Timothy P. Palmer

Tim P. Palmer, shareholder and co-chair of the Financial Institutions, Bankruptcy and Real Estate section, concentrates his practice on creditors' rights, bankruptcy, commercial loan restructuring and insolvency issues. Tim primarily represents secured lenders, including commercial banks and special servicers, in connection with commercial loan workouts.

Tim’s practice includes bankruptcy, receiverships, foreclosures, Article 9 sale transactions and collecting and enforcing judgments. He also represents asset-based lenders in commercial-loan transactions. Tim has experience drafting and negotiating intercreditor agreements in connection with first-lien/second-lien transactions, mezzanine financing and equity-sponsored debt. Tim is a frequent speaker on creditors’ rights issues and has been selected for inclusion in The Best Lawyers in America list each year since 2014 under the Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law category. He was named to the Pennsylvania Super Lawyers 2018 list and has also been selected for inclusion in Chambers USA: America's Leading Lawyers for Business.

Tim’s professional experience includes:

• Represented large commercial bank in contested Chapter 11 involving a failed retail development. Tim defeated the debtor’s attempt to confirm a cram-down plan, forcing a Section 363 sale of the property. In this case, Tim obtained precedent restricting a Chapter 11 borrower’s ability to pay professional fees from property rents over the lender’s objection.
• Represented a large Pittsburgh-based public company in acquiring substantially all of the assets of a bankrupt metal manufacturer in a $40 million Section 363 sale.
• Assisted a foreign purchaser in acquiring foreign operating subsidiaries of a U.S.-based magazine publisher in a private Section 363 sale.
• Obtained the reversal of a trial court’s decision discharging a guaranty of a $66 million loan following the borrowers’ bankruptcy restructuring creating precedent for lenders in Pennsylvania.
• Represented the purchaser of an $8 million secured loan in a contested Chapter 11 bankruptcy involving a hotel. The debtor threatened to cram-down the note-holder through a multi-year repayment plan. Tim was able to secure a dismissal of the bankruptcy which led to a favorable settlement for his client.
• Represented a large regional bank in an Article 9 asset sale and new credit facility which successfully preserved the going-concern value of a distressed manufacturer.