Biography

Steve Levine regularly represents official and unofficial creditors’ committees, senior and junior lenders, hedge funds, asset purchasers and other constituencies in restructuring matters and the documentation, structuring and recovery of complex financial transactions. With more than 30 years of experience in the bankruptcy and finance area, he has developed particular skill in debtor-in-possession financings, cash collateral and stay litigation, the analysis of avoidance and other causes of action and the negotiation, documentation and implementation of plans of reorganization. He is also frequently called upon by Brown Rudnick litigators to analyze potential disputes involving provisions of indentures, credit agreements and other types of complex financial instruments.

Steve has significant experience in asset based and specialty lending (particularly to retailers), high yield bond issuances, securitizations and representing consortiums of first and second lien and high-yield noteholders in out-of-court restructurings and debt-for-equity and debt-for-debt exchange offers.  

Steve has been selected by his peers for inclusion in The Best Lawyers in America© in the fields of Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law and Bankruptcy Litigation, and frequently speaks and writes on finance and reorganization topics.

For more than 20 years, he has co-taught a course on Securitization and Structured Finance at Boston University Law School.

Steve is a long-standing supporter of the Firm’s pro bono activities. In 2013 Steve was the recipient of the Fraser Award for Pro Bono Excellence presented by Volunteer Lawyers for the Arts.

Awards

Representation

Represented a joint venture between two hedge funds and a pharmaceutical company in it’s successful purchase of substantially all of the assets of Orexigen Therapeutics, Inc., which distributed a weight loss drug in a Section 363 sale and in structuring the joint venture to manage and operate the resulting business

Counsel to the Official Committee of Unsecured Creditors in EXCO Resources, Inc

Primarily responsible for documentation and structuring of plan of reorganization for Performance Sports Group, Inc. on behalf of Official Equity Committee (Winner of the 2018 Turnaround Management Large Transaction Award)

Special litigation counsel to SunEdison, Inc. for purposes of evaluating potential avoidance actions and other causes of action concerning its Yieldcos

Lead counsel to the Ad Hoc Bondholder Group of Colt Holdings Company in connection with it’s successful advancement of a hostile DIP Financing proposal and subsequent negotiation and documentation of a plan of reorganization where it’s member provided $50 million in exit financing through a stapled rights offering

Counsel to Ad Hoc Group of Senior Secured Lenders in connection with the pre-arranged bankruptcy plan of Millennium Lab Holdings

Lead counsel to the Official Committee of Unsecured Creditors in Six Flags, Inc. in successful enterprise valuation litigation leading to confirmation of an alternative plan

Lead US counsel to several institutions which hold Lehman Brothers Treasury Company B.V. notes, which are guaranteed by Lehman Brothers Holdings Inc., in connection with the resolution of their complex note claims and treatment under reorganization plans in the Lehman US and Dutch insolvency proceedings

Led finance team on Hologic, Inc.’s $2.8 billion senior secured credit facilities and $1 billion high yield note issuance related to its merger with Gen-Probe Inc

As counsel to Second Lien Trustee in Synagro Technologies, Inc., negotiated a Chapter 11 plan involving a sale of the stock in the company that yielded significant value for second lien noteholders. The Synagro restructuring was a recipient of the “Distressed M&A Deal of the Year (Over $100mm to $1 Billion) Award” at the 2014 M&A 8th Annual Turnaround Awards

Developed the legal theories used by several funds which held participation interests in the Atlantis Casino to obtain an injunction from the Delaware Chancery Court blocking implementation of a debt-for-equity exchange and then re-negotiate more favorable terms for such exchange

As counsel to a group of convertible noteholders of Central European Distribution Corporation, structured and documented high yield notes issued by a Russian entity secured by stock in a US subsidiary, issued pursuant to a plan of reorganization

Part of Brown Rudnick team representing the Official Creditors’ Committee of Lyondell-Basel, Inc. particularly in connection with an $8 billion debtor-in-possession financing

As counsel to the Official Creditors’ Committee in Green Field Energy Services, Inc., formulated and developed causes of action which were adopted by the Examiner

Lead counsel to Stanley/Black & Decker on several accounts receivable securitizations

As counsel to Trustee and ad hoc committee of First Lien Noteholders in pre-petition Delaware Chancery Court action and subsequent Chapter 11 proceedings of Calpine Corporation, coordinated litigation regarding company’s misuse of collateral sale proceeds and make-whole premium dispute

