About Steven J. Reisman

Steven Reisman advises clients on a wide range of insolvency, restructuring and creditors' rights matters. His work helps creditors to protect their interests and maximize their recoveries, helps debtors to restructure or wind down their businesses in an orderly manner, and helps investors to locate hidden opportunities. Steve regularly represents debtors, secured and unsecured creditors, as well as boards of directors and independent directors in all aspects of insolvency matters.

Understanding the unique needs of bankruptcy proceeding participants

Steve is highly experienced in all aspects of Chapter 11 bankruptcy, as well as insolvency issues arising from in-court and out-of-court restructurings. He is particularly well-versed in the unique needs of parties to Chapter 11 cases, such as debtors, secured lenders, governmental entities, creditors' committees, indenture trustees, liquidators, secured and unsecured creditors, shareholders, and defendants in avoidance actions.

Steve also advises investors seeking opportunities in Chapter 11 through the purchase of assets or interests in a creative manner in order to acquire the company or its assets. His clients benefit from his understanding of the needs of all stakeholders, which allows them to negotiate more effectively during the in-court or out-of-court process.

His insolvency experience does not end at the US border. Steve has been involved in proceedings with clients in markets such as Mexico, Argentina and Canada, among other jurisdictions.

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Practice Focus

  • Representing Boards of Directors and independent directors
  • Representing secured lenders
  • Conflicts counsel for debtors
  • Litigation counsel in bankruptcy and insolvency matters
  • Chapter 15 counsel

