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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, restaurant, consumer products, 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, Indiana and New England venues. We regularly represent troubled portfolio companies owned by private equity firms in restructurings and dispositions, both in and out of court.

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.

Representative Projects and Transactions

  • Lead debtor-in-possession counsel in Chapter 11 proceedings across multiple jurisdictions for a range of companies such as Betsey Johnson LLC, Victor Oolitic Stone Company, Omni Facilities Services, Inc., Fuddruckers, Inc. and High Voltage Engineering Corporation.
  • Special debtor-in-possession counsel in Chapter 11 cases across multiple jurisdictions for a range of companies including the Hoop Holdings, LLC (dba Disney Stores), Malden Mills Industries, Inc. and Tweeter Home Entertainment Group, Inc. 
  • Representation of 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.
  • Representation of portfolio companies of private equity firms in distressed situations around the country, 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.
  • Representation of Gordon Brothers and Hilco/GB PLR IP Holdings LLC in a complex transaction involving Marquette Companies and the purchase of controlling interests in the Polaroid Corporation.  
  • Representation of Gordon Brothers Group and DJM Asset Management in several non-public distressed asset transactions and the following public transactions: (i) the disposition of all inventory owned by Joyce Leslie, Inc. (New York); (ii) the disposition of all inventory owned by dElia*s, Inc. (in a joint venture with Hilco Merchant Resources (New York); (iii) the disposition of all inventory and real estate in the Fresh & Easy Neighborhood Market, Inc. case (Delaware); (iv) the liquidation of all inventory owned by Filene’s Basement, LLC and Syms Corp. (Delaware, in a joint venture with Hilco Merchant Resources, LLC); (v) the acquisition and wind down of CompUSA, Inc. (vi) the acquisition of substantially all of the operating assets of Quaker Fabric Corp. in its Chapter 11 case (Delaware); (vii) the liquidation of underperforming stores in the Boscov’s, Inc. Chapter 11 case (Delaware) and (viii) the acquisition and eventual liquidation of K's Merchandise Mart, Inc.

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