Business Restructuring Options and Bankruptcy Workout Programs During the Pandemic

Wolfson Bolton is here to help you and your business through these uncertain times. As the experienced legal team so many Detroit area businesses trust, we rolled up our sleeves months ago to work on pandemic restructuring plans. We understand the financial repercussions of the pandemic and know that business restructuring is going to be necessary for many small and large businesses. The consequences of a worldwide coronavirus pandemic are here, now. And we are prepared.

On March 27th, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) amended the Small Business Reorganization Act, to provide small businesses with increased access to bankruptcy. These provisions can provide small businesses with a more efficient and less expensive means of addressing the impacts of the Covid-19 pandemic. The eligibility threshold has been changed from $2,725,625 of debt to $7,500,000 for one year only. Small businesses won’t be eligible after one year.

Our area of expertise is bankruptcy and business restructuring. We are adept in distressed scenarios, and we are putting our debt negotiation and lender negotiation skills to work for businesses in SE Michigan. There are debt reduction options we can guide you through. We are going to help you forge ahead with your business by understanding the SBRA updates, business restructuring options, and bankruptcy options. Our ability to help during this time is essential to your business’ future. Together we will get through this, and we are here for you. Should you need any assistance, please do not hesitate to contact us.

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Corporate Bankruptcy & Reorganization Attorneys Located in Troy, MI

Our Detroit-based practice combines a deep knowledge of corporate restructuring and the Bankruptcy Code with the advocacy skills of our seasoned litigators. You will benefit from our years of experience in courts across the country. We have worked with businesses in multiple industries and have achieved favorable outcomes. Our cases include negotiating forbearance agreements, accommodation and access agreements, and filing bankruptcy petitions under Chapter 11, Chapter 12, and Chapter 7 of the Bankruptcy Code, when necessary.

Debtor Representation

We can assist your company no matter how large or small. We strive to find creative solutions that maximize value for all constituents while maintaining a holistic approach to debtor-side cases by focusing on how a company will exit a bankruptcy case before we file one. We have successfully represented debtor companies in sale transaction and restructuring Chapter 11 bankruptcy cases. There is even more opportunity for Wolfson Bolton to assist smaller companies with the Small Business Reorganization Act of 2019, which allows small businesses to reorganize in Chapter 11 in a less costly and more expedient manner as compared to typical Chapter 11 cases.

Who Do We Represent?

As one of Michigan's leading law firms, we have represented a wide range of parties in complex bankruptcy and reorganization proceedings, including out-of-court workouts, assignments for the benefit of creditors, and receiverships.

Debtors
Trustees
Receivers
Secured Creditors
Unsecured Creditors
Equity Holders
Landlords
Tenants
Asset Purchasers
Lessors
Creditor's Committees

Corporate Bankruptcy Attorneys in Metro Detroit | Business Reorganization Law Firm - image-content-scales

Creditors' Rights

Our professionals represent secured and unsecured creditors in and out of court. Our services include loan workouts, forbearance agreements, all aspects of U.C.C. Article 9, as well as representation in bankruptcy court and judicial enforcement.

We are well-versed in commercial debt collection practices and are creative in finding ways for our clients to recover. Our proficiencies include claim and delivery/replevin actions, corporate veil piercing, receiverships, fraudulent transfers, preferential transfers, reclamation, creditor examinations, garnishments, and foreclosures. We also have experience successfully petitioning uncooperative debtors into bankruptcy by filing an involuntary bankruptcy petition against them.

Our attorneys have represented many formal and informal unsecured creditors’ committees, including:

VPH Pharmacy, Inc. - Lead Counsel in bankruptcy of closed-door pharmacy that provided medications and consulting services to approximately 60 different assisted living centers, foster care facilities, retirement communities, and long-term care facilities.
Frank W. Kerr Company - Successfully prosecuted involuntary bankruptcy petition against pharmaceutical wholesaler with sales in excess of $300 million annually pre-bankruptcy; served as Michigan Counsel to Official Committee of Unsecured Creditors in converted Chapter 11 case.
Lee Steel Corporation - Lead Counsel in bankruptcy of steel producer with pre-bankruptcy sales in excess of $115 million.
Richfield Equities, L.L.C. - Lead Counsel in bankruptcy of a vertically-integrated solid waste collection, transfer, disposal, and recycling company with operations in Michigan.
Trans-Industries, Inc. and Affiliates - Lead Counsel – Debtors were among the first and largest public companies to file for bankruptcy after the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
Hog Brothers Recycling, LLC - Lead Counsel in bankruptcy of metals recycler with annual sales of $200 million shortly before bankruptcy.

Steel Parts Corporation - Lead Counsel - obtained $600,000 payment from Debtor's pre-petition lender on threatened fraudulent conveyance action without filing a complaint.
Waste Reduction by Waste Reduction - Lead Counsel in bankruptcy of hazardous and radioactive waste disposal company – obtained dividend to unsecured creditors through strategic involvement in sale process.
DriveSol Worldwide, Inc. and DriveSol Global Steering, Inc. -Lead Counsel for Informal Committee in out-of-court liquidation of global automotive manufacturer. Obtained significant dividend to unsecured creditors through discovery of lender's failure to record mortgages on several parcels of real estate in three states.
Empire Coach Enterprises - Lead Counsel in bankruptcy of limousine manufacturer.
Billy Bob's Gameroom Furnishings - Lead Michigan Counsel – negotiated dividend to unsecured creditors two times that required by Debtor's plan.

Wolfson Bolton Lawyers Have The Experience To Navigate Your Business Through Corporate Bankruptcy and Restructuring

If you are searching for a law firm to represent your business through complex legal matters in the Metro Detroit area, or nationwide, your first call should be to Wolfson Bolton. Our reputation was built on delivering the highest quality legal services with an unwavering dedication to our clients’ success.