Sodono and Placona Confirm Two Chapter 11 Cases Within Weeks of Each Other
Anthony Sodono, III, and Sari B. Placona, of the firm’s Restructuring and Bankruptcy Group successfully confirmed two Chapter 11 plans within the past few weeks.
Firm clients William Focazio MD PA (“Focazio MD PA”) and Endo Surgical Center of North Jersey, P.C. (“Endo”) faced a myriad of financial issues the past few years due to, among other things, HMO billing requirements, insurance reimbursement limitations, stringent health insurance regulations, Medicare reimbursement delays, Insurance Company complications, surgical licensing issues and a Chapter 11 trustee appointment in Dr. Focazio’s individual case (which was dismissed). Focazio MD PA and Endo filed their corporate Chapter 11 bankruptcy petitions in January 2018. Sodono and Placona litigated and negotiated for years with numerous banks, creditors and the trustee to successfully resolve and confirm the debtors’ Chapter 11 Joint Plan of Reorganization on March 4, 2021.
Firm client Rosa Maria Styles filed her individual Chapter 11 voluntary bankruptcy petition on December 9, 2019. MSB substituted in as bankruptcy counsel in August 2020 after prior counsel failed to confirm the debtor’s plan and the court was on the verge of converting the debtor’s case to Chapter 7. Once Sodono and Placona substituted in as new counsel, the debtor’s case moved quickly . The debtor filed her Chapter 11 plan within weeks of MSB’s retention and successfully confirmed the Chapter 11 Plan on March 18, 2021 after negotiations with several creditors.
If you are a company or individual in need of financial, restructuring, or bankruptcy needs, we will work with you to achieve the best result possible.