Seward & Kissel represents formal and informal creditors’ committees in connection with chapter 11 proceedings and out-of-court restructurings. Our representations generally involve mid-sized entities and have spanned numerous industries, including energy, retail, shipping, and financial institutions, among others. In representing formal and informal committees, we have advised clients on all aspects of restructurings, including operations, debtor-in-possession financings, use of cash collateral, 363 sales and plans of reorganization or liquidation.
- Schurman Retail Group (Papyrus). Seward & Kissel currently represents the official committee of unsecured creditors of Schurman Retail Group, better known as the operator of Papyrus retail locations. The Debtors operated more than 256 locations in the U.S. and Canada. Seward & Kissel negotiated a favorable cash collateral order for the benefit of unsecured creditors, preserving potential causes of action against controlling parties. Seward & Kissel has also conducted an investigation relating to potential estate causes of action.
- Suniva, Inc. Seward & Kissel represented the official committee of unsecured creditors in the unique chapter 11 cases of a solar energy company seeking trade protection from the United States International Trade Commission where we worked to protect the interests of unsecured creditors in connection with DIP financing, litigation initiated against the estate by the secured lender, and an eventual plan of reorganization.
- Gracious Home LLC. Seward & Kissel represented the official committee of unsecured creditors in the chapter 11 cases of a home goods retailer to protect the interests of unsecured creditors in connection with debtor-in-possession financing, the sale of substantially all of the debtors’ assets and the investigation of estate claims and causes of action.
- TMT Procurement Corporation. Seward & Kissel was co-counsel to the official committee of unsecured creditors in the highly contested chapter 11 bankruptcy cases of a shipping company and represented the interests of unsecured creditors in connection with assisting the debtors in accessing use of cash collateral and DIP financing, restarting and deploying their fleet, and when a reorganization was no longer possible, a structured liquidation of assets through worldwide 363 vessel sales.
- North Texas Bancshares, Inc. Seward & Kissel represented the official committee of unsecured creditors in the chapter 11 cases of a bank holding companies with the majority of their unsecured indebtedness consisting of trust preferred securities issued to investors in connection with obtaining an increased sale price for substantially all of the debtors’ assets directly benefiting unsecured creditors.