Lead counsel to senior secured lenders in connection with bankruptcy proceedings, including those of, among others, The Walking Company, GI Joes, Inc., Shoe Pavilion, Museum Company, Weathervane, People’s Pottery and San Francisco Music Box and to Wilmington Trust Company, as Second Lien Trustee in Brookstone

Lead counsel to an ad hoc committee of second lien lenders in the out-of-court restructuring of Environmental Systems Products Holdings, Inc., resulting in their acquisition of 100% equity interest through a debt-for-equity exchange and provision of new first and second lien credit facilities

Lead counsel to an ad hoc committee of convertible noteholders of Sirius/XM Satellite Radio in enforcing their rights in connection with a change of control challenge to the XM / Sirius merger and follow-up debt-for-debt exchange offers

Represented significant creditor or equity constituencies in, among others, Exide Technologies (I), Dolan Company, Endeavor International, Venoco , Delta Petroleum and Interstate Bakeries, Chapter 11 cases

Represented fantasy sports operator in conjunction with formation of special purpose entity to comply with various state regulations

Represented fortune 200 corporation and other issuers in securitizations of receivables and other asset classes

Education

Boston University – LL.M., 1985
Harvard University – J.D., cum laude, 1981
Harvard University – A.B., magna cum laude, 1978

Bar Admissions

Massachusetts
New York
US District Court for the District of Massachusetts
US District Court for the Southern District of New York
US Court of Appeals for the First Circuit
Publications
Co-author, "The New Rules of the Game for DIP Financings," The Secured Lender, Vol. 69, No. 5, May 2013
Co-author, "Selling Derivative Claims," Derivatives Week, August 16, 2010
Co-author, "The Challenge of Determining Enterprise Value in Volatile Markets," The Bankruptcy Strategist, July 2010
"This Way Out," The Deal, February 7, 2010
Co-author, "Reflections in Plague Time: Perspectives on the Sub-prime Crisis," The Americas Insolvency and Restructuring Guide 2008/09
“Lending to the Emerging Debtor in the Face of an Appeal,” Commercial Lending Review, January–February 2006
“Lender Beware: Fraudulent Conveyance Preference and Other Legal Concerns in Forbearance Agreements,” (ABI, 2003)
“Broken Promises: Repudiation of Contracts under FIRREA” (MCLE, 1991)
“Protecting the Transaction from Bankruptcy and Insolvency Risks,” a chapter in Securitization: Asset-Backed and Mortgage-Backed Securities, (Michie/Butterworth, 1991)
“The Inconsistent Treatment of Secured Tax Claims in Liquidation and Reorganization Proceedings,” 93 Comm. L.J. No. 3 (Fall 1988)
“Workouts of Troubled Real Estate Transactions” (MCLE, 1988)
Speaking Engagements
Adjunct Professor in Securitization and Structured Finance, Boston University School of Law since 1996
Panelist, "Confirmation Issues in Complex Multi Debtor Champter 11 Cases," New England Bankruptcy Law, 2012 (MCLE)
Panelist, “The Comeback of the Dividend Recap,” DealFlow Distressed Debt Conference 2011, New York, October 2011
Association for Corporate Growth Conference on Trends in Retail Financing, New York, November 2010
"Analyzing the Legal Risk of Investing in Distressed Debt," iGlobal Forum on Global Distressed Debt Investing, New York, September 2009
"Economic Overview: Opportunities for Distressed Debt Investors as the US Economy Moves Through Challenging Times," IMN Conference on Distressed Debt Investing & Risk Management: Navigating the Post-Subprime World, Las Vegas, September 2008
“Using Chapter 11 to Sell a Business,” American Bankruptcy Institute Northeast Conference, July 2003
“Recent trends in Debtor in Possession Financing,” American Bankruptcy Institute Leadership Conference, 2001
Strategic Research Institute; Asset Based Lending Seminar
Panelist, "Claims Trading. The Governing Influence of Hedge Funds on Chapter 11 Practice", 21st Annual ABI Northeast Conference (July, 2014)
Professional Affiliations
American Bar Association
Boston Bar Association
Awards and Honors
Selected by his peers for inclusion in The Best Lawyers in America© in the fields of Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law and Litigation - Bankruptcy (2019)
Recognized by Super Lawyers as a top rated Banking attorney in Boston, MA (2004-2007, 2009-2012, 2016-2017)