Business Solutions, Restructuring & Financial Litigation

"In my experience they are without equal.” – Client comment, Chambers USA, 2019

"…the best bankruptcy lawyers around, and I would give them an unqualified reference." U.S. NEWS, 2021

With a team of more than 40 attorneys and decades of experience representing businesses in financial distress nationally, our Business Solutions, Restructuring & Financial Litigation practice offers an ideal mixture of transactional and litigation services. We represent businesses in restructurings and recapitalizations, debtors-in-possession in chapter 11 proceedings, and creditors, creditors’ committees, lenders, trustees and receivers. The group is experienced in national, regional and local proceedings, as well as international litigation and insolvency proceedings.
 
Our clients include publicly traded companies, small business organizations and individuals. With a strong Mid-Atlantic presence in Pennsylvania, Virginia, Maryland, Delaware, New York and the District of Columbia, we represent clients in a diverse range of industries, including energy, mining and metals, healthcare, telecommunications, manufacturing, transportation, hospitality, retail, food and beverage, automotive, construction and real estate development.

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Rewarding Good Behavior: Courts Should Approve Exculpation for the Pre-Petition Conduct of RSA Parties

The rationale for exculpation is straightforward: if you contribute to or participate in the debtor’s reorganization efforts, you should not face liability for your good-faith efforts.  This protection fosters a fair, transparent restructuring process by reducing barriers to entry and incentivizes stakeholders to play a part in the development of a confirmable plan.  Without exculpation, key creditors and competent professionals may shy away from the bankruptcy process, which would undermine the main purpose of chapter 11–achieving a successful restructuring.

The Party Must Go On: Ipso Facto Provisions in Event Contracts

The COVID-19 pandemic has wreaked havoc on many sectors of the US economy.  The hospitality industry has been particularly hard hit, causing many hotels and other conference venues to seek bankruptcy protection.  Such bankruptcy filings can create considerable problems for organizations with conferences and events scheduled at these venues, many of which must be booked and planned years in advance.  Therefore, organizations often include “ipso facto” provisions in their event contracts entitling them to declare a default under the contract or to terminate the contract outright if the venue files a bankruptcy case.

Five Things You Need to Know About Your Customer in Bankruptcy

This year has presented unique challenges for business owners and management.  The economic crisis caused by the COVID-19 pandemic has driven people to work remotely, caused companies to curtail capital spending and hiring, and even led to reductions in force.  Additionally, the pandemic has pushed many distressed businesses over the edge and into bankruptcy, resulting in a sharp increase in Chapter 11 commercial bankruptcy filings. According to data compiled by Epiq Systems, Inc., the number of Chapter 11 commercial bankruptcy cases filed through October 2020 (6,081 cases) exceeded the total for all of 2019 (5,519 cases).  For many businesses, having a customer, client, or contract-counter party file for bankruptcy will be a reality if it hasn’t happened already.  This article will highlight various aspects of bankruptcy law and provide some practical pointers for a business dealing with a bankrupt business partner (“Customer”).

Tornado-like Headwinds Confronting Energy Industry Likely to Produce Surge of Bankruptcy Transactions

Faced with unparalleled challenges the likes of which modern society has never seen before, economies around the world are combating the fallout from the global COVID-19 pandemic, market volatility, and civil unrest. And while certain industries may rebound in a manner consistent with economic revitalisation and growth, others – like the global oil and gas industry – are likely to end up in uncharted territories resulting from industry realignment and consolidation through restructuring and insolvency proceedings.

Client Alert: Small Business Rescue: A Quick Guide to the Small Business Reorganization Act

Recent changes in the bankruptcy code have made restructuring in bankruptcy a much more attractive option for smaller businesses than in the past.  While bankruptcy is generally a remedy of last resort, small businesses needing to file for bankruptcy now have significant additional protections, and an increased chance of survival, under the provisions of the Small Business Reorganization Act.
 

