Financial Restructuring

Risk is a business opportunity.

Changing preferences, regulatory developments, economic volatility, and shifting political winds can impact the fortunes of an enterprise, an investment or an asset at any time. Goodwin’s global Financial Restructuring team works with clients to identify in advance and take advantage of the opportunities created by uncertainty. We develop commercial solutions that create and preserve value.

From distressed enterprises, loan portfolios, real estate assets, joint ventures, and intellectual property licenses, across business sectors, our team advises debtors, directors, management, creditors, investors, lenders, debt holders, distressed asset acquirers and special board, creditor and equity committees in complex restructuring matters worldwide. Our team is known for its ability to anticipate financial issues and devise strategies with ingenuity to identify and address financial opportunities before they become crises.

We represent every type of major stakeholder invested in, or interested in acquiring, a stressed enterprise or asset. We work with colleagues across practices to implement transactional solutions and innovative strategies that produce creative, successful transaction structures, asset acquisitions, refinancings, recapitalizations, reorganizations and liability management — both within and outside of formal bankruptcy or insolvency cases. 

We represent clients in negotiations and litigation with other stakeholders — from negotiating the enforcement of creditor rights and claims, debtor protections against creditors and the express terms of financial restructurings, to litigating confirmation of contested plans, and representing debtors and creditors in valuation and claw-back disputes.

Recent Client Engagements

The ongoing convergence of capital and innovation requires advisors who are equally fluent in capital markets, transaction structures, corporate governance, financial restructuring, and cutting edge legal issues. Our work for financial restructuring clients includes:

Company And Debtor Representations

We represented a Special Committee of Board of a private company in connection with a merger into an acquiring company and distribution to shareholders.

We represented Partners Group in the out of court restructuring of two portfolio companies, each with in excess of $500 million of funded debt.

We represented numerous privately held enterprises in the real estate, life sciences, and technology sectors in connection with out of court refinancings and restructurings.

We represent several health care portfolio companies in out-of-court restructurings.

We represented a privately held technology company in connection with an out-of-court restructuring and sale.

We represented several start-up portfolio companies in connection with out-of-court restructuring and assignments for the benefit of creditors.

We represent a technology company in out-of-court creditor work-out efforts.

We represented Gibson Brands as debtor-in-possession in its successful restructuring of approximately $500 million of funded debt obligations through a Chapter 11 plan.

We acted for the boards of the Bardsley Group as part of the solvent reorganisation and sale of shares to Camellia Plc in Summer 2021.

We acted for a company in a cross border refinancing of its senior debt in circumstances where the refinancing was insufficient to discharge the secured liabilities.

Distressed M&A, 363 Codes, and Other Distressed Acquisitions

Goodwin represented Benefit Street Partners in connection with the acquisition in a Section 363 sale of certain Il Mulino restaurants.

Goodwin represented the buyer of unimproved land out of a California receivership.

Goodwin represented Bain Double Impact Fund in connection with the acquisition in a Section 363 sale of certain assets of the ByChloe restaurants.

Goodwin represented a leading investment manager in the sale of certain portfolio assets under an assignment for the benefit of creditors.

We represent a leading investment manager in the purchase of certain participation interests in distressed debt and equity securities.

We represent an international private equity client in the distressed sale of a subsidiary.

Our team represented the stalking horse and ultimately successful purchaser of substantially all of the assets of Videology, Inc. through an auction and sale under Section 363 of the Bankruptcy Code.

Goodwin represented Charlesbank Capital Partners and CB Marathon Opco LLC in the purchase of the assets of Rockport Company et al. out of Rockport’s Chapter 11 case. Goodwin acted for Medical Properties Trust in relation to the £1.5 billion acquisition of BMI Healthcare, a portfolio of 30 private hospitals in the largest UK real estate transaction of 2019.

We acted for a bidder of a distressed shopping centre loan portfolio, with a total debt of over £400 million, secured against 15 shopping centres, by providing diligence on the loan and security documentation (and coordinating foreign counsel advice with respect to the same), helping to prepare the bid and considering and amending the form of purchase documentation.

We acted for Kroll as administrators in selling an iOS smartphone and Apple watch digital training application and all related object and source code of Eastnine Studios Limited to Pure Gym in August 2021.

We acted for Interpath as administrators appointed over the English companies in the T0day Group in selling various intellectual property assets in relation to the group’s retail strategy business via a pre-pack sale to Ocado Group Plc in March 2022.

We acted for Interpath as administrators in selling the business and assets of a private healthcare provider via a pre-pack to trade buyer in April 2022.

Creditor Representations

We represent a group of noteholders in an out of court restructuring of a media company.

We represent two multinational investments banks in the Puerto Rico Title III proceedings.

We represent TEVA Pharmaceuticals in the chapter 11 cases of Purdue and Mallinckrodt.

We represent Clear in the Hertz chapter 11 cases.

We represent Lytical and TDF Ventures in the NS8 chapter 11 case.

We represent Brookfield in the LeClair Ryan bankruptcy.

We represented Tecnicas Reunidas in the Horsehead chapter 11 case.

Goodwin represented Aegerion Pharmaceuticals and a substantial creditor of a rare drug biopharmaceutical company in connection with the Chapter 11 restructuring of over $400 million of liabilities.

We acted for the mezzanine lender in an enforcement of its share and receivables security in order to take control of a hotel asset, where the combined secured debt value was over £100 million.

We acted for a mezzanine lender by providing advice on the terms and effect of a proposed Company Voluntary Arrangement of a hospitality business with over 800 outlets worldwide.

We acted for an investor in a group which holds stakes in tech start-ups.

Special Situations And Mass Torts Bankruptcies

We represent CertainTeed, LLC and certain US affiliates in the DBMP chapter 11 case.

We represent several defendants in preference and fraudulent conveyance litigations.

Goodwin serves as Designated Bankruptcy Counsel for the Co-Leads in the General Motors LLC Ignition Switch Litigation.

We acted for Medical Properties Trust in respect of the insolvency of the principal contractor, Simons Construction Limited, and arranging for the completion of the hospital development by the in-coming developer Imtech.

We acted for the board of a rapid delivery service application prior to the sale of the company to a trade buyer.

We led a cross border team, working with our New York partners, to recover aviation assets in the administration of Arena Television Limited, the largest ever UK asset based lending fraud (which is believed to be in the region of £280 million).

We acted for an award winning electronics platform which has raised over $400 million of funding throughout the company’s research period. Our role involved providing on-going trading advice and support during the repeated fundraising rounds.

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