Claudia Springer heads up the Novo Advisors Philadelphia office, as well as its Mediation practice. Claudia is a seasoned restructuring and bankruptcy attorney, having practiced in that area for over 40 years. During her legal career, she represented all major constituents in restructuring and bankruptcy cases including debtors, major creditors, shareholders, boards of directors, creditors’ committees, landlords, buyers of assets, plan sponsors, bondholders, guarantors and others.
Her practice included litigating as well as mediating many different types of disputes among various parties, including those pertaining to the exercise of remedies, breaches of contracts, lender liability, lease terminations, product recalls and liability, and labor and employment issues. Claudia’s practice subsumed many different industries, including hospitals, medical practices, long term care facilities, pharmaceutical companies, heavy manufacturing industries, steel producers, construction companies, chemical companies, hotels, restaurant chains, large retailers, financial services firms and more. Recently, she acted in a mediation capacity for a large and insolvent estate that involved numerous business entities and creditors including over 20 banks. Notwithstanding an initial chaotic environment, Claudia convinced creditors to permit an orderly liquidation of the estate which occurred. Funds have been and continue to be paid out to the various creditors which number over 30.
Claudia has been lauded as one of America’s leading insolvency and corporate restructuring attorneys by Chambers USA: America’s Leading Business Lawyers every year since its initial publication in 2003. She was one of the youngest inductees in the American College of Bankruptcy, served on its Board for two terms and currently heads up a committee. In addition, Ms. Springer has been recognized as one of the nation’s top restructuring and bankruptcy lawyers by America’s Best Lawyers and America’s Best Business Lawyers and is a Pennsylvania Super Lawyer. Claudia is known for her keen business acumen and clients have told her that they engaged her for her legal expertise as well as her strategic and creative business advice.
Examples of just a few cases worked on by Claudia in which she had a leading role include the following:
- Claudia represented a major creditor of Purdue Pharmaceuticals as well as Mallinckrodt and had an important role in structuring certain aspects of the plans of reorganization in those cases.
- Claudia was involved in a Chapter 11 case with a large hospital system in New York City. She represented one of the largest unsecured creditors who was also the chair of the creditors committee. The case resulted in a one hundred percent return to unsecured creditors, far exceeding the expectations of creditors at the start of the case. Claudia was a driver in many of the inter-creditor and debtor-creditor settlement negotiations.
- In the Orleans chapter 11 case, Claudia was counsel to the Agent for a large consortium of lenders. Orleans, formerly a large home builder operating in a number of states including New Jersey, Delaware, Pennsylvania and Florida, experienced significant operational and financial challenges during the recession of 2007-8. Claudia worked with Debtor’s counsel to liquidate numerous real estate assets resulting in a better than expected return for the secured lenders.
- In the US Gen case, Claudia represented the creditors committee in a case where the main asset was an electric power plant. Claudia was involved in high stakes negotiations with the Debtors and equity owner regarding a sale of the utility as well as the disposition of the proceeds from the sale. The sale was a resounding success and yielded sufficient funds to pay unsecured creditors in full together with interest. Ultimately the creditors received the full amount of their allowed claims together with interest at a rate above the legal rate.
- Claudia headed up an out of court restructuring of the debt of a chemical company that was obligated on a large underfunded pension liability owed by it to the PBGC resulting from its affiliates insolvencies. Claudia was able to negotiate a deal with the PBGC predicated upon the future earnings of the company. Ultimately, the Company prospered and within two years was sold for over a billion dollars. The proceeds were sufficient not only to pay creditors, including the PBGC, but to pay a substantial sum to equity.
- Most recently, Claudia is acting with others at Novo in the capacity of receiver for a trucking company. The matter involves liquidating its equipment and closing down operations to derive value for creditors.
Honors and Awards:
Received the Best Lawyers® 2015 Litigation – Bankruptcy “Lawyer of the Year” award in Philadelphia
Selected through peer review for inclusion in The Best Lawyers in America® for Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law and Litigation – Bankruptcy, 2006-2021
Selected for inclusion in the Pennsylvania Super Lawyers list for Bankruptcy: Business, 2004-2020
Ranked in Chambers USA for Philadelphia & Surrounds Bankruptcy/Restructuring, 2003-2021, Band 1
Inducted into the American College of Bankruptcy in 2002; became a member of its Board of Directors in 2013 and served for maximum number of terms; head of Distinguished Students Committee
Selected for inclusion in the Lawdragon 500 Leading U.S. Bankruptcy & Restructuring Lawyers: Bankruptcy, 2020
Professional and Community Affiliations include the following:
- American Bankruptcy Institute
- American College of Bankruptcy (since 2002); member of Board of Directors (from 2013 until 2022); Chaired Committee of American College of Bankruptcy for two terms
- Commercial Law League of America (since 2021)
- Compass Pro Bono (since 2020) — An organization serving non-profits by providing business professionals to assist with financial and strategic initiatives in an effort to transform communities; Claudia serves as a member of Compass teams.
- Fellow of the American Bar Association (since 2005)
- Pennsylvania Bar Association, Corporation, Banking and Business Law Section, Bankruptcy Committee Philadelphia Bar Association, Business Law Section, Former Chair of the Uniform Commercial Code Subcommittee
- Turnaround Management Association
- Board Member of Philadelphia Chapter National Liberty Museum Board member (since 2010)
- Office Managing Partner of Philadelphia office of Reed Smith (2007–2010)