Client Successes

From Bankruptcy to Successful Sale

Our lawyers represented a major Japanese trading company seeking to purchase operating assets of a key software supplier out of a U.S. bankruptcy proceeding.

In re Fort Hill Square Associates

Our lawyers represented the managing general partners of the debtors, who own One and Two International Place, the largest commercial office building complex in downtown Boston. The debtors had pre-petition debt in excess of $600 million. Following extensive plan and cram-down litigation with the primary secured lender, the debtors successfully emerged from bankruptcy in conjunction with an over $700 million recapitalization, with unsecured creditors receiving 100% of their claims and our clients, the general partners, retaining significant ownership interests in, and day-to-day management of, the reorganized debtors.

In re Glycogenesis

Our lawyers represented Marlborough Research and Development, Inc., now known as Prospect Therapeutics, Inc., an affiliate of a West Coast private equity fund, in connection with its successful purchase of the majority of the assets of Glycogenesis, a publicly-traded biotechnology company based in Massachusetts. Following a two-day contested evidentiary hearing, the Court rejected the attempts of the debtor’s founder to prevent the transfer of a patent license, and approved the sale to our client.

In re Malden Mills Industries

We represented the creditors’ committee in the 2001-2003 Malden Mills Chapter 11 reorganization. Malden Mills, one of the largest privately held companies in Massachusetts, restructured approximately $180 million in secured and unsecured debt. The court confirmed a consensual plan of reorganization between the debtor, the unsecured creditors and the company’s senior secured lenders, which provided unsecured creditors with a substantial cash dividend and part ownership of the reorganized company. Our lawyers continue to represent the creditors trust established under the plan in post-reorganization matters, more recently in connection with the company’s 2007 bankruptcy filing. We prosecuted the much publicized motion that led to the transfer of the 2007 bankruptcy proceedings from Delaware to Massachusetts.
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