Bankruptcy, Workouts & Creditors' Rights

Parr Waddoups offers a fresh perspective in the area of bankruptcies and workouts. Our general outlook for financially troubled clients or clients involved with troubled companies is to create positive solutions through workouts, restructurings or reorganizations to preserve economic and asset value. We have been successful in securing capital financing for troubled entities to allow them to continue with their business operations.

Our creditors' rights practice is national in scope, working with lending institutions, utility and manufacturing companies, information and medical technology companies, and real estate developers.

In all cases, we strive to create value, which often leads to additional opportunities for clients. The firm created such an opportunity for a financially troubled client when it restructured over $3 billion in debt to help weather a sluggish economy. Our client not only survived tough times, but the restructuring left the company in a much better financial condition, which allowed it to prosper when the utility sector recovered.

Parr Waddoups represents lenders and secured creditors in Chapter 11 bankruptcy cases and creditors' rights proceedings. Our lawyers also assist with major debtor cases, representation of creditor committees and other participants in the bankruptcy and workout field.

Click to read What to Do If Your Customer Files for Bankruptcy by Parr Waddoups bankruptcy lawyer Robert Lochhead.

Related Legal Services:

• Represent clients in non-judicial workouts and liquidations.

• Represent debtors in Chapter 11 bankruptcy.

• Represent secured and unsecured creditors in Chapter 11 bankruptcy.

• Defend companies sued by bankruptcy trustees.

• Represent insurance carriers in bankruptcy matters.

• Develop and coordinate reorganization and restructuring strategies.

• Coordinate the process of collections and repossessions.

• Conduct tax planning during workouts for the debtor side.

• Conduct debtor/creditor relations.

• Conduct analysis and negotiate assistance to creditors and debtors in restructuring real estate and other asset-based non-performing loans, leases and other financing vehicles.

• Counsel on creditor's rights and remedies.

• Negotiate forbearance, deed in lieu of foreclosure, deed in escrow, and mortgage assumption agreements as well as other related agreements.

• Negotiate mortgage loan sales.

Representative Workout Clients

• Extensive experience with non-bankruptcy workouts.

• Negotiations on behalf of individual guarantors of debt to dissolve their positions.

• Represented life insurance companies such as John Alden Life and Sun Life on workouts for mortgage loans on troubled properties.

• Represented companies in the hospitality industry unable to service mortgage loans.

• Represented lenders in workout projects with co-operatives and co-generation plants.

• Involvement in numerous oil, gas and mineral workouts.

Commercial Bankruptcy Litigation

When situations move beyond the stage where workouts or restructurings are possible, Parr Waddoups bankruptcy lawyers endeavor to resolve disputes by pursing legal options offering clients the most efficient and economically fair resolution. When appropriate, we employ alternative dispute resolution strategies consistent with the client's objectives, but are equally qualified and staffed to pursue complex litigation strategies under the most adversarial of conditions. In addition to Utah, many Parr Waddoups attorneys are admitted to practice in other states as well as federal courts in Utah and other jurisdictions, various U.S. Circuit Courts of Appeals, and the U.S. Supreme Court.

Related Legal Services:

• Represent lenders in actions to enforce remedies under notes and deeds of trust.

• Pursue motions for relief from the automatic stay in bankruptcies.

• Pursue relief motions to protect equipment for leasing companies.

• Challenges to Chapter 13 plans and bankruptcy discharges.

• Handle adversary proceedings and filing proofs of claim.

Representative Bankruptcy Clients

• Represented largest shareholder and major creditor in Bonneville Pacific Chapter 11.

• Represented debtor in South Mountain (real property developer) Chapter 11.

• Represented helicopter lenders and lessors in Rocky Mountain Helicopter Chapter 11.

• Represent The CIT Group as a secured creditor in numerous Chapter 11 cases.

• Represented SkyWest Airlines in Delta Airlines Chapter 11.

• Represented large real property lessor in Kmart Chapter 11.

• Represented liability insurance carrier in Simon Transportation Chapter 11.

• Represented American Healthcare Investment as sole secured bondholder owed $10 million by Chapter 11 debtor Mission Health Services.

• Represented secured lender owed $11 million by personal injury law firm in state receivership proceeding.

• Represented unsecured creditor Fifth Third Bank owed $780,000 by Chapter 11 debtor.

• Represented secured creditor GE Capital Franchise Finance owed $5 million by Chapter 11 debtor Tri Valley Distributing.

• Represented defendant in $7 million avoidance action brought by trustee of Chapter 11 debtor National School Fitness Foundation.

• Represented distribution agent of liquidating trust for Chapter 11 debtor Avalon Digital Marketing.

• Represented LNR Partners as secured creditor owed $2 million in commercial foreclosure on 83 unit multi-family apartment complex.

• Represented Sage Capital as secured real estate lender and joint venture partner in over $40 million worth of real estate acquisitions and financing arrangements.

• Represented Official Unsecured Creditors Committee of Chapter 11 debtor Avalon Digital Marketing.

• Represented Official Unsecured Creditors Committee of Chapter 11 debtor IDI Global, Inc.

• Represented Chapter 11 debtor Western Mill & Fixture Co.

For more information about our Bankruptcy, Workout & Creditors' Rights legal practice, please contact Robert Lochhead or Joseph Covey.

Attorneys
Covey, Joseph M.R.	Shareholder	Email
Gee, David E.	Shareholder	Email
Hoppe, Michael T.	Shareholder	Email
Lochhead, Robert B.	Shareholder	Email
Schofield, Jonathan R.	Shareholder	Email
Snow, John P.	Associate	Email