bankruptcy & restructuring

Sophisticated Bankruptcy & Restructuring Experience

Sophisticated company and creditor experience in all areas of corporate restructurings, workouts, distressed asset and debt acquisitions, and insolvency proceedings.

Company Side Experts

Significant company bankruptcy representation and out of court, including:

  • Chapter 11 trustee - High Voltage Engineering Corporation and affiliated debtors bankruptcy, including sales of four main business lines yielding over $230 million and 100% dividend to creditors.
  • Chapter 11 - Diomed Inc., manufacturer of lasers for medical industry.
  • Complex out of court restructurings – public and private companies in various industries throughout the US, including healthcare, consumer products, manufacturing.

Bench Strength

25 lawyers, including comprehensive support team of specialists in finance, major commercial litigation, and employment, tax and real estate law. 

Breadth of Experience

Broad range of clients:

Boards of directors Licensors Subordinated lenders 
Creditors' committees Private equity sponsors Trade creditors 
Debtors-in-possession Purchasers Trustees 
Distressed businesses   Second lien lenders  
Insurers Senior secured lenders    

National/International Reach

Represent clients in courts across US and in foreign jurisdictions.

Experts in Bankruptcy Related Insurance Matters

Experts in representing insurers in insolvency/bankruptcy proceedings across US involving asbestos, silica, environmental and workers’ compensation liabilities.

publications

Bankruptcy Court equitably subordinates claim of non-insider senior lender 

John Ventola & Doug Gooding published in ACC Quarterly Newsletter 

Choate attorneys assume leadship positions at BBA

blue chip clients

Represent blue chip clients, including:

Bank of America

CIGNA

Citizens Bank

Computer Associates 

Harvard Pilgrim

Hewlett-Packard

John Hancock

Liberty Mutual 

MassMutual

State Street Bank

Travelers

Wells Fargo

breadth of experience

Broad range of clients, including: 

Banks/finance companies

Boards of directors

Creditors’ committees

Debtors-in-possession

Distressed businesses

Insurers Licensors 

Private equity sponsors

Purchasers

Second lien lenders

Senior secured lenders

Subordinated lenders

Trade creditors

Trustees

Counsel to Chapter 11 Trustee

Choate represented the Chapter 11 Trustee of High Voltage Engineering Corporation and its subsidiaries in connection with the Section 363 sales of multiple business lines and all other aspects of the companies' bankruptcy cases. The sales generated approximately $250 million in proceeds, an amount sufficient to pay all creditors in full, with interest, and fund a substantial distribution to equity holders.

The sale of Robicon Corporation, High Voltage's largest business line, to Siemens Corporation was nominated as a "Buyout Deal of the Year" by Buyouts Magazine.

Counsel in $88 million DIP loan

Choate represented Wells Fargo Retail Finance in its $88 million, multi-tranche debtor-in-possession loan arrangement with Rhodes Furniture.  Rhodes, which filed Chapter 11 in the Northern District of Georgia, is a furniture retailer with locations throughout the southern and mid-western portions of the United States. Wells Fargo was paid in full on the DIP loan facility, including all interest, fees and premium, despite an objection by the creditors' committee.