Cole Schotz’s Bankruptcy & Corporate Restructuring practice is a distinguished and nationally renowned full-service group that is regularly cited in Chambers USA: America’s Leading Lawyers for Business and lauded for a track record that boasts unparalleled effectiveness, success and value.
Complex in and out-of-court corporate restructurings, state and federal insolvency proceedings and high stakes bankruptcy litigation: Cole Schotz delivers innovative strategies and winning solutions for the distress arena expertly and efficiently.
Representation of the Debtor in the following Chapter 11 proceedings:
• Modell’s Sporting Goods
• True Religion Apparel, Inc.
• Sur La Table
• RTW Retailwinds, Inc.
• George Washington Bridge Bus Station Development Venture, LLC
• Congoleum Corporation
• Hygea Holdings Corporate, et al.
• Christopher & Banks Corporation and its subsidiaries
• LVI Intermediate Holdings, Inc. d/b/a Vision Group Holdings
• Advantage Rental Care
Representation of the Official Committee of Unsecured Creditors in the following Chapter 11 proceedings:
• Think Finance, LLC, et al.
• iPic-Gold Class Entertainment, LLC, et al.
• American Blue-Ribbon Holdings, LLC, et al.
• Destination Maternity Corporation, et al.
• RAIT Funding LLC, et al.
• Bayou Steel BD Holdings, L.L.C., et al.
• Extraction Oil & Gas, Inc., et al.
• Ruby Tuesday, Inc., et al.
• RGN-Group Holdings, LLC, et al.
• Francesca's Holdings Corporation, et al.
When Videology, Inc., a leading advertising technology company, and its affiliates faced a series of crises placing its business in jeopardy, they turned to Cole Schotz P.C. to lead them through a Chapter 11 restructuring process. After obtaining a stalking horse purchase contract with Amobee, Inc., a U.S. subsidiary of Singapore based Singapore Telephone, Cole Schotz, working with the company’s investment banker, led Videology through an extraordinarily successful auction process that drove its sale price up by over $70 million, to $119 million. Videology Inc. is a privately held, venture-backed company that provides a uniquely effective technology platform to enable advertising agencies and advertisers, as well as broadcasters, to plan and execute more effectively advertising campaigns for television and digital media.
During a hearing in Wilmington, DE, U.S. Bankruptcy Judge Brendan L. Shannon approved the sale to the stalking horse purchaser, Amobee Inc. The Cole Schotz team was led by members Irving E. Walker, Patrick J. Reilley, and G. David Dean.
Turning to Cole Schotz P.C. as its restructuring counsel, member-only buying club DirectBuy filed for Chapter 11 relief in the United States Bankruptcy Court for the District of Delaware on November 1st. The 40-year old company with operations in the United States and Canada provides its almost 180,000 members exclusive access to a broad selection of well recognized brands from tip-tier suppliers, offering furniture flooring and tile, lighting and fans, appliances, and outdoor living products at wholesale prices. DirectBuy is famous for its one-of-a-kind shopping experience that includes free at-home design consultation, digital or over-the-phone project support, seven days per week access to a call center, and “white glove” delivery service. While the company reports that it is financially sound, it is unable to sustain existing levels of debt or attract adequate refinancing and, therefore, is pursuing a going concern business sale to restructure nearly $200 million in debt.
The Foreign Representative of Hanjin Shipping Co., Ltd., one of the world's largest container shipping companies, retained Cole Schotz to assist with seeking recognition in the United States of Hanjin’s South Korean receivership proceeding under Chapter 15 of the United States Bankruptcy Code. Hanjin’s U.S. filing came just a few days after it filed for court receivership in South Korea. Cole Schotz secured a provisional order barring interference with Hanjin’s business operations in the United States. Significantly, as a result of our efforts and the US Bankruptcy Court’s provisional order, all of Hanjin’s vessels bound for the US were allowed to enter US territory without fear of arrest or seizure.
Ultimately, Cole Schotz obtained final recognition of Hanjin’s Korean insolvency proceeding pursuant to Chapter 15 of the Bankruptcy Code, over the objections of numerous parties. The decision by John K. Sherwood, presiding Bankruptcy Judge, formally brings Hanjin under the protection of U.S. bankruptcy law.
The Cole Schotz team was led by Ilana Volkov, Edward Kiel and Jacob Frumkin.
After close to three years of enduring state and regulatory roadblocks that prevented the sale of the Saint Michael's Medical Center, Cole Schotz was retained to file for Chapter 11 bankruptcy protection as a strategy to expedite the long-awaited sale of the facility to Prime Healthcare. After conducting an auction that drove up the sales price to $62 million, the Cole Schotz team achieved Bankruptcy Court approval of the sale of Saint Michael’s to Prime Healthcare. Cole Schotz worked with the relevant agencies of the State of New Jersey to obtain regulatory approval of the sale, allowing Saint Michael’s to maintain staffing levels and continue providing much needed patient care in the Newark community. Saint Michael’s Medical Center was granted final approval of its sale to Prime Healthcare. Prime Healthcare has agreed to keep the hospital open as a full service acute care and outpatient facility providing all of its existing services for a minimum of five years, hire substantially all 1,400 hospital employees, maintain or increase current levels of charity care, and maintain existing health insurance contracts. In addition, Prime Healthcare has agreed to invest $50 million to upgrade technology and services and continue to modernize the hospital..
