Most of Bush Kornfeld’s debtor and creditor representations do not require chapter 11 filings or other formal proceedings. Instead, they are successfully resolved on an out-of-court and confidential basis. Bush Kornfeld’s deep experience with the chapter 11 and receivership processes allows us to identify and implement solutions to fit our clients’ needs. Bush Kornfeld has developed a market reputation for structuring and negotiating out-of-court transactions that are cost and time efficient and avoid the risk inherent in chapter 11 or receivership proceedings.
Examples of successful restructures include:
The Seattle Times Company - Successful restructure of long-term debt, as well as other operational and related issues. As a result of the restructure, The Seattle Times remains viable and the sole-surviving daily newspaper in Seattle.
Associated Grocers, Inc. - A large grocery wholesaler with annual revenues of approximately $1 billion, was guided in its efforts to restructure obligations to 17 lenders. Bush Kornfeld negotiated and documented the terms of the restructure, including the refinance transactions that were consummated with an independent lender.
Haggen, Inc. - Represented a Northwest company that owned and operated more than 30 grocery stores with annual sales of nearly $500 million. Completed an overall out-of-court restructuring, with focus on its lease obligations, that left the company profitable with uninterrupted operations.