Steven M. Abramowitz
The Grace Building
1114 Avenue of the Americas
32nd Floor
New York, NY 10036
Steven Abramowitz’s practice focuses on restructuring, bankruptcy and transactions involving leveraged or financially distressed companies. He draws from his more than 25 years of experience to help businesses, creditors, investors and other clients navigate the opportunities and risks of pursuing acquisitions, divestitures, financings and other deals with companies that have either entered formal bankruptcy proceedings or face other challenging circumstances.
Steven works with clients from a variety of industries, including financial services, transportation, restaurants, and energy. In one major case, Steven helped two investment funds purchase the troubled casual dining chain Cosi, which had lost its leadership during the bankruptcy process. Steven obtained court permission for his clients to operate the chain while the deal was still pending, ensuring the chain could stay in business during the acquisition. In another milestone case, Steven was part of the V&E team advising private equity sponsor Riverstone on the restructuring of its portfolio company, Fieldwood Energy, helping Riverstone invest substantial new capital on a transformative transaction while avoiding litigation claims from creditors.
Steven also represents both troubled and financially healthy companies in reorganizations, divestitures, and restructurings, as well as in complex secured loan facilities, Rule 144A debt offerings, private placements, and other financings. In addition, he advises parent companies and private equity funds in connection with liability management and ring fencing of troubled portfolio companies and investments.
Experience Highlights
Riverstone Holdings in its capacity as second lien lender and private equity sponsor in connection with Fieldwood Energy’s restructuring, including the conversion of more than $1.6 billion in funded debt to equity, its $525 million new money rights offering, and the acquisition of Noble Energy’s deepwater assets in the Gulf of Mexico, all as effectuated through prepackaged chapter 11 cases
An ad hoc group of convertible noteholders in the prepackaged chapter 11 case of Global Brokerage, Inc.
MILFAM II L.P. and AB Opportunity Fund L.P. in connection with acquisition through chapter 11 plan of 100% of the equity of the casual restaurant chain Cosi, Inc. (District of Massachusetts)
Terminal Investment Limited, SA in connection with acquisition of interests in Long Beach and Seattle Port facilities from Hanjin Shipping Co. Ltd. In chapter 15 proceedings in District of New Jersey
Eureka Hunter Pipeline LLC and Morgan Stanley Infrastructure Partners in connection with resolution of mid-stream contracts and joint venture issues in chapter 11 proceedings in District of Delaware of Magnum Hunter Resources Corporation
Sanjel Corporation and affiliated entities as debtors in chapter 15 proceedings in Western District of Texas in relation to foreign main proceeding under Canadian Companies’ Creditors Arrangement Act (CCAA) and sale of domestic and international assets in the two proceedings
Resource Energy Partners LLC (sponsored by Apollo Global Management) as purchaser of substantially all of the E&P assets of American Eagle Energy Corporation pursuant to Section 363 of the Bankruptcy Code (District of Colorado)
Trico Marine Services and affiliated entities as debtors in chapter 11 proceedings in District of Delaware and in out-of-court restructurings and debt exchange offers relating to foreign affiliates
Bundesbank (German Central Bank) as special counsel in connection with issues arising from chapter 11 proceedings of Lehman Brothers Holdings, Inc. in United States Bankruptcy Court for the Southern District of New York
United Airlines Inc. in connection with Court approved termination of regional air services arrangements and claims in chapter 11 proceedings of Pinnacle Airlines Corp. in United States Bankruptcy Court for the Southern District of New York
Principal creditor group and sponsors of chapter 11 plan for casual restaurant chain Cosi, Inc. (District of Massachusetts)
A private equity portfolio company in connection with purchase of E&P assets from Samson Resources Corp. (District of Delaware)
