The Pullman & Comley, LLC Workouts and Financial Restructuring practice advises clients when financial hardships strain contractual relationships, including lender-borrower and landlord-tenant relationships.  More recently, this practice group has been focusing on the impact of the COVID-19 pandemic on business relationships, as well as its overall disruption to all businesses.  Comprised of lawyers from the firm’s Real Estate, Business, Commercial Litigation, and Bankruptcy, Creditor’s Rights and Financial Restructuring practices, the Workouts and Financial Restructuring team possesses the experience and knowledge base to guide clients through the difficult decisions they are forced to make in the face of economic crises, including the current crisis caused by global public health concerns.  Our attorneys regularly advise clients through workout negotiations, out-of-court financial restructurings, Chapter 11 reorganizations, enforcement litigation including summary process, foreclosure, and actions to enforce creditor’s rights both in and out of bankruptcy court proceedings. For example, the Workouts and Financial Restructuring team has:

  • Advised landlords and tenants through negotiations over defaults, rent reduction and rent deferral requests and conversion of deferred rent to loans, forbearance agreements and amendments to leases;
  • Represented landlords and tenants in eviction proceedings and collection lawsuits against tenants and guarantors;
  • Advised borrowers and lenders in default situations arising from payment and covenant defaults, and in connection with negotiating forbearance agreements and amendments to loan documents;
  • Represented lenders, borrowers and guarantors through collection, mortgage foreclosure and UCC-foreclosure proceedings and lender liability litigation;
  • Assisted clients in debt restructurings and the sale and purchase of distressed assets and businesses, including through “363 sales” conducted through the bankruptcy process; and
  • Represented clients in all phases of bankruptcy proceedings, including representing debtors in Chapter 11, secured creditors, creditors’ committees, and equity holders.

The attorneys in our Workouts and Financial Restructuring practice are in regular contact with stakeholders and key players in their respective fields, which allows the interdisciplinary team to offer guidance on the state of the market and provide clients with the perspective they need to make well-informed decisions through this unsettled period.


  • Represented group of lenders in the restructuring and rehabilitation of a financial services company that involved the liquidation of assets to satisfy the claims of the secured creditor, the release of claims by certain lenders in exchange for a reduced payment and negotiating an agreement which resulted in no interruption of the financial services and enabled the company to originate financing transactions to pay the remaining lenders
  • Represented consumer products company in successfully restructuring and compromising secured and unsecured debt
  • Represented shopping mall-based market research company in successfully compromising commercial lease obligations on leases throughout the United States
  • Represented a lender in connection with the negotiation and execution of a forbearance agreement concerning several covenant and payment defaults under various commercial credit facilities aggregating approximately $27 million (not including associated interest rate swaps) and restructuring the loans on a going forward basis
  • Worked with large Connecticut chartered community bank to create a template modification agreement for their commercial credit facilities that would allow them to defer interest and/or principal payments for a short period of time (3-6 months) to help borrowers dealing with the impacts of the COVID-19 pandemic
  • Represented several landlords in negotiating and drafting rent forbearance agreements and lease amendments for multiple movie theater tenants required to close due to COVID restrictions
  • Represented automobile dealer in restructuring floor plan financing and contributed equity capital for auto franchisee that enabled the extension of dealership franchise agreements and operating rights

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