Practice Areas: Bankruptcy
Licensed in New York since: 1994
Education: Hofstra University School of Law
Selected to Super Lawyers: 2009 - 2024 Olshan Frome Wolosky LLP
1325 Avenue of the Americas15th Floor
New York, NY 10019 Phone: 212-451-2216 Email: Adam H. Friedman Visit website
Details
Adam Friedman chairs Olshan’s Bankruptcy & Financial Restructuring Group as well as the firm’s Distressed Real Estate Group. He represents clients in all facets of corporate and real estate restructurings, Chapter 11 bankruptcies, distressed investments, and loan transactions.
Clients retain Adam to advise them and represent them in insolvency and bankruptcy proceedings, reorganization transactions, and special situations. He also represents parties in lending transactions across the capital structure. Distressed investors rely on him to help them capitalize on opportunities created by special situations and market disruptions. As Olshan’s Distressed Real Estate Group leader, Adam oversees a team of lawyers and represents clients in connection with commercial, CMBS and mezzanine loan restructurings and litigation.
Combining a deep understanding of the law, finance and business, Adam is known for his pragmatic and business-oriented approach to helping his clients. His deals have achieved national recognition for their exceptional results. He brings a collaborative and strategic perspective to each matter. Clients appreciate his dedication and efficient and innovative strategies focused on finding pragmatic and effective solutions to often complex and highly distressed situations. For Adam, it’s all about determining the best path to accomplish his clients’ goals.
He has substantial experience in both in-court and out-of-court restructurings for clients based in the United States and abroad. He also advises clients on fiduciary duties, director and officer liability, liability management, fraudulent conveyance matters, and a variety of other issues related to corporate transactions and insolvency proceedings.
First Admitted: 1993
Professional Webpage: http://www.olshanlaw.com/attorneys-Adam-Friedman.html
Transactions:
- Represented J&T MS 1 SICAV A.S. in connection with its equity investment in the chapter 11 case of Venator Materials, Inc. and affiliates including the contested valuation and confirmation disputes while upholding voting rights of equity owners under UK law in connection with U.S. chapter 11 case (Winner of the 2024 16th Annual Turnaround Atlas Award: Large Cross Boarder Case of the Year).
- Represented the ad hoc committee of preferred shareholders of Washington Prime Group Inc. and affiliates in connection with litigation and settlement of valuation issues resulting in significantly higher recoveries to preferred equity holders under a Chapter 11 plan as well as enhanced participation in the rights offering. (Winner of 14th Annual Turnaround Atlas Awards Chapter 11 Restructuring of the Year)
- Represented Novation Companies, Inc., NovaStar Mortgage, LLC and affiliates in their Chapter 11 case, a novel transaction that allowed the debtors’ use of unencumbered cash to acquire a nondebtor company as a means to fund plan payments while also preserving in excess of $600 million in net operating losses (NOLs) (Winner of the Twelfth Annual M&A Advisor Distressed M&A Deal of the Year).
- Represented Bristol Investment Fund, Ltd., as purchaser of Sugarfina, Inc. and affiliates, in their Chapter 11 cases, including successfully challenging the stalking horse credit bid and ultimate negotiation of a superior alternative transaction for the company and its stakeholders.
- Represented Madison 92nd Street Associates, LLC, the owner of a 226-room Courtyard Marriott hotel in NYC, in its Chapter 11 case in connection with the transfer-tax-free sale of the hotel and confirmation of a Chapter 11 plan.
- Represented the Step One Credit Agreement Lenders in Tribune Company Chapter 11 proceedings, including filing a competing Chapter 11 plan of reorganization and successful settlement in multiparty disputes.
- Debtor RepresentationsPLx Pharma Inc. Town Sports International, LLC (New York Sports Clubs) Leading Bitcoin mining operator in out-of-court restructuring with lenders and bondholders Largest franchisee of metro area national restaurant brand in successful out-of-court COVID restructuring with lenders, franchisors, multiple landlords, and bridge financing F&H Acquisition Corp and its affiliates, the owners of the Fox and Hound, Bailey’s Sports Grille, and Chammps restaurant chains Jennifer Convertibles, Inc. 56 Milbank LLC, owner/builder of luxury townhouses located in Greenwich, Connecticut, in Chapter 11 case. Represented public gaming company with negotiations and out-of-court restructuring of bond debt.
