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Bankruptcy, Reorganization and Creditors’ Rights

Better Resolutions Happen with bold solutions

Insolvency and financial distress present unfamiliar and challenging issues for even the most seasoned business leader or corporate counsel.  In these circumstances, you want highly experienced counsel with an unwavering commitment to solving your particular problem. Our attorneys have a business-focused, relationship-based approach that utilizes a holistic understanding of the insolvency process to achieve the best outcome for you.

The Right Mix of Experience

With decades of experience, our team has led engagements in nearly in all facets of turnaround, workout and restructuring on behalf of corporate borrowers, senior lenders, bondholders, investors, indenture trustees, secured lenders, vendors, commercial landlords and tenants, and shareholders in hundreds of significant bankruptcies and workouts across the country and in many foreign countries.

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This experience includes recovery of property or collateral and negotiation of chapter 11 debtor-in-possession financing and cash collateral orders from both the debtor and secured lender vantage points. We represent secured and unsecured creditors and shareholders in contested confirmation hearings and have filed and confirmed reorganization plans on behalf of secured and unsecured creditors – taking control of the reorganization process to facilitate the best recovery for our client’s claims.

International Recognition

Our team is well-recognized for representing court-appointed trustees and liquidating trustees and plan administrators, where we oversee all pre- and post-confirmation related matters through the wind-down of post-confirmation recovery efforts.

Our experience also extends to international insolvency matters, including representing foreign representatives and financial institutions in proceedings under chapter 15 of the U.S. Bankruptcy Code and in out of court, cross-border workouts.

John W, Guzzardo - a man in a suit, smiling at the camera
John W. GuzzardoChair | Litigation
Aaron D Werner - a man in a business suit, smiling at the camera
Aaron L. HammerChair | Bankruptcy Group
Jeffrey A. Hechtman - a man in a business suit, smiling at the camera
Jeffrey A. HechtmanManaging Partner
HMB Legal Counsel’s Bankruptcy, Restructuring & Creditors' Rights Practice Reaches New HeightsOctober 14, 2020

Over the past twelve months, HMB Legal Counsel (“HMB”) helped navigate a smooth landing for distressed aircraft manufacturer Thrush Aircraft, Inc. (“Debtor”), culminating in a successful sale of substantially all its assets and the subsequent confirmation of a joint plan of liquidation in August 2020. In September 2019, HMB was appointed as counsel to the Official Committee of Unsecured Creditors…

Procedures of the Circuit Court of Cook County During the CoronavirusJuly 1, 2020

***This article has been updated from the version posted on May 29th, 2020*** Actions Taken by the Circuit Court of Cook County In General Effective July 6, 2020, the Circuit Court of Cook County will begin hearing all matters in all Districts and Divisions with the exception of jury trials.  Unless otherwise ordered, all attorneys and self-represented litigants shall be…

Force Majeure? It’s Unorthodox, But I’ll Allow It: Bankruptcy Court Excuses § 365(d)(3) Performance Due to CoronavirusJune 10, 2020

In an opinion for our troubled times, Northern District of Illinois Bankruptcy Judge Donald Cassling granted debtor Hitz Restaurant Group (“Hitz”) some reprieve from § 365(d)(3)’s strict requirements due to a combination of COVID-19 shutdown orders and a favorably-worded force majeure clause. Hitz’s landlord, Kass Management Services, Inc. (“Kass”) moved to lift the automatic stay after Hitz stop making its…

John W. Guzzardo and Nathan E. Delman Published in Journal of Corporate Renewal - "Global Pandemic Is Surprise Addition to Restaurant’s Turnaround Menu"June 1, 2020

View the PDF from Turnaround Management Association's Journal of Corporate Renewal here. John W. Guzzardo and Nathan E. Delman, with John B. Pidcock of Oxford Restructuring Advisors LLP, discuss how Red South Beach responded to the COVID-19 crisis by quickly taking a number of actions designed not only to survive but to emerge financially stronger once the crisis is over.…

