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Bankruptcy
Our firm's Financial Restructuring & Bankruptcy Group represents troubled companies, committees, secured creditors, vendors, acquirors and investors, both in and out of bankruptcy court. Our goal is always to design and implement the strategy best suited to our client's business plans. Some of our clients' recent successes include:
Musicland Holdings Corp. - Special Counsel for Official Creditor's Committee
Olshan is special counsel to the Creditors' Committee in Musicland/Sam Goody's chapter 11 cases. We represented the Committee in its objection to the $75 million DIP Financing and related areas. We were lead counsel in significant litigation with both the senior lender group as well as a group of "second lien" creditors, which involved multi-party negotiations and substantial discovery on an expedited basis about a variety of inter-creditor issues, shared collateral, pre-petition waivers and other issues arising under the pre-petition senior and second lien documents.
Regional Diagnostics, LLC - Counsel for Official Creditors' Committee and Creditors' Trustee
Regional Diagnostic was one of the largest and most prestigious regional outpatient diagnostic imaging center chains in the United States, with 24 imaging centers. On behalf of the Creditors' Committee and currently the Creditors' Trustee, we investigated and commenced litigation regarding officer and director misconduct, breach of fiduciary duties and related claims resulting from a failed leveraged buyout.
Delta Airlines - Taxing Authority Representation
We represent Clayton County, Georgia, location of the Atlanta Airport, Delta's Hub. The County is one of the largest tax claimants in the Delta case.
Foamex International - Bondholder Representation
We represent the largest bondholder in this case in connection with negotiation of a rights offering and sponsorship of a plan of reorganization.
Saint Vincent's Medical Center - Lender Representation
We represent Commerce Bank, N.A. in a $35 million senior secured loan facility secured by the Hospital's federal and state entitlement pools.
Basketball City - Debtor Representation
Olshan represents the Debtor, one of New York City's premier sports facilities, located at Pier 63 in Downtown, Manhattan. We have assisted the Debtor in a dispute with its landlord and are assisting in the restructuring of its debts and capital structure.
WSDS, Inc. - Debtor Representation
WSDS, Inc. is formerly known as Wall Street Deli, the franchisor and operator of the Wall Street Deli national restaurant chain. As Debtor's counsel we are working with the company in connection with the restructuring of its franchise system, operations and capital structure.
Real Estate Strategies
During the recent real estate boom, we represented a well-known New York City developer in his acquisition of many highly desirable properties including 310 Madison Avenue, 342 Madison, 400 Madison and 40 West 55th Street using a combination of Bankruptcy, foreclosure and other creditors rights laws. In the Chapter 11 cases of In re Madison Avenue Land Limited Partnership and Madison Plaza Associates, after we recommended that our client purchase a mortgage at a substantial discount, we compelled an auction sale of one of Midtown's last remaining development sites (5th Avenue and 42nd Street). The procedures we established allowed our client to purchase the property primarily for a credit bid of its mortgage while precluding several other major developers and REIT's from entering the bidding process.
Bankruptcy Aspects of Commercial Transactions
We also regularly counsel parties to non-bankruptcy transactions on the effect of bankruptcy issues on the transactions. For example, we are often retained to represent borrowers in securitized finance transactions as special counsel to analyze the bankruptcy implications and avoid potential pitfalls of bankruptcy and insolvency laws. In a recent transaction we assisted our corporate group in obtaining an indemnification in favor of our client to protect assets contributed by its joint venture partner after a questionable private foreclosure sale, against fraudulent transfer or preference claims. We recently counseled a landlord in determining whether to accept an insurance policy payable upon default, rather than a letter of credit from a tenant with questionable credit.
Our Opinions are Respected
We often represent borrowers as special bankruptcy counsel in securitized finance transactions and our opinion letters related to bankruptcy and insolvency issues, such as substantive consolidation, are regularly requested and accepted by major banks and the rating agencies.
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