Bankruptcy & Out of Court Workouts

Corporate Restructuring and Bankruptcy

WKPZ possess a comprehensive corporate restructuring, insolvency litigation, and bankruptcy practice that can address issues at any stage of the financial relationship.  WKPZ represents creditors and debtors.  We have found that by not limiting our practice to either debtor or creditor work, we are able to maintain a more neutral perspective and are better able to anticipate reactions to a particular strategy.  
Moreover, in this era of constant challenge and a turbulent economy, WKPZ understands the importance of delivering efficient, cost-effective results.

Corporate Restructuring

WKPZ represents lenders, borrowers, equity owners and other stakeholders, in the negotiation and restructuring of businesses facing financial difficulties, and purchasers who are pursuing special opportunities.  The restructuring process generally occurs outside of bankruptcy court and often is an attractive alternative to the time and expense of bankruptcy proceedings and related litigation.


Creditor Representation

WKPZ represents financial institutions, secured lenders, holders of statutory liens (e.g., oil and gas liens, M&M liens), landlords, note holders, trade creditors, and vendors to maximize the returns available, keeping in the forefront the time spent and expenses deployed to obtain such recoveries.

Debtor Representation

Debtor representations require rapid assessment and action to protect the future of the business and to maximize the value of the assets.  WKPZ brings together the expertise of all of its practice groups to address the critical issues that determine the fate of the business.
WKPZ represents debtors of all varieties and across a wide span of industries in complex Chapter 11 reorganization and liquidation proceedings, Chapter 11 small business reorganizations, Chapter 12 farmer reorganizations, and Chapter 7 liquidations. WKPZ also represents individuals in Chapter 11 reorganizations and Chapter 7 liquidation proceedings, and in special circumstances, Chapter 13 cases.

Other Constituencies

WKPZ also represents the wide range of groups of interests that play a substantial role in bankruptcy proceedings, including creditors committees, ad hoc committees, and equity holders.  WKPZ is also prepared to represent or defend against foreign representatives seeking relief under Chapter 15 of the Bankruptcy Code in connection with foreign cases and proceedings.

Bankruptcy Litigation

Bankruptcy in general is a specialized arena of litigation, and controversies often result in multiple lawsuits and other contests within a single bankruptcy case.  WKPZ’s attorneys in the Bankruptcy Section and the Litigation Section routinely litigate matters in business cases and individual cases, and in this regard prosecute trials and contested evidentiary hearings in bankruptcy cases and adversary proceedings.

Corporate Fiduciaries

Financial challenges require that officers, directors, and other persons in control of a business pay special attention to the rights of equity owners and creditors alike.  Decisions made during financial distress may produce consequences that last beyond the life of the business and impact the long term legal health of officers, directors, and other persons in control.  The attorneys of WKPZ across its practice groups provide guidance during critical times to fulfill the legal duties that apply and to minimize any residual risk.  WKPZ is also prepared to assist creditors and stakeholders whose interests were not protected.

Industry Expertise

WKPZ’s attorneys possess concentrated experience in reorganizations and bankruptcies in a wide array of industries including: real estate and construction, oil, gas, and other energy and natural resources, retail, non-profits, telecommunications, hospitality, agriculture, and health care services.


For particularly large matters, especially very complex Chapter 11 cases and committee representations, WKPZ maintains relationships with solo and small firm bankruptcy practitioners who possess far reaching corporate bankruptcy experience and who provide WKPZ with additional resources when needed.  WKPZ efficiently and consistently deploys the latest technology so that all facets of the representation function seamlessly and to ensure that the client is served in the same manner as a firm of any size.


WKPZ’s attorneys routinely appear in all four federal districts of the bankruptcy courts in Texas, including very frequent appearances in Houston, Dallas-Fort Worth, Plano, Amarillo, and Lubbock.  Our attorneys also appear on behalf of creditors in other states such as New York, Illinois, Delaware, and Virginia.


WKPZ represents individuals facing financial difficulty relating to their business or personal affairs.  WKPZ also counsels corporate principals and guarantors when entering into transactions regarding the pitfalls that might exist should the business ever face insolvency.  To the extent that WKPZ represents individual consumer debtors in their personal bankruptcy cases, WKPZ is a debt relief agency.


Jeff Carruth