Resourceful Houston Bankruptcy / Financial Restructuring Attorneys

Substantial assistance with debtor and creditor matters in Texas

The bankruptcy lawyers at Hoover Slovacek LLP are a valuable resource for our debtor and creditor clients. We get results — often in the most difficult circumstances.

Our attorneys have broad experience representing debtors, creditor committees, lessors and equity holders at every stage of the reorganization process, both in and out of court. We have found that by including both debtor and creditor work in our bankruptcy practice, we are able to maintain a more neutral perspective and are better able to anticipate opposing counsels’ reactions to a particular strategy.

The firm’s debtor work encompasses a wide variety of clients. We have successfully restructured debt both inside and outside of Chapter 11.

Our creditor work involves representing lending institutions and trade creditors, primarily in Chapter 11 business reorganizations. We also specialize in resolving tax problems in bankruptcy and related adversarial matters in which creditors’ rights are being contested.

Hoover Slovacek LLP's insolvency and restructuring team provides innovative solutions for distressed businesses, through out of court workouts, financial restructuring and, if necessary, Chapter 11 bankruptcy. We have represented businesses in every economic sector including manufacturing, energy, healthcare providers and related services, other service based companies, real estate developers and investors. Since 2008, distressed real estate has emerged as the hardest hit sector in need of restructuring, and the commercial real estate finance market has become virtually extinct. This has created a huge problem for owners and developers who have loans maturing on good properties that cannot be refinanced. Our team of experienced practitioners has extensive experience in navigating through these situations and successfully negotiating extensions, renewals and forbearance agreements on such loans. Where those efforts failed, we have successfully extended the maturities in the context of a confirmed Chapter 11 Plan in connection with both income producing properties as well as raw land. We also represent investors who have purchased real estate notes at significant discounts, when the borrower files for Chapter 11.

Our accomplishments

The primary goal in any Chapter 11 case is confirmation of a plan of reorganization which generates a positive return to all of the stakeholders.  Since 2010, the Hoover Slovacek bankruptcy team has confirmed plans in over 25 cases while representing debtors, creditors and equity holders.

The cases listed below demonstrate the multiple ways distressed commercial and real estate borrowers can use the bankruptcy process to resolve different kinds of problems.  For instance:

  • Sale free and clear of assets with clouded title
  • Debt restructure
  • Equity recapitalization
  • Resolution of complex litigation

We also carefully consider the tax issues related to bankruptcy.  This is a multi-disciplinary practice Hoover Slovacek's real estate lawyers, litigators, transactional lawyers and tax attorneys are at our clients' disposal throughout the bankruptcy process.

Creditor Representation

TXCO Resources:  Represented seven oil field services companies with claims of $21 million. Through our substantial efforts, our clients received a cash payment in full satisfaction of their claims, with interest and attorneys’ fees.

Vantage Force:  Represented mezzanine lender in a successful reorganization of this staffing company.

A Plus National Management:  Represented a bank in connection with a financed sale of the assets of this bus transportation company to a solvent third party.

GALP Highcross, GALP Waters:  Represented an investor who purchased discounted notes on two apartment projects located in Harris County, Texas.  After the borrowers filed for bankruptcy, we successfully restructured the debt.

GALP Sierra Vista:  Represented an investor who purchased a discounted note on an apartment project located in Harris County, Texas.  After the borrower filed for bankruptcy near Seattle, Washington, we participated in a sale to a third party through the bankruptcy process.

Equity Holder Representation

Abatecola Leasing:  Represented the equity holders/guarantors in a successful reorganization of this concrete pumping business through negotiation with multiple lenders.

WMF Airport Hotel:  Represented the equity holders/guarantors of the Holiday Inn located at Hobby Airport in a successful reorganization.  In this case, we obtained an injunction preventing the lender from pursuing the guarantors so long as WMF remained current on the restructured debt.

Debtor Representation

Anloc, LLC:  Represented this oil and gas company in a successful reorganization which resolved multiple, extremely complex commercial litigation disputes in the bankruptcy court.

Atom Instrument:  Represented this manufacturing company in a successful reorganization which resolved in bankruptcy court competing claims to intellectual property.

Fortune Lending:  Represented this developer of a 397 acre undeveloped tract of land located in Fort Bend County, Texas by filing Chapter 11 to avoid foreclosure and then successfully restructuring the debt.

LTG Forum:  Represented this Harris County, Texas apartment project by filing chapter 11 to avoid foreclosure and then successfully selling the complex through the bankruptcy process.

Mansions at Hastings Green, Mansions at Hastings Green Senior:  Represented two newly built tax- credit apartment projects that due to the 2008 financial crisis could not convert their construction loans to permanent loans.   Through the bankruptcy process, we achieved that conversion by confirmation of a plan of reorganization that extended their maturities.

Midway Group:  Represented this owner of 27 acres of undeveloped Harris County, Texas land restricted by deed to commercial only use.   We used the bankruptcy process to modify the deed restrictions  thereby converting a portion of the tract for multifamily use.  To achieve this goal, we also negotiated and obtained approval from the Texas Commission on Environmental Quality disposing of certain environmental matters.  This dramatically increased the value of the property and enabled a successful debt restructuring.

Morton & Porter:  Represented this residential developer of a 57 acre undeveloped tract of land located in Fort Bend County, Texas by filing Chapter 11 to avoid foreclosure and then successfully selling the property through the bankruptcy process.

Multiworth Partnership, LTD:  Represented this owner of a flea market located in the Rio Grande Valley.  We successfully settled a dispute between the equity holders and restructured the debt.

Nadowessioux Properties, LTD:  This Texas-based entity owned a multi-million dollar vacation home located in Jackson Hole, Wyoming.  The Chapter 11 case prevented foreclosure and ultimately resolved a contentious construction dispute with the builder.  The property was sold through the bankruptcy process  generating a purchase price sufficient to pay off all liens.

Sapphire VP LP:  Represented this Class A South Padre Island beachfront condominium project by filing Chapter 11 to avoid foreclosure and then successfully confirming a plan of liquidation whereby the remaining land and units were swapped for the outstanding debt.

Texas Systems & Controls:  Represented this custom manufacturer of skid modules, components used by power plant and oil refineries, in a successful restructure of debt and equity.

United DC:  Represented this warehouse/distribution company in a successful reorganization primarily by using the bankruptcy process to resolve unused capacity losses by reducing unused warehouse space.

Waco Town Square:  Represented this Class A condominium project located in Waco, Texas by filing Chapter 11 in order to eliminate minority equity holders who refused to pledge additional capital needed by the project.  The remaining equity holders contributed new capital and we successfully restructured the debt.

Hoover Slovacek LLP’s bankruptcy attorneys

Strategic solutions for bankruptcy in Texas since 1969

For more than 40 years, individuals, investors, businesses, community groups, management companies and financial institutions have trusted the bankruptcy lawyers at Hoover Slovacek LLP for practical, cost-effective representation. Contact our law firm online or by calling (713) 977-8686 to discuss how the firm might benefit you.