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Louis T. DeLucia is a partner in and chair of Ice Miller’s national Bankruptcy & Financial Restructuring Practice, focused on providing clients facing distressed situations with creative, strategic and cost-effective solutions that both minimize risk and maximize areas of potential opportunity and recovery.

Chambers USA reported that “Louis DeLucia offers clients experience in all areas of insolvency, corporate debt restructuring and bankruptcy litigation. His ability to isolate key issues in a case is highlighted by clients as a major asset of his practice.”

Louis has successfully represented a diverse group of clients that includes leading financial institutions; agents for bank syndicates; DIP lenders; indenture trustees; unsecured creditors’ committees; equity committees; asset purchasers; lenders to franchisors and franchisees; hedge funds; private equity funds; bondholders; governmental entities; corporations and shareholders; trustees, receivers and assignees; and debtors and creditors.

“Louis DeLucia has earned a commendable recognition of his hard work in representing lenders, distressed borrowers and creditors’ committees. Such a broad practice has led to his involvement in cases across the country,” wrote Chambers USA.

His representation encompasses a wide range of issues, including complex Chapter 11 cases; bankruptcy and creditors’ rights related litigation in state and federal courts; liquidation proceedings; cross-border insolvency proceedings; non-judicial loan restructuring, workouts and other alternatives to the bankruptcy process; and state court asset recoveries and foreclosures.

Louis has handled major bankruptcy cases across the country, including New York, New Jersey, Nevada, Pennsylvania, Delaware, Texas, Illinois, Florida, Connecticut, Kentucky, Virginia, Vermont, California and other jurisdictions.

Louis’s substantial experience in securities fraud enforcement actions, receiverships and state insolvency proceedings led to his court appointment as receiver in one of the largest securities fraud cases brought by the Bureau of Securities of the state of New Jersey and as counsel in Delaware to the Chapter 11 trustee of four corporate debtors involved in a complex multi-jurisdictional securities fraud scheme. Louis regularly represents securities fraud receivers in similar cases commenced by state regulators.

A nationally recognized thought leader, Louis lectures often on bankruptcy and related insolvency matters. He has published articles in leading bankruptcy and banking publications, and is a contributing editor to Banking and Lending Institution Forms on Loan Workouts and is an active member of the American Bankruptcy Institute (ABI), the Turnaround Management Association (TMA), State Bar Associations and related professional organizations.

He is repeatedly recognized in New York Super Lawyers for bankruptcy.

 

