Michael Friedman

Michael Friedman is a partner and the Co-Practice Group Leader of Chapman's Bankruptcy and Restructuring Group. He joined the firm in 2013.

Michael focuses his practice on special situation transactions, bankruptcy, and financial restructurings including the representation of investors and debt holders in event driven merger and acquisition transactions, debt financings, financial restructurings, and bankruptcy proceedings. Michael regularly represents hedge funds, private equity funds, alternative lenders, investment banks, and financial institutions. Michael’s broad finance, M&A, bankruptcy, and restructuring experience allows him to help clients structure event driven and special situation investments in a manner that will allow them to achieve their business objectives in the most efficient and cost-effective manner.

Michael regularly speaks at industry conferences on distressed investing and restructuring topics and also lectures to undergraduate business and MBA students on restructuring topics. He is currently an adjunct professor teaching a class on corporate restructurings at Yeshiva University. In addition, Michael has co-authored three case studies, one of which has been published, which highlight restructuring concepts in both for-profit and not-for-profit entities and have been presented in business schools and at industry conferences.

Special Situation Transactions

Michael represents investors in distressed and special situation acquisitions, purchases of assets in chapter 11 proceedings or “363 sales,” debtor-in-possession financings, rescue or bridge financings, and chapter 11 exit financings.

REPRESENTATIVE TRANSACTIONS

• Represented bondholders in connection with a debt for equity swap in the chapter 11 bankruptcy of a Midwest casino and horse racing track, the reorganized company, as purchaser, in connection with the acquisition of substantially all of the assets (including real estate holdings) of another Midwest casino and horse racing track in a Section 363 sale and the subsequent sale of the combined company to Caesars Entertainment for $1.7 billion.
• Represented private funds in multiple purchases of assets pursuant to section 363 sale process.
• Represented not-for-profit higher education institution in connection with the monetization of financial assets and refinancing of existing indebtedness through new $125 million CMBS loan facility.
• Represented investment fund in connection with the securitization of several portfolios of defaulted tax lien assets and as a borrower under credit facility secured by portfolio of defaulted tax lien assets.
• Represented private equity fund in connection with $45 million purchase of equity interests in gaming company.
• Represented secured lender in connection with loans made to operator of funeral homes across the US.
• Represented lead investor in connection with the purchase of senior secured loans and origination of DIP Loan to energy producer in chapter 11 proceedings and the subsequent acquisition of substantially all of the assets of the company.*
• Represented private fund in connection with the acquisition through a 363 sale process, of an Italian subsidiary of US company specializing in medium and high voltage drives and controls.*

* Michael's prior experience includes the representation of clients in these matters.

Bankruptcy and Restructuring

Michael represents secured and unsecured creditors, lenders, hedge funds, and private equity funds in virtually all aspects of complex chapter 11 bankruptcy reorganizations and out-of-court restructuring transactions. Michael also provides real-time focused legal analysis and advice to investors contemplating investments in distressed opportunities.

REPRESENTATIVE TRANSACTIONS

• Represents ad hoc groups of bondholders in connection with restructurings of bonds and convertible notes.
• Represents private equity fund in connection with adversary proceeding commenced by liquidating trustee in chapter 11 bankruptcy case.
• Represents financial advisory firms in connection with complex bankruptcy and M&A engagements as well as fee disputes in bankruptcy proceedings.
• Represented senior secured bondholders in connection with out-of-court workout and restructuring of bonds issued by conduit issuer on behalf of private not-for-profit educational institution; representation included the preparation for an action to foreclose on certain mortgages and UCC Article 9 collateral and the negotiation of a deed in lieu to the secured lender.
• Represented senior secured lender in connection with chapter 11 bankruptcy proceeding commenced by auto dealership.
• Represented private not-for-profit educational institution in connection with negotiation and resolution of swap termination claim in the Lehman Brothers bankruptcy proceeding.
• Represented senior secured lender in connection with default and bankruptcy proceeding commenced by operator of nursing homes and assisted living facilities.
• Represented Ad Hoc bondholder group in connection with a chapter 15 bankruptcy petition commenced by a Canadian Trust with energy and petroleum assets in the US.
• Represented debtor in connection with their filing for bankruptcy protection and the sale of substantially all of their assets pursuant to a Section 363 sale and the successful confirmation of a plan of reorganization approximately four months following the filing.*

* Michael's prior experience includes the representation of clients in these matters.

Israel Practice

Michael advises Israeli financial institutions, investment funds, and law firms seeking US-based counsel in finance-related matters, including secured and unsecured loans, notes, and securities issuances, and US and cross-border workout, restructuring, bankruptcy, and litigation matters. 

REPRESENTATIVE TRANSACTIONS

• Represents indenture trustee in connection with the default by a British Virgin Islands issuer of bonds traded on the Tel Aviv Stock Exchange, whose US subsidiaries are engaged in the acquisition and development of real estate projects located in New York.
• Represents indenture trustee in connection with the restructuring of Tel Aviv Stock Exchange traded bonds issued by a British Virgin Islands issuer whose subsidiaries own and operate shopping malls located in the US.
• Represents indenture trustee in connection with an offering of Tel Aviv Stock Exchange traded bonds secured by US liens, pledges, and mortgages issued by a British Virgin Islands issuer.
• Represents Israeli investment fund in connection with mezzanine and secured mortgage loans to owners of commercial and residential real estate located in the US.
• Represented the indenture trustee in connection with the first international issuance of contingent convertible (CoCo) notes by an Israeli bank. The transaction involved a US$750 million (NIS 2.6 billion) issue of CoCo deferred notes, the proceeds of which will be used to refinance existing deferred debt and manage exposure to foreign currency.
• Represented the indenture trustee in connection with the restructuring of bonds issued by a US Business Development Company on the Tel Aviv Stock Exchange.
• Represented an Israeli financial institution in connection with the purchase of US marketplace loans.
• Represented purchaser in the acquisition from an insolvent Israeli public company pursuant to a court-supervised process of a minority equity interest in owner/operator of gas stations and convenience stores across the east coast of the US. Worked with local Israeli counsel and assisted in negotiations with the insolvent company and its bondholders, and successfully negotiated a settlement of litigation between insolvent company and majority shareholder.