All businesses are susceptible to cash flow problems. In prosperous times, a company may build up debt by expanding too rapidly. In a less certain economy, the value of a company's assets may decrease unexpectedly, interest rates may rise, or industries may undergo fundamental shifts — all of which may lead to fiscal upheaval in companies not structured to withstand change.
The business counseling and bankruptcy attorneys at Zuckerman Spaeder work with creditors and debtors to achieve the optimum business solution that circumstances allow. Applying a business perspective, we analyze a client's problems to devise the best business solutions, then create the appropriate legal strategy to implement them.
Zuckerman Spaeder represents clients in many industries including health care, retail, technology, media, automotive, manufacturing, distribution, hospitality, printing, and professional services. Our clients range from small companies to large chains. In real estate matters, the firm works with home builders, land developers, commercial construction companies, real estate agencies, and others with significant real estate interests.
Zuckerman Spaeder's exceptional litigation experience augments our bankruptcy and business counseling practice. We are involved in every phase of bankruptcy litigation, including:
Our business counseling and bankruptcy attorneys are particularly effective in guiding creditors when creativity is necessary to enhance returns for under-secured and unsecured creditors. We work extensively with secured creditors and creditors' committees, insurance companies, landlords, pension plans, and noteholders. We advise on and litigate all aspects of creditors' rights, including commercial collections, mechanics' lien enforcement, enforcement of lien and bond-claim rights of suppliers, and in-kind exchanges in satisfaction of debt obligations.
During the past twenty years, the firm has represented hundreds of debtors in restructurings both inside and outside of the bankruptcy process. Working closely with lenders, we implement out-of-court workouts by settling current debt, acquiring long-term capital, or renegotiating commercial loans or lease agreements. When a company's problems require reorganization under Chapter 11 of the Bankruptcy Code, Zuckerman Spaeder designs and confirms effective reorganization plans that result from ongoing dialogue with lenders and creditors' committees. Reorganization may involve staged reduction in business operations by eliminating unprofitable stores, subsidiaries, or product lines; selling assets to raise working capital; or refinancing current and long-term debt. We have enjoyed extraordinary and consistent success in restructuring and reorganizing businesses so they can maintain their viability or going-concern value and preserve jobs.
Sometimes the best solution is a sale of substantially all the debtor's assets as a going concern. Zuckerman Spaeder advises both debtors and purchasers on all aspects of such sales, including break-up fees, developing of auction and bidding procedures, and the maximizing the sale price. When representing debtors, we help our clients locate and negotiate with buyers, obtain lender approval, and undertake the transaction work necessary to complete the sale. When it is not feasible to save or sell a failing business, we advise clients about various liquidation alternatives. Attorneys file proceedings under the Bankruptcy Code, utilize dissolution and windup provisions under state law, or facilitate the use of non-judicial vehicles such as bulk sales and negotiated foreclosure proceedings.
For the past several years, the U.S. Bankruptcy Court for the District of Delaware has been the most popular forum to file cases under Chapter 11 of the Bankruptcy Code. Zuckerman Spaeder's office in Wilmington, Delaware offers debtors, creditors, and potential purchasers direct access to this court. The Wilmington office represents all such parties in both substantive and procedure matters before the Bankruptcy Court.
ATTORNEYS
Bush, Graeme W.
Cohen, Nelson C.
Eisen, Norman L.
Goldstein, Bruce
Guldi, Virginia Whitehill
Howard, Heather
Kolker, Peter R.
Macauley, Thomas G.
Power, Elizabeth D.
Wolff, Marshall S.