Business Restructuring & Bankruptcy

Strategic Restructuring

“The best thing about them is that their technical skills
and capabilities are very, very good. What sets them apart
is their responsiveness; they work very hard to be available 24/7.”

“They have a strong, well-recognized practice with a deep bench.
They can handle complex matters with transactional and litigation dimensions."

“Their industry knowledge is terrific.”

—Chambers USA

Blank Rome’s business restructuring and bankruptcy group represents both creditors and debtors in a broad range of bankruptcy, reorganization, and workout matters, including related litigation and credit and business transactions. Our team handles matters throughout the United States; and we are nationally recognized for our practices in New York, Wilmington, Delaware, and Philadelphia, Pennsylvania.

Our bankruptcy attorneys have handled high-profile insolvency cases in a wide variety of industries, including mortgage, retail, consumer products, healthcare, energy, life sciences, technology, telecommunications, aircraft and airlines, transportation, steel, and insurance. We regularly represent debtors, creditors’ committees, secured and unsecured creditors, asset and business purchasers, investors, and investment banking and restructuring firms around the country.

Distressed business environments can provide tremendous opportunities for strategic transactions. We maximize successful outcomes for our clients by taking a pragmatic approach, combining practical experience and creative strategies that address the nuances of each representation. We discreetly guide clients by providing risk assessment, counsel on alternatives, structure and completion of transactions, and litigation where appropriate.

Creditors’ Committees

Blank Rome represents creditors’ committees of unsecured creditors in diverse bankruptcy cases.

  • Trans World Airlines—Counsel to unsecured creditors’ committee in multibillion-dollar international airline (Wilmington, Delaware).
  • Mortgage Lenders Network USA, Inc.—Counsel to creditors’ committee of subprime mortgage loan originator and loan servicer that had in excess of $17 billion in servicing assets as of the filing (Wilmington, Delaware).
  • MediCor—Counsel to creditors’ committee for holding company for medical device entity (Wilmington, Delaware).
  • Performance Transportation Systems, Inc.—Counsel to creditors’ committee for second largest new car and SUV transporter in the United States (Buffalo, New York).
  • New Century Financial—Co-counsel to creditors’ committee of one of the largest subprime mortgage lenders in the United States, with assets of more than $26 billion (Wilmington, Delaware).
  • American Home Financial—Co-counsel to creditors’ committee of the U.S.’s tenth largest mortgage lender, with assets in excess of $18 billion (Wilmington, Delaware).
  • Nobex Corporation—Counsel to creditors’ committee of a development-stage biopharmaceuticals company (Wilmington, Delaware).
  • Weirton Steel—Counsel to unsecured creditors’ committee of steel manufacturer (Wheeling, West Virginia).
  • Merry-Go-Round Enterprises—Counsel to creditors’ committee for chain of 1,400-store specialty fashion retailer (Baltimore, Maryland).
  • Pittsburgh Canfield Corp. (Wheeling Pittsburgh Steel Corp.)—Counsel to creditors’ committee of steel manufacturers (Youngstown, Ohio).
  • LTV Corporation—Counsel to parent company creditors’ committee in Chapter 11 case of multibillion-dollar steel and aerospace conglomerate (New York City).
  • Bill’s Dollar Stores—Counsel to Chapter 11 creditors’ committee for retail chain of 500 locations (Wilmington, Delaware).
  • Strawberries—Counsel to chairman of creditors’ committee in mega-retail case (Wilmington, Delaware).
  • AES Thames—Counsel to creditors’ committee in Chapter 11 case of the operator of a Connecticut power plant (Wilmington, Delaware).
  • PFF Bancorp—Counsel to the creditors’ committee of bank holding company in its Chapter 11 case (Wilmington, Delaware).

Debtors and Restructuring

Our bankruptcy attorneys represent financially distressed companies in a variety of industries to evaluate their options, including Chapter 11 reorganization and out-of-court restructuring.