Procedures of the United States Bankruptcy Court for the Northern District of Illinois During the Coronavirus CrisisMay 30, 2020

Actions Taken by the Bankruptcy Court The COVID-19 pandemic notwithstanding, the United States Bankruptcy Court for the Northern District of Illinois remains open for business, although not business as usual. Recognizing the need to maintain social distancing, the Court has made several significant changes to its daily operations. After two months of hearing routine motions telephonically, the Court has implemented…

Bankruptcy in the Time of CoronavirusApril 6, 2020

The Coronavirus crisis has arrived. This global pandemic has placed a hard stop on economic activity across the board, sending markets into freefall and skyrocketing unemployment claims to unprecedented heights. Chapter 11 filings are anticipated to surge, forcing bankruptcy courts to clean up large swaths of the crisis’ aftermath. But for now, it is anyone’s guess when the uptick in…

Zone of Insolvency and Fiduciary Duties – a Brief Summary of What Directors and Officers Need to KnowMarch 23, 2020

The outbreak of the COVID-19 pandemic has impacted businesses and commercial relationships worldwide. As commercial operations continue to be shuttered and revenues cut off, principals of companies will likely find themselves questioning where their obligations and responsibilities lie when the entity’s solvency is questionable.  When a corporation is solvent, the fiduciary duties of the corporation's board of directors run to…

Indicate Precisely What You Mean to Say: The Importance of Accuracy on UCC-1 Financing StatementsMarch 18, 2020

UCC-1 Financing Statements are an integral tool in a secured creditor’s toolbox. They perfect a lender’s interest and broadcast notice of this perfected lien to all present or future creditors, putting out the warning that a security interest against the debtor’s collateral exists. An effective financing statement has three requirements: (1) the debtor’s name; (2) the creditor’s name; and (3)…

Four Attorneys from the Litigation Group Named to 2020 Illinois Super Lawyers and Rising Stars ListsFebruary 3, 2020

One attorney from HMB's Litigation Group has been named as a 2020 Illinois Super Lawyer. Additionally, three attorneys were named to the 2020 Illinois Rising Stars list. Super Lawyers is a rating service of outstanding attorneys from over seventy practice areas who have attained a high degree of peer recognition and professional achievement. The following HMB attorney was selected for…

HMB Elevates Grant Hendricks, David Machemer and Tim Rybicki to PartnerJanuary 8, 2020

Chicago, IL December 12, 2019 HMB Legal Counsel, a preeminent provider of legal services in Business and Finance, State and Local Tax, Trusts and Estates, Bankruptcy, Reorganization and Creditors' Rights, Real Estate and Litigation announced that three associate attorneys were elevated to partner. Grant R. Hendricks Grant is a member of the firm's Private Client, Trusts and Estates Group. He…

Watch Aaron Hammer and Rick Rein Present "Hot Topics in Cross Border Restructurings" On DemandOctober 14, 2019

On 9/17/19 Aaron Hammer and Rick Rein presented "Hot Topics in Cross Border Restructurings" at the Offices of Gowling WLG LLOP in Toronto, Canada. Aaron and Rick discussed the role of chief restructuring officers and other turnaround professionals in Canadian restructuring, flash points in today's cross border insolvencies, and the cannabis space. This program was intended for lenders, turnaround professionals…

HMB Retained as Counsel to Official Committee of Unsecured Creditors of Thrush Aircraft, Inc.October 9, 2019

On September 24, 2019, the Official Committee of Unsecured Creditors of Thrush Aircraft, Inc. selected HMB Legal Counsel (“HMB”) as its counsel, with the U.S. Bankruptcy Court for the Middle District of Georgia approving HMB’s retention on October 2, 2019. Thrush Aircraft ( “Thrush”) is a leading designer and manufacturer and of single-engine light aircraft, primarily used in agriculture operations. Thrush…

The Small Business Reorganization Act Arrives in February 2020 - Here's What you Need to KnowSeptember 6, 2019