The Cole Schotz team representing Saint Michael’s Medical Center included Michael D. Sirota, Ryan Jareck, Marc Press, Jacob Frumkin and Rebecca Hollander.
Cole Schotz congratulates Zayat Stables, the Zayat family and American Pharoah in achieving the Triple Crown!
Cole Schotz proudly and successfully represented Zayat Stables in its Chapter 11 proceeding in the District of New Jersey. A plan of reorganization plan was quickly confirmed allowing Zayat Stables to emerge from Chapter 11 and maintain its stature as one of the nation’s largest and most prominent thoroughbred stables in the world.
Changes in the healthcare system have placed enormous financial pressures on hospitals and other healthcare providers in the region, resulting in an unprecedented number of healthcare providers seeking insolvency and restructuring guidance, and in certain instances, resorting to protection under Chapter 11 of the Bankruptcy Code.
The Cole Schotz Bankruptcy & Restructuring Department has played a prominent role throughout the region in providing bankruptcy and out-of-court restructuring advice to a wide array of distressed healthcare providers.
Cole Schotz represented Passaic Beth Israel Hospital (“PBI”), a New Jersey nonprofit hospital that operated a 262-bed acute care hospital in Passaic in its Chapter 11 bankruptcy. In that case, Cole Schotz orchestrated the sale and merger of PBI with St. Mary’s, a neighboring hospital, resulting in the closure of St. Mary’s existing facility and the consolidation of both hospitals at PBI’s more modern campus. The transaction was financed through the first-time use of NJHCFFA Hospital Asset Transformation Bonds, which are backed by State of New Jersey credit enhancements. Cole Schotz led PBI and its board through all aspects of the Chapter 11 bankruptcy, as well as through the state regulatory process successfully concluding this transaction.
In the Chapter 11 proceedings of Bayonne Medical Center (“BMC”), Cole Schotz was selected to protect the interests of Financial Security Assurance Inc. (“FSA”), the insurer of two bonds issued from NJHCFFA with an outstanding principal balance of $34 million. Cole Schotz, on behalf of FSA, has played an active role in “shaping” the bankruptcy proceeding in an effort to maximize value for the bondholders.
St. Vincent’s Catholic Medical Center of New York and related entities (collectively, “St. Vincent’s”) commenced Chapter 11 bankruptcy cases in the United States Bankruptcy Court for the Southern District of New York, culminating in the confirmation of a plan of reorganization. Critical to the success of that plan is St. Vincent’s construction of a new modern facility in downtown Manhattan based upon the sale of its existing facility to Rudin Development, LLC (“Rudin”). Cole Schotz represented Rudin throughout the bankruptcy process to assure it the benefit of its bargained for rights in the context of this complex acquisition and development transaction.
Cole Schotz has also been retained as bankruptcy counsel to St. Joseph’s Regional Medical Center in connection with the Chapter 11 bankruptcy of neighboring Barnert Hospital.
Cole Schotz represented the Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy cases of D.C. Development, LLC, et al. in the District of Maryland, and in Peak Resorts, Inc. et al. in the Northern District of New York.
D.C. Development, LLC and its affiliates owned and operated the Wisp Ski Resort in Garrett County, MD. Founded in 1955, Wisp is the leading resort area in Western Maryland with a 32-trail ski slope, mountain roller coaster, 2 championship golf courses, Hotel, rental homes, retail, marina, and 2,200 acres of master planned land for residential and vacation homes. The cases involved $50 million to $100 million in assets including Maryland’s only ski resort, and approximately $50 million in liabilities. The Debtors were the 6th largest employer in Garrett County, MD. Cole Schotz effectively represented the Committee to protect the rights of the unsecured creditors while preserving the Debtors' assets and value as a going concern. Cole Schotz's efforts contributed to the successful marketing and sale of the Debtors' assets under § 363 of the Bankruptcy Code, which generated $23.5 million for the ski resort assets, and $6.1 million for the Lodestone Golf Course assets, allowing funds to be set aside for distribution to the unsecured creditors, and the ski resort to continue operating as a going concern. Gary H. Leibowitz, a member of the Bankruptcy & Restructuring, and Litigation departments, was the lead attorney for the Committee.
Similarly, Peak Resorts, Inc. owned and operated the Greek Peak Mountain Resort, a four season resort development located in Virgil, New York. The resort is the largest day trip area in Central New York State, and currently has 31 slopes and trails with a base elevation of 1,250 feet, and vertical drop of approximately 900 feet. In addition to skiing and snowboarding, there is a tubing center, terrain park, and a children’s learning center. There is also a Mountain Adventure Center with a corporate team building facility. The Debtors owned approximately 889 acres of real estate, which included the ski area base, buildings, and conference center, and the Hope Lake Lodge & Cascades Indoor Water Park. The cases involved approximately $20 million in assets and over $50 in liabilities. Cole Schotz's efforts representing the Committee assisted in the funding of debtor-in-possession financing to stabilize the businesses and preserve the assets, and the sale of the Debtors' assets which generated in excess of $5 million for the benefit of the creditors and estates and allowed the ski resort to continue operating as a going concern. Gary H. Leibowitz, a member of the Bankruptcy & Restructuring, and Litigation departments, was the lead attorney for the Committee.
As published in: Law360 June 1, 2021
As published in: Law360 May 26, 2021
As published in: Reuters May 24, 2021
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The Cole Schotz Bankruptcy & Restructuring Department has played a prominent role throughout the region in providing bankruptcy and out-of-court restructuring advice to a wide array of distressed healthcare providers.
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