Mitch Appelbaum is a partner in the firm's Bankruptcy and Financial Restructuring Practice Group. He also co-leads the firm's Debt Finance Practice Group, and is a part of the firm's Real Estate Practice Group. He joined the firm in 1991.
Practice
Mr. Appelbaum's practice focuses on debt finance and other commercial transactions. He works with both borrower and lender clients on the structuring and implementation of credit facilities, including domestic and international asset-based, cash flow, acquisition and venture debt arrangements. As borrowers, Mr. Appelbaum represents corporate clients in the energy, biotech, retail, manufacturing, internet, high-tech, telecommunications, pharmaceutical financial and consulting services and mining industries. He also represents institutional and other lenders in providing a variety of credit facilities. Additionally, Mr. Appelbaum represents clients in the structuring and implementation of leveraged acquisition financing, receivables securitizations, and aircraft and other equipment financings, and also works on Rule 144A offerings.
Mr. Appelbaum’s practice also involves financial restructuring and workout matters—including reorganizations and liquidations, debtor in possession financing and sales and acquisitions of distressed assets—where he has represented several Chapter 11 debtors, secured and unsecured creditors, and bondholder groups.
Recent Highlights
Debt Finance
- Represented foreign trust entity in a $400 million senior secured credit facility comprised of a $150 million term loan, a $145 million revolving credit loan, and a $105 million letter of credit reimbursement facility
- Represented a specialty pharmaceutical company in connection with an $11.25 million senior secured term loan facility from a financial institution and an additional $1.875 million subordinated secured term loan facility to provide ongoing financing for development of pharmaceutical products
- Representing and advising multiple early-stage companies on venture loan and initial debt transactions
- Represented biofuel company in connection with several credit facilities, including over $40 million in secured bridge facilities both on a senior and subordinated basis
- Representing several venture capital funds in connection with structuring and implementing capital call lines of credit to facilitate investments
- Represented special purpose acquisition company in connection with restructuring and implementing a $108 million secured international term and revolving credit facility
- Represented foreign venture loan lender with the structuring and implementing debt facilities for early-stage companies with operations in the United States
- Represented renewable energy company in connection with over $25 million in secured debt facilities provided by an institutional lender and affiliates
- Represented staffing services provider in connection with workout of $100 million revolving credit facility and refinancing with a new asset-based lender
- Represented largest mall-based toy store retailer, in connection with restructuring of $200 million asset-based, secured revolving loan facility, and $95 million secured over-advance credit facility from its equity sponsor
- Represented a mining company in connection with structuring of a $100 million term loan facility and a $25 million revolving credit facility with institutional lenders to provide financing to complete an acquisition of energy producing assets, including subsequent modifications and additional financings in connection with such facilities
- Represented a Latin American trade finance fund in restructuring of $80 million warehouse credit facility to finance bioenergy loans and related transactions in South America
Bankruptcy and Financial Restructuring
- Represented largest toy store retailer in its Chapter 11 proceedings, including the confirmation of its reorganization plan in late 2005, and represented the reorganized debtor in connection with certain claims reconciliation and dispute issues, including appeal to Third Circuit of bankruptcy court decision and settlement
- Advised several early stage companies on restructuring and wind up options, including use of bankruptcy, assignments for the benefit of creditors and other arrangements
- Represented hedge fund, which is the holder of secured debt relating to a condominium complex in Florida, in connection with the restructuring and payment of such debt through a Chapter 11 proceeding in the Massachusetts bankruptcy court
- Represented landlord in adversary proceeding against debtor tenant pending in United States Bankruptcy Court in Delaware with respect to rights of debtor and landlord under the applicable lease of real property located in Arkansas
- Represented several landlords in various disputes with Chapter 11 and Chapter 7 debtor tenants, including disputes over ownership of property remaining on premises and termination of lease
- Represented several clients in connection with the analysis and consideration of acquisition of distressed debt out of Chapter 11
- Represented institutional investor in connection with analysis and consideration of restructuring alternatives for portfolio company in Massachusetts
Professional Activities
- Mr. Appelbaum is a member of the American, Massachusetts and Boston Bar Associations
- Mr. Appelbaum is an adjunct faculty member at Suffolk University Law School, teaching a course, for the past six years, on Commercial Lending and Finance
- Mr. Appelbaum is a member of the American Bankruptcy Institute, the Turnaround Management Association and the Association of Insolvency and Restructuring Advisors
- Mr. Appelbaum has continued to serve for the past six years on the Board of Directors of Project Bread – The Walk For Hunger, Inc., including serving on its Executive Committee
- Mr. Appelbaum served for over six years on the Board of Directors of The Lawyers Clearinghouse for Homelessness and Affordable Housing, Inc., an organization that administers programs to provide access to legal services for low income and homeless individuals and non-profit organizations
Honors and Awards
- Selected by peers for inclusion in The Best Lawyers in America 2008, 2009, 2010, 2011 and 2012 in the area of bankruptcy and creditor-debtor rights law
- Named a "New England Super Lawyer" (formerly "Massachusetts Super Lawyer") in bankruptcy in the 2004, 2005, 2006, 2007, 2008, 2009, 2010 and 2011 issues of Boston Magazine
- Recognized for exceptional standing in the legal community in the area of bankruptcy/restructuring in Chambers USA: America's Leading Lawyers for Business, in every edition since 2005.
- Recognized as a leading practitioner of bankruptcy and commercial law in the Legal Media Group's Guide to the World's Leading Insolvency and Restructuring Lawyers, 6th Edition
Speaking Engagements
- Presenter, Real Estate Committee of the Association of Corporate Counsel (ACC): Webinar on "Real Estate Financing And Use Of Bankruptcy Remote Entities in Light of General Growth," August 20, 2009
- Presenter, MIT Center For Real Estate, Professional Development Seminar on Fundamentals of Loan Workouts, Bankruptcy Issues and General Growth, June 17, 2009
- Panelist, American Fiduciary Network, Webinar on “Lender Liability Issues”, May 21, 2009
- Presenter, Real Estate Committee of the Association of Corporate Counsel (ACC): Webinar on "Landlord-Tenant Issues In A Distressed Economy”, March 19, 2009
- Panelist, “Valuation of Troubled Businesses,” 24th Annual Bankruptcy and Restructuring Conference, for the Association of Insolvency and Restructuring Advisors, June 4-7, 2008, Las Vegas, Nevada
Publications
- Recent Decisions in Saad, Metcalfe, and Condor: Chapter 15 Re-Energized, an article by Mitchel Appelbaum, George W. Shuster, Jr., and Melanie J. Dritz, published in Pratt’s Journal of Bankruptcy Law, Vol. 6, No. 3, pages 267-273 (April/May 2010)
- Reviewer for publication by Massachusetts Continuing Legal Education, Inc. - Quickcheck on Taking and Enforcing Security Interests in Personal Property in Massachusetts, 3rd Edition 2007 (Authored by Edwin E. Smith)
- “Gifting” To Junior Classes: Can It Be Done?, an article by Mitchel Appelbaum and Elisabetta G. Gasparini, published in the ABI Journal, pages 16-17 (February 2007)
