Frederick (Rick) Hyman

Overview

Restructuring and bankruptcy counsel require a broad and deep skill set to guide their clients through difficult times. Whether representing financial institutions, purchasers of distressed assets, or companies facing challenges, Rick applies his 30 years of experience to help clients chart a path and maximize their outcome.

Rick focuses his practice on the representation of domestic and foreign lenders in connection with in-court and out-of-court workouts and restructurings. He regularly advises agents and lenders in large and middle-market credit facilities in connection with the development of strategies to maximize their recoveries. Rick has extensive experience negotiating forbearance agreements and waivers, amendments, and all other elements of out-of-court restructuring and recapitalization.

Where bankruptcy is necessary, Rick represents lenders and other creditors in all aspects of the case, including negotiating restructuring support agreements and debtor-in-possession financing facilities. His work has regularly included an international component, having represented a number of foreign agents and lenders in the Chapter 11 bankruptcies of their foreign borrowers and the representation of foreign representatives in Chapter 15 proceedings.

In addition to his creditor engagements, Rick has represented distressed companies and members of their boards of directors. This work has included providing advice regarding fiduciary duties, negotiation with various creditor constituencies, and, when needed, the preparation and filing of Chapter 11 cases. He also represents stalking-horse and other bidders in connection with the acquisition of distressed assets, including with respect to secured lenders’ credit bid rights.

Rick is a partner in Crowell & Moring’s Financial Services Practice and resides in the firm’s New York City office. Prior to joining the firm, he was a partner at a major international law firm.

Career & Education

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University of Vermont, B.A., cum Laude, 1989
Hofstra University School of Law, J.D., With Distinction, 1992
- University of Vermont, B.A., cum Laude, 1989
- Hofstra University School of Law, J.D., With Distinction, 1992
New York
U.S. District Court for the Southern District of New York
U.S. District Court for the Eastern District of New York
- New York
- U.S. District Court for the Southern District of New York
- U.S. District Court for the Eastern District of New York
Professional Activities and Memberships

American Bankruptcy Institute

Hofstra Law Review, Hofstra University School of Law
Professional Activities and Memberships
- American Bankruptcy Institute
- Hofstra Law Review, Hofstra University School of Law

Rick's Insights

Publication | 06.12.24

Beware Shifting Provisions In Middle-Market Loan Documents

Press Coverage | 03.21.24
The Current Opportunities And Challenges In Asset-Based Lending
Press Coverage | 03.20.24
Law360 Announces The Members Of Its 2024 Editorial Boards
Press Coverage | 10.10.23
Playing Workout Poker: When Loan Syndicate Agents And Private Equity Groups Call The Bluff Of Lenders

View All Insights

Representative Matters

Representing a leading U.S. bank as agent for a syndicate of lenders in the workout of a $165 million revolving credit facility advanced to one of the world’s largest suppliers of heavy construction and mining equipment. The obligors include subsidiaries in Brazil, Peru, Germany and Canada.
Representing the agent in complex restructuring of $135 million term loan and revolving credit facility extended to a sponsor-led provider of "last mile" services in the cable and wireless industries.
Represented one of the world's largest banks as agent in connection with the Chapter 11 bankruptcy of a helicopter leasing company, including in connection with the successful credit bid for the lenders' collateral. The borrower was financed with eight bilateral credit facilities, with distinct lenders and secured by different collateral.
Represented a major Canadian bank in connection with its exposure in Hertz’ bankruptcy case in Delaware. The bank held approximately $200 million in several series of bonds issued by certain of the Hertz’ non-debtor securitization subsidiaries (and serviced by other debtor-subsidiaries).
Represented a leading bank as agent in the restructuring of $60 million term loan and revolving credit facility extended to a leading provider of concert lighting systems for domestic and international events, particularly impacted by the pandemic given the industry in which it operates.
Represented a major money center bank in connection with the Chapter 11 case of a leading costume supplier; the debtors’ business was severely challenged by the uncertainty of the Halloween season during the pandemic; the bank was ultimately paid in full from the proceeds of a sale of the business.
Represented a major Asian bank in connection with a series of bilateral loans to certain of the debtors and affiliates of a foreign fishing company that filed for bankruptcy in the SDNY; with more than $200 million of exposure, the client was one of the largest creditors to the corporate enterprise, and the cases were filed in an effort to prevent creditors from exercising remedies in foreign jurisdictions.
Represented the foreign representative of a foreign holding company in connection with (i) the commencement and prosecution of its Chapter 15 Case in the SDNY and (ii) the defense of an arbitration award recognition proceeding in Federal court.
Represented a major Canadian bank in connection with the workout of approximately $50 million of loans extended to a New Jersey-based real estate developer and the related defense of a "lender liability"-based suit, with the matter ultimately settling to the bank's satisfaction.
Represented leading bank as agent for club lenders in out-of-court workout and restructuring of $150 million ABL facility and consumer product company.
Represented a major Japanese bank in connection with certain equipment leasing facilities relating to nuclear power plants, which were assumed by the reorganized debtor in connection with its plan of reorganization.
Represented a leading bank as agent for a large syndicate of banks, in connection with the pre-petition negotiations and the bankruptcy of a Canadian petroleum company and its U.S. subsidiaries; the client was agent on an unsecured $1 billion revolving credit facility to the operating company and the lenders ultimately received payment in full of their claims, including post-petition interest at the default rate.
Represented a Taiwanese bank with respect to bilateral loans in an aggregate amount in excess of $500 million in connection with a foreign shipping company's Chapter 11 bankruptcy. The cases addressed significant issues in relation to venue and jurisdiction, conflict of laws, international sanctions, and the reach of the automatic stay.
Represented a major bank as agent for a large syndicate of banks, in connection with the pre-petition negotiations and bankruptcy of an Oklahoma-based petroleum company and its subsidiaries; the pre-petition $250 million reserve base loan facility was replaced with a down-sized facility on exit.
Represented a major bank in connection with the restructuring of their loans to the owner of a professional sports franchise, which was in distress due to its connection with the perpetrator of a Ponzi scheme, and was in default under its various loan facilities with the bank. Negotiated and documented a successful restructuring that led to the repayment in full of all facilities.
Represented a major bank in connection with the restructuring of its loans to a New York-based real estate development company, during the real estate crisis; negotiated and documented a successful restructuring that led to the refinancing and repayment in full of all facilities.
Acted as debtor counsel to an offshore exploration and production company in its Chapter 11 case in Texas. Among other things, represented the debtor in connection with a complex Section 363 sale process pursuant to which the DIP lenders acquired substantially all of the assets pursuant to a credit bid.
Acted as debtor counsel to a sports equipment manufacturer in connection with its pre-packaged bankruptcy in Delaware.