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Creditor and Creditors' Groups

Thompson & Knight attorneys often represent creditors in connection with workouts, reorganizations, or bankruptcies. In our representation of individual creditors, we have obtained a high degree of experience in litigating matters on behalf of creditors, including defending preference, avoidance, and fraudulent transfer litigation, as well as officer and director litigation.

Overview

Thompson & Knight attorneys often represent creditors in connection with workouts, reorganizations, or bankruptcies. In our representation of individual creditors, we have obtained a high degree of experience in litigating matters on behalf of creditors, including defending preference, avoidance, and fraudulent transfer litigation, as well as officer and director litigation.

Our services for individual creditors include:

  • Classification of claims
  • Issues regarding enforcement of liens and mortgages
  • Protection of cash collateral and enforcement of lien rights
  • Enforcing rights under executory contracts, especially in intellectual property and recently in telecommunications cases
  • Enforcing ownership rights against the debtors’ assertions that ownership is “discharged” in bankruptcy
  • Filing plans of reorganization and, when appropriate, opposing confirmation of the debtor’s plan of reorganization

Creditors’ Committees

An important part of any Chapter 11 bankruptcy is the creditors’ committee, which speaks for the general unsecured creditors. Thompson & Knight has a long and distinguished history of assisting creditors’ committees in achieving favorable results. We represent committees in and out of court and represent clients serving on committees. Our attorneys often assist committees in evaluating options, negotiating with debtors and senior secured lenders, and locating previously unknown assets. We have represented numerous creditors’ committees in Chapter 11 cases of large and small public and private companies in the energy (upstream, midstream, and downstream), retail electricity, industrial, commercial real estate, retail, airline, telecommunications, computer, and Internet industries.

Our bankruptcy attorneys have also assisted creditors’ committees as counsel and special counsel in all types of bankruptcy and insolvency litigation matters, including officer and director lawsuits brought for the benefit of the debtor, avoidance, preference, and fraudulent transfer litigation. In addition, we provide counsel to committees regarding pension plan issues and environmental issues. Our attorneys are extremely experienced in asset valuation litigation and litigation involving equitable subordination and substantive consolidation issues.

Ranked among the top firms in Texas for Bankruptcy/Restructuring in Chambers USA 2019 by Chambers and Partners

National tier-one ranking in Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law in “Best Law Firms” 2019 by U.S. News-Best Lawyers®

Represent creditors in workouts, reorganizations, and bankruptcies in and out of court

Experience

  • Represented the Official Unsecured Creditors’ Committee in the Delaware Chapter 11 case of Endeavour Operating Corporation et al., an upstream producer with greater than $1 billion of liabilities
  • Represented the senior secured creditor in the Gulf Fleet Holdings, Inc. bankruptcy case and participated in the Sec. 363 sale of all assets of this workboat operator in the Gulf of Mexico
  • Represented the Official Unsecured Creditors Committee in the Monitor Oil PLC bankruptcy case
  • Represented creditors and contract counter-parties in the Lehman Brothers Inc. (SIPA) and Lehman Brothers Holdings, Inc. bankruptcy cases
  • Received worldwide recognition for our aggressive representation of an informal committee of Enron North America creditors, which were among the most active creditor groups in the Enron bankruptcy case
  • Represented the Official Unsecured Creditors’ Committee of Reichmann Petroleum in a case consolidated in the Southern District of Texas, Corpus Christi Division
  • Represented secured and unsecured creditors as well as a counter-party to a production payment in the TransTexas Gas Corp. case, in which we sought and obtained a transfer of venue from Wilmington, Delaware to Texas
  • Represented Marathon, at one time the largest manufacturer of jack-up drilling rigs in the world, as a creditor in many oil and gas bankruptcies and contract disputes
  • Represented the creditors’ committee in a Chapter 11 involving a multimillion-dollar television and media concern
  • Represented a creditors’ committee member in a $1.5 billion subprime warehouse lender bankruptcy
  • Represented a creditors’ committee in the Chapter 11 proceeding of a multimillion-dollar dairy in south Texas
  • Represented the creditors’ committee in the case of a multimillion-dollar oil and gas company that filed as a Chapter 7; obtained conversion to Chapter 11, obtained confirmation of the committee’s plan, and assisted the committee in managing the company for several years before selling the assets for a substantial profit
  • Frequently negotiate and obtain the confirmation of a committee plan as an alternative to the debtor’s plan