• Advanced Engineered Products, Inc.
  • Asset sale to Curtiss Wright Flow Control Services Corporation
  • Seatrade International Co., Inc.
  • Stock sale to American Holdco, Inc.
  • National Dentex Corporation
  • Public company merger with GeoDigm Corporation

Bankruptcy, Workout and Business Reorganization


Bankruptcy, receiverships and other legal mechanisms are frequently employed by businesses to effect a reorganization, liquidation or going concern sale.  Financially distressed businesses, their creditors and other interested third-parties require legal representation to assist them in formulating and implementing strategies to protect their interests and otherwise to advance their objectives based on established legal principles and good business sense.The firm maintains a diverse and sophisticated bankruptcy and workout practice that cuts across numerous industries, roles and legal settings.

Chapters 11 and 7 (reorganization and liquidation)

The firm’s practice encompasses substantial experience in Chapter 11 reorganizations.  We represent debtors in possession, trustees, creditors committees, secured and unsecured creditors, DIP lenders, landlords, purchasers of assets and equity holders.  We also represent both debtors and creditors in business-related Chapter 7 liquidations.


Under the right circumstances, state court receiverships provide a less expensive and more effective alternative to bankruptcy.  Members of the firm have been involved in nearly all aspects of state court receiverships, including representing receivers, petitioning for appointment of receivers and defending against such petitions.

Out-of-court workouts

Out-of-court loan workouts and restructurings are generally preferable to bankruptcy and other court or administrative tribunals.  They provide greater flexibility, are less costly and are generally more predictable.  Their success, however, depends entirely on the outcome of a voluntary negotiation.  The firm has substantial experience in conducting complex workouts, with several attorneys possessing the depth of legal skills over a broad spectrum of legal areas to achieve our clients’ objectives in negotiation.

Diversity of industries

The firm’s practice in business reorganization and liquidation cuts across a wide diversity of industries, including real estate, health care, manufacturing, transportation, technology and other service industries.

Representative transactions

  • Chapter 11 counsel in successful liquidating plan of reorganization of seven affiliated debtors owning four nursing homes valued at $50 million.
  • Chapter 11 counsel to largest landlord in New England in which over $675 million of debt was restructured.
  • Counsel to state court receiver in real estate fraud case in which 17 real properties aggregating $3 million in value were successfully recovered for the benefit of the receivership estate and its creditors.
  • Represented the Bondholders Committee in the successful Choate-Symmes Hospital Chapter 11 reorganization, involving the closing of one hospital, sale of another facility, and negotiation of the terms of the issuance of replacement bonds to bondholders at $8 million more than initially offered by the debtor.
  • Represented an apparel manufacturer in a successful Chapter 11 reorganization involving restructuring and subordinated debt, pension withdrawal issues, union claims, the hiring of new management, debtor in possession financing and post confirmation financing.
  • Represented a group of affiliated partners in the successful negotiation and sale of their assets to a subordinated lender, to avoid foreclosure by the senior lender. The sale accomplished relief from all indebtedness and cash payments to the owners.


Stewart Grossman

Partner617.973.6278 fax 857.930.4545

Justin Kesselman

Associate617.973.6102 fax

Laura Otenti

Partner617.973.6116 fax

David Reier

Partner617.973.6145 fax

Michael Rubin

Partner617.973.6110 fax

Adam Ruttenberg

Partner617.973.6279 fax 857.930.4546


Boston Grand Prix Files for Bankruptcy, Owes $1.67m to Ticketholders

The Boston Globe, Adam Ruttenberg, July 5, 2016

Bankruptcy Bar Awaits Tiebreaker

Massachusetts Lawyers Weekly, Adam Ruttenberg, March 21, 2016

Newton Tour Operator Accused of Gambling Away Customers’ Money

The Boston Globe, Stewart Grossman, February 7, 2016

Local Bankruptcy Lawyers React To Data On Drop Filings

Massachusetts Lawyers Weekly, Adam Ruttenberg, November 5, 2015

First Circuit Expands Actual Fraud Exception to Bankruptcy Discharge, Deepens Circuit Split

Mass Bar Association ComCom Quarterly, Justin Kesselman, September 30, 2015

In Person: Finding The Art Of Bankruptcy Law

Banker & Tradesman, Stewart Grossman, August 10, 2015

Debtor’s Ex-Counsel Denied Unpaid Fees

Massachusetts Lawyers Weekly, Adam Ruttenberg, July 30, 2015

Newton Travel Company Folds, Leaves Customers Stranded

The Newton Tab, Stewart Grossman, July 10, 2015

Security Agreement Can Be Modified By ‘Course Of Conduct’

Massachusetts Lawyers Weekly, Nicholas Nesgos, July 1, 2014

R.I. Socks Curt, Advisers

David Reier, November 2, 2012

R.I. Files Legal Action Against Schilling, Others

NECN Business News, David Reier, November 2, 2012

When Companies Go Through Bankruptcy

WRKO, David Reier, July 16, 2012

Beyond Bankruptcy Basics—Practical Advice Regarding Tenant Bankruptcies

Retail Law Strategist , Laura Otenti, June 8, 2012

38 Studios bankruptcy

WBZ Radio, David Reier, June 7, 2012

Electricity Is a "Good" for Purposes of ? 503(b)(9) Administrative-Priority Claims

American Bankruptcy Institute Journal, David Reier, June 10, 2010

Electricity Sales Qualify For Priority Claims: Judge

Law360, David Reier, April 14, 2010

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