  • USGen New England, Inc.—Counsel to debtor in successful billion-dollar reorganization of large electric wholesale generator in New England, providing 100%-plus-interest recovery to creditors and significant return to equity (Greenbelt, Maryland).
  • Metropolitan 885 Third Avenue Leasehold LLC—Counsel to the debtor in its prepackaged Chapter 11 Plan of Reorganization for the iconic “Lipstick Building” in New York City (New York City).
  • Reliance Insurance—Counsel to the liquidator in the Reliance cases, the nation’s largest property and casualty insurance insolvency, with an estimated $9 billion worth of liabilities at stake (New York City).
  • ANC Rental (Alamo and National Car Rental)—Co-counsel to debtors in billion-dollar reorganization of automobile rental company (Wilmington, Delaware).
  • Bidermann Industries U.S.A., Inc. (Arrow Shirts)—Co-counsel to debtor in clothing manufacturer's Chapter 11 case (New York City).
  • Today’s Man—Counsel to debtor in reorganization of men’s superstore retail chain Chapter 11 case (Wilmington, Delaware).
  • Vitale Enterprises, Inc. (Foodtown Supermarkets)—Counsel to debtor supermarket chain in Chapter 11 reorganization (Newark, New Jersey).
  • Braniff, Inc.—Counsel to international airline in its Chapter 11 proceeding (Orlando, Florida).

Subprime Lending and Mortgage Industry

Our attorneys counsel banks, mortgage lenders, warehouse lenders, loan servicers, and company directors and officers currently affected by the subprime mortgage crisis. The team is counsel to a number of parties involved in some of the largest mortgage industry bankruptcies to date, including American Home Financial, New Century Financial, Mortgage Lenders Network USA, Inc., and Alliance Bancorp. For more information on our subprime mortgage industry experience, please see our mortgage industry services overview.

Secured Lenders and Select Creditor Representations

Blank Rome represents creditors with secured positions at various levels to protect and preserve their positions and maximize their recovery in Chapter 11 proceedings and out-of-court restructurings.

  • Southern States Cooperative—Counsel to agent for bank group for consensual restructuring of $1.3 billion agricultural cooperative, reducing balance sheet liabilities by $500 million. This out-of-court restructuring was recognized by the Turnaround Management Associations as the “Mega Company Turnaround” of 2005.
  • Adelphia Communications—Counsel to institutional pre-petition lender in multibillion-dollar Chapter 11 case (New York City).
  • WorldCom—Counsel to one of largest wireless carriers in mega Chapter 11 case (New York City).
  • Le-Nature’s, Inc.—Counsel to the institutional equipment lessor in Chapter 11 of bottling company (Pittsburgh, Pennsylvania).
  • Enron—Counsel to the creditors, obligors, and defendants in multibillion-dollar Chapter 11 of major energy supplier (New York City).
  • Brooklyn Hospital Center and Caledonian Health Center Inc.—Represented debtor-in-possession lender in hospital system Chapter 11 (New York City).
  • Kmart—Represented major creditor and preference defendant in mega national retail chain Chapter 11 case (Chicago, Illinois).
  • Solutia, Inc.—Represented major trade creditor and supplier in Chapter 11 cases of global chemical-based materials company (New York City).
  • Global Crossing—Counsel to one of largest wireless carriers as party to executory contract in mega Chapter 11 (New York City).
  • Delta Airlines—Counsel to chairman of creditors’ committee and trade creditor in the Chapter 11 of this major U.S. and international airline (New York City).


Our attorneys represent potential purchasers interested in purchasing assets from Chapter 11 and Chapter 7 debtors.

  • Comdisco—Counsel to successful purchaser in hotly contested acquisition of disaster recovery business for $825 million (Chicago, Illinois).
  • Risk Management Alternatives, Inc.—Counsel to successful purchaser in $140 million asset acquisition (Youngstown, Ohio).
  • Norstan Apparel Shops—Counsel to purchaser of over 100 stores nationwide from Chapter 11, thereby doubling purchasers’ store locations (New York City).
  • PC Landing—Represented stalking horse bidder in acquisition of trans-Pacific cable system and subsequent litigation (Wilmington, Delaware).

Experienced Attorneys Recognized in Their Fields

Chambers USA gives high marks to our Delaware, New York, and Pennsylvania offices and recognizes 13 of our bankruptcy and restructuring team members. Chambers noted that our “strong New York presence is a particular drawing card for clients.”

The American Lawyer’s Corporate Scoreboard 2011 ranked our bankruptcy practice at the top. We served as creditors’ committee counsel for one of the largest emergences from bankruptcy in 2010.

The has ranked Blank Rome among the top five bankruptcy law firms and individually ranked several of our attorneys in our bankruptcy practice, based on number of active cases.

Four of the group’s attorneys are fellows of the prestigious American College of Bankruptcy. One partner served as Third Circuit regent of the American College of Bankruptcy and another partner served as chairman of the American College of Bankruptcy Foundation and is a past chair of the American College of Bankruptcy. Many members of the group write and lecture extensively on issues involving corporate restructuring and bankruptcy.