Practice Area Details

Workout and Restructuring

Workout and Restructuring

The Theodora Oringher Workout and Restructuring Practice Group represents debtors, creditors or equity holders in financially distressed business relationships. In these complex matters, we work to preserve and maximize our client's financial interests through a negotiated process. Our attorneys focus on meeting our clients' economic objectives while managing the business and legal risks in the workout and restructuring process.

Our clients include purchasers of distressed companies, acquirers of business units and assets from foreclosing creditors. We represent their interests in pre-bankruptcy workout structuring and negotiations. We handle all aspects of the workout for borrowers or secured creditors including lien priorities and perfection, subordination and standstill, equitable subordination, fiduciary duties, fraudulent conveyances, waivers and forbearance, foreclosure and bulk sales.

Keys to Successful Workouts

Our experience representing clients from various industries including health care, real estate, equipment suppliers, manufacturing and retail, in workouts and restructurings gives our client an advantage. We assess the following considerations on an ongoing basis to help navigate through the complexities of a workout:

  • Early determination of needs of all interested parties
  • Flexibility vs. Rigidity of Interested Parties
  • Risk – Reward Ratios (Who has the most or least to gain or lose?)
  • Early determination of conflicts of interest
  • Who are the allies and the potential opponents of our client
  • Feasibility of strategy to work with allies and win over potential opponents
  • Solutions needed to address needs of all interested parties

Debt and Credit Line Restructurings

The success of a workout is often determined by the ability of the debtor and its equity owners to restructure the terms of secured and unsecured borrowings, and in addition, payment terms with major trade creditors and equipment vendors. Theodora Oringher attorneys have extensive knowledge to guide our clients in today's economic climate and ever-changing markets. From complex financial structures to traditional loan transactions, our attorneys will find the practical and best solution necessary to move the workout participants to a successful resolution.

Secured Creditor and Lease Finance Negotiations

Theodora Oringher attorneys have represented clients working in conjunction with creditors in negotiating and carrying out restructuring plans with secured creditor and lease finance parties, including banks, finance companies, insurance firms and other financial institutions. These include workout plans for distressed company clients and others for clients carrying out strategic purchases of distressed assets.

Distressed Asset Dispositions and Acquisitions

Our corporate clients often face unique issues involved in the acquisition of assets from companies in financial distress. These transactions can involve the purchase of collateral from a foreclosing secured creditor or purchases of discrete business units from a financially distressed seller. Theodora Oringher attorneys have years of experience advising clients in all aspects of business acquisitions. These transactions are extremely complicated and require a sophisticated mix of strategic planning, multiparty negotiation and complex considerations needed to arrive at a negotiated resolution. Because we understand the complex and often conflicting financial and strategic interests of buyers, sellers, creditors, equity owners, management and other interested parties, we have the ability to move quickly and negotiate solutions under these tense and time sensitive circumstances.