Client Alert: Business Debt Recovery and Restructuring Assistance

The COVID-19 novel virus has caused an unprecedented interruption in business, the full impact of which will remain unknown for at least months to come.  Businesses are now operating in uncharted territory, with many forced by government mandate to close temporarily or operate under abnormal conditions in order to slow the spread of the disease.  Whiteford Taylor & Preston understands that the “new normal” for businesses moving forward will be anything but normal.  Even with the promise of help from the federal government, businesses will face many obstacles in coming back from this economic catastrophe.  We are here to help businesses whose outlook is uncertain as well as those facing a more serious risk of closure.
 

Client Alert: The So-Called “New” Provisions of The Maryland Commercial Receivership Act

The Maryland Commercial Receivership Act (the “Receivership Act”) will take effect on October 1, 2019.[1]  Some have described the Receivership Act as a “radical change” of law.  In reality, however, experienced insolvency attorneys and receivers will have no learning curve because such practitioners have been navigating through these so-called “new” provisions of the Receivership Act for decades.  

Richmond’s BizSense on the Move by Inge and Booker to Whiteford

On July 30, leading Richmond-area business publication BizSense led with a story about the move to Whiteford, Taylor & Preston by prominent Richmond litigators Vernon Inge and Corey Booker: “A veteran local lawyer says he’s in search of the ‘A-team’ of area attorneys as he begins to build a large regional law firm’s first Richmond office.”

A New York Yankees Fan in Baltimore's Bankruptcy Court

In 1984, when Paul Nussbaum graduated from California Western School of Law, his peers were specializing in securities litigation, international law and white-collar crime. Exciting areas. Nussbaum, meanwhile, was unsure of his direction until, in his final year, he took a bankruptcy elective and scored the top grade in the class. "I found it incredibly fascinating," Nussbaum says. "It was the first area of the law I found that I was able to comprehensively appreciate and understand how it worked, and why the process and legal proceedings were there, and the benefits and creativity it allowed for a practitioner. I thought, 'This is something that would really be fun.'"

Whiteford Ranked in Top Tier in 43 Practices, 22 Nationally

Whiteford is pleased to announce that “Best Law Firms” has awarded the firm exemplary rankings for 2025.  Twenty-two of the firm’s practices are ranked at the national level, and the firm’s Bankruptcy, Construction and Labor & Employment litigation practices have been recognized with national Tier 1 rankings. 

ABI Names David Gaffey a “40 Under 40”

The American Bankruptcy Institute (ABI) has recognized Whiteford’s David Gaffey as a "40 Under 40" Emerging Leader in insolvency practice.
 

13 Whiteford Lawyers Recognized by Benchmark Litigation in 2024

Benchmark Litigation, the widely respected guide to leading litigation firms and lawyers, has announced that thirteen Whiteford attorneys have been named 2024 “Litigation Stars,” “Future Stars,” “Labor and Employment Stars,” and “40 & Under” in DC, Delaware, Maryland and Virginia (*new recognition in 2024).

A Record 87 Whiteford Attorneys Listed in Best Lawyers in America 2024, Ten Selected as “Ones to Watch”

87 lawyers from Whiteford, Taylor & Preston have been selected by their peers for inclusion in The Best Lawyers in America® 2024 (copyright 2023 by Woodward/White, Inc., of Aiken S.C.). New practice areas of recognition include CleanTech Law and Entertainment and Sports Law. The lawyers selected are based in the firm’s Delaware, Maryland, Pennsylvania, Virginia and Washington offices. Client comments are posted on the Best Lawyers website, at bestlawfirms.com.

Chambers Honors Whiteford in 14 Practice Areas

Whiteford is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2023 list of leading firms and business lawyers.

16 Whiteford Lawyers Recognized by Benchmark Litigation in 2023

Benchmark Litigation, the widely respected guide to leading litigation firms and lawyers, has announced that sixteen Whiteford attorneys have been named 2023 “Litigation Stars,” “Future Stars,” “Labor and Employment Stars,” and “40 & Under Hotlist” in DC, Delaware, Maryland and Virginia.

