Turnaround & Workout
Winstead’s nationally recognized Turnaround & Workout Industry Group is one of the largest workout and reorganization practices in Texas and the southwest. From our representation of diverse creditors and investors across the nation, Winstead’s workout attorneys have extensive experience in all types of turnaround and workout matters. We also have considerable experience representing creditors and other stakeholders in out-of-court financial restructuring, as well as pre-bankruptcy negotiation and strategy.
Crafting and negotiating powerful and innovative solutions is the hallmark of Winstead’s Turnaround & Workout Industry Group. Led by a unique group of banking, bankruptcy, litigation, real estate and corporate finance professionals, our team can help achieve results during times of financial distress. Winstead’s turnaround and workout attorneys are creative strategists who use their knowledge of law and business to resolve business issues, both in court and out of court. We offer the professional resources, perspective and proven approaches to help our clients navigate through and around a variety of unexpected challenges.
Winstead’s Turnaround & Workout Industry Group features:
- A responsive, creative approach to quickly dealing with troubled assets
- Experience with asset restructure or recovery with many sophisticated asset structures
- Current/accessible training for practical handling of troubled assets
- A “Win-Win” approach combined with our proven abilities in negotiations. This approach creates strong bargaining positions and builds consensus in potentially hostile and litigious environments.
- Multidisciplinary legal team comprised of transactional, bankruptcy, litigation and other lawyers
- Key resources in the field of business restructuring
- Invaluable experience gained from years of representing creditors, debtors and other parties
We work collaboratively across other Winstead practices to resolve your business issues efficiently and effectively. We leverage our bankruptcy, banking, real estate, corporate, securities, tax, environmental, and other experience to support, document, and close transactions arising in the restructuring and bankruptcy area. The principal areas of our firm-wide practice have always included workouts, restructures and bankruptcy representation, as well as foreclosure/deeds in lieu, loan sales, assignments and participations. In this regard, our depth of experience is unparalleled.
Representative Clients and Transactions
- Commercial Banks
- Lender Syndicates and Agents
- Institutional Investors
- Indenture Trustees
- Bondholders and Bondholder Groups
- Asset-Based Lenders
- National Portfolio, CMBS & CDO loan servicers
- Official Creditors Committees and Ad Hoc Committees
Our representative transactions include:
- Administrative Agent, private company, coal mining and exploration
- Administrative Agent, Western Refining, Inc., refining
- Administrative Agent, private company, news media
- Administrative Agent, Yukos Oil Company
- Administrative Agent, Energy Partners, Ltd. Et al
- Bondholder Group, ASARCO LLC, mining and refining
- Debtor, American Plumbing & Mechanical, Inc., plumbing and HVAC contractors
- Equity investor, Fayetteville-Floyd Gas Co.
- Indenture Trustee, Mirant Corporation, power generation and marketing
- Indenture Trustee, Ecogas McCommas Bluff, Inc., alternative energy
- Lender, private company, cotton merchant
- Lender, private company, real estate development
- Lender, Neumann Homes, Inc., home building
- Lender, SemCrude, L.P. / SemGroup Holdings L.P., oil and gas transportation, storage, and distribution
- Lender, Redwine Resources, Inc.
- Lender, Centennial Beverage Group, LLC
- Lender, Patman Drilling International, Inc., oil and gas drilling
- Lender, Bristol Resources, oil and gas exploration and production
- Unsecured Creditors Committee, Gulf Coast Holdings, Inc. dba Unidynamics, Inc., government contractor
- Administrative Agent, DIP Agent, Pillowtex Corporation, textiles
- Administrative Agent, DIP Agent, Encompass Services Corporation, contracting service
- Administrative Agent, DIP Agent, Pinnacle Towers, Inc., telecommunications
- Administrative Agent, AmeriServe Food Distribution, Inc., food distribution
- Administrative Agent, Metals USA, Inc., metal supply company
- Administrative Agent, DIP Agent, Birmingham Steel Company, steel manufacturing
- Administrative Agent, DIP Agent, ProMedCo Management Co., physicians’ practice management group
Restructuring troubled assets presents unique challenges, including:
- Audit of loan documentation and lender files
- Lender liability concerns
- Bankruptcy considerations
- Regulatory requirements
- Control of assets and cash flow
- Tax implications
- Leasing issues
- Environmental concerns
- Analysis of other lien positions, including intercreditor agreements and participations and other co-lending arrangements
- Analysis of potential third-party complications
Problem assets require a quick response, quality advice, creative solutions and decisive action. This calls for an experienced, collaborative and interdisciplinary approach — using the right resource at the right time — in order to restructure the investment or to maximize recovery rates. Our Turnaround & Workout Industry Group has documented and negotiated virtually every kind of loan restructure including:
- Term loans
- Revolving loans
- Construction loans
- Permanent loans
- Wraparound loans
- Bond and public financed loans
- Leasehold loans
- Equipment-financing loans
- Participated, syndicated and club loans
- Debtor-in-possession loans
- A/B loans
- Senior and mezzanine loans
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