With more than 42 years of experience, Christopher J. Horvay has represented senior creditors and asset-based lenders in complex litigation, workout, and bankruptcy matters across the country. His practice also involves the representation of asset-based lenders in the documentation of complex loan transactions and in litigation disputes as well as the representation of creditor committees and liquidation trustees in litigation relating to fraudulent conveyances. Chris has consistently been recognized as an Illinois Super Lawyer since 2006, as well as an Illinois Leading Lawyer for the last two years in commercial bankruptcies and workouts.
Honors
Selected by peers as a Leading Lawyer in Bankruptcy & Workout Law: Commercial (2009 - 2017)
Selected for inclusion in Illinois Super Lawyers in the area of Bankruptcy and Creditors/Debtor Rights (2006 - 2012, 2015 - 2020)
Turnaround Management Association's Educator of the Year (2004)
Turnaround Management Association's Turnaround Legend (2016)
Martindale-Hubbell AV Preeminent Rated (1986)
Martindale-Hubbell AV Preeminent Rated - Judicial Edition (2022)
Publications
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03/26/2021
The March edition of the TMA Newsletter celebrates 30 years of the existence of the Chicago/Midwest Chapter of the TMA.
The March edition of the TMA Newsletter celebrates 30 years of the existence of the Chicago/Midwest Chapter of the TMA. Past and current Chapter Presidents are featured on the cover, including SFGH's Chris Horvay and Norm Newman.
Norm Newman served as President in 2008. Norm said of his time as president: “The most memorable aspect of my involvement with TMA has been the close professional and personal relationships I have developed over the years with people who are extremely passionate and dedicated to the TMA and to the industry in which we practice.”
Chris Horvay served as President from 1997 to 1998. Chris commented that the "growth [of TMA] has been enormous and constant and has gone through several different phases . . . I have really gotten to know a bunch of people really well and have been lucky enough to have become friends with them."
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02/27/2017
Jonathan Friedland and Lisa Vandesteeg author 2017 edition of "Strategic Alternatives for and Against Distressed Businesses".
Sugar Felsenthal Grais & Hammer LLP is pleased to congratulate Jonathan Friedland and Elizabeth Vandesteeg on the publication of the 2017 edition of "Strategic Alternatives for and Against Distressed Businesses". Friedland is the book’s creator and editor in chief and Vandesteeg is one if its managing editors. SFGH attorneys who authored chapters include Aaron Hammer, Christopher Horvay, S. Jason Teele, and Nicole Stefanelli.
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02/11/2016
SFGH Attorneys Named 2016 Illinois Super Lawyers
Leading attorney rating service recognizes SFGH lawyers.
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01/22/2014
M&A Advisor Awards "Consumer and Retail Products Deal of the Year" to Sugar Felsenthal Grais & Hammer LLP
On January 22, 2014, the M&A Advisor announced that Sugar Felsenthal Grais & Hammer LLP would receive the 8th Annual M&A Advisor Turnaround Award for "Consumer Product of the Year" for the firm's services during the successful sale of certain assets out of the bankruptcy of Natural Pork Production II, LLP to AMVC and the Handlos family.
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01/01/2014
Sugar Felsenthal Grais & Hammer LLP names Christopher J. Horvay and Mark S. Melickian partners
On January 1, 2014, Sugar Felsenthal Grais & Hammer LLP named Christopher J. Horvay and Mark S. Melickian partners of the firm.
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10/08/2013
Sugar Felsenthal Grais & Hammer LLP Among 2014's Top Ranked Law Firms by LexisNexis Martindale-Hubbell
Sugar Felsenthal Grais & Hammer LLP has been named one of 2014's Top Ranked Law Firms across the United States by LexisNexis®Martindale-Hubbell® .
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06/24/2013
Ten Sugar Felsenthal Grais & Hammer Attorneys Honored as Leading Lawyers
Ten attorneys at Sugar Felsenthal Grais & Hammer LLP have been recognized by Leading Lawyers Magazine for their selection by their peers as top lawyers in Illinois.
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01/16/2013
Sugar Felsenthal Grais & Hammer LLP Named Among 2013's Top Ranked Law Firms by LexisNexis® Martindale-Hubbell®
Sugar Felsenthal Grais & Hammer LLP has been named one of 2013's Top Ranked Law Firms across the United States by LexisNexis® Martindale-Hubbell®.
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11/15/2012
Christopher J. Horvay joins Sugar Felsenthal Grais & Hammer LLP's bankruptcy and creditors' rights practice
On November 15, 2012, Christopher J. Horvay joined Sugar Felsenthal Grais & Hammer LLP's bankruptcy and creditors' rights practice. Chris is recognized throughout the Midwest as a senior leader in the turnaround profession.