73 Whiteford Attorneys Listed in Best Lawyers in America 2023, Six Selected as “Lawyer of the Year”

73 lawyers from Whiteford, Taylor & Preston have been selected by their peers for inclusion in The Best Lawyers in America® 2023 (copyright 2022 by Woodward/White, Inc., of Aiken S.C.). The lawyers selected are based in the firm’s Delaware, Maryland, Pennsylvania, Virginia and Washington, D.C. offices. Client comments are posted on the U.S. News & Best Lawyers web site, at bestlawfirms.com.

Chambers Honors Whiteford in 14 Practice Areas

Whiteford, Taylor & Preston is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2022 list of leading firms and business lawyers. This year’s recognition includes 29 attorneys in 14 practice areas at the National and State level.

U.S. News Awards Top-Tier Rankings to Record 45 Whiteford Practices, Including 21 Nationally

Whiteford, Taylor and Preston is pleased to announce that U.S. News and World Report - Best Lawyers ® “Best Law Firms” has awarded the firm exemplary rankings for 2022.  Twenty-one of the firm’s practices are ranked at the national level, and the firm’s bankruptcy and Construction Litigation practices have been recognized with national Tier 1 rankings. At the state level, new recognitions include Admiralty & Maritime Law, Nonprofit/Charities Law, Patent Law and Privacy and Data Security Law.

16 Whiteford Lawyers Recognized by Benchmark Litigation

Benchmark Litigation, the widely respected guide to leading litigation firms and lawyers has announced that sixteen Whiteford attorneys have been named 2022 “Litigation Stars,” “Future Stars,” “Labor and Employment Stars,” and “40 & Under Hotlist” in DC, Delaware, Maryland and Virginia.

75 Whiteford Attorneys Listed in Best Lawyers in America 2022, Eight Named “Ones to Watch”

A record 75 lawyers from Whiteford, Taylor & Preston have been selected by their peers for inclusion in The Best Lawyers in America® 2022 (copyright 2021 by Woodward/White, Inc., of Aiken S.C.). The lawyers selected are based in the firm’s Delaware, Maryland, Pennsylvania, Virginia and Washington offices. Client comments are posted on the U.S. News & Best Lawyers web site, at bestlawfirms.com.

Chambers Honors Whiteford in 11 Practice Areas

Whiteford, Taylor & Preston is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2021 list of leading firms and business lawyers. This year’s recognition includes 25 attorneys in 11 practice areas in 3 states and the District of Columbia.

U.S. News Awards Top-Tier Rankings to 44 Whiteford Practices, Including a Record 22 Nationally and 10 Newly Ranked in Richmond

Whiteford, Taylor and Preston is pleased to announce that U.S. News and World Report - Best Lawyers® “Best Law Firms” has awarded the firm exemplary rankings for 2021. Twenty-two of the firm’s practices are ranked at the national level, and the firm’s Bankruptcy and Environmental Law practices have been recognized with national Tier 1 rankings.

10 Whiteford Lawyers Recognized as Benchmark Litigation Stars

Benchmark Litigation, the widely respected guide to leading litigation firms and lawyers has announced that ten Whiteford attorneys have been named 2021 “Litigation Stars” and “Future Stars” in Maryland and Virginia.

71 Whiteford Attorneys Listed in Best Lawyers in America 2021, Six Named “Lawyer of the Year”

A record 71 lawyers from Whiteford, Taylor & Preston have been selected by their peers for inclusion in The Best Lawyers in America® 2021 (copyright 2020 by Woodward/White, Inc., of Aiken S.C.). The lawyers selected are based in the firm’s Delaware, Maryland, Pennsylvania, Virginia and Washington offices. Client comments are posted on the U.S. News & Best Lawyers web site, at bestlawfirms.com.

