Our bankruptcy and creditors’ rights team, together with assistance from our corporate, commercial litigation, finance, regulatory, tax, and other specialties, provides clients with creative solutions to complex issues affecting distressed businesses or funds throughout the United States and abroad. The team’s wide experience, industry knowledge, and multiple skill sets are used effectively and efficiently to achieve our clients’ goals. Whether the representation is of a debtor, secured lender or lender group, an official committee of unsecured creditors or shareholders, a buyer of assets, or a plan sponsor, in bankruptcy or out of court, the Venable team provides excellent ideas, solutions, and results to our clients.
Bankruptcy and Creditors' Rights
Experience
Experience
Venable is one of the nation’s preeminent firms specializing in the representation of commercial real estate lenders and special servicers of commercial mortgage-backed security (CMBS) trusts in bankruptcy cases, state and federal insolvency proceedings, and litigation matters throughout the United States. Venable has served as lead counsel for the largest workouts in U.S. history for each type of commercial real estate asset – multifamily, office, hospitality, and retail. Venable’s work includes:
- Overseeing asset realization strategies and loan modifications for tens of billions of dollars in assets located across the U.S.
- Serving as coordinating counsel for all secured debt in the General Growth Properties bankruptcy case, restructuring $14 billion of secured debt
- Serving as lead trust counsel in connection with all aspects of the litigation, workout, and sale of the $5.8 billion Stuyvesant Town and Peter Cooper Village loan
- Representing $780 million secured by first priority liens and security interests in 26 hotel properties in the Chapter 11 bankruptcy cases of John Q Hammons Fall 2006, LLC, et al.
Venable attorneys are among the nation's leading counselors on corporate issues affecting real estate investment trusts (REITs). We served as debtors’ counsel in the only successful bankruptcy filing by a REIT. Our clients view us as a "go-to firm" for the evaluation of restructuring options when REITs face insolvency or contemplate bankruptcy.
Our bankruptcy team is a leader on the interpretation of repurchase agreements, forward-swap instruments, and commodity contracts for institutions across the nation. We have successfully litigated lawsuits and led negotiations with major financial institutions involving over-the-counter derivatives and other complex transactions. We have also litigated some of the leading cases on the applicability of Sections 555 and 559 of the Bankruptcy Code to repurchase agreements.
We have developed particular experience in bankruptcy proceedings involving companies in the healthcare industry, including:
- Representing stalking horse bidders and asset purchaser of a health maintenance organization in California and a senior-living facility in Massachusetts, a Chapter 7 trustee in the sale of a hospital
- Representing Chapter 11 debtors in the reorganization of hospitals and nursing homes
Beyond areas of industry specialization, Venable attorneys have actively worked on behalf of all constituent parties in bankruptcy. Representative actions include:
- Representing the lead DIP lender in the documentation and implementation of the largest DIP loan in United States history in the Energy Future Holdings Chapter 11 cases
- Supervising the only successful reorganization of a financial services company in the United States, restructuring $2 billion of debt and returning 100% of equity value to the company's shareholders. We frequently advise financial institutions, hedge funds, and private-equity investors on restructuring options and distressed debt investments
- Representing a servicer in a $1.5 billion state liquidation of an insurance company
- Arguing cases in the United States Supreme Court and preparing briefs and amicus briefs in numerous bankruptcy cases, including U.S. Bank v. Village at Lakeridge, Lamie v. United States Trustee, and Archer v. Warner among others
- Co-leading the restructuring of more than $1 billion in debt in one of the largest bankruptcy filings by a telecommunications and satellite company. We have also assisted in negotiating the transfer and assignment of numerous, complicated telecom-related agreements under Sections 363 and 365 of the Bankruptcy Code. Our team has also negotiated contracts and assisted with financing for companies in the telecommunications sector
- Handling all aspects, including the plan and post-plan liquidating trust, in the nearly $2 billion Chapter 11 proceedings for public company U.S. Office Products
- Representing a major creditor and member of the Official Committee in the Breitburn Energy Chapter 11 cases
- Representing an acquirer in the BearingPoint Chapter 11 cases
Representative Clients
Representative Clients
As Debtor's Counsel:
- CRIIMI MAE Inc. (Co-Debtor and Special Litigation Counsel)
- In re Greater Southeast Community Hospital Corp.
- Iridium
- Mail Boxes, Etc.
- Smitty’s Building Supply
- Thornburg Mortgage
- U.S. Office Products
As Creditor's Counsel:
- Capital Royalty Group
- Howard Delivery Systems (Creditor’s Committee Counsel)
- SunCal Century City, LLC
- CWCapital Asset Management, LLC
- C-III Asset Management, LLC
- Midland Loan Services, Inc.
- LNR Partners, LLC
- Credit Union Ad Hoc Committee in U.S. Mortgage Corp.
- Creditors Committee in RCR Plumbing
- Creditors Committee in School Specialty Services
- Creditors Committee in Tactical Intermediate
Other Retentions:
- Official Unitholders Committee in Woodbridge Group of Companies Chapter 11
- Special litigation counsel in Enron Chapter 11
- Counsel to the State of Maryland in Magna Entertainment
- TIC Committee counsel in Nashville Senior Living
- Creation and organization of the WAMU Committee of Equity Holders
- Coordinating counsel for all secured creditors in General Growth Properties case
Recognition
Recognition
- U.S. News – Best Lawyers
- Best Law Firms, Litigation – Bankruptcy (Tier 1), National, 2011 – 2020, 2022 - 2023
- Best Law Firms, Litigation – Bankruptcy (Tier 1), Baltimore, 2011 – 2020, 2022 - 2023
- Best Law Firms, Litigation – Bankruptcy (Tier 1), Washington, DC, 2011 – 2020, 2022 - 2023
- Best Law Firms, Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law (Tier 1), National, 2011 – 2020, 2022 - 2023
- Best Law Firms, Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law (Tier 1), Washington, DC, 2011 – 2020, 2022 - 2023
- Chambers USA
- Bankruptcy/Restructuring, Maryland, 2016 – 2023
- Bankruptcy Litigation, Florida, 2023
- Law360
- MVP Award, Banking, 2014
- Top Five Bankruptcy Practices, United States, 2010
- American Lawyer, Dealmaker of the Year, 2010
- The M&A Advisor, Chapter 11 Reorganization of the Year (Lower Middle Market), 2011
- The Best Lawyers in America, 2007 – 2022 (Venable attorneys selected for inclusion)
