Steve Kortanek heads up the firm’s Wilmington, Delaware office as our business restructuring and litigation attorney. For over 28 years, he has successfully represented parties in major Chapter 11 cases, primarily in Delaware, as well as in New York, California, and several other courts throughout the country. Mr. Kortanek is widely recognized for providing his clients creative and efficient solutions in the restructuring and bankruptcy arena, with a blend of negotiation and trial skills to help foster successful turn-arounds and outcomes involving multiple sophisticated stakeholders. Mr. Kortanek has extensive insolvency-related litigation experience in state and federal courts.
Mr. Kortanek’s clients have included participants in a wide range of industries facing headwinds in their respective verticals. He has provided highly engaged restructuring advice and in-court representation in numerous sectors, including retail, energy, manufacturing, technology, telecom, transportation, aviation, life science, restaurant and horticulture. His clients include Chapter 11 debtors, official committees, ad hoc committees, equity sponsors, asset purchasers, lenders, estate representatives, trade creditors, senior management, and major creditor and equity holder constituencies. Mr. Kortanek has also represented unique constituencies such as parties on complex class actions and Ponzi scheme victims in major chapter 11 cases.
Mr. Kortanek has represented clients in many very well-known cases over his years in practice, such as Woodbridge Group of Companies, American Apparel, Lyondell Industries, and Marvel Entertainment. He has represented clients in valuation and confirmation litigation, major claim litigation, competing Chapter 11 plan litigation, and other significant matters litigated in the Chapter 11 context. He is also a certified mediator who has served on the panel of Mediators by appointment of the Delaware Bankruptcy Court.
Mr. Kortanek previously served as the chair of the Bankruptcy Section of the Delaware State Bar Association.
Mr. Kortanek has provided pro bono legal services for at-risk youth as a court-appointed Guardian Ad Litem in Delaware proceedings.
- U. S. Court of Appeals, Third Circuit
- U. S. District Court, District of Delaware
- Pennsylvania (inactive)
Selected Presentations And Published Works
- Speaker, ABI Talks Segment – “363 Version 2.0: Time for an Upgrade in Sale Cases”, 13th Annual ABI Mid-Atlantic Bankruptcy Workshop, August 2017
- Speaker, “Weathering the Storm: Understanding Your Troubled Customers to Maximize Collections,” NACM Gulf States, Houston, Texas, March 21 and 22, 2017
- Speaker, “Judges’ ‘Shark Tank’ Panel,” 24th Annual ABI Bankruptcy Battleground West, Los Angeles, California, March 11, 2016
Past Employment Positions
- XClaim, Inc.
- Drinker, Biddle & Reath, LLP
- Womble, Carlyle, Sandridge & Rice, LLP
- Klehr Harrison, LLP
- Morris Nichols Arsht & Tunnell LLP
- Successfully formed, over litigated opposition, a court-approved noteholder victim committee that represented $750 million of the $1.2 billion invested by victims of the Woodbridge Ponzi scheme, in the Woodbridge Delaware chapter 11 cases, and led the noteholder committee in negotiating the chapter 11 plan terms confirmed by the bankruptcy court.
- Led the representation of the Official Creditors Committee in Katy Industries, in which a successful sale and Committee-led chapter 11 plan confirmation was achieved.
- Served as primary counsel to the official creditors committee of Aerospace Holdings, successfully securing a material settlement for the general unsecured creditors and funding for a Chapter 11 exit.
- Represented Halt Medical Inc. as lead counsel to the debtor in its Delaware chapter 11 case, in its restructuring of more than $150 million in debt and acquisition by a private equity joint venture, and the successful confirmation of its chapter 11 plan.
- Represented Sundevil Power Holdings as the debtors in the $260 million Chapter 11 restructuring, which involved securing approval for a $45 million debtor-in-possession facility and the company’s sale.
- Guardian Ad Litem, Delaware.