With President Trump’s signature August 23rd, the Small Business Reorganization Act of 2019 (“SBRA”) will officially take effect in February 2020. The SBRA is designed to fill a gap in the current bankruptcy laws by providing a framework for small businesses to successfully reorganize in bankruptcy court.  As noted by the senate bill’s sponsor, Iowa Senator Charles Grassley, “Chapter 11…

Nathan E. Delman presents "The Good, the Bad and the Ugly: Coverage Counsel at § 341 Meetings"-Seventh Circuit Consumer Bankruptcy Conference-10/14/19August 29, 2019

10/14/19 Chicago, IL The Seventh Circuit Consumer Bankruptcy Conference will present an overview of savings in chapter 13, coverage counsel at § 341 meetings and navigating bankruptcy appeals. There will also be a Seventh Circuit case law update as well as a look at recommendations made in the Final Report of the ABI Commission on Consumer Bankruptcy. Nathan is a…

Aaron Hammer and Rick Rein present "Hot Topics in Cross Border Restructurings" - 9/17/19August 16, 2019

9/17/19 Offices of Gowling WLG LLP Toronto, Canada Aaron Hammer and Rick Rein present "Hot Topics in Cross Border Restructurings" at the Offices of Gowling WLG LLP on September 17th. The discussion will include: The Role of Chief Restructuring Officers and Other Turnaround Professionals in Canadian Restructuring • Would Canadian restructurings benefit from an increased use of CROs, similar to…

Nathan E. Delman Joins HMB Legal Counsel Expanding Bankruptcy PracticeAugust 6, 2019

CHICAGO, IL - HMB Legal Counsel, a preeminent provider of legal services in business and finance, litigation, trusts and estates, real estate, state and local taxes and bankruptcy, reorganization and creditors' rights announced that attorney Nathan E. Delman joined the firm as an associate in its growing bankruptcy, reorganization and creditors' rights practice. Nate has over ten years’ experience as a…

John Guzzardo and Rick Rein Published in NABT American Bankruptcy Trustee JournalJanuary 15, 2019

John Guzzardo and Rick Rein wrote an article for NABT American Bankruptcy Trustee Journal regarding the use of Consent Directives to locate offshore assets. A consent directive is a "rare bird" investigatory tool that litigants in the US may use to discover assets and information from debtors or third parties located anywhere in the world. Recently, the Ninth Circuit Bankruptcy…

HMB Welcomes John W. Guzzardo And Continues To Expand Its Bankruptcy, Reorganization & Creditors' Rights PracticeApril 5, 2018

CHICAGO, IL (April 5, 2018) - Horwood Marcus & Berk Chartered ("HMB"), a preeminent provider of legal services in business and finance, litigation, trusts and estates, real estate, state and local taxes and bankruptcy, reorganization and creditors' rights announced that attorney John W. Guzzardo joined the firm as a partner in it's growing bankruptcy, reorganization and creditors' rights practice. John represents…

Horwood Marcus & Berk Announced As Winner Of The 12th Annual Turnaround AwardsMarch 19, 2018

CHICAGO, IL (March 16, 2018) - The M&A Advisor announced the winners of the 12th Annual Turnaround Awards on Thursday, December 21st.  Horwood Marcus & Berk Chartered ("HMB") was named a winner of the Section 363 Transaction of the Year ($10MM - $25MM) for Aaron L. Hammer's representation of Central Iowa Healthcare ("CIH") in its successful chapter 11 sale before…

HMB Welcomes Aaron L. Hammer and Expands its Bankruptcy, Reorganization & Creditors' Rights PracticeMarch 6, 2018

PRESS RELEASE Contact: Jason Klika Horwood Marcus & Berk Chartered 312.281.1102 CHICAGO, IL (March 6, 2018) - Horwood Marcus & Berk Chartered ("HMB"), a preeminent provider of legal services in business and finance, litigation, trusts and estates, real estate and state and local taxes, announced that accomplished corporate reorganization, bankruptcy and creditor's rights attorney Aaron L. Hammer joined the firm…

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Phone: 312-606-3200 Fax: 312-606-3232
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