A private equity firm in connection with purchase of international operations of Cal Dive International, Inc. pursuant to Section 363 of the Bankruptcy Code (District of Delaware)
A mezzanine lender in connection with secured debt/warrant investment in a domestic exploration and production company
Debt investment fund in emergency “add-on” emergency second lien facility to address reserve-based borrowing base revaluation
Second lien lender in connection with chapter 11 proceedings of Loehmann’s Holdings, Inc. (Southern District of New York) and confirmation of chapter 11 Plan
A private equity firm in connection with board representation and investment exit in a distressed E&P company
A defendant in significant fraudulent transfer action brought by an estate representative of Pacific Energy Resources Ltd. (District of Delaware)
A secured lender group to a pipeline company in chapter 11 proceedings of Flying J, Inc. and Longhorn Pipeline L.P. (District of Delaware)
Principal secured lender in a chapter 11 case of Phoenix Coyotes NHL franchise (District of Arizona)
Represented a financial advisor to creditors’ committee in connection with bankruptcy court litigation relating to engagement
Special Counsel to foreign representative in chapter 15 case (Southern District of Texas) of a Canadian-based manufacturer
Special Counsel to Canadian Debtors in chapter 15 proceedings in District of Delaware
Served as lead restructuring counsel for a broadcasting company in connection with out-of-court restructuring and chapter 11 planning
Served as lead restructuring counsel for a publishing company in connection with out-of-court restructuring
Represent investment funds and other lenders in connection with origination of leverage finance transactions ($10 million-$400 million) in a variety of industries, including energy, textiles, major league sports franchises, and payment processing
Represent investment funds on a regular basis in connection with the analysis of new investments and purchase of significant debt and equity interests in distressed and/or highly leveraged issuers
Represent financial institutions in connection with risk mitigation relating to a financial contracts and arrangements with challenged counterparties
Represents parent companies and private equity funds in connection with liability management and ring fencing of troubled portfolio companies and investments
Credentials
- Columbia University Law School, J.D., 1990 (Senior Editor, Columbia Law Review; Kent Scholar; Stone Scholar)
- University of Pennsylvania, B.S., Economics magna cum laude, 1985
- Judicial clerk for the Honorable Michael B. Mukasey, U.S. District Court for the Southern District of New York, 1990–1991
- The New York Times Magazine, New York Super Lawyer, Bankruptcy & Creditor/Debtor Rights; Securities & Corporate Finance, 2006−2014
- Legal 500 U.S., Corporate Restructuring: Including Bankruptcy, 2016
- Selected to the New York Metro Super Lawyers list, Super Lawyers (Thomson Reuters), 2006−2019
- Chambers USA, Bankruptcy/Restructuring Law, 2011−2014
- Member: Committee on Bankruptcy and Corporate Reorganization, Association of the Bar of the City of New York
- Member: American Bankruptcy Institute
- Member: Turnaround Management Association
- New York
- InsightDecember 5, 2019
V&E Restructuring and Reorganization Update
- Rankings & AwardsSeptember 11, 2019
- Deals & CasesJune 19, 2019
- Deals & CasesJune 18, 2019
- InsightMay 22, 2019
V&E Restructuring & Reorganization Update
- InsightJanuary 31, 2019
V&E Restructuring and Reorganization Updates
- Deals & CasesOctober 29, 2018
- Rankings & AwardsSeptember 13, 2018
- “Energy Industry: Lessons Learned? What’s Next?,” Turnaround Management Association, October 2017 (speaker)
- “Thoughts for Officers and Directors of E&P Companies and MLPs in 2016,” V&E website, January 19, 2016 (co-author)
- Collier Real Estate Transactions and the Bankruptcy Code, Matthew Bender & Co., 2007
- “Executory Contracts” (Chapter 68) and “Chapter 11 Plans” (Chapter 90), Collier Bankruptcy Practice Guide, Matthew Bender & Co., 1999 (Contributing Author)
- Numerous speaking engagements and panel participations on restructuring and creditors’ rights-related topics
News & Insights
V&E Restructuring and Reorganization Update