Bankruptcy & Restructuring
The Goulston & Storrs Bankruptcy & Restructuring group is recognized regionally and nationally for its expertise in complex corporate restructurings and insolvency proceedings. Goulston & Storrs represents corporate debtors, creditors' committees, secured and unsecured lenders, parties acquiring assets out of bankruptcy, institutional and private investors, contract parties, landlords, domestic and foreign liquidators, and court-appointed trustees. Chambers USA recognizes the firm's bankruptcy & restructuring group as a "top team of lawyers with keen business sense and the ability to communicate well. Their client service, strategic input and effectiveness rank very highly." Our team handles matters across a wide range of industries such as financial, retail, manufacturing, and real estate.
Our bankruptcy lawyers appear regularly in federal bankruptcy, district and appellate courts in Massachusetts and throughout the country. Chambers USA reports that Goulston's " attorneys bring thorough and creative leadership to complex situations." The firm has been involved as debtor counsel in major Chapter 11 cases in New York, Delaware and New England venues.
The Bankruptcy & Restructuring group also counsels secured lenders regarding the restructuring of underperforming loans and unsecured creditors' committees in their efforts to maximize recoveries from troubled companies. On behalf of shopping center developers and lessors, we participate in major retail bankruptcy cases around the country. We frequently represent developers, investors and liquidators seeking to acquire businesses and real estate assets out of bankruptcy or to fund a Chapter 11 restructuring. In addition to our representation of clients in bankruptcy cases, the firm also provides expertise in a wide variety of sophisticated financial transactions, including out-of-court workouts on behalf of lenders and borrowers, asset-backed securitizations, and mezzanine and second lien financings.
Complex bankruptcy reorganizations call for expertise not only in the Bankruptcy Code and bankruptcy practice, but also frequently require mastery of related disciplines. For this reason, our group works closely with other practice areas in the firm, including Real Estate, Corporate, Life Sciences, Health Care, Environmental, Tax, Litigation and Employment law. Utilization of other practice groups allows us to deliver comprehensive and cost-effective representation to our clients. With this strength, our attorneys obtain the best possible results for clients quickly and efficiently.
Attorneys in our Bankruptcy & Restructuring group are recognized contributors to local and national professional organizations and hold leadership positions in the Turnaround Management Association, Boston Bar Association and Association for Corporate Growth.
Representative Projects and Transactions
- Lead debtor-in-possession counsel to Betsey Johnson LLC in the sale and disposition of its assets in Chapter 11 proceedings before the United States Bankruptcy Court for the Southern District of New York.
- Representing Magic Brands and Fuddruckers, an owner, operator and franchisor of over 200 fast casual restaurants in the United States and Canada, in their Chapter 11 reorganization pending in the District of Delaware.
- Represented official committees of unsecured creditors in the Chapter 11 cases of Diomed, Inc., Arthur D. Little, Inc., Organogenesis, Inc., Parks Corporation, Cambex Corporation, Martha’s Vineyard Hospital, Inc., National Fish & Seafood, Inc., Thinking Machines Corporation, Whistler Corporation and USM Corporation.
- Represented portfolio companies of a private equity firm around the country in distressed situations, including the sale of a manufacturing business with international operations, the out-of-court restructuring of a technology company, and the Chapter 11 case of the largest limestone quarry in the state of Indiana.
- Counsel to shopping center landlords in Chapter 11 cases of Ames Department Stores, Inc., Bally Total Fitness, Barney’s, Boston Market, Bradlees Stores, Circuit City, Discovery Zone, Edison Brothers Stores, KB Toys, Kmart, Linens ‘n Things, Loews Cineplex Entertainment, Merry-Go-Round Enterprises, Montgomery Ward & Co., Movie Gallery, Rich’s Department Stores, Strawberries and The Weathervane Retail Corp.
- Represented Gordon Brothers Group and DJM Asset Management in several non-public distressed asset transactions and the following public transactions: (i) the acquisition and wind down of CompUSA, Inc. (ii) the acquisition of substantially all of the operating assets of Quaker Fabric Corp. in its Chapter 11 case (Delaware); (iii) the liquidation of underperforming stores in the Boscov’s, Inc. Chapter 11 case (Delaware) and (iv) the acquisition and eventual liquidation of K's Merchandise Mart, Inc.
- Special debtor-in-possession counsel for Tweeter Home Entertainment Group, Inc. in its Chapter 11 case in Delaware.
- Counsel to Irish liquidator of Bedminster International Limited in its Chapter 15 case in Massachusetts.