Ira Kharasch, resident in the firm’s Los Angeles office, has significant experience as lead counsel representing debtors, creditors’ committees, and other constituencies in chapter 11 corporate reorganizations and out-of-court workouts, and has a proven track record of confirming both creditor and debtor chapter 11 plans of reorganization. He has also been a longstanding member of the firm’s management committee.
Ira holds an AV Preeminent Peer Rating, Martindale-Hubbell‘s highest recognition for ethical standards and legal ability, and has been named a “Super Lawyer” in the field of Bankruptcy and Creditor/Debtor Rights in a peer survey conducted by Law & Politics and the publisher of Los Angeles Magazine. He is also perennially recognized by Best Lawyers in America for Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law. Ira is a graduate of the University of Illinois and received his J.D. from UCLA.
Education
- University of Illinois (B.A., cum laude, 1977)
- University of California School of Law, Los Angeles (J.D. 1982)
- Phi Beta Kappa
Bar and Court Admissions
- 1983, California
- 1983, Alaska
- 2011, New York
Clerkships
- Judicial law clerk, Chief Justice Edmond Burke (Alaska)
- Forbes Energy Services: Represented Forbes Energy Services, an independent oilfield services contractor located in Texas with over $330 million of debt. Prior to the chapter 11 filing in Houston, the firm negotiated a restructuring with the bondholders where all their debt was converted to new equity, as well as providing new employment and management incentive contracts for management. A prepackaged plan was confirmed.
- Pacific Energy Resources: Representing Pacific Energy Resources, an independent energy company that develops and produces oil and gas at its Alaska and California offshore drilling facilities. Pacific Energy had over $500 million in debt and generated over $200 million in revenue at the time of its chapter 11 filing. Pacific Energy’s common stock traded on the Toronto Stock Exchange causing it to file a CCAA reorganization proceeding in Vancouver to enforce certain US bankruptcy court orders. The company successfully sold its operations and confirmed a plan, and Mr. Kharasch continues to represent the company as a going concern.
- Plainwell: Successfully managed the sale, resolved and restructured billions in claims (including $3.2 billion of Superfund claims), and confirmed the reorganization plan as principal bankruptcy counsel for this leading U.S. paper producer.
- Telogy: Successfully reorganized Telogy, Inc., a Silicon Valley-based, high-tech distribution company that had approximately $100 million in revenue.
- OwnIt Mortgage Solutions: Represented OwnIt Mortgage Solutions, a Southern California-based subprime mortgage company, in its chapter 11 case. OwnIt originated approximately $8.3 billion in subprime mortgage loans in 2005, filed for bankruptcy in late 2006 and successfully confirmed its plan of reorganization.
- Specialty Trust: Represented Specialty Trust, a Reno-based Real Estate Investment Trust (REIT), in its chapter 11 case. Specialty Trust managed $203 million in mostly short-term mortgage loans to residential developers and confirmed its plan within 16 months.
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