As one of the larger and more experienced bankruptcy groups in Maryland, Tydings is well aware of the potentially disastrous consequences for debtors and creditors if business realities do not guide the bankruptcy process. We closely attend to the overall financial needs of all parties involved and advocate tirelessly on behalf of our clients. We are deeply experienced in representing creditors’ committees, individual creditors, and debtors in complex Chapter 11 litigation. We have resolved hundreds of cases in the bankruptcy courts of Maryland, Delaware, the District of Columbia, and Virginia, and have handled numerous workouts and restructurings.
Counsel to Individual Creditors and Creditor Groups
We have represented a broad array of creditors in Chapter 11 and Chapter 7 proceedings, including financial institutions, factoring agencies, private equity groups and individual investors, banks, and insurance companies. Our cases have involved real estate projects, retail chains, contractors, subcontractors, and companies in the medical/biotech industry.
Counsel to Secured Creditors
The bankruptcy group advises all types of secured lenders, including traditional bank lenders, secured individual equity investors, national automobile finance companies, landlords, real estate investment trusts, and secured creditors within the intellectual property arena.
We have successfully represented business debtors faced with hundreds of creditors, tort claims, groups of lenders, and IRS tax claims. Our debtor representations have included a psychiatric hospital, a chain of 75 primary care physician practices, a stevedoring business, a company that invents and manufactures medical equipment, a sports management firm, a regional taxicab company, a medical plastics manufacturer, various restaurants and local service providers, builders and developers, and a network infrastructure provider.
Our group represents both petitioning creditors and alleged debtors in involuntary bankruptcy proceedings.
Most recently, we represented a plastic container manufacturer in the sale of its business through a Chapter 11 proceeding. The company was initially valued at $7-$10 million, but eventually sold for more than $26 million. In a six-month period, we handled this complex case, including termination of both the debtor’s pension and ESOP plans and were able to secure full payment to all creditors. Based on the work of department chair, Alan Grochal, Global M&A Network selected Tydings as a finalist in “Small Mid Markets Cross Border Distressed M&A Deal of the Year” at the 2015 Turnaround Atlas Awards, which honors the global restructuring and turnaround communities.
Bankruptcy court is not always the best forum for resolving a creditor’s problem. Our lawyers are known for developing alternative strategies, analyzing creditor objectives and possible debtor scenarios, and negotiating successful workout agreements.
Counsel to Creditors’ Committees
We have served as counsel to committees of unsecured creditors in Chapter 11 proceedings involving real estate and construction companies, retail and wholesale businesses, manufacturers, nursing homes, and others.
We are especially familiar with the real estate sector. We represented the official committees of unsecured creditors in three Chapter 11 cases involving real estate developer debtors Gemcraft Homes, Caruso Homes, and Captain’s Cove. The firm also served as co-counsel to the creditors’ committee in the Chapter 11 case of TMST, Inc., formerly known as Thornburg Mortgage, Inc., a publicly traded, New Mexico-based subprime lender.
In recent years, we represented the creditors’ committee in one of the largest Chapter 11 bankruptcies ever filed in Maryland, Combined Properties, Inc., a property management firm for 43 shopping centers. The firm’s clients recovered 100 percent of the money the debtor owed them.
Our lawyers have served as court-appointed trustees, including supervision of the bankruptcy of an amusement park. We have served as distribution agent in two cases brought by the Securities and Exchange Commission to recover funds for investors. We have acted as the liquidating agent in a number of Chapter 11 liquidations involving a retail chain of furniture stores, an office supply company, and a chain of billiard supply stores. Most recently, one of our lawyers was appointed as the receiver for a chain of nursing homes that are in liquidation.
Patient Care Ombudsman
Our group has represented patient care ombudsmen, appointed by the Bankruptcy Court to ensure the protection and preservation of individual's health care in cases involving the health care business.