Representative Work: Talbitzer Homes/Hawks Prairie Chapter 11 cases
A major homebuilder in southern Washington engaged us to file a Chapter 11 petition when negotiations with one of his major secured creditors broke down and he was faced with imminent foreclosure of valuable assets. A team from our Bankruptcy & Creditors' Rights and Litigation Practice Groups implemented a strategy that involved significant litigation concerning approximately $15 million in secured claims held by our client, negotiated settlements with the secured creditors in both bankruptcy cases, and restructured approximately $50 million of debt under two separate plans of reorganization. This resulted in confirmation of a plan for our client that is expected to pay all of its creditors in full, provide the client with financing to complete the construction of homes in all of its subdivisions, and allow it to retain most of its other income-producing assets.
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