Overview

Louis T. DeLucia leads Schiff Hardin’s national restructuring practice, focused on providing clients facing distressed situations with creative, strategic and cost-effective solutions that both minimize risk and maximize areas of potential opportunity and recovery. Chambers USA reported that “Louis DeLucia offers clients experience in all areas of insolvency, corporate debt restructuring and bankruptcy litigation.  His ability to isolate key issues in a case is highlighted by clients as a major asset of his practice.”

Louis has successfully represented a diverse group of clients that include leading financial institutions; agents for bank syndicates; DIP lenders; indenture trustees; unsecured creditors’ committees; equity committees; asset purchasers; lenders to franchisors and franchisees; hedge funds; private equity funds; bondholders; governmental entities; corporations and shareholders; trustees, receivers and assignees; and debtors and creditors.

“Louis DeLucia has earned a commendable recognition of his hard work in representing lenders, distressed borrowers and creditors’ committees.  Such a broad practice has led to his involvement in cases across the country,” wrote Chambers USA. His representation encompasses a wide range of issues, including complex Chapter 11 cases; bankruptcy and creditors’ rights related litigation in state and federal courts; liquidation proceedings; cross-border insolvency proceedings; non-judicial loan restructuring, workouts and other alternatives to the bankruptcy process; and state court asset recoveries and foreclosures.

Louis has handled major bankruptcy cases across the country, including New York, New Jersey, Nevada, Pennsylvania, Delaware, Texas, Illinois, Florida, Connecticut, Kentucky, Virginia, Vermont, California and other jurisdictions.

Louis’s substantial experience in securities fraud enforcement actions, receiverships and state insolvency proceedings led to his court appointment as receiver in one of the largest securities fraud cases brought by the Bureau of Securities of the State of New Jersey, and as counsel in Delaware to the Chapter 11 trustee of four corporate debtors involved in a complex multi-jurisdictional securities fraud scheme. Louis regularly represents securities fraud receivers in similar cases commenced by state regulators.

A nationally recognized thought leader, Louis lectures often on bankruptcy and related insolvency matters. He has published articles in leading bankruptcy and banking publications, and is a contributing editor to Banking and Lending Institution Forms on Loan Workouts and is an active member of the American Bankruptcy Institute (ABI), the Turnaround Management Association (TMA), State Bar Associations and related professional organizations.

He is repeatedly recognized in New York Super Lawyers for bankruptcy.

Previous Experience

Louis served as Deputy Attorney General of the State of New Jersey, representing various state agencies in bankruptcy related matters including preference litigation, nondischargeability proceedings and related matters.

  • Experience

    Louis’ significant representations include:

    Representations in National Cases

    Louis has represented significant creditors and other constituencies in some of the largest cases in the country, including:

    • Toys “R” Us, Inc., et al. (representing one of the largest vendors to the Toys “R” Us, Inc. debtors, and  actively serving as one of four firms on the ad hoc merchandise vendors’ group negotiating the resolution of more than $800 million in unpaid administrative claims in one of the largest retail bankruptcies in US history).
    • Hanjin Shipping Co., LTD. (represented beneficial cargo owner in one of the largest Korean shipping bankruptcies in history).
    • Suntech America, Inc. et al. (represented one of the world’s largest solar panel manufacturers and Chairperson of the Official Committee of Unsecured Creditors holding a claim of more than $143 million).
    • Diocesan Bankruptcies (represent provider of liability coverage in diocesan bankruptcies, including the Diocese of Duluth, the Archdiocese of St. Paul and Minneapolis, the Roman Catholic Bishop of Great Falls Montana, and others).
    • Lombard Public Facilities Corporation (represented the indenture trustee on more than $200 million of debt in a successful reorganization confirmed in 2018).
    • Detroit’s Chapter 9 proceeding (represented executory contract party that managed the City’s transportation system and provided other pre and post-bankruptcy services to the City).
    • RadioShack Corporation (represent landlord on multiple unexpired leases/licenses and other pre-petition creditors).
    • Suntech America, Inc., et al. (represent one of the largest unsecured creditors and Chairperson of the creditors’ committee).
    • Ashley Stuart Holdings, Inc. (represented landlords).
    • MF Global (represented various investors).
    • Conseco, Inc. (represented Indenture Trustee of a $200 million indenture).
    • Lehman Brothers (represented contract counterparties under repurchase agreements on subprime lending transactions).
    • Continental Airlines (represented the First Series Indenture Trustee).
    • Delta Airlines (represented subsidiary of Goldman Sachs).
    • Houlihan’s (In re Gilbert Robinson) (represented the unsecured creditors committee representing more than $200 million of debt).

