Bankruptcy Is Uncharted Territory for Unitranche Lenders
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Bankruptcy Is Uncharted Territory for Unitranche Lenders
By Douglas R. Gooding, Department Co-Chair - Business & Jonathan D. Marshall, Counsel, Choate Hall & Stewart LLP
Since the 1978 passage of the U.S. Bankruptcy Code, the corporate structure and financing arrangements of a typical Chapter 11 debtor have changed dramatically.1 When the Bankruptcy Code was enacted, the assets of a typical debtor were encumbered by a lien held by a single secured...
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Jonathan D. Marshall is counsel in Choate’s Finance & Restructuring group, where he advises financial institutions in a range of complex financial transactions, with a concentration on corporate restructurings and loan workouts. He specializes in advising lenders, troubled companies, and other strategic parties in both in- and out-of-court restructurings. Marshall has advocated for lenders and equity investors in some of the largest Chapter 11 restructurings, including Energy Future Holdings, GMAC/ResCap, Lyondell Chemical Company, Lehman Brothers, and Washington Mutual Inc.
Douglas R. Gooding is co-chair of Choate’s Business Department. He has more than 25 years of experience advising on financing and restructuring transactions, particularly on debtor-in-possession lending and senior, second lien, and mezzanine debt in complex restructurings. He also specializes in advising troubled companies in various industries, including healthcare and retail, and has extensive experience representing insurance providers in mass tort bankruptcy cases. Gooding has appeared in courts throughout the U.S. and Canada and has been appointed mediator in several bankruptcy disputes.