Speaking Engagements
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03/24/2022
SFGH's Christopher Horvay participates in webinar "Single Asset Real Estate Cases"
SFGH's Christopher Horvay participated as a panelist in a Financial Poise webinar titled "Single Asset Real Estate Cases" on March 22nd. The moderator and three panelists discussed the unique aspects of SARE (single asset real estate) cases from multiple standpoints of the Lender, Debtor and the Court, and how the ABA Model Rules and State Ethical Rules may impact such cases. An emphasis was placed, through the case studies, on whether such cases may or should be the subject of motions to dismiss on bad faith grounds.
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05/17/2021
SFGH Partner Christopher Horvay participates in Financial Poise webinar "Defending Against Bankruptcy Avoidance Actions"
SFGH Partner Christopher Horvay will participate in the Financial Poise webinar entitled “Defending Against Bankruptcy Avoidance Actions” on May 19th at 1:00 PM CST. This webinar is part of the “Complex Financial Litigation” series, and the panelists will discuss avoidance actions, which occur when the debtor or trustee takes legal action in order to recover money or property that was transferred by the debtor prior to going bankrupt.
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03/22/2021
SFGH Partner Christopher Horvay participates in Financial Poise webinar "Single Asset Real Estate Cases"
Financial Poise Webinars™ announces “Single Asset Real Estate (SARE) Cases,” a live webinar premiering March 23rd at 11:00 AM CST. This webinar is co-produced by West LegalEdCenter™ and part of the “Fairness Issues in Real Estate-Based Bankruptcies” series. It will feature David Levy (Keen-Summit Capital Partners and Summit Investment Management); Matthew Christensen (Angstman Johnson); Robert Richards (Dentons); and Christopher Horvay (Sugar Felsenthal Grais & Helsinger LLP).
Anyone involved in the field of creditors rights on a matter involving an LLC that exists solely to hold the principal asset has surely seen the play where, the night before property is scheduled to be sold at a foreclosure auction, the debtor files bankruptcy. For those not familiar with the process, doing so invokes the “Automatic Stay”, which prohibits the secured lender from foreclosing on the property. The debtor then attempts to make their case to the court for reorganization.
But is failing to pay your mortgage really something bankruptcy was meant to solve? If the bank was going to agree to a loan modification, wouldn’t the parties have worked something out by the time the sheriff sale was set? The bankruptcy code recognizes this and therefore has a section devoted to dealing with this specific kind of bankruptcy—the Single Asset Real Estate (“SARE”) case. The goal of this episode is to look into ethical issues surrounding these matters.
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10/27/2020
Financial Poise/West LegalEdcenter webinar "Dealing with Defaults” features SFGH partner Christopher Horvay and associate Hajar Jouglaf
Financial Poise/West LegalEdcenter webinar "Dealing with Defaults” features SFGH partner Christopher Horvay and associate Hajar Jouglaf.
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02/10/2020
Financial Poise webinar “Representing Asset Purchasers in Bankruptcy” on February 4, 2020 featured SFGH Partner Mark Melickian as moderator and SFGH Partner Christopher Horvay as a panelist
Financial Poise webinar series Bankruptcy Transaction: Advice for the Advanced Practitioner premiered on Tuesday, February 4, 2020 with “Representing Asset Purchasers in Bankruptcy” moderated by SFGH Partner Mark Melickian and featuring as a panelist SFGH Partner Christopher Horvay. Last Tuesday’s webinar focused on the unique benefits and challenges for a professional business adviser when representing an asset purchaser in a bankruptcy.
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05/13/2019
SFGH partner Christopher Horvay to speak on a West LegalEdcenter webinar series titled "Restructuring, Insolvency & Troubled Companies 2019 - Bad Debtor Owes Me Money!"
Join Christopher Horvay on Tuesday, May 14, 2019, as he discusses the pros and cons of putting a counterparty into involuntary bankruptcy; when and how you may be able to pursue third parties for the amount owed; risks related to preference attack; pros and cons of sitting on a “creditors’ committee” in a Chapter 11; how to negotiate for “critical vendor” protection in Chapter 11 and practical guidance for continuing to provide goods or services to an insolvent counterparty.
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12/07/2016
U.S. News & World Report and Best Lawyers® names Sugar Felsenthal Grais & Hammer LLP a 2017 “Best Law Firm”
On November 1, 2016, U.S. News and World Report and Best Lawyers® announced that Sugar Felsenthal Grais & Hammer LLP had been ranked as a “Best Law Firm” for 2017.
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11/21/2016
Christopher J. Horvay honored with TMA’s Turnaround Legend Award at 2016 Executive Speaker Forum
On November 21, 2016, Christopher J. Horvay was honored with Turnaround Management Association’s (“TMA”) Legend Award at the 2016 Executive Speaker Forum.
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02/07/2013
Sugar Felsenthal Grais & Hammer LLP Selected as Counsel to Official Committee of Unsecured Creditors of Lyon Workspace Products, LLC, et al.
On February 7, 2013, the Official Committee of Unsecured Creditors of Lyon Workspace Products, LLC, et al. selected Sugar Felsenthal Grais & Hammer LLP as its legal counsel. Lyon Workspace Products, LLC and its seven affiliated debtors are the largest and leading manufacturer and supplier of top quality lockers, industrial storage and workspace products.