    Lenders, Indenture Trustees, Bondholders and Funds

    • Counsel to Indenture Trustee in Lombard Public Facilities Corporation case in the Northern District of Illinois on more than $200 million of debt in a successful reorganization confirmed in 2018.
    • Counsel to First Manhattan Development REIT in connection with its $106 million loan secured by a New York apartment building in the 785 Partners, LLC case in the Southern District of New York, obtaining a full recovery, including title to the building and a multi-million dollar cash payment.
    • Counsel to the Note-A Senior Lenders in the workout of a $124 million loan facility secured by one of the largest luxury condominium developments in Orlando Florida.
    • Counsel to privately held $225 million exotic, high-end vehicle financing and leasing company in in virtue all aspects of its business.
    • Counsel to Indenture Trustee for the 93/94 Noteholders, under two $200 million indentures in the $6.5 billion bankruptcy of Conseco, Inc., et al., the then third largest bankruptcy proceeding in United States history, in the Northern District of Illinois, which resulted in a 100 percent distribution to all noteholders.
    • Counsel for the First Series Indenture Trustee for approximately $100 million in secured equipment certificates in the Continental Airlines, Inc. bankruptcy case.
    • Counsel to the single largest bondholder, Icahn Holding Corporation, in the Trump Taj Mahal, Inc. and the Western Union (In re New Valley Corp.) cases in the District of New Jersey.

    Committees

    • Counsel to one of the world’s largest solar panel manufacturers and Chairperson of the Official Committee of Unsecured Creditors in the Suntech America, Inc. et al. Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware, holding a claim of more than $143 million.
    • Counsel to the creditors’ committee in the Chapter 11 filing of a newly developed $160 million New York hotel and condominium building, resulting in a 100% recovery for unsecured creditors.
    • Counsel to the creditors’ committee in Select Nutrition Distributors, Inc., et al., the then third largest distributor of health supplements in the country, in the United States Bankruptcy Court for the Eastern District of New York.
    • Counsel to the creditors’ committee in Hibbard Brown (a “penny stock” brokerage bankruptcy firm with more than $100 million in stock fraud and manipulation claims) in the Southern District of New York.
    • Counsel to creditors’ committee in the Gilbert Robinson, Inc., G/R Holding Corp., Inc. (the Houlihans restaurants case), a $200 million Chapter 11 proceeding in the Southern District of New York.
    • Counsel to the creditors’ committee in Dreis and Krump Manufacturing Company, a mass tort/product liability case in the Northern District of Illinois that culminated in a confirmed plan patterned after the Piper Aircraft present and future claims trusts, garnering national press.
    • Counsel to the creditors’ committee in Berk and Berk (unsecured creditors received a 100 percent dividend in a successfully reorganized Chapter 11 case after the restructuring of more than $30 million in HUD secured debt).
    • Counsel for special committees such as the Ad Hoc Committee of All Present and Former Employees of Kiwi International Air Lines, Inc., an organized group of approximately 250 founding employee shareholders of KIWI International Air Lines, Inc. in the District of New Jersey, and Counsel to the Ad Hoc Committee of Certain Equity Security Holders of Mega-C Power Corporation, in the District of Nevada, representing the interests of more than 100 investors in a contested plan confirmation hearing, competing plan litigation and related adversary proceedings.

    Securities Fraud Receiverships and Fiduciary Appointments

    • Liberty State Benefits of Delaware, Inc., et al., represented the Chapter 11 Trustee and subsequently appointed Liquidating Trustee in one of the most egregious Ponzi Scheme cases pending in the District of Delaware, involving four affiliated companies and hundreds of defrauded investors in numerous jurisdictions, that culminated in a successful plan confirmation in late 2014.
    • Wellesley Services, LLC, et al. (Harvey v. Wellesley, et al.), at the request of the State of New Jersey Bureau of Securities, served as court appointed receiver in one of the largest securities fraud cases brought by the New Jersey Bureau of Securities to recover more than $90 million of investor funds.
    • CAJ Trading, Inc., et al. (Farmer v. Natale, et al.), represented the court appointed Receiver in a Ponzi Scheme funded through the sale of unregistered securities by unregistered agents, defrauding investors holding more than $30 million in claims.

