enterprising value

Bankruptcy & Financial Restructuring


The restructuring of businesses and collection of debt requires more than just a knowledge of the Bankruptcy Code. Dorsey brings to the Bankruptcy and Financial Restructuring group not only experienced bankruptcy lawyers, but also lawyers experienced in mergers and acquisitions, corporate governance, tax law, securities law, finance, business litigation and other disciplines that are critical to the restructuring of viable businesses and assisting creditors and others in preserving their rights. The group handles both transactional and litigation oriented matters and our representation extends beyond debtors and creditors, including fiduciaries, trustees, equity holders and buyers of distressed assets.

Dorsey’s Bankruptcy and Financial Restructuring lawyers represent secured and unsecured creditors, official and ad hoc committees, distressed companies, debtors in possession, acquirors of distressed companies or their assets, investors, suppliers, landlords and tenants, indenture trustees, debtor in possession lenders, specialty lenders, financial services companies, and other participants in reorganization, liquidation and workout proceedings. Members of the group also serve as trustees and receivers, and the group is experienced in representing such fiduciaries. Services related to navigating the restructuring arena are also provided to boards of directors and officers of distressed companies, including advice on such persons’ applicable fiduciary duties. The group’s restructuring advisory services for distressed companies focus on out-of-court restructurings, foreclosures, receiverships and bankruptcy filings under Chapters 7 and 11, including “prepackaged” reorganizations.

The Bankruptcy and Financial Restructuring group regularly advises financially healthy companies on implementing changes to their capital and corporate structures designed to enhance enterprise value. Services are also provided in defending companies and persons sued in distress-related litigation, including avoidance and fraudulent conveyance (“claw-back”) actions and breach of fiduciary duty claims.


Representative Matters
Select Secured Creditor Representations

  • Dennis E. Hecker (D. Minn.) – Representation of secured bank lender in Chapter 7 case and debtor’s related criminal proceedings.
  • General Growth Properties (S.D.N.Y.) - Representation of holder of over $300,000,000 in secured and unsecured debt.
  • DBSI, Inc. (D. Del.) - Representation of holder of $20,000,000 secured claim in case where an intermediate lessor of the property attempted to reject the leases with the tenants on the security property.
  • Opus East, Inc. (D. Del.) - Representation of agent for secured lenders holding $28,000,000 in claims.
  • Opus West, LLC (N.D. Texas) - Representation of agent for secured lenders holding $49,000,000 in claims.

Select Debtor Representations

  • Forcenergy, Inc. (E.D. La.) - Representation of operators of Alaska oil & gas fields (Cook Inlet and Prudhoe Bay) in Chapter 11 reorganization of working interest owner.
  • Distribution Dynamics, Inc. (D. Minn.) Represent debtor in Section 363 sale of substantially all of its assets in two transactions for an aggregate of $35,000,000.
  • North American Bison Cooperative (D. N.D.) - Representation of debtor in restructuring of the largest bankruptcy case in North Dakota history at the time. 

Select Bankruptcy Trustee Representations

  • Patriot Coal Corporation (E.D. Mo.) - Representation of Indenture Trustee.
  • Waterford Funding, LLC (D. Utah) - Representation of Chapter 11 Trustee.
  • Geneva Steel LLC (D. Utah) - Representation of Chapter 11 Trustee.
  • JL Building, LLC (D. Utah) - Representation of Chapter 7 Trustee.
  • Athanasios III, LLC (D. Utah) - Representation of Chapter 7 Trustee.

Select Adversary Proceedings

  • Mortgage Lenders Network, Inc. (D. Del.) - Representation of largest secured creditor and mortgage loan purchaser in comprehensive settlement of claims involving multi-faceted relationship, and on liquidating trust committee following plan confirmation.
  • Alliance Bancorp (D. Del.) - Representation of secured creditor in large preference avoidance action related to pre-bankruptcy termination of mortgage warehouse lending and loan purchase relationships.
  • Petters Company, Inc. (D. Minn.) - Representation of multiple clawback defendants.
  • GenSci Orthobiologics, Inc. (C.D. Cal.) - Representation of holder of $17,000,000 judgment for patent infringement.
  • Farmland Industries, Inc. (W.D. Mo.) - Representation of members of a joint venture in litigation over a $27,000,000 setoff claim and purchaser in a 363 sale of real and personal property.

Select Asset Acquisitions

  • Executive Greetings, Inc. (D. Conn.) - Representation of bidder in Section 363 sale of a business line valued in excess of $25,000,000.
  • Polaroid Corporation (D. Minn.) - Representation of successful purchasers in highly contested asset sale which included distribution of equity interest as part of $89,000,000 bid package.
  • Candescent Technologies Corporation (N.D. Cal.) - Representation of successful bidder for multi-million dollar patent portfolio.
  • Dakota Arms, Inc. (D. Minn.) - Representation of t holder of $9,000,000 unsecured claim and ultimate purchaser of assets.
  • Agway, Inc. (N.D.N.Y.) - Representation of bidder in Section 363 sale of a business line valued in excess of $25,000,000.


Industries & Practices

  • Banking
  • Consumer Financial Services
  • Corporate Trust Services
  • Financial Services Regulatory
  • Foreign Bank Representation
  • Lending Transactions
  • Securities & Financial Services Litigation & Enforcement