Bankruptcy & Restructuring

Bankruptcy issues can arise unexpectedly and for a variety of reasons. In order to act quickly and achieve successful outcomes, you need a strategic partner who understands your needs and is committed to your goals.

Brownstein’s Bankruptcy & Restructuring Group combines high-level experience, credibility and a creative approach to obtain desired results. With an emphasis on the middle market, we solve problems by providing strategic and innovative solutions to a wide variety of businesses across numerous industries, including energy, transportation, manufacturing, technology, real estate, construction, hospitality, retail, health care and financial institutions, among others.

We have a proven track record of handling significant regional and national cases, a realistic perspective and an in-depth understanding of the needs and perspectives of various stakeholders that allows us to negotiate successfully on your behalf. Our Bankruptcy & Restructuring Group takes an integrated, team approach to developing sophisticated strategies for our clients, often tapping the resources of other groups within the Corporate & Business Department. Our team is well versed in transactions, both inside and outside of formal court proceedings.

Our clients include debtors, creditors, creditors committees, acquiring parties, sellers, joint venture partners and other parties-in-interest in restructuring situations, including those dealing with Chapter 11 and Chapter 7 proceedings. Outside bankruptcy, the group represents creditors and debtors in restructuring transactions involving public companies, private companies and entities of various sizes. 

Representative Matters
  • Represented Mi Pueblo, a portfolio company of Victory Park Capital, in its sale to an affiliate of Kohlberg Kravis Roberts & Co. L.P. Mi Pueblo is Northern California’s leading Hispanic grocery retailer.

  • Counsel to Gilbert Hospital, LLC, a general acute-care hospital based in Gilbert, Arizona in connection with its merger with Florence Hospital at Anthem, LLC pursuant to a confirmed Chapter 11 plan of reorganization. Representation included all aspects of a sophisticated merger transaction, including transition of the two hospitals under joint ownership and operation, coordinating employment and equity compensation documents for employees, and identifying and resolving health care regulatory aspects of the foregoing, and strategic advice.

  • Counsel to Gilbert Hospital, a general acute-care hospital based in Gilbert, Arizona in its merger with Florence Hospital at Anthem pursuant to a confirmed Chapter 11 plan of reorganization. We advised on all aspects of a sophisticated merger transaction, including transition of the two hospitals under joint ownership and operation, coordinating employment and equity compensation documents for employees, and identifying and resolving health care regulatory aspects of the foregoing.

  • Represented Fresh Produce Holdings, LLC in its Chapter 11 case, having completed a sale of the Company's assets to a purchaser preserving the going concern after a robust auction.

  • Counsel to Regional Care Services Corporation, the parent company of Casa Grande Regional Medical Center based in Casa Grande, Arizona, in negotiating the sale of the hospital assets to Banner Health pursuant to an Asset Purchase Agreement and related transactions. Representation encompassed all aspects of this sophisticated sale transaction, including the sale process and APA, coordinating interim financing arrangements and reorganization under Chapter 11, and identifying and resolving all health care regulatory aspects of the foregoing.

  • Represented NRC Group LLC, a San Antonio, Texas based natural resources investment firm, and McCombs Family Partners Ltd., the investment management division of the family office of Billy Joe "Red" McCombs, in a recapitalization of Dave's Flow Measurement, a natural gas flow measurement and meter tube fabrication company.

  • Served as counsel to FP Holdings, L.P. in connection with multiple deed in lieu of foreclosure transactions relating to defaults of seller-backed financing of condominium units at Palms Place.

  • Represented PAS Technologies Inc. in a squeeze-out merger of PAS Tech Holdings, Inc. and recapitalization by KRG Capital Partners, AlpInvest and Pennant Park, with simultaneous restructure of syndicated senior credit facility, conversion of subordinated debt to equity and equity capital infusion.

  • Represented Bunker Mode, Inc., a San Francisco-based mobile application company, in a master restructuring and equity financing.

  • Represented Big Sandy Holding Co., Inc., a bank holding company, as seller and debtor in its Chapter 11 case in a Section 363 sale of its stock in Mile High Banks and concurrent recapitalization by Strategic Growth Bancorp, Inc. for a total of approximately $100 million. During the 363 process, Big Sandy received a competing bid from a third party, so the transaction involved the first-ever competitive auction of a bank in a Section 363 sale.

  • Represented regional bank in foreclosure of deed of trust and appointment of receiver to preserve the property and sale of commercial buildings in Frisco, Colorado.

  • Represents client to obtain guidance which would facilitate workouts of distressed debt.

  • Represented the purchaser in the $90 million purchase of a portfolio of four apartment complexes in the Denver - Colorado Springs metro areas. Brownstein was Colorado counsel on the acquisition agreement, title and survey review and curative work, water rights due diligence and opinion letters for financing by FHLMC (Freddie Mac).

  • Represented Sage Receivership Services in connection with the receivership for the Hotel Ivy in Minneapolis, MN.

  • Served as Nevada gaming, corporate, real estate and intellectual property counsel in connection with Station Casinos, Inc. and its operating subsidiaries' emergence from bankruptcy. Brownstein also handled the restructuring, including both asset and equity transfers and new organizational documents with the new owners, and new or amended credit facilities.