    Chapter 11 Debtors

    • China Natural Gas, Inc. in its complex, multinational Chapter 11 Bankruptcy Proceeding in the Southern District of New York, seeking to restructure nearly $100 million in asserted claims.
    • Counsel to privately held national mortgage lender and its numerous affiliates in connection with the restructuring more than $1 billion of repurchase obligations with respect to its subprime lending exposure, secured indebtedness and the underlying business, including full preparation of the companies for an eventual complex chapter 11 filing.
    • Ranch*1, Inc., et al., restaurant chain in its successful Chapter 11 proceeding in the United States Bankruptcy Court for the Southern District of New York.
    • Claremont Towers, that resulted in a successful reorganization as well as a published decision regarding claims allowance, rendered by the then Chief Judge of the United States Bankruptcy Court for the District of New Jersey.
    • Counsel to the Chapter 11 Trustee in Virginia Carolina Tools, Inc., resulting in a successfully confirmed plan that entailed orderly liquidation of this multi­-state debtor’s business.
  • Credentials

    Education

    • University of Tulsa College of Law, J.D., 1985
    • George Washington University, B.S., Economics, 1982

    Bar Admissions

    • New York
    • District of Columbia
    • New Jersey
      • U.S. District Court for the District of New Jersey
      • U.S. District Court for the Eastern District of New York
      • U.S. District Court for the Southern District of New York
      • U.S. Bankruptcy Court for the District of New Jersey
      • U.S. Bankruptcy Court for the Eastern District of New York
      • U.S. Bankruptcy Court for the Southern District of New York
      • U.S. Bankruptcy Court for the Western District of New York

        Professional Memberships

        • American Bankruptcy Institute (ABI)
        • Turnaround Management Association (TMA)
        • New York State Bar Association
        • New Jersey State Bar Association, Bankruptcy Law Section

        Languages Spoken & Fluency

        • Italian, Conversant
      • Insights

        TITLE
        News Release

        Thirteen Attorneys Named New York Metro Super Lawyers and Rising Stars

        Schiff Hardin LLP is pleased to announce that 11 attorneys have been recognized on the 2018 New York Metro Super Lawyers list and two have been named Rising Stars.

        News Release

        61 Schiff Attorneys Named to 2019 Best Lawyers in America List and Six Recognized as “Lawyer of the Year”

        Schiff Hardin is pleased to announce that 61 attorneys have been included in the 2019 edition of The Best Lawyers in America, as well as six who were named a “Lawyer of the Year” in their respective areas of practice.

        News Release

        Schiff Hardin Attorneys Named 2017 New York Metro Super Lawyers and Rising Stars

        Thirteen Schiff Hardin attorneys have been named 2017 New York Metro Super Lawyers and two have been named Rising Stars.

        News Release

        Schiff Hardin Lawyers Named to 2018 The Best Lawyers in America

        Schiff Hardin is pleased to announce that five attorneys have been named a “Lawyer of the Year” in the 2018 edition of The Best Lawyers in America©.

        Alert

        Third Circuit Supports Enforcement of Make-Whole Premium

        Make-whole premiums are much more likely to be enforced in the Third Circuit following that court’s recent opinion in In re Energy Futures Holdings Corp.

        News Release

        Fourteen Schiff Hardin Lawyers Named to 2016 New York Metro Super Lawyers, Rising Stars Lists

        The Super Lawyers selection methodology includes a statewide nomination process, peer review by practice area, and independent research on candidates.

        News Release

        53 Schiff Hardin Attorneys Recognized in The Best Lawyers in America© 2017

        Three Schiff Hardin attorneys also received the prestigious Best Lawyers’ 2017 “Lawyer of the Year” award.

        Alert

        Narrowing the Channel into Section 546(e)’s Safe Harbor?

        The Seventh Circuit recently reopened a circuit split by asking the rhetorical question: When you receive a letter from a friend through the mail, do you ordinarily say that the letter was sent by the friend or the post office?

        Alert

        Bankruptcy Alert: Seventh Circuit Broadens Ordinary Course Preference Defense

        The Seventh Circuit expanded the “ordinary course" defense of creditors who have been sued for the avoidance of preferential payments under Section 547 of the Bankruptcy Code.

        News Release

        16 Schiff Hardin Lawyers Named to 2015 New York Metro Super Lawyers, Rising Stars Lists

        Three Schiff Hardin attorneys were also recognized in New York Women’s Edition—Rising Stars.

        Other Publications

        Louis’ articles on bankruptcy issues have been published in bankruptcy and banking publications, and is a contributing editor to Banking and Lending Institution Forms on Loan Workouts.

        Speeches & Presentations

        Louis is a frequent speaker on bankruptcy law issues for the American Bankruptcy Institute, New Jersey Institute for Continuing Legal Education and other organizations.