Bankruptcy/Creditor's Rights
In today's uncertain economic times, bankruptcy filings are on the rise. While your business may be financially stable, you may find yourself in a situation in which a customer has commenced a bankruptcy proceeding that may impact your business. How do you file a claim? Can you collect on old receivables? Should you continue to ship product? These are just a few of the questions you may have about how to best handle a bankruptcy filing by a customer. On the flip side, a bankruptcy proceeding may provide opportunities to purchase the assets of a distressed company, product or business unit. In connection with financial difficulties that your own business may be facing, bankruptcy is just one of a number of options that should be explored. Whatever the situation, the bankruptcy attorneys of Porzio's Life Sciences Industry Group assist companies in all phases of bankruptcy and out-of-court restructuring proceedings. On the debtor side, we have assisted hospitals and medical facilities in out-of-court restructurings. In addition, we advise Life Sciences companies as individual creditors in pursuing claims in bankruptcy cases, defending avoidance actions brought by debtor companies, and advising parties interested in acquiring assets of such companies.
We have acted as counsel to Official Committees of Unsecured Creditors in numerous recent New Jersey hospital proceedings, including St. Mary's Hospital, Barnert Hospital, and Pascack Valley Hospital. We also frequently appear on behalf of clients in New York and Delaware bankruptcy cases, and we currently represent the Official Committee of Unsecured Creditors in the Drug Fair bankruptcy case pending in Delaware.
