Today's challenging economy has made bankruptcy a more commonly used tool for reorganizing debt, restructuring to meet new business objectives, and maximizing the value of assets. Our attorneys have the skills and experience to guide the process—and to know when another solution might be more suitable.  

With 15 offices throughout the U.S., Ballard Spahr provides comprehensive services to clients nationwide. Our experience ranges from corporate restructurings, including Chapter 11 debtor and creditor matters, to Chapter 9 municipal insolvencies including Detroit and San Bernardino, distressed real estate, and distressed M&A.

 We advise on all facets of financial distress, including restructurings, workouts, the refinancing of debt, creditor-debtor litigation, asset dispositions and recapitalizations, reorganizations, and liquidations, both in and outside of formal proceedings.

Because many of the issues involved in a corporate restructuring require industry-specific skills, we often call upon colleagues skilled in public finance, real estate, health care, energy and utilities, housing, higher education, securities, investment management, government, the environment, labor, and tax.

Creditors and Creditors' Committees

Ballard Spahr commonly represents financial institutions, trade creditors, and other secured and unsecured creditors, in and out of formal insolvency proceedings, as well as Chapter 11 creditors’ committees. In connection with our committee work, our creative, pragmatic approach and decades of experience enable us to manage the often-conflicting interests of the members of committees, help them comply with their fiduciary duties, protect their investments, and meet both long- and short-term goals.

In addition, we regularly advise on the restructuring and redevelopment of distressed real estate projects and pooled mortgage loans on behalf of master and special servicers and other interested parties. With offices in some of the hardest-hit markets in the country, we understand each area’s regional issues, local laws, political climate, and distinct market characteristics.

Municipal Insolvency

Our attorneys have significant experience with the state and local laws governing financially distressed governmental entities, Chapter 9 of the Federal Bankruptcy Code, and the interplay of statutory and regulatory oversight involving such entities.

We have represented parties in many of the nation’s landmark cases, including the City of Detroit’s bankruptcy filing, the City of San Bernardino’s Chapter 9 proceeding, and multiple cases involving the City of Harrisburg’s insolvency and its guaranties of incinerator reserve bonds. We also represent clients in connection with defaulting owners in special services districts.

Distressed M&A Transactions

We represent investors, financial institutions, buyers, and sellers in the purchase or sale of assets in bankruptcy as well as in recapitalizations through out-of-court restructurings and formal reorganizations. We advise on marketing and auction processes, and otherwise counsel clients in connection with sales through Section 363 of the Bankruptcy Code.

Landlord Representation

Ballard Spahr is one of the only firms in the country to have a leading national practice representing landlords in Chapter 11 cases. Over the past two decades, we have been retained to represent landlords in many of the nation’s largest and most complex restructuring and bankruptcy matters, including those involving multiple clients, varied leasing structures, and locations across the country.

Chapter 11 Debtor Representation

Ballard Spahr lawyers have played leading roles in some of the largest and most complex Chapter 11 cases of the last three decades. Significantly, these cases have cut across virtually every major American industry, including retail, airlines and aviation, housing and construction, energy, shipping, health care, automotive, entertainment, finance, and telecommunications. These cases also have been geographically diverse, involving companies conducting business throughout the country (as well as internationally) and proceedings in federal bankruptcy, and district and appellate courts in the First, Second, Third, Fourth, Fifth, Sixth, Seventh, Ninth, and Eleventh Circuits, among others. 

Categories of Client Representations

We represent:

  • Secured and unsecured creditors
  • Pre-petition and DIP lenders
  • Landlords
  • Creditors' committees
  • Debtors
  • Underwriters
  • Indenture trustees
  • Receivers
  • Investors


Vincent J. Marriott III  
Practice Leader 
Tel 215.864.8236