Eric Anderson is the go-to attorney for banks and other creditors dealing with problem loans. Eric has helped lenders negotiate workouts and financial restructurings throughout his career, both in and out of bankruptcy. His creative, client-focused approach ensures that creditors are in the best possible position to achieve their business objectives.
A seasoned bankruptcy professional, Eric helps banks, trustees, investors and other parties in bankruptcy and financial restructuring matters. Deeply knowledgeable in all aspects of bankruptcy and threatened bankruptcy, he is able to guide his clients to the optimal solution, be it a negotiated solution pre-bankruptcy or maximization of recovery within bankruptcy itself.
Eric is passionate about ensuring that his clients obtain the best possible outcome. His deep background in restructuring helps him ensure that the client can, to the greatest extent possible, drive its agenda rather than simply respond to the actions of other parties. Proactive and business-focused, Eric helps his clients navigate the reality of restructuring with a minimum of disruption.
A member of the American Bankruptcy Institute Board of Directors and frequent speaker for national groups of bankruptcy attorneys and judges, Eric’s creativity and leadership in the field is always evident.
Represented Bank of America, N.A., as agent and lender under senior secured revolver to American Tire Distributors, Inc., ATD Corporation and their affiliates in Chapter 11 bankruptcy filings in Delaware. WE represented the Agent in negotiating and closing a $1.2 Billion debtor-in-possession financing facility to the debtors and their Canadian affiliates, to support the debtors' operations in Chapter 11 and to allow the successful reorganization involving conversion of more than $1 Billion of subordinated debt to equity and infusion of more than $200 million of new working capital to the companies.
Represented energy company in a multi-billion dollar dispute with Westinghouse and its parent company Toshiba over Westinghouse's failure to complete construction of Vogtle nuclear power plants. Representation in connection with Westinghouse's New York bankruptcy filing included involved complex transactions with Westinghouse and the parent Toshiba to fully recover the $1.3 billion while preserving company's interest in intellectual property critical to the continued construction of the nuclear plants.
Represented Bank of America, N.A., as agent and lender, under senior secured revolver to Modular Space Holdings, Inc. and affiliates, which are engaged in the sale and leasing of temporary buildings and structures, in a pre-arranged Chapter 11 bankruptcy filing in Delaware. Representation involved debtor-in-possession financing facility to support the debtors' operations in Chapter 11, and $720,000,000 cross-border exit financing facility to allow the successful reorganization.
Represented owner/operator of a multi-facility senior living community in its dispute with a former insider over efforts to receive aggregate payments in excess of $30 million under a burdensome and unfair construction contract extracted by the insider during his term of services, leading to a significant reduction of the asserted obligations without the necessity of a bankruptcy filing.
Represented Bank of America, N.A., as agent and lender, under a $130 million senior revolving credit facility provided to Noranda Aluminum, Inc. and affiliates, which comprise a vertically integrated producer, manufacturer, and distributor of alumina, aluminum, and rolled aluminum products, in connection with Noranda's Chapter 11 filing in St. Louis, Missouri. Representation involved $130 million debtor-in-possession financing facility to support the debtors' operations in chapter 11 and ultimate sale of aspects of enterprise as a going concern in satisfaction of obligations.
Represented court-appointed monitor in Securities Exchange Commission's civil claims pending in New Jersey US District Court against defendants accused of amassing nearly $190 million in municipal bond and private placement offerings in their ownership and operation of various types of senior care facilities. Representation involves monitor's oversight defendants' plan for disposition of assets and repayment of obligations and execution thereof.
Represented Regions Bank as agent and lender under a senior secured credit facility to Forbes Energy Services Ltd., a provider oil field services and related production , through the Forbes' pre-planned chapter 11 bankruptcy cases filed in Houston Texas. Representation involved negotiation of a restructuring support agreement providing for the conversion of $280,000,000 of bond debt to equity, and significant plan issues resulting in payment in full of obligations with post-confirmation letter of credit agreement.
Represented Chapter 7 Trustee for Silverton Financial Services, Inc., the holding company for Silverton Bank, the largest bank failure in Georgia, involving unique disputes with the FDIC, insurance companies, and brokerage subsidiaries and the orderly liquidation of a range of assets, including two jet aircraft.
Represented asset-based healthcare lender in the chapter 11 bankruptcy case of a community hospital filed in the Northern District of Georgia. Representation included negotiating use of cash collateral by the hospital, subordinated debtor-in-possession financing provided by a potential buyer, and a section 363 sale process that resulted in sale of the hospital as a going concern and payment of all secured claims in full.
Co-presenter, "Enforceability of Intercreditor Agreements in Bankruptcy: Maximizing Recovery for First and Second Lienholders," Strafford Publications (August 2020)
Panelist, "Equitable Subordination and Recharacterization of Loans: Avoiding Pitfalls for Lenders, Creditors, and PE Sponsors," Strafford Publications (March 2020)
Panelist, “You Can Use § 363 for That?,” discussing uses of § 363 other than in connection with asset sales, such as first-day relief, entry into contracts, payment of fees of professionals of ad hoc groups and other uses, National Conference of Bankruptcy Judges, Washington, DC (November 2019)
Presenter, "Enforceability of Intercreditor Agreements in Bankruptcy: Maximizing Recovery for First and Second Lienholders," Strafford Publications (July 2019)
Co-presenter, "Troubled Credits – A Deal Attorney's Primer for the Next Market Disruption," State Bar of Georgia Business Law Section Secured Lending Seminar (March 2019)