  • Assisted Ilves Holding Limited with foreclosure of a leasehold deed of trust securing a construction loan for a mixed use project in Fernley, Nevada.

  • Represented Denver Venture School, a public charter school, in the sale of its assets to Envision Schools Colorado in connection with the formation of a new public charter school, Venture Prep. The new school offers a college preparatory curriculum to local students. Brownstein also assisted Denver Venture School with settling outstanding obligations and dissolution of the Denver Venture School entity. The engagement included transaction structuring and consultation with the Board of Trustees on fiduciary obligations in connection with the transaction and the wind down of Denver Venture School.

  • Served as local Nevada counsel in connection with Harrah's Entertainment Inc.'s (now Caesars Entertainment Corporation) restructuring of its multi-billion dollar CMBS debt.

  • Represented Verecloud, Inc., a communications service provider, in its tri-party recapitalization.

  • Represented a private high school in a $12 million workout with bondholders.

  • Represented a major national bank in a workout of a $10 million loan secured by Western Slope hospitals.

  • Assisted Global Employment Holdings, Inc., in drafting and adopting an equity incentive plan and associated designation of a new class of preferred stock.

  • Represented a junior mortgage lender in the $15.5 million acquisition of a senior lender's distressed debt for Lumiere Telluride Hotel, followed by the completion of a deed-in-lieu transaction.

  • Representing the official unsecured creditors committee of a natural gas producer reorganizing in Chapter 11.

  • Assisted Western Athletic Clubs reorganize its corporate structure through internal corporate mergers.

  • Represented the owner of the Landmark Condominiums and a retail mixed-use development in the $30 million DIP financing facility for Hypo Real Estate Capital, priming existing liens.

  • Restructuring of large multi-tiered financing structures secured by major hotel/mixed-use condo/retail real estate developments involving large institutional senior and mezzanine lenders and equity investors.

  • Represented a financial services provider as a secured creditor in bankruptcy court seeking to recover secured property and/or adequate protection of the secured property.

  • Representing the owner of the Landmark Condominiums and a mixed-use retail development in Chapter 11 reorganization.

  • Represented a lender in restructuring a $47 million loan to secure new capital for maintenance and capital improvements for a residential golf community under development through foreclosure.

  • Represented the asset purchaser of a bankrupt consumer product manufacturing company. Brownstein provided guidance through the bankruptcy process.

  • Represented Mercury Companies, Inc., a holding company for title companies in numerous states, in a Chapter 11 adversary proceeding case, obtaining a judgment of over $6 million.

  • Represented Vectra Bank Colorado in drafting and negotiating a deed in a lieu of foreclosure agreement and ancillary documents for a $6.2 million first loan and a $135,000 second loan on development property in the Eagle Brook Meadows Subdivision in Larimer County, Colorado.

  • Represented Lehman Brothers Holdings, Inc. in drafting and negotiating a deed in an aid of foreclosure agreement and ancillary documents for a $11.4 million loan on a resort in Breckenridge, Colorado. Brownstein finalized the deed in aid transaction and Public Trustee foreclosure.

  • Completed Denver Radio Company's $11.7 million asset sale in chapter 11 bankruptcy to Guggenheim Corporate Funding, LLC . The transaction included two Denver radio stations and a radio transmittal tower.

  • Brownstein represents AREA Property Advisors, a hotel portfolio owner, in all aspects of hotel ownership and various operations issues. For more than 11 years, Brownstein has handled AREA Property Advisor's real estate acquisition and disposition, multiple financings as a portfolio or individual property, franchise/license agreements, hotel management agreements, leasing, partnership restructuring and formation, tax credit financing of historic property, and foreclosure and bankruptcy-related advice as well as loan workouts.

  • Represented Fletcher Jones Toyota in the resolution of more than 40 subcontractor lien claims in favor of the Toyota dealership expansion.

  • Represented Opbiz, LLC in the modification of a $800 million loan entailing the rebalancing of the cash reserves from operations for both the borrower and the lender's use.

  • Represented ABN Ambro Bank, N.V. in the sale of a distressed loan secured by real property in Henderson, Nevada.

  • Represented Inner Doorway, Inc., a magazine and journal publisher, in bankruptcy proceedings and the sale of its assets to a strategic buyer who planned to continue the operations.

  • Represented a public temporary staffing and professional employer organization in its recapitalization and going private transaction.

  • Represented a major national bank in a workout of a $10 million loan secured by Western Slope hospitals in Colorado.

  • Represented Denver Radio Company, LLC and its subsidiaries as debtors in Chapter 11 cases, and as borrowers under a debtor-in-possession loan facility.

  • Represented Global Employment Holdings, Inc. in a $120 million recapitalization and public shell merger.

  • Handled the financing transaction for the corporate restructuring of PaperlinX North America, Inc.

  • Represented owner of mixed-use condominium and retail development project in Chapter 11 reorganization and mechanics liens proceedings.

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Meet The Team

Steven E. Abelman Shareholder T 303.223.1102
Joshua M. Hantman Shareholder T 303.223.1216
Michael J. Pankow Shareholder T 303.223.1106
Samuel A. Schwartz Shareholder T 702.382.2101