Bankruptcy & Reorganization

Riker Danzig is unique among prominent New Jersey law firms for experience and expertise in bankruptcy litigation, corporate reorganization, real estate restructurings, nonbankruptcy insolvency proceedings and also for our practice on a national platform. Our bankruptcy group has been recognized by a number of outside sources as being among the best in New Jersey, as well as in the Northeast United States. For example, our bankruptcy group is ranked in the first tier of bankruptcy practices among New Jersey law firms by Chambers U.S.A., and is described therein as "famed for its impeccable work on behalf of secured creditors" and "brimming with quality." Chambers also quotes clients who praise our group's strong work representing indenture trustees and note that our group is "highly communicative and responsive" and able to bring "informed support on board as necessary." Clients state that our group "will always rise to the challenge." In addition, The Legal 500 US has identified our bankruptcy group as one of the top bankruptcy practices in the Northeast United States. In 2010, our Bankruptcy practice was ranked in the first-tier among New Jersey firms in the U.S. News and World Report-Best Lawyers inaugural “Best Law Firms” rankings.

Drawing upon the resources of our bankruptcy expertise, as well as the firm's varied litigation, corporate, healthcare, real estate, environmental and public finance expertise, the firm has earned a nationwide reputation for its representation of debtors, secured creditors, landlords, equipment lessors, indenture trustees, bondholders, private equity groups, creditors' committees, trustees, as well as third party plan proponents (i.e., takeovers) in all aspects of litigation under the Bankruptcy Code.

Our bankruptcy group began in the early 1970s as a natural outgrowth of our longstanding representation of banks and commercial trade creditors. Through this practice, we developed a strong expertise in representing debtors, unsecured creditors and creditors' committees in all aspects of the bankruptcy case, as well as secured creditors in reclaiming collateral, negotiating strong cash collateral and post-petition financing orders at the outset of any bankruptcy proceeding, litigating motions for relief from the stay, determining the non-dischargeability of debts, negotiating favorable treatment for our secured lenders in plans of reorganization, and rehabilitating debtors through creative and effective plans of reorganization. Since the early 1990's, we have represented various indenture trustees in numerous bankruptcy cases both in New Jersey and nationally.

Currently, we play a significant role in several well-known large national bankruptcy proceedings, including:

• Accuride Corporation (indenture trustee)
• Bayonne Medical Center (master trustee)
• Capmark Financial Group, Inc. (indenture trustee)
• G-1 Holdings Corp. (former GAF Corporation) (debtor)
• EPV Solar, Inc. (indenture trustee)
• The Newark Group, Inc. (indenture trustee)
• FPA Medical Management Inc. (litigation trustee of creditor trust)
• Las Vegas Monorail Company (indenture trustee)
• Majestic Star Casino, LLC (indenture trustee)
• Pascack Valley Hospital Association, Inc (creditors’ committee)
• St. Mary's Hospital (nurse's union)
• Signature Apparel Group, LLC (debtor)
• Spheris, Inc. (indenture trustee)
• W.R. Grace & Co. (member of property damage creditors’ committee)

Prior to these current matters, the firm played a significant role in:

• United Healthcare, Inc. (the Children’s Hospital of New Jersey) (creditors’ committee)
• Collins & Aikman Corporation (bond trustee as member of creditors' committee)
• Oakwood Homes Corp. (securitization committee)
• Encap Golf Holdings LLC (bond trustee)
• Budget Rent-a-Car, Inc. (indenture trustee)
• Kara Homes, Inc. (secured creditor)
• Velocita Corp. (secured bank group)
• Metromedia Fiber Network (co-chair of creditors’ committee)
• Combustion Engineering, Inc. (insurer counsel)
• Murphy Marine Services, Inc. (secured indenture trustee)
• Kiwi International Air Lines, Inc. (secured creditor)
• Great American Recreation, Inc. - Vernon Valley Great Gorge Ski Resort (creditors’ committee)
• Eastern Air Lines, Inc.
• Prime Motor Inns, Inc.
• New Valley Corp., a/k/a Western Union (Indenture Trustee)
• Continental Airlines, Inc.
• Lionel Corporation
• Resorts International, Inc.
• Amdura Corporation and Hillsborough Holdings, Inc. (Indenture Trustees)
• Emerson Radio Corp. (secured bank committee)

The firm has worked on many manufacturing and retail bankruptcy proceedings including Lantis Eyewear Corporation, where we represented the debtor, Channel Home Centers, Inc., a $350 million home improvement retailer, where we represented the debtor, and Plymouth Lamston Stores Inc., where we represented the major secured creditor. In one Chapter 11 proceeding of a telecommunications reseller, the firm negotiated and confirmed a plan in 119 days from the petition date, reducing $60 million in debt owed to the major carriers down to $9 million.

Commercial litigation, real estate, healthcare and corporate support is available through the firm's litigation, real estate and corporate departments, providing its bankruptcy and reorganization section an almost limitless source of additional talent.