Representative Experience

  • Debtor representations
  • Lead debtor counsel to a leading operator and franchisor of steakhouses and craft beer brewery restaurants with locations in 39 states. Three weeks after the Chapter 11 filing, the COVID-19 pandemic erupted and the company was unexpectedly forced to close all its restaurants and lay off nearly all its 18,000 employees. Katten devised a unique strategy to “mothball” the Chapter 11 cases, which gave the company critical breathing space to formulate a new path forward. Ultimately, Katten was able to navigate these complexities and successfully negotiate a sale of nearly 200 restaurants and all franchised locations, which saved the jobs of thousands of employees. In re Craftworks Parent, LLC, et al.
  • Lead debtor counsel to a prominent online advertising company, which was unexpectedly forced to file for Chapter 11 after the company’s secured lender swept all of its bank accounts. After negotiating the consensual use of cash collateral, Katten counseled the company in connection with successfully closing three separate sale transactions in the Chapter 11 cases, which generated more than $100 million in proceeds, saved over 700 jobs and preserved business relationships with hundreds of vendors and customers. In re Sizmek, et al.
  • Counsel to the chief executive officer and certain affiliated persons and entities of a leading provider of marine transportation services to petroleum exploration and production, oilfield service, offshore construction, and US military customers. Under the Chapter 11 plan, the company restructured approximately $1.2 billion of debt. In re Hornbeck Offshore Services, Inc., et al.
  • Counsel to the plaintiffs in over 1,300 avoidance actions filed on behalf one of the oldest and most prominent retailers in the world. The client is seeking to claw back more than $820 million of preferential transfers. In re Sears Holdings Corporation, et al.
  • Conflicts counsel to an iconic retailer and operator of luxury department stores across the country in connection with its wind-down and liquidation. In re Barneys New York, Inc., et al.
  • Independent director representations
  • Counsel to the independent directors of one of the world’s largest satellite fleet operators in connection with investigating intercompany claims, advising on various tax and regulatory issues, and negotiating the terms of a Chapter 11 plan that seeks to restructure over $16 billion of funded debt. In re Intelsat S.A., et al.
  • Counsel to the independent directors of a massive global specialty biopharmaceutical company that produces and sells both generic and branded products critical to patient care, including rare disease treatments, immunotherapy products, acute care products, opioid and non-opioid pain treatments, and addiction treatment medications. Under the proposed restructuring support agreement, the debtors are seeking, among other things, to pay $1.6 billon to resolve opioid lawsuits that have been commenced against the debtors. In re Mallinckrodt PLC, et al.
  • Counsel to the independent directors of a premier oil and natural gas company operating in the Permian Basin of West Texas in connection with analyzing and investigating potential claims and causes of action related to certain conflict matters in the Chapter 11 cases. In re Sable Permian Resources, LLC, et al.
  • Counsel to the independent directors in multiple Chapter 11 cases involving high-profile department stores, including J.C. Penney Company, Inc., Neiman Marcus, and Lord & Taylor, in connection with analyzing and investigating potential claims and causes of actions by and among the debtor companies and their respective affiliates, shareholders, directors and officers.
  • Counsel to the independent directors of a leading natural gas and oil company focused on the exploration and development of natural gas and oil properties in North America and one of the largest producers of natural gas in the contiguous United States. In re Gulfport Energy Corporation, et al.
  • Counsel to the independent directors of a leading pet company in North America in connection with analyzing certain out-of-court restructuring transactions, including a dividend of the company’s—valued at $4.5 billion—to an affiliate prior to one of the largest IPOs in recent years. PetSmart/Argos.
  • Counsel to the independent directors of a prominent oil and gas company in one of the fastest Chapter 11 cases in the history of US bankruptcy, with the debtors emerging from Chapter 11 in less than 28 hours. In re Sheridan Holding Company I, LLC.
  • Counsel to independent directors of a leading travel commerce company in connection with analyzing and investigating certain strategic transactions undertaken by the company to raise liquidity in response to a dramatic decrease in revenue as a result of the COVID-19 pandemic. Travelport Worldwide Ltd.
  • Other representations
  • Lead counsel to the official committee of unsecured creditors of a leading seller of skin, hair and oral care products, including Zest, Coast, Alberto VO5, White Rain, SGX NYC, REACH and Dr. Fresh. Katten negotiated an eight-figure recovery for unsecured creditors in a case in which the secured parties were undersecured by over $100 million. In re High Ridge Brands Co., et al.
  • Counsel to a hospitality group that owns and operates multiple restaurants chains in connection with purchasing substantially all of the debtor’s assets in multiple high-profile Chapter 11 cases, including Le Pain Quotidien and Maison Kayser.
  • Counsel to the court-appointed monitor of the largest contemporary circus producer in the world in connection with its Chapter 15 case in the United States. In re CDS U.S. Holdings, Inc., et al.
  • Counsel to the court-appointed monitor of one of the largest independent financial consulting, accounting and business advisory firms in Canada in connection with its Chapter 15 case in the United States. In re Nygard Holdings (USA) Limited, et al.
  • Represent leading American producer of coal regarding corporate matters, asset transactions and securities law work.
  • Counsel to numerous private equity firms in numerous restructuring matters in connection with the defense of litigation, the acquisition of assets, and the representation of equity holders and boards of directors.
  • Represent Gordon Brothers in large, significant and high-profile matters.

Publications

Presentations and Events

  • Speaker
    November 24, 2020
  • American Bankruptcy Institute's 17th Annual New York City Bankruptcy Conference
    Panelist | Fiduciary Duties from Ordinary Course, into Distress and Insolvency, and through Bankruptcy
    May 14, 2015
  • New York State Bar Association
    Presenter | Asset Sales in Bankruptcy
    December 13, 2012
  • American Bankruptcy Institute's 14th Annual New York City Bankruptcy Conference
    Panelist | Litigation Seeking to Enhance Creditor Recoveries: There Must Be Something Happening Other than Marshall
    May 9, 2012
  • Mexican Institution for Mediation
    Keynote Speaker | Chapter 11 of the US Bankruptcy Code
    May 2012
  • American Bankruptcy Institute's 12th Annual New York City Bankruptcy Conference
    Panelist | SIPA Liquidations and Ponzi Schemes
    May 24, 2010