Bankruptcy and Corporate Reorganization

Potter Anderson & Corroon has represented parties in virtually every major Chapter 11 bankruptcy case filed in Delaware over the last twenty years, and in many other major cases around the country.  Our breadth of experience enables us to bring unique insight to our clients.

The clients we serve represent the full range of participants in bankruptcy cases, including official and unofficial creditor committees, banks and other financial institutions, debtor-in-possession financiers, equipment lessors, landlords, trade creditors, acquirers of assets and shareholders, with work for debtors and/or trustees and plan administrators.  These representations span a host of troubled industries including, airlines, automotive manufacturing, retailers, health care, steel and telecommunications.  In each engagement, we offer creative solutions and a practical approach to the client’s specific bankruptcy situation. 

The firm has represented key constituencies in many “mega” bankruptcy cases beginning with its engagement as counsel to the Official Committee of Equity Holders of Continental Airlines Holdings, Inc. to its more recent engagement by the local incumbent exchange carriers of AT&T Inc. (f/k/a SBC Communications Inc.) in multiple bankruptcy cases in the telecommunications industry, including the cases of Birch Telecom, Inc., Cable & Wireless USA Inc., CoreComm Inc., Genuity, Inc., PSI Net, Inc. and Winstar Communications Inc.   

Potter Anderson & Corroon has a robust bankruptcy litigation practice and is regularly engaged to represent clients in complex commercial litigation spawned by bankruptcy cases, including valuation proceedings, fraudulent conveyance cases, corporate breach of fiduciary duty cases and multi-million dollar preference actions.  

The firm also practices in other creditors’ rights areas including out-of-court restructurings/workouts, state law receiverships and dissolutions, state law foreclosure and secured transactions.  The Bankruptcy & Corporate Reorganization group also assists our Corporate Counseling group in providing opinions to the financial community in such areas as substantive consolidation, fraudulent conveyances, and bankruptcy remote entities.

The Bankruptcy & Corporate Reorganization group is chaired by Laurie Selber Silverstein who has been recognized by Chambers USA: America's Leading Lawyers for Business since its inception as “smart and aggressive” and “the first point of call for unsecured creditors,” and the group has been recognized as “industrious and tenacious.”  Recently, the group added Steven M. Yoder, a former shareholder and director at The Bayard Firm, to lead the firm's representations of debtors and will also represent official committees in large commercial bankruptcies.  The addition of Mr. Yoder, also recognized by Chambers USA: America's Leading Lawyers for Business for his "network of contacts" and his "aggressive and savvy style in court," adds expertise in the debtor area to an already outstanding group. The group works closely with attorneys in the firm’s corporate, general business, general litigation and other departments to meet its clients’ needs.

Representative Matters

  • Canadian Imperial Bank of Commerce, as agent for the prepetition and postpetition lenders in the Metalforming Technologies, Inc. bankruptcy case.
  • Norfolk Southern Corporation, the largest creditor and a multi-million dollar preference defendant in the National Steel Corporation bankruptcy case.
  • International Lease Finance Corporation, the largest aircraft lessor in the FLYi, Inc bankruptcy case.
  • The Official Committee of Unsecured Creditors in multiple matters, including the bankruptcy cases of:  Aurora Foods, Inc., Epic Capital Corporation, Decora Industries, Inc., Mid-American Waste Systems, Inc., Amerilube, Inc., Camelot Music, Inc., Edisto Resources Corporation, The Icing, Inc. and Favorite Brands, Inc.
  • Debtor/Trustee Representations, including:  Avoca Natural Gas Storage, DR Holdings of Delaware, Golden Ocean Group Limited, One-Stop Pre-paid Cellular, Pancoastal, Inc. Wolleyhan Transport Company.