Our partners are routinely recognized in guides and rankings such as Chambers, Global Restructuring Review, The Legal 500, Super Lawyers, Best Lawyers, Benchmark Litigation, and IFLR1000. And FRG has received multiple awards, including Mid-Size Company Turnaround/Transaction of the Year from the Turnaround Management Association for its work with client Gibson Brands Inc. in its chapter 11 restructuring and Restructuring of the Year ($1 billion to $5 billion) from The M&A Advisor for its work with client Foris Ventures LLC in the chapter 11 cases of Amyris Inc.

FRG’s broad-based transactional experience includes representing debtors and all types of creditors — including official committees of unsecured creditors, asset purchasers, and sponsors — in chapter 11 cases, company administration proceedings, distressed M&A transactions and in- or out-of-court sale processes, state law insolvency proceedings, and workout or liability management transactions. FRG’s significant litigation experience involves mass tort bankruptcy cases, directors and officers fiduciary actions, fraudulent conveyance and preference actions, and other adversary proceedings.

As corporate governance and fiduciary duties are key considerations in times of distress, public and private company boards and management teams rely on the FRG as a trusted adviser to help them effectively manage risk, minimize fiduciary liability, and navigate stakeholder negotiations.

The FRG’s practice is multidisciplinary; we frequently leverage Goodwin’s transactional and litigation expertise in various practice areas to achieve strong results for our clients.

SELECT client engagements

Ambri Inc.: Currently represent Ambri, a battery technology company, in its chapter 11 case and sale of assets in the US Bankruptcy Court for the District of Delaware
CertainTeed LLC: Currently represent CertainTeed, parent company of DBMP LLC, in the chapter 11 cases of DBMP LLC in the US Bankruptcy Court for the Western District of North Carolina
Loparex: Represented Loparex, an industrial manufacturer, in a cross-border liability management transaction that resulted in Loparex raising new money from a majority group of its existing first lien lenders and consummating an uptier debt exchange of its existing US dollar and euro first lien term loans into a new multi-tranche superpriority credit facility
Amyris Inc.: Represented Foris Ventures LLC and certain affiliates, as largest equity holder, prepetition secured lender, debtor-in-possession (DIP) lender, and plan sponsor, in the chapter 11 cases of Amyris and certain affiliates in the US Bankruptcy Court for the District of Delaware
The Rockport Company LLC: Represented Rockport, a popular shoe company, and certain affiliates in their chapter 11 cases and sale of assets in the US Bankruptcy Court for the District of Delaware and the financial restructuring of its UK holding company under English law
Clarus Therapeutics Inc.: Represented Clarus, a specialty pharmaceutical company, and certain affiliates in their chapter 11 cases and sale of assets in the US Bankruptcy Court for the District of Delaware
Proteus Digital Health Inc.: Represented Proteus, a pioneer and leader in oral pharmaceuticals, in their chapter 11 cases in the US Bankruptcy Court for the District of Delaware
Gibson Brands Inc.: Represented Gibson, an iconic guitar brand, and certain affiliates in their chapter 11 cases in the US Bankruptcy Court for the District of Delaware
Aegerion Pharmaceuticals Inc.: Represented Novelion Therapeutics Inc., parent company of Aegerion, in Aegerion’s chapter 11 cases in the US Bankruptcy Court for the Southern District of New York
Millennium Health LLC: Represented TA Associates, as equity holder of Millennium, in Millennium’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware
Partners Group: Represented Partners Group, as equity holder, in the out-of-court restructurings of Form Technologies and Curvature

UpHealth Holdings Inc.: Currently represent the Official Committee of Unsecured Creditors in UpHealth’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware
Novan Inc.: Currently represent the Official Committee of Unsecured Creditors in Novan’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware
LaVie Care Centers LLC: Currently represent affiliates of Omega Healthcare Investors Inc., as prepetition secured lenders, landlord, and DIP lenders, in the chapter 11 cases of LaVie in the US Bankruptcy Court for the Northern District of Georgia
Strategic Materials Inc.: Represented Piney Lake Opportunities ECI Master Fund LP, as agent, in Strategic Materials’ chapter 11 cases in the US Bankruptcy Court for the Southern District of Texas
SEKO Logistics: Represented the holding company agent and certain lenders in connection with an out-of-court restructuring transaction
The Roman Catholic Diocese of Rockville Centre, New York: Represented the exit financing lender in the diocese’s chapter 11 case in the US Bankruptcy Court for the Southern District of New York
Mallinckrodt plc: Currently represent a trustee of Mallinckrodt’s GUC Trust, created under the plan of reorganization, in Mallinckrodt’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware
Nuvo Group Ltd.: Currently represent Gaingels 10X Capital Diversity Fund I LP, as prepetition secured creditor, in Nuvo Group’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware
Il Mulino Restaurants: Represented Benefit Street Partners, as senior secured lender, DIP lender, and stalking horse bidder, in Il Mulino’s chapter 11 cases in the US Bankruptcy Court for the Southern District of New York
Evergreen Gardens Mezz LLC: Represented certain affiliates of Mack Real Estate Group, as mezzanine lender and DIP lenders, in Evergreen’s chapter 11 cases in the US Bankruptcy Court for the Southern District of New York