Reported and Representative Cases
Representation in National Cases:
  • Toys ‘R’ Us, Inc., et al. Represented one of the largest vendors to the Toys ‘R’ Us, Inc. debtors, and actively serving as one of four firms on the ad hoc merchandise vendors’ group negotiating the resolution of more than $800 million in unpaid administrative claims in one of the largest retail bankruptcies in US history.
  • Hanjin Shipping Co., LTD. Represented beneficial cargo owner in one of the largest Korean shipping bankruptcies in history
  • Suntech America, Inc.et al. Represented one of the world’s largest solar panel manufacturers and Chairperson of the Official Committee of Unsecured Creditors holding a claim of more than $143 million.
  • Diocesan Bankruptcies. Represented provider of liability coverage in diocesan bankruptcies, including the Diocese of Duluth, the Archdiocese of St. Paul and Minneapolis, the Roman Catholic Bishop of Great Falls Montana and others.
  • Lombard Public Facilities Corporation. Represented the indenture trustee on more than $200 million of debt in a successful reorganization confirmed in 2018.
  • Detroit Chapter 9 Proceedings. Represented executory contract party that managed the City’s transportation system and provided other pre- and post-bankruptcy services to the City.
  • RadioShack Corporations. Represent landlord on multiple unexpired leases/licenses and other pre-petition creditors.
  • Suntech America, Inc., et al. Represented one of the largest unsecured creditors and Chairperson of the creditors’ committee.
  • Ashley Stuart Holdings, Inc. Represented landlords.
  • MF Global. Represented various investors.
  • Conseco, Inc. Represented Indenture Trustee of a $200 million indenture.
  • Lehman Brothers. Represented contract counterparties under repurchase agreements on subprime lending transactions.
  • Continental Airlines. Represented the First Series Indenture Trustee.
  • Delta Airlines. Represented subsidiary of Goldman Sachs.
  • Houlihan’s In re Gilbert Robinson. Represented the unsecured creditors committee representing more than $200 million of debt.
Lenders, Indenture Trustees, Bondholders and Funds:
  • Counsel to Indenture Trustee in Lombard Public Facilities Corporation case in the Northern District of Illinois on more than $200 million of debt in successful reorganization confirmed in 2018.
  • Counsel to First Manhattan Development REIT in connection with its $106 million loan secured by a New York apartment building in the 785 Partners, LLC case in the Southern District of New York, obtaining full recovery, including title to the building and a multi-million dollar cash payment.
  • Counsel to the Note-A Senior Lenders in the workout of a $124 million loan facility secured by one of the largest luxury condominium developments in Orlando Florida.
  • Counsel to privately held $225 million exotic, high-end vehicle financing and leasing company in virtually all aspects of its business.
  • Counsel to Indenture Trustee for the 93/94 Noteholders, under two $200 million indentures in the $6.5 billion bankruptcy of Conseco, Inc., et al., the then third largest bankruptcy proceeding in United States history, in the Northern District of Illinois, which resulted in a 100% distribution to all noteholders.
  • Counsel for the First Series Indenture Trustee for approximately $100 million in secured equipment certificates in the Continental Airlines, Inc. bankruptcy case.
  • Counsel to the single largest bondholder in the Trump Taj Mahal, Inc. and the Western Union (In re New Valley Corp.) cases in the District of New Jersey.
Committees:
  • Counsel to one of the world’s largest solar panel manufacturers and Chairperson of the Official Committee of Unsecured Creditors in the Suntech America, Inc. et al. Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware, holding a claim of more than $143 million.
  • Counsel to the creditors’ committee in the Chapter 11 filing of a newly developed $160 million New York hotel and condominium building, resulting in a 100% recovery for unsecured creditors.
  • Counsel to the creditors’ committee in Select Nutrition Distributors, Inc., et al., the then third largest distributor of health supplements in the country, in the United States Bankruptcy Court for the Eastern District of New York.
  • Counsel to the creditors’ committee in Hibbard Brown (a “penny stock” brokerage bankruptcy firm with more than $100 million in stock fraud and manipulation claims) in the Southern District of New York.
  • Counsel to the creditors’ committee in the Gilbert Robinson, Inc., G/R/ Holding Corp., Inc. (the Houlihan’s restaurants case), a $200 million Chapter 11 proceeding in the Southern District of New York.
  • Counsel to the creditors’ committee in Dreis and Krump Manufacturing Company, a mass tort/product liability case in the Northern District of Illinois that culminated in a confirmed plan patterned after the Piper Aircraft present and future claims trusts, garnering national press.
  • Counsel to the creditors’ committee in Berk and Berk (unsecured creditors received a 100 percent dividend in a successfully reorganized Chapter 11 case after the restructuring of more than $30 million in HUD secured debt).
  • Counsel for special committees such as the Ad Hoc Committee of All Present and Former Employees of Kiwi International Air Lines, Inc., an organized group of approximately 250 founding employee shareholders of KIWI International Air Lines, Inc. in the District of New Jersey, and Counsel to the Ad Hoc Committee of Certain Equity Security Holders of Mega-C Power Corporation, in the District of Nevada, representing the interests of more than 100 investors in a contested plan confirmation hearing, competing plan litigation and related adversary proceedings.
Securities Fraud Receiverships and Fiduciary Appointments:
  • Liberty State Benefits of Delaware, Inc., et al., represented the Chapter 11 Trustee and subsequently appointed Liquidating Trustee in one of the most egregious Ponzi Scheme cases pending in the District of Delaware, involving four affiliated companies and hundreds of defrauded investors in numerous jurisdictions, that culminated in a successful plan confirmation in late 2014.
  • Wellesley Services, LLC, et al. (Harvey v. Wellesley, et al.), at the request of the State of New Jersey Bureau of Securities, served as court appointed receiver in one of the largest securities fraud cases brought by the New Jersey Bureau of Securities to recover more than $90 million of investor funds.
  • CAJ Trading, Inc., et al. (Farmer v. Natale, et al.), represented the court appointed Receiver in a Ponzi Scheme funded through the sale of unregistered securities by unregistered agents, defrauding investors holding more than $30 million in claims.
Chapter 11 Debtors:
  • China Natural Gas, Inc. in its complex, multinational Chapter 11 Bankruptcy Proceeding in the Southern District of New York, seeking to restructure nearly $100 million in asserted claims.
  • Counsel to privately held national mortgage lender and its numerous affiliates in connection with the restructuring of more than $1 billion of repurchase obligations with respect to its subprime lending exposure, secured indebtedness and the underlying business, including full preparation of the companies for an eventful complex chapter 11 filing.
  • Ranch*1, Inc., et al., restaurant chain in its successful Chapter 11 proceeding in the United States Bankruptcy Court for the Southern District of New York.
  • Claremont Towers, that resulted in a successful reorganization as well as a published decision regarding claims allowance, rendered by the then Chief Judge of the United States Bankruptcy Court for the District of New Jersey.
  • Counsel to the Chapter 11 Trustee in Virginia Carolina Tools, Inc., resulting in a successfully confirmed plan that entailed orderly liquidation of this multi-state debtor’s business.
Firm Publications
Published In
  • “Third Circuit Supports Enforcement of Make-Whole Premium,” Schiff Hardin Alert, November 2016.
  • “Narrowing the Channel into Section 546(e)’s Safe Harbor,” Schiff Hardin Alert, August 2016.
  • “Bankruptcy Alert: Seventh Circuit Broadens Ordinary Course Preference Defense,” Schiff Hardin Alert, June 2016.
  • “Is SCOTUS Ready to Overrule Dewsnup,” Schiff Hardin Publication, June 2015.
  • “The Evolving Landscape of Distressed Bank Restructurings,” The Bankruptcy Strategist – Law Journal Newsletters, August 2013.
Speaking Engagements
  • “Eligibility and Insanity: Why You Shouldn’t Want to Be a Debtor – Ever,” Schiff Hardin Webinar, March 2013.
  • “Reading Tea Leaves: Is Stockton’s Bankruptcy Road Map for Restructuring Obligations to CaIPERS,” Schiff Hardin Webinar, December 2012.
  • “The Proactive Creditor: Plans and Disclosure Statements,” Schiff Hardin Webinar, April 2011.
  • “The Proactive Creditor: Creditors’ Committees,” Schiff Hardin Webinar, March 2011.
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