Legal Insights, Updates and Outcomes

ZNC Forms Bankruptcy and Restructuring Group to Assist Clients with COVID-19 Related Financial Distress

Dear clients and friends:

To assist our clients and friends who may be suffering from financial distress as a result of Covid 19, Zeldes, Needle & Cooper has formed a Bankruptcy and Restructuring group, The Zeisler Verrillo Bankruptcy and Restructuring Group. This division of our firm offers decades of experience in bankruptcy and restructuring. Its members have been involved in both national and local cases including many of the most important bankruptcy and reorganization cases in Connecticut.

  • Richard Zeisler and James Verrillo are the core of the bankruptcy and work out group of Zeldes, Needle & Cooper. They were the founding partners of the largest and best-known bankruptcy and workout firm in Connecticut. Together they have vast experience in bankruptcy, workouts, and loan restructuring on behalf of debtors as well as creditors.  Zeisler and Verrillo have had leading or important roles in the majority of the most significant bankruptcy cases in Connecticut. These include: City of Bridgeport chapter 9, Thatcher Glass Company, Bridgeport Jai-Lai, Cannondale Bicycles, Country Home Bakeries, Radio Printing Company, E&F Construction Companies, Stamford Harbor Pointe Development Project, Command Performance, as well as countless small and medium-sized Connecticut and national corporate bankruptcies, individual bankruptcies, state court receivership, and real estate reorganizations.
  • A new alternative to the present Chapter 11 offers a less costly and far more expeditious proceeding for small businesses. It was passed by Congress early this year to meet the needs of small businesses. It is called subchapter five and, in appropriate circumstances, it can facilitate a reorganization in a simpler and less expensive manner. Our lawyers are familiar with this new law which can be used in situations in which the total amount of debt is less than $7.5 million. Subchapter five offers a useful alternative for appropriate small business candidates.
  • In certain circumstances, bankruptcy may not be a suitable alternative. In such cases, our workout team has counseled debtors on less expensive and less intrusive methods of proceeding. Many of these non-bankruptcy alternatives have resolved the problem situations in a simpler and less expensive manner.
  • Robert Cooper has successfully counseled businesses through many economic downturns. He has decades of experience assisting troubled businesses.
  • Joseph Cessario, resident in our Stamford office, has been involved in numerous real estate workouts and foreclosures, business reorganizations and litigation.
  • ZNC’s commercial litigation department is renowned in the state, addressing many of the issues arising with companies in financial distress.
  • All of Zeldes, Needle & Cooper’s attorneys are available to consult with you on all areas of bankruptcy, restructuring, foreclosure, debt collection, and creditor protection. Please know that our firm and all of our partners are fully operational working both remotely from home and directly from our office to assist you in all aspects of your legal needs.

If any of your business friends or colleagues need assistance, we would be happy to consult with them. Please contact Richard Zeisler at rdzeisler@znclaw.com to discuss.