Creditor's committee

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Creditor's committee

A group representing firms that have claims on a company facing bankruptcy or extreme financial difficulty.

Creditor's Committee

In bankruptcy, an ad hoc committee of creditors who have an interest in seeing as much debt as possible recovered from the person or company filing for bankruptcy.
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She actively represents a variety of parties to insolvency proceedings, including creditors, creditors committees, creditors committee members, trustees and foreign representatives.
Plaintiff-attorney-controlled asbestos creditors committees seek to impose lenient distribution procedures, setting standards for who gets paid what by the trust and helping to ensure claimants will be paid with minimal scrutiny of individual injuries or the asbestos defendant's tort liability.
This further points out the need to have creditors committees actively participate in as many reorganization cases as possible.
Exceptionally tasking, however, was the process of meeting the demands of external parties - the court, the 14-member bank group, three creditors committees, retiree committees, and their financial advisers and legal representatives.
In Amdura's case, the PBGC'S demand required attention on a par with that given to the unsecured creditors committee. After months of negotiation, we resolved the PBGC claim at some 25 percent of the original sum requested of each estate.
He also represents strategic and financial purchasers in acquiring distressed businesses and specific assets, as well as creditors committees in the bankruptcies of businesses across multiple industries.
He also often represents creditors committees in bankruptcies across multiple industries.
The firm has extensive experience representing creditors committees, debtors, equity committees, mechanics lienholder committees, shareholder committees, and employee and retiree committees in chapter 11 proceedings, out-of-court restructurings, restructuring and company dissolution, credit finance and distressed mergers & acquisitions.
Cooley won Technology Deal of the Year in the $250 million+ category for advising the creditors committee on the restructuring of data management company Violin Memory and Chapter 11 Reorganization of the Year in the $250 to $500 million category for representing the creditors committee in the restructuring of retail company Rue21.
He has represented official creditors committees in Chapter 11 bankruptcy proceedings in more than 40 states and has also represented unofficial creditors committees in out of court workouts and composition agreements in numerous industries.
Cooley advised the unsecured creditors committees in both.