- Distressed Investing/Distressed Real EstateRepresenting VS 125, LLC, in a multi-faceted commercial foreclosure dispute and restructuring involving senior and mezzanine loans in New York State Supreme Court concerning luxury residential real estate development located at 125 Greenwich Street in Manhattan. Acorn Street Capital in connection with the Chapter 11 exit financing of THG Hotel LLC. Surrey Realty Associates, LLC, the ground lessor, in the bankruptcy proceedings of The Surrey Hotel, a premier Upper East Side NYC hotel. Purchaser of 100-104 Fifth Avenue from the bankruptcy estate of Rock US Holdings Inc. Purchaser of Nashville, TN commercial building from the bankruptcy estate of Gibson Brands, Inc. Perry Ellis International, Inc. as purchaser of real estate assets in the Chapter 11 case of Fred’s Inc. Team Greene LLC, the senior secured lender by assignment of a senior mortgage loan, in connection with the acquisition out of bankruptcy of a 92,000 square foot mixed-use residential and commercial building in Brooklyn, New York. Shopping center owner/borrower in connection with a large CMBS loan restructuring and A/B note restructuring transaction between client, rescue finance partner, and the special servicer. Hotel Owner in CMBS litigation against special servicer and ultimate restructuring transactions with rescue investor. Purchaser of a $60 million real estate loan against Miami hotel debtor in bankruptcy and foreclosure proceedings. Investors in prepackaged Chapter 11 case of Isologen, Inc., which restructured approximately $90 million of debts and issued SEC registration-exempt “equity for debt” securities under the Plan.
- Bondholder and Lender RepresentationsRepresent bondholders in Sears Holdings Corp., Toys R Us, J. Crew, Caesars Entertainment, Helios & Matheson, Gulfmark Offshore, Rand Logistics, Inc., SunEdison Inc; Endeavor Oil; Magnum Hunter Resources; Sabine Oil & Gas; MBIA; Tronox, Inc.; ESP Resources; Foamex Inc., University General Hospital Systems; UGHS Senior Living Inc. DIP Lender and purchaser of assets in Scoobeez Inc. DIP Lender and purchaser of assets in Delivery Agent, Inc. et al. DIP lender and purchaser of assets in Retail Pro, Inc. DIP lender and purchaser of assets in Badanco Enterprises, Inc. Tranche B DIP lenders in Global Capacity Group, Inc. Second lien lenders in Chapter 11 cases of Sportco Holdings, Inc., et al. in their Chapter 11 cases Second lien lenders in New Century Transportation, Inc./Western Freightways, Inc.
- Official Creditor’s Committee Official committee of Musicland Holding Corp. Official committee of KB Toys Inc. Official committee of unsecured creditors of Vermillion, Inc. Official committee of unsecured creditors of Nova Biosource Fuels, Inc., et al. Official committee of unsecured creditors of Accentia Biopharmaceuticals, Inc., et al.
Bar/Professional Activity:
- Connecticut
- New Jersey
- New York
- U.S. District Court for the Southern District of New York
- U.S. District Court for the Eastern District of New York
- U.S. District Court for the Northern District of New York
- New York State Bar Association
- American Bankruptcy Institute
- Bankruptcy & Restructuring advisory board member, Thomson Reuters Practical Law Editor, The Bankruptcy Strategist, ALM’s leading bankruptcy law publication
- Globalaw
Educational Background:
- J.D., Maurice A. Deane School of Law at Hofstra University Notes and Comments Editor, Hofstra Labor Law Journal
- B.A., Hofstra University
Honors/Awards:
- Consistently named to the New York Metro Super Lawyers list since 2009, New York Metro Super Lawyers
- “Top Restructuring Professional”, Global M&A Network, 2022
Scholarly Lectures/Writings:
- Adam Friedman, partner and chair of the firm’s Bankruptcy & Financial Restructuring and Distressed Real Estate Practices, authored an article for Commercial Property Executive entitled “Bankruptcy Court and Distressed CRE Opportunity.” In the article, Adam discusses the benefits of utilizing the bankruptcy process within the commercial real estate (CRE) sector. Inflation, rising interest rates and the impacts of the post-pandemic hybrid and remote work models, combined with $2.5 trillion of CRE loan maturation over the next half-decade, will create opportunities for distressed real estate investors. “With broad protections,” Adam writes, “including the imposition of the automatic stay, which halts lawsuits and foreclosure sales, debtors in Chapter 11 bankruptcy are given ‘breathing room’ to restructure their debts or sell assets.” He adds that such “breathing room” provides for the chance to find “a solution [for] struggling owners or existing lenders—both of whom may be looking for a buyer, a replacement lender, or similar rescue capital.” Adam concludes, “Understanding the rules, pitfalls, and benefits of the Chapter 11 process is essential for success.”, Author, Bankruptcy Court and Distressed CRE Opportunity, Commercial Property Executive, 2023
- The Journal of Corporate Renewal by Turnaround Management Association published an article on Real Estate Bankruptcies entitled “Real Estate Bankruptcies: Next Wave Features Underwater Assets, Complex Structures” written by Adam H. Friedman and Jordanna L. Nadritch. The article addresses the use of bankruptcy law for restructuring real estate assets., Co-Author, Real Estate Bankruptcies: Next Wave Features Underwater Assets, Complex Structures, The Journal of Corporate Renewal
Office location for Adam H. Friedman
1325 Avenue of the Americas
15th Floor
New York, NY 10019
Selections
16 Years Super Lawyers
- Super Lawyers: 2009 - 2024