Stephen E. "Steve" Gruendel

Steve Gruendel represents banks and other creditors in connection with workouts and bankruptcies. A certified mediator, an entrepreneur and a workout lawyer, Steve brings a practical, solution-seeking approach to complex legal situations. He’s been recognized in Chambers Partners USA as a go-to workout lawyer for the past 10 years.

Steve is co-head of the Bankruptcy & Financial Restructuring group. He represents banks and other creditors in workouts and bankruptcies. Certified as a Superior Court Mediator, Steve brings a practical, problem-solving approach to workouts - recognizing that in most situations a practical and cooperative solution is better for his creditor clients than a collection action or a liquidation.

Steve’s practice encompasses both bilateral and syndicated lending facilities and leases. With clients that are local, regional, and national in scope, his work is as likely to involve a restructure of a family-owned hog producer’s loan agreement as it is to involve a multi-national call-center’s broadly syndicated credit facilities. Workout matters regularly involve forbearance agreements, amendments, wind-downs and debt restructuring agreements. Chapter 11 matters regularly involve debtor-in-possession financings and cash collateral use, section 363 sales and negotiated and/or contested reorganization plans. Steve’s workout matters often involve intercreditor issues with third parties, including payment subordination, lien subordination, and surety-related rights and he frequently advises clients about how to structure loans that involve particularly thorny or complex issues.

Steve is currently involved in a host of workouts involving businesses impacted by COVID-19, including fitness franchises, restaurant chains, hotels, and senior living facilities. Several recent matters have also involved workouts requiring the return of leased aircraft following defaults, both in the United States and abroad.