When governmental entities are faced with fiscal and operational challenges, external guidance often becomes necessary to maintain daily operations and ensure long-term stability. Obermayer Rebmann Maxwell & Hippel LLP has formed an interdisciplinary practice group in order to address the needs of governmental and quasi-governmental entities to restructure debt and reorganize in order to avoid insolvency.
Several lawyers from the Firm’s many departments and practice groups have joined the Practice Group. These lawyers bring over 100 years of collective experience in municipal practice, public finance, bankruptcy, restructurings, workouts, contract negotiations, public employment law, and litigation. The lawyers in the governmental restructuring and advisory group have worked in representing public entities in several states and in a variety of capacities: from general representation to litigation to public finance. They have also worked with independent state and local authorities in financing transactions and debt restructurings.
From our years of experience, Obermayer recognizes that the legal remedies are only part of sound restructuring solutions and as such, the lawyers work closely with accountants, bankers, financial analysts, investor groups and unions to provide multi-disciplined plans to successfully restructure debt and reorganize. The Practice Group’s goal is to provide our clients with real time strategies and solutions to the economic challenges facing governmental bodies, taxing and municipal authorities, and school districts.
The lawyers in the Practice Group have worked in a variety of projects in the United States and abroad, including:
- Acting as bond counsel, in the refunding and restructuring of public finance transactions of a large housing authority;
- Negotiating the interest rate swap agreements of an independent authority with six separate swap providers, three rating agencies and three bond insurers, in order to avoid defaults and breakage fees;
- Negotiation and redrafting of swap agreements and other derivative documents to address issues relating to the termination, amendment or substitution of parties in derivative transactions;
- Representation of financial institutions in the restructuring of debt and workouts of public and private borrowers;
- Assessing problems causing financial distress and implementing a system of debt management;
- Analyzing, negotiating and restructuring third party contracts and leases;
- Representing clients in identifying the need for and identifying sources of financing;
- Assessing existing and future cash requirements based upon existing agreements and assisting in budgeting for cash needs; and
- Identifying cash flow deficiencies, trending cash flows, and advising on resolving cash flow issues through restructuring and the refinance or refunding of obligations.
