Practice Areas & Industries: Adams and Reese LLP

Practice/Industry Group Overview

The Adams and Reese Commercial Restructuring and Bankruptcy Team routinely handles complex commercial bankruptcy and insolvency issues throughout the south central region in particular and around the country in general. Our bankruptcy lawyers have represented clients in numerous industries, including Banking, Energy, Intellectual Property, Entertainment, Insurance and Manufacturing. These highly-experienced attorneys -- many with 20 years or more of experience -- advise, plan, strategize and litigate on behalf of creditors' committees, commercial lenders, examiners, trustees and debtors. Our work has resulted in the recovery and return of millions of dollars to creditors. Additionally, we draw on the talent and experience of our attorneys in other practice areas, as needed, in order to provide thorough legal services to our clients. We pride ourselves on prompt response to client needs, and with having the requisite knowledge and experience to work quickly and efficiently to solve client issues in bankruptcy and other insolvency situations.

Services Available

AREAS OF PRACTICE

Our attorneys represent varied interests in bankruptcy proceedings and have appeared before bankruptcy courts throughout the country.

• Restructuring and Workouts

• Chapter 11 Committee Counsel

• Sales and Acquisitions

• DIP Financing

• Preference, Fraudulent Conveyance, Officer and Director and other Bankruptcy Related Litigation

• Involuntary Bankruptcy Commencement and Defense

• Special Counsel for Bankruptcy Trustees

INDUSTRIES SERVED

Agribusiness
Asbestos
Banking and Commercial Finance
Construction
Energy
Entertainment
Food Service
Franchise
Gaming
Hardware
Hospital
Hospitality
Insurance
Intellectual Property
Manufacturing
Maritime
Nursing Home
Offshore Vessel Operations
Oil & Gas Drilling and Production
Pharmaceutical
Radio
Real Estate Ownership & Development
Retail
Shipbuilding
Shipping
Telecommunications
Theme Park
Transportation

REPRESENTATIVE MATTERS

Significant Creditor Representation

• Represented bond underwriters, as lead bankruptcy counsel and co-liquidation counsel, in a Chapter 11 gaming case involving substantial competing claims.

• Represented major supplier of debtor in securing super-priority status on pre-petition debt and post-petition supply of product.

• Represented bond underwriter in securities litigation spun off from bankruptcy case.

• Represented joint working interest owners in bankruptcy proceeding of oil and gas offshore operator to recover funds diverted from working interest account.

• Represented agent of lender group in the sale of a spandex manufacturing company to an Italian conglomerate for more than $50 million.

Franchise Bankruptcies

• Represented a restaurant chain franchisee in Chapter 11 proceeding. New management team was installed with ongoing operations. Plan was negotiated and confirmed proposing 100% distribution to $2.6 million in unsecured claims and $1.0 million of secured debt.

• Represent franchiser of fast food operators in franchisee's Chapter 11 proceeding with operations conducted throughout South Louisiana.

• Represented franchiser of fast food franchisee in North Louisiana. Case resulted in partial liquidation of franchisee markets and restructure of retained operations pursuant to consensual Chapter 11 plan.

Committee Counsel

• Represented unique Official Committee of Lessors in Chapter 11 case of a large grocery chain with stores in Louisiana, Mississippi, Alabama, and Florida involving over 300 lessors.

• Represented Committee in theme park in Chapter 11 proceeding with approximately $58 million in debt that resulted in confirmation of a plan of reorganization including selling all assets of the Debtor to wholly owned subsidiary of national theme park owner/operator.

• Represented Committee in pile driving contractor case with secured claims totaling $1.5 million and unsecured claims of $1.6 million. Plan was negotiated and confirmed providing for 100% repayment to unsecured creditors.

Counsel to Debtor-in-Possession

• Represented an oil blending firm in a $150 million reorganization proceeding with proposed 100% repayment to creditors. Case was concluded from filing to confirmation in 10 months. Case required extensive negotiation of $125 million borrowing base, Credit I Facility including debtor-in-possession revolving credit and exit financing facilities.

• Represented an air conditioning distributor in dispute with manufacturer with unsecured debt where Plan was prepared and confirmed by Adams and Reese providing for 100% payment to all creditors following with manufacturer.

• Represented a clothing retailer in Chapter 11 proceeding with successful negotiation and sale of company through Chapter 11 plan of liquidation.

• Represented insulation company in prepackaged bankruptcy plan which was confirmed in less than 9 months and which established a $26 million trust for future claimants.

• Represented Chapter 11 debtor in an asbestos bankruptcy case and obtained a confirmed plan of reorganization whereby over 91,000 asbestos claims were channeled into an asbestos settlement trust, and the company was maintained as a viable going concern.

Debtor-in-Possession Financing

• Represented debtor-in-possession lender in proposed stock purchase of a debtor.

• Represented inventory finance source as co-lender with another inventory finance source in providing a $36 million debtor-in-possession financing facility for regional electronics retailer.

• Represented pre-petition principal supplier of debtor who provided DIP financing facility for wholesale food distributor located in Puerto Rico. Obtained approval for super priority lien and for cross-collateralization of pre and post petition debt due our client.

Stalking Horse and Other Asset Sales

• Represented stalking horse bidder in a $48 million offer for the principal assets of Chapter 11 debtor and major competitor of client. Negotiated terms of asset purchase agreement and stalking horse sale process.

• Represented a stalking horse bidder for going concern electrical contractor.

• Represented a purchaser in the acquisition of a tankhead manufacturing operation from debtor-in-possession.

• Represented stalking horse bidder in a $20 million acquisition of a utility equipment manufacturing operation from debtor-in-possession.

• Represented pharmaceutical wholesaler which served as the stalking horse bidder and debtor-in-possession lender.

Special Counsel to Trustees

• Represented Chapter 7 trustee in successful trial of complex fraud case against debtor which led to recovery for the estate of approximately $10 million resulting in creditors being paid in full with interest and over $4 million returned to debtor.

• Represented Chapter 11 trustee in assisting and reopening a manufacturing facility to complete contracts and maximize sale value of assets.

• Represented Chapter 7 trustee in retail franchise operation where operating stores were sold and litigation commenced against former management for fraudulent conduct.

• Represented Chapter 7 trustee in a complex insurance and bankruptcy litigation matter seeking recovery of assets diverted by debtor involving in excess of $40 million.

Avoidance Litigation

• Represented corporate parent and sole shareholder of Chapter 11 debtor in successful defense of court authorized avoidance action filed by creditors' committee challenging numerous multi-million dollar dividends and pre-petition transfers to parent.

• Represent Chapter 11 plan successor to debtor's avoidance rights. Presently pursuing numerous avoidance actions on behalf of creditor trust.

• Represented bank in a fraudulent transfer claim of almost $200 million by a debtor, brought under the UFTA. Case was settled favorably for approximately 10% of demand.