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Robert E. Richards, Partner


Robert E. Richards

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Chicago

Phone: 312-876-7396
rrichards@sonnenschein.com

Education:

University of Michigan Law School, J.D., cum laude, 1988
Johns Hopkins University, B.A., International Studies, Departmental Honors, 1985

Practice Areas:

Corporate Reorganization & Bankruptcy
Corporate Practice
Climate Change

Professional Profile:

Mr. Richards is a member of Sonnenschein’s Corporate Reorganization & Bankruptcy Practice and practices in the areas of bankruptcy and insolvency related transactions and litigation.  His practice includes Chapter 11 representations, pre-bankruptcy workout negotiations and transaction structuring.  He has been heavily involved in numerous Chapter 11 debtor representations in various industries in numerous jurisdictions, including:

  • AmCom General Corporation (radio station - D. Del.)
  • Central Hardware Company (retail hardware - ED Mo.)
  • Custom Shop Corp. (custom clothes - D. Del.)
  • Digital Teleport, Inc. (telecom - ED Mo.)
  • Eddie Haggar, Ltd. (women’s apparel manufacturer/wholesaler - ND Tex.)
  • First Merchants Acceptance Corp. (subprime auto  lender - D. Del.)
  • Grossman’s Inc. (retail hardware - D. Del.)
  • Handy Andy Home Improvement Centers (retail hardware - ND Ill.)
  • Mission Independent Practice Association (managed health care organization- ND Cal.)
  • NewComm Wireless Services (telecom - D. Puerto Rico)
  • Philip Services Corporation (scrap metals, hazardous waste disposal and industrial cleaning - SD Tex.)
  • Preserve at Woodland Harbor (single asset real estate - ND Ill.)
  • Rotec Industries, Inc. (specialized construction equipment leasing and sales - D. Del.)
  • Specialty   Equipment Companies (food equipment manufacturer - ND Ill. - Rockford Division)
  • Sonoran Energy, Inc. (oil and gas production - ND Tex.)

Mr. Richards has represented official committees of unsecured creditors in cases such as UAL Corp. (airline), Wickes, Inc. (lumber yards), Xechem, Inc. (pharmaceuticals) and Regal Cinemas, Inc. (theatres).  He also represents (i) secured and unsecured creditors in a variety of Chapter 11 and Chapter 7 cases and pre-workout negotiations, (ii) bidders for the assets of financially troubled sellers, (iii) executive officers and outside directors, (iv) physicians and health care entities and (v) assignees for the benefit of creditors/receivers.                                     

Mr. Richards also has experience with acquisitions, exchange offers, foreclosures, franchisee terminations, mechanics liens, secured financing and securitizations and UCC matters.  Much of his work in these areas arises in the context of financially troubled borrowers, targets, counterparties or transactions.

Admitted to the Bar:

Illinois

Awards:

Mr. Richards was a co-recipient of the Small/Medium Turnaround of the Year Award from the Midwest Chapter of the Turnaround Management Association (TMA). This award recognizes Mr. Richards' work on the out-of-court restructuring of SourceLink, Inc., a marketing services firm with multiple U.S. locations. The TMA is an international organization of turnaround professionals. Each year the TMA honors professionals whose efforts significantly helped to strengthen a company undergoing restructuring.

Organizations:

Mr. Richards is a member of the American Bar Association, Chicago Bar Association and American Bankruptcy Institute.

Publications:

Mr. Richards has co-authored several articles including:

  • The Debt Securities chapter of the Fourth Edition of The Layman's Guide To The Legal Aspects of Venture Investments
  • "Trust Indentures as Executory Contracts Under Section 365 of the Bankruptcy Code"
  • “Can We Work It Out?:  Effects of the Deepening Insolvency Doctrine”
  • "Bankruptcy and Solvency Implications of Accounting Changes for Environmental Liabilities"
  • “Practical Issues in Assignments for the Benefit of Creditors” (ABI Law Review)