Squire Patton Boggs Earns Honors for Optima Specialty Steel Case


Norman Kinel

Norman Kinel

An alumnus of American University Washington College of Law, Norman Kinel serves as a partner with Squire Patton Boggs and is the National Chair of its Creditors’ Committee Practice. Over the years, Norman Kinel has represented creditors in numerous significant bankruptcies and restructuring cases, and he has led Squire Patton Boggs teams that have won industry honors from organizations such as ACG New York and the Global M&A Network.

In June of 2018, the Global M&A Network recognized Squire Patton Boggs at its 10th annual Turnaround Atlas Awards gala in New York City in the category of “Chapter 11 Restructuring of the Year ($500 million to over $1 billion).” The award recognized a Squire Patton Boggs team led by Mr. Kinel for its work representing the Official Committee of Unsecured Creditors in the Optima Specialty Steel restructuring case, securing a 100 percent recovery on claims for its clients.

Along with Mr. Kinel, the team was co-led by Squire Patton Boggs’ global chair of the Restructuring & Insolvency Practice, Stephen Lerner, as well as Nava Hazan, a partner with the firm. Teams led by Mr. Kinel have previously won Turnaround Atlas Awards for their work on the Midstates Petroleum and Constellation Enterprises cases.

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Breaking Down the DIP Process in Business Bankruptcy Cases

Bankruptcy pic

Image: investopedia.com

An accomplished bankruptcy litigator at Squire Patton Boggs, Norman Kinel focuses on bankruptcy law and has represented creditors, debtors, equity holders and official committees in numerous of complex cases. Norman Kinel maintains registration in the U.S. Bankruptcy Courts for the District of Delaware and the Southern District of New York as a mediator. He has extensive experience in using debtor-in-possession (DIP) financing in bankruptcy cases. This financing, usually a fully funded term loan, helps companies in Chapter 11 bankruptcy obtain the funding necessary to execute a turnaround or sell the organization outright.

With DIP financing, the assets provided as collateral must sufficiently cover the amount of the business bankruptcy loan. Companies must first locate a lender willing to finance the turnaround and then seek approval from a bankruptcy court. Usually the DIP financing terms demand a market or premium interest rate and lender protections. Creditors can object to a loan that does not provide adequate protection, and the court has the ultimate decision of whether or not a loan gets approved.

In the event that a company filing Chapter 11 bankruptcy already has secured loans, the existing lender will need to consent to the new loan and the court will need to be convinced that the existing lender is adequately protected under the terms of the new loan.