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11/01/2010
Foreclosure 201: Challenges and Opportunities
Christopher J. Horvay served as a panelist devoted to real estate insolvencies and workouts. Specifically, this panel addressed issues arising in pre-bankruptcy negotiations, including practical solutions required to avert a bankruptcy filing.
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11/01/2005
Current Issues Raised by the Bankruptcy Abuse, Prevention and Consumer Protection Act of 2005
Christopher J. Horvay served as a panelist during an event for the Business Valuation Assocation of Chicago where he discussed amendments and revisions to the Bankruptcy Code enacted in 2005, including the impact of the legislative changes on retail chapter 11 cases.
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11/19/2004
The Troubled Loan Workout Process: The Late Stages
Christopher J. Horvay developed and led a case study workshop devoted to negotiation skills and understanding the strategic considerations in retail chapter 11 cases.
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05/24/2004
Real Estate in Bankruptcy
Christopher J. Horvay served as a guest commentator during a panel at John Marshall Law School entitled "Real Estate in Bankruptcy," where he delivered commentary in response to comments by Professor Douglas Baird of the University of Chicago Law School with regard to the original expectations for the new Bankruptcy Code when enacted in 1978.
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02/25/2004
The Troubled Loan Workout Process: The Early Stages
Christopher J. Horvay moderated a panel pertaining to restructuring negotiations and co-led a workshop that incorporated the lessons gleaned from the panel into practical strategies for the participants.
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02/05/2002
Bankruptcy: A Creditor's Perspective in Illinois
Christopher J. Horvay planned and led a panel of distinguished Chicago-area bankruptcy practitioners and delivered remarks pertaining to the typical chapter 11 case in Illinois.
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10/01/1998
Show Me the Money: Funding Turnarounds
Christopher J. Horvay moderated a panel at the Tenth Annual TMA Conference held at the Westin Chicago where panelists discussed alternative funding sources for reorganization scenarios in chapter 11 cases.
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05/01/1998
Recent Developments in Finance that Every Lender Needs to Know/Recent Developments in Bankruptcy Law
Christopher J. Horvay spoke to an audience comprised mainly of senior lenders with regards to recent Supreme Court cases and Seventh Circuit case law, including recent developments pertaining to letters of credit, fraudulent conveyance, single asset real estate cases and legislative changes.
News
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05/09/2019
Jonathan P. Friedland, Howard M. Helsinger, Christopher J. Horvay, Matthew B. Schiff, Richard A. Sugar and Elizabeth B. Vandesteeg selected as 2019 Illinois Super Lawyers
SFGH congratulates Jonathan P. Friedland, Howard M. Helsinger, Christopher J. Horvay, Matthew B. Schiff, Richard A. Sugar and Elizabeth B. Vandesteeg for being selected as 2019 Illinois Super Lawyers by Super Lawyers Magazine.
Civic & Professional
- Turnaround Management Association
National Director (1999 - 2002) - Turnaround Management Association, Chicago/Midwest Chapter
President (1997 - 1998) - Syracuse University College of Arts & Sciences
Board of Visitors (2004 - present)
Christopher J. Horvay's recent or notable engagements and experience includes:
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Represented significant parties in interest in nationally recognized chapter 11 cases filed in Chicago from 2001 through 2006, including In re United Airlines, In re K-Mart Stores, In re Clark Retail Enterprises and In re Conseco.
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Led the representation of a single-asset debtor in its chapter 11 case, resulting in confirmation of plan of reorganization. Pursuant to this plan, real estate and franchise rights were sold at competitive auction resulting in payment in full of all secured and unsecured debt, and dividend to equity holders.
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Led the representation of a prominent Chicago not-for-profit corporation in its purchase of substantially all of the assets of a separate not-for-profit health and exercise facility which encountered financial issues. The bankruptcy court approved the section 363 purchase after notice and hearing.
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Led representation of liquidating trustee appointed by creditors' committee to pursue fraudulent transfer litigation against former owner of metal recycling business who was the recipient of approximately $3.0 million in proceeds from sale of equity in business that was rendered insolvent by leveraged buy-out transaction. Tried case to judgment against former owner, case settled amicably after judgment debtor forced into personal chapter 11.
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Sourced and led representation of federal court receiver appointed to liquidate and sell four manufacturing plants located in multiple states, each with various environmental issues. Coordinated the receiver's efforts with those of bankruptcy trustee appointed to liquidate and sell the manufacturing business.
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Sourced and led client engagement for purchaser of two nationally recognized catalog businesses from execution of letters of intent through approval of the client as the stalking horse bidder, culminating in winning bid at competitive auction conducted before the United States Bankruptcy for the Southern District of New York. Negotiated final version of asset purchase agreement approved by the bankruptcy court.
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Sourced and led client engagement for six completed and closed asset-based loan transactions totaling approximately $140 million in loan proceeds. Negotiated substantially all intercreditor and subordination agreements in conjunction with loan documentation and closings.