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Distressed Investments

Ice Miller's Distressed Investment Group advises investment funds, private and institutional investors, lenders, private equity firms, operators and other interested parties in all aspects of strategic distressed investing and operations.

The Distressed Investment Group is comprised of attorneys experienced in corporate restructuring, finance, real estate, mergers and acquisitions, corporate, tax and other practice areas. We focus on distressed investment strategies and transactions, including bankruptcy and in-court restructurings, out-of-court restructurings, and other insolvency-related transactions. Our attorneys have significant experience advising clients on loan-to-own strategies, debt restructurings, debtor-in-possession and exit financings, claims trading, distressed real estate acquisitions, section 363 sales, rescue capital deployment and other investment situations.
Our interdisciplinary approach brings to bear a deep bench of practitioners who represent clients across a broad cross-section of industries and sectors, including real estate, health care, retail and hospitality, among others, and provides us with a unique edge over our competitors. Our primary objective for every client is to maximize the return on each investment in the most efficient and effective manner possible.
Bankruptcy Transactions

We represent sophisticated private equity, hedge fund, strategic and institutional investors, as well as other businesses and individuals, in distressed merger and acquisition activities, including section 363 sales (whether as a “stalking horse bidder” or auction participant) and acquisitions consummated by chapter 11 reorganization plans. We advise clients in developing and implementing investment and financing strategies, including “loan-to-own” and credit bidding that would allow the lender to emerge with equity pursuant to a confirmed plan of reorganization, as well as advising investors on bankruptcy claims trading investment strategies.

Ice Miller represents lenders in complex financings, including debtor-in-possession and exit facilities. We provide advice on transactions on and across the debtor’s capital structure, including senior and junior secured debt, term, revolving and bridge loans, and subordinated mezzanine or other subordinated debt. Our interdisciplinary approach and deep experience in lender financing and bankruptcy enables us to handle all issues that arise in distressed transactions.
Transaction Financing

In addition to representing lenders in complex financing transactions, we frequently serve as bond counsel, issuer's counsel, bank counsel and underwriter's counsel in a variety of taxable and tax-exempt municipal financings involving hospitals, health systems, senior living providers, single- and multi-family housing projects, airports, 501(c)(3) organizations, state and local governmental issuers and municipal power agencies. We assist in all phases of the borrowing process, including advice on permissible financing structures and federal tax and securities matters, preparing financing and disclosure materials and assistance with post-issuance compliance matters. When issues of insolvency and financial covenant compliance arise, we work with borrowers, investors, bondholders, trustees and other market players to navigate the required waivers, forbearances and restructuring either under the Bankruptcy Code or out of the court. We leverage our nationally recognized municipal finance practice as an integral component of our multi-disciplinary team to help clients capitalize on distressed opportunities. Further, our strong relationships with financial advisory firms, financial institutions and industry groups in the municipal market provides us with a network of information and resources to best serve our clients.
Out-of-Court Transactions

In certain circumstances, a distressed investment strategy may be pursued in an out-of-court transaction, consisting of a workout, debt or operational restructuring, refinancing, acquisition, or recapitalization. Our attorneys are experienced in determining the feasibility of out-of-court restructurings, with a keen understanding of capital structure and existing creditor, intercreditor, and lender relationships. We take a creative, strategic, and multidisciplinary approach, providing comprehensive advice on the restructuring process, structuring the transaction, managing corporate governance consistent with fiduciary duties and applicable law, and considering tax and other restructuring implications.
Distressed Real Estate

Our Distressed Investment Group has significant experience representing private and institutional investors, including private equity real estate funds and REITs, developers and operators in the acquisition, redevelopment and operation of distressed real estate across various asset classes. We have significant experience in assessing the target’s capital structure, including its outstanding debt and equity securities and structured finance securities, such as commercial mortgage backed securities (CMBS) in the real estate sector.

We also represent secured and unsecured creditors, acquirers, and other clients in chapter 11 cases, defaulted-loan litigation, workouts, debt and equity restructurings and recapitalizations, note purchase loans, foreclosures, deeds in lieu of foreclosure, Article 9 sales, assignments for the benefit of creditors, and receiverships. With significant experience and depth in distressed investing, we are well-suited to provide creative, cost-effective and strategic advice for the consummation of successful transactions in the distressed real estate market.
Stressed Out! Industry Leaders on the 2021 State of the Market

The COVID-19 world has thrust profound challenges upon the real estate market. The retail market struggled through the 2008 recession and was resuscitated on the backs of experiential shopping and programming. COVID-19 shutdowns and reduced demand has caused a cascade of chapter 11 retail bankruptcies and store closures expected to hit landlords and then the credit industry. In other industries such as hospitality, demand decline hit hard and fast and continues to persist. The residential markets have witnessed unprecedented governmental intervention with eviction moratoriums and similar prohibitions. With all these stressors, where are we and where are we going? Ice Miller's Phillip Coover and Louis T. DeLucia, along with market leaders in distressed real estate, discussed these issues and more on Thursday, January 7, 2021 at 11 a.m. CST. A copy of the webinar recording is available here.

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Name Position Phone Email
Jay Augustyn Partner 312-726-7317
Maria Bazakos Partner 312-726-7140
Diane Bell Partner 312-726-8157
Jason Berne Partner 312-726-2586
Christopher A. Bordoni Partner 212-824-4956
John David Burke Office Managing Partner 312-726-8148
Edward Buxbaum Partner 410-951-5871
John Cannizzaro Partner 614-462-1070
Phillip Coover Partner 312-726-6270
Tyson A. Crist Partner 614-462-2243
Louis T. DeLucia Partner 212-835-6312
Matt Ehinger Partner 317-236-2183
Alyson M. Fiedler Partner 212-835-6315
Christina Laun Fugate Partner 317-236-2374
George A. Gasper Partner 317-236-2275
Brian W. Harvey Partner 212-835-6329
Jeff Hokanson Partner 317-236-2236
Kevin Hroblak Office Managing Partner 410-951-5874
Brent W. Huber Partner 317-236-5942
Tyler J. Kalachnik Partner 317-236-2116
Thomas Kesoglou Partner 212-824-0012
Jacqueline Lesser Partner 215-982-5165
Safet Metjahic Partner 212-824-4943
Laurie Miller Partner 630-955-6398
David Nie Partner 317-236-2377
John H. Oberle Partner 614-462-2227
Amir Ovcina Partner 312-726-2564
Samuel Raboy Partner 212-835-6318
Eric L. Singer Partner 630-955-5826
Scott Snively Partner 317-236-2375
Taryn E. Stone Partner 317-236-5872
Chase A. Stuart Office Managing Partner 212-824-0013
Mike Tirman Partner 312-705-6010
J.C. Brown Of Counsel 312-726-6264
Philip C. Genetos Senior Counsel 317-236-2307
Michael Ott Of Counsel 312-726-7103
Kevin C. Woodhouse Senior Counsel 317-236-2154
Chelsea Abramowitz Associate 212-824-4954
Nathan “Nate” Basalyga Associate 212-824-4964
Dylan Cattie Associate 312-726-7135
Meredith Heim Associate 312-705-6006
Sakshi Jain Associate 312-726-6254
Simone Park Associate 212-835-6302
John Acquaviva Paralegal 212-835-6324
Marita Clarke Practice Group Director 317-236-5847
Kim Stapleton Sales Manager 312-726-8106
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