Relevant Experience
Manufacturing
Hitchcock Industries (Baillie)
Industry/business: |
Aluminum foundry defense contractor |
Representation/date: |
Sale of business in bankruptcy and confirmed Chapter 11 plan / 2006 |
Transaction size: |
$45M in assets |
Key outcome: |
Case recognized as “Transaction of the Year” in 2006 by the Upper Midwest Chapter of the Turnaround Management Association because the successful sale paid all creditors in full and paid amounts to the equity holders far in excess of what was expected. |
A.P.I. (Baillie)
Industry/business: |
Installer and distributor of fire proofing material/asbestos case |
Representation/date: |
Chapter 11 reorganization / 2008 completion |
Transaction size: |
$100M + asbestos trust; $250M in liabilities |
Key outcome: |
API is the first confirmed asbestos Chapter 11 case in the Eighth Circuit (and among a small number of such cases nationally). The case involved a company which sold and installed asbestos insulation products and faced massive liability from product liability claims. The company was able to make a contribution to a trust and assign its remaining insurance to a trust and go forward as a successful business after reorganization. |
Sheldahl (Baillie)
Industry/business: |
Manufacturer of high tech components to the automotive and aircraft industries |
Representation/date: |
Sale of business in bankruptcy and confirmed Chapter 11 plan / 2004 |
Transaction size: |
$35M in assets |
BMC Industries (Cutler)
Industry/business: |
Aperture masks and lenses used in eyeglasses/Vision-Ease |
Representation/date: |
Sale of Vision-Ease and liquidation of remaining assets/ 2004 |
Transaction size: |
$155M in assets |
Key outcome: |
Represented debtor in obtaining bankruptcy court approval of $50M sale of Vision-Ease. We assisted in confirmation of a plan of liquidation resulting in payoff owed to service lenders. |
Dakota Arms
Industry/business: |
High end specialty firearms manufacturer |
Representation/date: |
Represented Chapter 11 debtor in asset sale and reorganization / 2006 |
Transaction size: |
$4 - 5M in assets, with additional assumption of debt |
Key outcome: |
Represented Chapter 11 debtor in extensive negotiations with creditors and litigation leading up to successful sale of assets of specialty gun manufacturer. |
Sasol DHB Holdings, Inc.
Industry/business: |
Agricultural chemicals |
Representation/date: |
Debtor, Chapter 11 / 2003 |
Transaction size: |
Plan confirmed / $5M |
Key outcome: |
Chapter 11 plan confirmed |
Other notable cases: |
Munsingwear, Inc. (chapter 11 plan confirmed), Endotronics (chapter 11 plan confirmed). |
Healthcare
Health Risk Management (Baillie)
Industry/business: |
Healthcare |
Representation/date: |
Sale of business in bankruptcy / 2001 |
Transaction size: |
$10M in asset sale |
Key outcome: |
Successful sale in bankruptcy of two separate businesses related to third-party payor services in health care industry. |
Intrepid USA (Cutler)
Industry/business: |
National home health care business with 200 locations in 38 states |
Representation/date: |
Restructuring / 2004 |
Transaction size: |
$150M revenue/$100M debt (Intrepid USA only) |
Key outcome: |
Successful restructuring of business preserving 500 jobs; negotiated and led confirmation of plan that resolved numerous stakeholders. |
HMU (Baillie)
Industry/business: |
Chain of nursing homes in Wisconsin |
Representation/date: |
Chapter 11 confirmed / 2000 |
Transaction size: |
$11M |
Key outcome: |
Chapter 11 plan confirmed for chain of nursing homes. |
Energy
NRG Energy (Cutler/Baillie)
Industry/business: |
Non-regulated electric power producer |
Representation/date: |
Restructuring / 2002 |
Transaction size: |
Approximately $9B |
Key outcome: |
Successfully obtained dismissal of involuntary bankruptcy petition filed by former officers; Company subsequently re-filed in New York and successfully reorganized approximately $9B in debt. |
Minnesota Ethanol Plant (Cutler)
Industry/business: |
Energy - 15 million gallon ethanol cooperative plant |
Representation/date: |
Restructured financing |
Transaction size: |
$25M |
Key outcome: |
Led team in renegotiating terms of construction and permanent financing of about $25M. |
Mining
Eveleth Mines/Thunderbird Mining Co.
