Chapter 11 Debtor Representations

Representative Engagements

  • In re Shelbourne North Water Street, L.P., United States Bankruptcy Court for the Northern District of Illinois. Shelbourne North Water Street, L.P. was the owner of property located at the corner of North Water Street and Lake Shore Drive, on which it planned to build the Chicago Spire, which was to be the tallest building in the Western Hemisphere.  Shelbourne was placed into bankruptcy involuntarily and then looked to FrankGecker to help it navigate every aspect of its complex, unplanned chapter 11.  In less than a year, we were able to reach an agreement with Shelbourne’s primary secured creditor, asserting claims in excess of $100 million.  This agreement led to a confirmed plan and an extended opportunity for Shelbourne to attempt to build the Chicago Spire.   Although Shelbourne was unable to secure the replacement funding needed to complete its project, unsecured creditors received a distribution in excess of 60% on their allowed claims. 
  • In re Chicago Fire Brick Company, United States Bankruptcy Court for the Northern District of California.  Chicago Fire Brick Company (“CFB”) was a manufacturer of “fire brick” for industrial ovens and furnaces, and sold products that contained asbestos.  At the time FrankGecker was retained by CFB’s responsive person, the company had sold its operating assets and ceased business operations.  We successfully monetized insurance rights for the benefit of the holders of personal injury claims, and confirmed a chapter 11 plan that provides a $15-20 million fund to compensate individuals with valid asbestos personal injury claims against CFB.
  • In re Gulf Packaging, Inc., United States Bankruptcy Court for the Northern District of Illinois.  Gulf Packaging, Inc. was a commercial packaging company with operations throughout the United States.  Gulf filed for bankruptcy protection in order to facilitate an orderly liquidation of its assets.  Working as co-counsel with a Texas law firm, FrankGecker was able to help Gulf confirm and effectuate a chapter 11 plan of liquidation within nine months of its chapter 11 filing, greatly reducing Gulf’s secured indebtedness and setting up a creditor trust from which unsecured creditors will receive recoveries on their claims. 
  • In re CRP-2 Holdings, AA, L.P., United States Bankruptcy Court for the Northern District of Illinois.  CRP-2 Holdings, AA, L.P. owns 32 office and industrial buildings, with values in excess of $150 million, located in and around Chicago, Washington D.C., Boston and New Jersey. CRP-2 filed for bankruptcy protection because the downturn in the U.S. real estate market strained its balance sheet and impaired its ability to service its debt.  Contemporaneously with the bankruptcy filing, FrankGecker filed a chapter 11 plan that proposed to restructure the secured lender’s debt, pay all creditors in full, and allow CRP-2 Holdings, AA, L.P. to emerge from chapter 11 in approximately six months.  This chapter 11 plan was ultimately withdrawn due to, among other things, real estate market conditions in the Chicago and Washington D.C. metro areas, and CRP-2 dismissed its bankruptcy case to move forward outside of the bankruptcy system.
"The purpose of law is to prevent the strong from always having their way."

- Ovid