Jay Basham is an experienced creditor's rights and bankruptcy attorney with a diverse practice. Throughout his 35-year career, Jay has represented creditors and debtors alike in all manner of workouts, restructurings, business bankruptcies, receiverships, assignments for the benefit of creditors, and related actions. His pragmatic, business-focused approach helps his clients pursue their objectives in a smooth, expeditious manner.
With deep experience in creditor's rights and bankruptcy law, procedure and process, Jay represents a variety of businesses and commercial interests, including financial institutions, a wide variety of lenders, trustees, debtors, and other parties involved in bankruptcy and workout/restructuring matters. In addition to representing creditors, debtor-in-possession lenders, and debtors in Chapter 11 and Chapter 7 bankruptcy filings, Jay also regularly works with trustees and examiners. Jay’s practice also includes representation in receiverships in both state and federal courts and assignments for the benefit of creditors.
Jay’s commitment to seeing his clients’ matters through to resolution is unwavering. His comprehensive experience on both sides of bankruptcy – and in addressing the broad scope of issues that arise during insolvency proceedings – enables him to anticipate issues and obstacles and to chart a beneficial and practicable path forward to minimize disruption and expense. Jay’s responsiveness and inclusive communication style foster an environment that encourages all parties to work cooperatively and productively to reach resolution.
- Represented The Colonial BancGroup, Inc., a publicly traded bank holding company, in response to the largest bank fraud in U.S. banking history. Our team guided the holding company through the Chapter 11 bankruptcy process, filed in Montgomery, Alabama, which was a hotly contested by the FDIC and involved unique disputes relating to the interrelationship between bank holding companies and subsidiary banks. The representation involved litigation of issue of first impression with the FDIC, as receiver for the bank subsidiary bank, the Chapter 11 plan process leading to a successful confirmation, and post-confirmation pursuit of asset recovery, including the pursuit of claims against auditors.
- 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 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 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 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.
- The firm represented Bank of America, N.A., as administrative agent, lender, and letter of credit issuing bank under an asset-based lending facility provided to The Standard Register Company and its affiliates which provide printing, distribution, and marketing materials and services to medical service providers, governmental agencies, and other businesses. The companies filed chapter 11 bankruptcy cases in Delaware in 2015, and the firm assisted Bank of America in negotiating, documenting, and obtaining court approval of a $125 million debtor-in-possession financing facility to support the debtors' operations in chapter 11, including negotiating a post-petition intercreditor agreement between the asset-based lenders, the first lien term lenders and the second lien term lenders.
- Co-Author, "Local Bankruptcy Rules: Georgia (N.D. Ga.)," Practical Law, Westlaw (March 2019)
- Co-Author, "Regulatory Issues in Commercial Lending, Restructurings and Workouts," ABI Spring Meeting Seminar (April 2017)
- Co-Author, "Please Release Me, Let Me Go: Eleventh Circuit Embraces Third-Party Release Standards," ABI Journal (June 2015)
- Co-Author, "Tax Sharing Agreements and Refunds: Are Tax Refunds Property of the Estate?" ABI Journal (November 2013)
- Co-Author, "Protecting Collateral Assignments of Partnership Interests," 9 Commercial Lending Review 31
- Co-Author, "Labor Act Jeopardizes Liens on Accounts Receivable of Service Companies," 6 Commercial Lending Review 40
- Co-Author, Note, "Criminal Law: Private Rights and Public Interests in the Balance," 20 William & Mary Law Review 655-739
- Financial Services
- Commercial Disputes
- Financial Services Litigation
- Restructuring & Bankruptcy
- William and Mary School of Law (J.D., 1979); Executive Editor, William & Mary Law Review, 1978-1979
- College of William and Mary (B.A., 1976)
- Georgia Bar Association
- District of Columbia
- The Honorable William C. O'Kelley, U.S. District Court for the Northern District of Georgia, 1979-1981