Vyaire Medical Inc.: Currently represent SunMed Group Holdings LLC (doing business as AirLife), as purchaser of certain assets, in Vyaire’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware
Eiger BioPharmaceuticals Inc.: Currently represent Eiger InnoTherapeutics Inc., as purchaser of certain assets, in Eiger BioPharmaceuticals’ chapter 11 cases in the US Bankruptcy Court for the Northern District of Texas
Virgin Orbit Holdings Inc.: Represented Rocket Lab USA Inc., as purchaser of certain assets, in Virgin Orbit’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware
PhaseBio Pharmaceuticals Inc.: Represented Ji Xing Pharmaceuticals Hong Kong Ltd., a portfolio company of RTW Investments LP, as purchaser of certain assets in PhaseBio’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware
9 Meters Biopharma Inc.: Represented a purchaser of certain assets in 9 Meters’ chapter 7 case in the US Bankruptcy Court for the District of Delaware
ContraFect Corporation: Represented a purchaser of certain assets in ContraFect’s chapter 7 cases in the US Bankruptcy Court for the District of Delaware
The Rockport Company LLC: Represented Charlesbank Capital Partners and CB Marathon Opco LLC as purchaser of all assets in Rockport’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware
Videology Inc.: Represented Amobee Inc. as purchaser of certain assets in Videology’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware
Article 9 Proceedings: Represented numerous clients in public or private sale processes under Article 9 of the Uniform Commercial Code

Kabbage Inc.: Currently represent certain former directors and officers in Kabbage’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware
Silvergate Bank: Currently represent certain former directors and officers in Silvergate’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware
Zymergen Inc.: Currently represent certain former directors and officers in Zymergen’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware
AutoZone Inc.: Currently represent Kingswood Capital Management LLC, certain affiliates, and principals in litigation in the US District Court for the Central District of California
Puerto Rico: Currently represent multiple financial institutions in Puerto Rico’s Title III proceedings in connection with the litigation of claims related to bond issuances
Celsius Network LLC: Represented Prime Trust LLC, as defendant, in an adversary proceeding brought by Celsius in their chapter 11 cases in the US Bankruptcy Court for the Southern District of New York
Cred Inc.: Represented a cryptocurrency brokerage and asset management corporation as defendant in a preference action in connection with Cred’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware

Landlords: Represented landlords in numerous chapter 11 cases, including filings for WeWork Inc.; Steward Health Care System LLC; 2U Inc.; Express Inc.; Ascena Retail Group Inc.; Jo-Ann Stores LLC; RGN-Group Holdings LLC; GNC Holdings Inc.; J. Crew Group Inc.; J.C. Penney Co. Inc.; Tailored Brands Inc.; Sears Holdings Corporation; and Toys R Us Inc.
Purdue Pharma LP: Currently represent Teva Pharmaceuticals and Mikart LLC in Purdue’s chapter 11 cases in the US Bankruptcy Court for the Southern District of New York
FTX Trading Ltd.: Represent numerous interested parties (creditors, equity holders, potential asset purchasers) in FTX’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware
Bed Bath & Beyond Inc.: Represented World Market LLC, a national retailer, in connection with the assumption and assignment of numerous real property leases in Bed Bath & Beyond’s chapter 11 cases in the US Bankruptcy Court for the District of New Jersey
Invitae Corporation: Represented Tecan Genomics Inc., a litigation counterparty, in Invitae’s chapter 11 cases in the US Bankruptcy Court for the District of New Jersey
Pacific Gas and Electric Company/PG&E Corporation: Represented a large institutional fund in connection with rescission and damage claims arising from debt and equity securities holdings in PG&E’s chapter 11 cases in the US Bankruptcy Court for the Northern District of California
The Hertz Corporation: Represented Clear Secure Inc. in Hertz’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware
Mallinckrodt plc: Represented Teva Pharmaceuticals and Mikart LLC in Mallinckrodt’s chapter 11 cases in the US Bankruptcy Court for the District of Delaware

Puerto Rico Electric Power Authority: Represented National Public Finance Guarantee Corporation in connection with Puerto Rico Electric Power Authority’s Title III case*
Ballantyne Re plc: Represented Ambac Assurance UK Ltd., as financial guarantor, in the Irish scheme and chapter 15 case of Ballantyne, an Irish special purpose vehicle that held numerous contractual obligations and benefits related to reinsurance of life insurance policies, to retire approximately $1.92 billion in outstanding notes*
Ambac Assurance Corporation: Represented Ambac in the rehabilitation of its segregated account*
Health Republic Insurance of New York: Represented Health Republic, one of 23 co-ops in the United States created by the Affordable Care Act, in New York Insurance Law Article 74 liquidation proceedings following its abrupt shutdown at the end of 2015*
Affirmative Insurance Holdings Inc.: Represented J.C. Flowers & Co. LLC, as secured lender and equity holder, in the chapter 11 and chapter 7 cases of Affirmative and its affiliates
Financial Guaranty Insurance Company (FGIC): Represented superintendent of financial services of the State of New York, as rehabilitator of FGIC, in the first rehabilitation proceeding involving a financial guaranty insurance company in New York (and the second such proceeding in the United States at the time)*
City of Detroit: Represented FGIC in connection with the city of Detroit’s chapter 9 case*