Bankruptcy and Financial Restructuring

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Briggs and Morgan’s Bankruptcy and Financial Restructuring Practice Group is one of the Twin Cities’ premier bankruptcy, workout and creditors’ rights practices. Our attorneys have represented secured and unsecured creditors, trustees, real estate and equipment lessors, insurers, creditors' and equity committees, business debtors, boards of directors, post-confirmation entities, and other interested parties in chapter 11 bankruptcies and workouts across the country. We have also represented parties in complex creditors’ rights and insolvency-related litigation, including matters involving the Uniform Commercial Code, Ponzi schemes, receiverships, foreclosures, leasing, director and officer liability, preferences, fraudulent transfers, and collections.

We understand that bankruptcy and workout often require both transactional and litigation skills. That is why our attorneys are both deal-makers and trial attorneys. We can negotiate and close highly complex distressed transactions, or litigate and try cases to conclusion in bankruptcy courts, as well as state and federal courts. Calling upon those in the firm with experience in related disciplines such as litigation, real estate, corporate governance, securities law, and mergers and acquisitions, and utilizing paraprofessionals when possible, Briggs and Morgan’s Bankruptcy and Financial Restructuring Practice Group consistently provides its clients with effective, goal-oriented representation in all types of bankruptcy and workout matters.

We assist clients in the following areas:

Bankruptcy and Bankruptcy Litigation

  •  Secured creditors
  •  Unsecured creditors
  •  Committees
  •  Lessors/lessees
  •  DIP lenders
  •  Adversary proceedings

Creditors’ Rights and Financial Litigation

  •  Participant litigation
  •  Lender liability
  •  Collections
  •  UCC Article 9 litigation
  •  Receiverships
  •  Attachment

Distressed Transactions

  •  Distressed M&A
  •  Bankruptcy acquisitions
  •  Contract amendments
  •  Auctions
  •  UCC Article 9
  •  Zone of insolvency

Restructuring and Workout

  •  Forbearance
  •  Surrender of collateral
  •  Friendly foreclosures
  •  Workout negotiations
  •  Loan amendments
  •  Assignments for the Benefit of Creditors

Real Estate and Foreclosure

  •  Foreclosures
  •  Deeds in lieu
  •  Unlawful detainers
  •  Lease amendments
  •  Voluntary foreclosure

Ponzi Scheme Defense

  • Bankruptcy litigation
  • Receivership litigation
  • Complex discovery
  • Ancillary motion practice
  • Appeals

Representative Matters

  • Defended agricultural commodity trader in preference actions and in defending claim objections in Chapter 11 bankruptcy cases across the country. 
  • Defended national bank in fraudulent transfer "clawback" actions arising under the bankruptcy code and uniform fraudulent transfer act in relation to bankruptcies filed by companies running an alleged Ponzi scheme.
  • Defending national manufacturer of boat parts in preference and fraudulent transfer actions in bankruptcy court.
  • Ongoing counsel of financial institution in fraudulent transfer litigation arising out of Ponzi schemes. Representation includes internal investigations and development and implementation of legal strategies.
  • Represent agent bank in $100 million syndicated loan workout and subsequent bankruptcies involving large national lumber company
  • Represent global agricultural industry client in bankruptcy adversary proceeding and defense of proof of claim involving contract cancellation and offset as a forward contract merchant under the bankruptcy code.
  • Represent national bank in connection with multiple bankruptcies stemming from tax fraud conviction of Minneapolis-based real estate developer
  • Represent regional bank as creditor in individual chapter 7 and 13 bankruptcy proceedings, including seeking relief from stay, reaffirmation, defending property valuation and lien stripping motions, and pursuing issues relating to bankruptcy plan terms.
  • Represented and successfully defended student loan lenders and servicers in bankruptcy adversary proceedings related to discharge of student loan debt.
  • Represented a national bank and affiliates as creditors in receivership involving a $3.5 billion Ponzi scheme and in related Chapter 11 bankruptcies.
  • Represented Chapter 11 debtor in Minnesota-based reorganization of first air carrier to file bankruptcy post-9/11, resulting in sale of airline.
  • Represented national bank as secured lender in Chapter 11 Bankruptcy proceedings for large-scale commercial real estate entities. Successfully obtained conversion of case to Chapter 7 and favorable plan and sale terms.
  • Represented national bank in $15 million workout with large steel fabricator.
  • Represented national bank in connection with a $10 million workout involving preeminent residential play equipment manufacturer.
  • Represented private lender and affiliates as creditors in receivership involving $3.5 billion Ponzi scheme and in related Chapter 11 bankruptcies in Minnesota.