Business Reorganization & Liquidation
Since 1996, Stone & Baxter has been the go-to for law firm in Middle Georgia and all over Georgia for business-related bankruptcy cases. And representing business debtors—whether corporate debtors or individual debtors with business debts—is, by far, the largest part and primary focus of Stone & Baxter’s bankruptcy practice.
Our debtor clients range in size from small, closely-held companies to large, publicly-held companies with assets of more than $100 million. Therefore, Stone & Baxter is equipped to represent debtors of all sorts, regardless of their size or the complexity of their circumstances.
Within the past decade, the firm has on behalf of its business debtor clients:
- Filed approximately 100 chapter 11 reorganizations and approximately 90 chapter 7 liquidations.
- Served as counsel for debtors with total assets of $850 million.
- Served as counsel for debtors with total liabilities of approximately $2 billion.
We are the only firm in middle Georgia recognized by U.S. News as a “Tier 1” law firm in Bankruptcy & Reorganization and are only one of two firms outside of Atlanta to hold this distinction. Members of the firm possess a combined 170 years of experience and include the current Best Lawyers Lawyer of the Year in Insolvency and Reorganization Law for Macon and two former clerks for bankruptcy judges.
We are also frequent speakers and panelists at leading bankruptcy and restructuring conferences. Our members also give their thoughts on the latest developments in restructuring law in their blog Plan Proponent, which focuses on the plan of reorganization, the ultimate objective of a bankruptcy case.
We have represented all kinds of businesses in reorganization proceedings. The following are a few illustrations of the types of businesses we have represented who have been able to resolve their financial difficulties to their satisfaction:
- Represented RV manufacturer in involuntary bankruptcy after defect in design resulted in partial recall and inability to sell new vehicles. Upon conversion to Chapter 11, the Firm completed a liquidation of all of the company’s assets.
Commercial Real Estate
- Represented an individual with over $20 million in real estate assets, including large holdings in timber and commercial real estate. The successful reorganization included liquidation of substantial real estate and restructuring of the debt on much of the remaining real estate. The confirmed plan of reorganization was successfully completed, with debtor obtaining a discharge.
- Represented debtor with non-income producing property with pending foreclosure by secured creditor. During Chapter 11, successfully negotiated settlement with secured lender whereby lender accepted certain properties in exchange for satisfaction of all debts and guaranties owed by debtor and affiliated individuals, upon which Chapter 11 was voluntarily dismissed.
- Represented six affiliated entities holding 28 commercial and residential properties in and around the Atlanta area in jointly-administered chapter 11 proceeding. Faced objections to debtors’ proposed plan and completing plan proposed by leading creditor during a two week trial and associated mediation, at the conclusion of which the Court rejected both plans. Debtor, however, proposed a second plan which was confirmed with the consent of all creditors.
- Represented entity owning real estate valued at $1.8 million facing foreclosure. Successfully negotiated agreement with creditor that debtor would sell a portion of the real estate in full satisfaction of the debt. Case was voluntarily dismissed with consent of the creditors.
- Represented husband and wife and their wholly-owned entity which developed residential subdivisions. Plan of reorganization was confirmed with consent of major creditors which provided for the sale of one of the subdivision developments.
- Represented owner of hotel in Chapter 11 reorganization in which debtor reached agreement with first and second priority lienholders and confirmed a consensual plan where the first priority lienholder accepted a reduced amount and the second priority lienholder accepted a portion of the debtor’s net income over a period of time.
- Represented two funeral homes in Chapter 11 reorganization after secured lender sought to foreclose on the business’ real estate. The Firm was able to secure agreement from the secured creditor and obtained confirmation of a plan of reorganization of the two businesses.
- Represented multiple individuals and wholly-owned corporation operating a combined rental business. Plan of reorganization confirmed.
Agriculture & Timber
- Represented three affiliated entities that combined to operate one of the largest growers of greens (collards, kales, turnip, and mustard) in the southeast United States. Plan providing for reorganization of the debtors was accepted with nearly unanimous approval by creditors.
- Represented timber producer in involuntary Chapter 11. Liquidated approximately $5 million in real property at auction.