Industry/business: |
Taconite mine; represented the Official Committee of Unsecured Creditors as Minnesota counsel |
Representation/date: |
Chapter 11 / 2003 |
Key outcome: |
Negotiated treatment of unsecured claims in sale of assets of large taconite mining operation. |
LTV Steel Mining Co. (Cutler)
Industry/business: |
Taconite mine/ Represented the State of Minnesota in the case |
Representation/date: |
Chapter 11 |
Transaction size: |
Represented State of Minnesota in asserting claims exceeding $130M |
Key outcome: |
Represented State of Minnesota in negotiations for assumption of liabilities by asset purchase. |
Real Estate
Industry/business: |
Land developers, builders and lenders. We currently represent multiple distressed real estate industry clients in cases, including: developers, integrated builders, lumber yards/mill works, bank lenders and specialty construction lenders in workouts, foreclosures and bankruptcies related to the severe slump in residential real estate. |
Representation/date: |
Workouts, foreclosures and bankruptcies / Ongoing |
Transaction size: |
Total of debt transactions exceeding $800M to date |
Retail
2nd Swing (Baillie)
Industry/business: |
Retailer of new and used golf equipment |
Representation/date: |
Restructuring / 2007 |
Transaction size: |
$9M in assets |
Key outcome: |
Liquidation of national retail company in Chapter 11 case. |
Seasonal Concepts (Cutler)
Industry/business: |
Retailer of patio/garden furnishings and décor |
Representation/date: |
2007 |
Transaction size: |
$9 - 10M in assets |
Downtown Mall, LP and Center Development Venture (Southbridge Mall) (Baillie)
Representation/date: |
Debtor, Chapter 11 / 1997 |
Transaction size: |
$20M |
Key outcome: |
Chapter 11 plan confirmed. |
Retail/Entertainment
Underwater World (Baillie)
Industry/business: |
Aquarium in Mall of America |
Representation/date: |
Debtor, Chapter 11 / 1998 |
Transaction size: |
$25M |
Key outcome: |
Plan confirmed (sale). |
Food
We have successfully represented several national food industry clients, such as General Mills and Kemps/Marigold Foods, in pursuing reclamation and other claims and defending against preference allegations in many of the largest Chapter 11 cases filed in the US, including Fleming Foods, Owens-Corning, Kaiser Aluminum and others.
General Mills, Inc.
Industry/business: |
Cereal and other food manufacturer |
Representation/date: |
Reclamation, preference defense, setoff, and other claims in large Chapter 11 cases (Fleming Foods and others) / Ongoing |
Key outcome: |
Work with food manufacturer, often in conjunction with other large trade vendors, to protect and realize on multimillion dollar reclamation claims, setoffs, and unsecured claims, and to defend against preference actions by debtor or trustee. |
Kemps/Marigold
Industry/business: |
Dairy food manufacturer |
Representation/date: |
Reclamation, preference defense, setoff, and other claims in large Chapter 11 cases (Fleming Foods and others) / Ongoing |
Key outcome: |
Work with food manufacturer, often in conjunction with other large trade vendors, to protect and realize on significant reclamation claims, setoffs, and unsecured claims, and to defend against preference actions by debtor or trustee. |
Transportation
Hyman Freightways (Baillie)
Industry/business: |
Trucking |
Representation/date: |
Debtor, Chapter 11 / 1997 |
Transaction size: |
Largest truckers in Upper-Midwest (liquidation) |
Professional Services
We have developed special knowledge and experience regarding professional fees in Chapter 11, and have represented investment banks, private equity funds, venture funds and other professionals in bankruptcy courts across the country.
Victor Plastics, Inc.
Industry/business: |
Custom plastic molding for household appliance, automotive and other industries |
Representation/date: |
Represented equity/creditor interests in sale of business assets in bankruptcy / 2008 |
Transaction size: |
$15M in assets |
Key outcome: |
Assisted investors in recovery of guaranty obligations in Chapter 11 asset sale. |
Tri-Valley Growers
Industry/business: |
Large California cooperative grower of tomatoes |
Representation/date: |
Represented investment banker in employment and fee payment issues |
Key outcome: |
Obtained approval of client employment and payment of success fee upon multimillion dollar sale of grower assets. |
Mesaba Airlines
Industry/business: |
Minnesota airline, affiliated with Northwest Airlines |
Representation/date: |
Represented airline industry specialist consultants in employment and fee payment issues |
Key outcome: |
Obtained approval of client employment terms and payment of consulting fee upon debtor’s reorganization. |
