BANKRUPTCY, CORPORATE RESTRUCTURING, AND RELATED LITIGATION AND TRANSACTIONS
Jeff possesses a wide range of experience representing financial institutions and other creditors, landlords, debtors, committees, trustees, and other constituencies. He has developed a diverse practice with significant experience in all areas of bankruptcy litigation, reorganizations, and related transactions. These cases include the representation of business entities, principals, and guarantors in matters ranging from “complex” reorganization proceedings to small business cases, including cases under Subchapter V of Chapter 11 and the Small Business Reorganization Act of 2019.
Financial institutions and other creditors.
Jeff’s experience representing financial institutions and other creditors historically has been on behalf of asset-based lenders and similar secured creditors, and includes workouts, debtor-in-possession financing arrangements, §362 lift stay proceedings, cash collateral disputes, valuation contests, lien priority disputes, §363 asset sales, intercreditor agreements, the negotiation of plans of reorganization, objections to the confirmation of Chapter 11 plans, and trustee elections in Chapter 7 proceedings.
Oil and gas insolvencies.
Jeff has concentrated experience representing various constituencies in the liquidation, restructuring, and reorganization of exploration and production (E&P) companies and other segments of the energy industry. These representations have included drilling companies, service companies, suppliers, working interest owners, royalty owners, and other stake holders. Jeff’s experience includes the preparation, protection, and attack of oil and gas liens and/or mechanics and materialmen (M&M) liens, the litigation of mineral lease disputes, and the enforcement of operator duties and investor rights under joint operating agreements (JOAs) and other arrangements.
Reorganizations and liquidations under Chapter 11.
Jeff's experience includes the representation of debtors in Chapter 11 reorganization and liquidation cases, including numerous complex Chapter 11 cases and single asset real estate cases, and small business cases, including cases under Subchapter V of Chapter 11 and the Small Business Reorganization Act of 2019.
Business owner individual bankruptcies under Chapter 7.
Jeff's practice includes providing “fresh start” Chapter 7 proceedings for individuals who have debts, judgments, and other issues arising from the operation of a business.*
Farms, ranches, and other agriculture; Chapter 12 cases.
With family roots in Texas Panhandle, the South Plains, and West Texas dating back to the 1890s, Jeff advises a variety of agricultural producers including farmers, ranchers, and feed yards regarding out-of-court restructuring and options under Chapter 11 and/or Chapter 12 (family farmer cases). Jeff also maintains an office in the Amarillo-Pampa area.
Jeff’s experience includes the representation of unsecured creditors committees during Chapter 11 proceedings, including the formation, oversight, and governance of the committee, investigation of the underlying debtor's assets and the activities of directors and officers, the evaluation of actions proposed by the debtor, and the debtor’s exit from bankruptcy.
Bankruptcy litigation and appeals.
Jeff’s bankruptcy litigation experience includes the prosecution and defense of §548 fraudulent transfer and §547 preference claims, sales contract enforcement, director and officer (D&O) liability claims, the appointment of trustees, lender liability claims, homestead and other exemption disputes, the protection of trade secrets and intellectual property, land title disputes, single business enterprise claims, disputes involving factors and factoring, temporary restraining orders (TROs) and injunctive relief, actions to enforce indemnities and surety claims, releases of guarantors, foreign bankruptcy ancillary proceedings (i.e., Chapter 15 proceedings), and federal tax appeals.
He has also represented buyers of assets in the negotiation of auction procedures, stalking horse arrangements, access to due diligence and qualification disputes, and the prosecution of competitive auctions.
Jeff’s practice further includes appeals from the bankruptcy court to the district court and/or the court of appeals.
Jeff has represented Chapter 7 trustees in all facets of estate administration and litigation, including the recovery of assets, the investigation and prosecution of §548 fraudulent transfer claims and other avoidance actions, the recovery of preferential transfers, director and officer (D&O) liability claims, asset sales and auctions, the defense of affirmative claims against the estate, and the administration of claims and claims objections
Liquidating trustee roles.
Mr. Carruth serves as a trustee for liquidating trusts created through confirmed Chapter 11 plans.
Boards of directors.
Mr. Carruth also has serves in an individual capacity as a director on the boards of distressed businesses in order to advise on restructuring options and strategic planning.
Jeff also represents owners, property managers, landlords, and tenants in lease negotiations and modifications, lease enforcement disputes, and related matters, and buyers and sellers in real estate transactions.
TRANSACTIONS, MERGERS & ACQUISITIONS
A significant part of Jeff’s practice involves transactions undertaken as part of a bankruptcy case. Consequently, outside of the bankruptcy context, Jeff also advises and participates in mergers, acquisitions, asset sales and purchases, and other transactions.
Bankruptcy typically involves litigation, and Jeff also prosecutes and defends business disputes outside of bankruptcy cases in state and federal court.
COLLECTIONS AND CREDITORS RIGHTS
Jeff represents financial institutions and other creditors in foreclosures and the enforcement of liens and other remedies against real property and personal property collateral, the reduction of claims to judgment, and the implementation of post-judgment remedies.
The role of Chapter 11 debtors counsel, especially for larger enterprises, often includes advising management and other stakeholders in much the same role as a general counsel. Jeff applies these same skills outside of bankruptcy in advising a broad spectrum of clients in corporate governance, internal procedures, contract and transaction review, strategic planning, and ownership disputes among equity holders.
Learn more about recent bankruptcy developments and other items of interest at Jeff’s blog. crisisbankruptcy.com
Jeff also publishes a digest of the latest written opinions issued by bankruptcy courts addressing Subchapter V of Chapter 11 and the Small Business Reorganization Act of 2019. www.subvdigest.com
Frontline: Client Filing for Bankruptcy-Cash Flow and Survivability Issues in Chapter 11 E&P Cases, Texas State Bar 27th Annual Advanced Oil, Gas and Energy Law Course, Houston, Texas, October 8, 2009.
Avoiding Risks and Exit Strategies for Troubled Loans, Texas Economic Development Council, Spring Meeting, El Paso, Texas, April 2008.
“International Legal Developments in Review 1999: Creditors' Rights and Bankruptcy,” 34 The International Lawyer 533, 2000 (co-author).
“International Legal Developments in Review 2000: Cross-Border Insolvency and Structural Reform in a Global Economy,” 35 The International Lawyer 449, 2001 (co¬author).
“International Legal Developments in Review 2003: Insolvencies in the Global Context,” 38 The International Lawyer 353, 2004.
“International Legal Developments in Review 2004: International Secured Transactions and Insolvency,” 39 The International Lawyer 363, 2005.
“International Legal Developments in Review 2005: International Secured Transactions and Insolvency,” 40 The International Lawyer 381, 2006 (co-author).
* Federal law requires that, with regard to such representations for relief under the Bankruptcy Code, that we disclose that we are a “debt relief agency” as defined in the Bankruptcy Code.