Chambers Honors Whiteford in 10 Practice Areas

Whiteford, Taylor & Preston is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2020 list of leading firms and business lawyers. This year’s recognition includes 23 attorneys in 10 practice areas in 3 states and the District of Columbia.

U.S. News Awards Top-Tier Rankings to 42 Whiteford Practices, Including a Record 20 Nationally and 10 Newly Ranked in Richmond

Whiteford, Taylor and Preston is pleased to announce that U.S. News and World Report - Best Lawyers ® “Best Law Firms” has awarded the firm exemplary rankings for 2020.  Twenty of the firm’s practices are ranked at the national level, including two bankruptcy practices with national Tier 1 rankings.  At the state level, an additional forty-two practices have been ranked in Maryland, Washington, D.C., and VA.
 

A Record 11 Whiteford Lawyers Recognized as Benchmark Litigation Stars

Earlier this year, Benchmark Litigation named Whiteford, Taylor & Preston its 2019 “Maryland Law Firm of the Year.” Today, the widely respected guide to leading litigation firms and lawyers has announced that a record eleven Whiteford attorneys have been named 2020 “Litigation Stars” and “Future Stars” in Delaware, Maryland and Virginia.
 

Whiteford Recognized by IFLR1000

Whiteford, Taylor & Preston is pleased to announce that IFLR1000 has ranked the firm highly in its second edition of IFLR1000 United States.

Leader of Global Bankruptcy Bar Joins Whiteford, Taylor & Preston

Whiteford Taylor & Preston is pleased to announce that Marc Abrams has joined the firm. Widely recognized as one of the preeminent bankruptcy practitioners in the United States, Mr. Abrams is also a leader in the burgeoning area of cross-border restructurings.

U.S. News Awards Top-Tier Rankings to 46 Whiteford Practices, Including 18 Nationally

Whiteford, Taylor & Preston is pleased to announce that U.S. News and World Report - Best Lawyers ® “Best Law Firms” has awarded the firm exemplary rankings for 2019.  Eighteen of the firm’s practices are ranked at the national level, including two practices with national Tier 1 rankings:  Litigation and Bankruptcy.  At the state level, an additional forty-six practices have been ranked in Maryland, Washington, D.C., and VA.

Leading Litigators Join Whiteford, Taylor & Preston in New Richmond Office

Whiteford Taylor & Preston announced today that preeminent Richmond-based litigators Vernon E. Inge, Jr., and Corey Simpson Booker have joined the firm, resident in its new Richmond office.  Mr. Inge is a commercial litigation, bankruptcy and sports law attorney with a national profile.  Ms. Booker is a highly experienced commercial and bankruptcy litigator.  The Richmond office is the firm’s sixteenth and, along with offices in Northern Virginia and Roanoke, its third in Virginia.

Whiteford Ranks National Tier 1 in Litigation, Bankruptcy and Real Estate

Baltimore – Whiteford, Taylor & Preston is pleased to announce that U.S. News and World Report - Best Lawyers ® “Best Law Firms” has awarded the firm exemplary rankings for 2018.  Nineteen of the firm’s practices are ranked at the national level, including three practices with national Tier 1 rankings:  Litigation, Bankruptcy and Real Estate.  At the state level, an additional fifty practices have been ranked in Maryland, Washington, D.C., and VA.

Four WTP Lawyers on Benchmark Litigation Under 40 Hotlist

Four lawyers from Whiteford, Taylor & Preston have been named to the Benchmark Litigation Under 40 Hotlist: Todd Brooks, Aaron Casagrande, Katherine Good and Christopher Samis. Each has been identified by peers and clients as being among the most notable up-and-coming litigation attorneys in the United States. Mr. Brooks and Mr. Casagrande are the only two Maryland lawyers to have been selected for this national ranking. Ms. Good and Mr. Samis are two of only six Delaware lawyers chosen, and Whiteford is the only firm to have two Delaware lawyers recognized. 

Whiteford, Taylor & Preston and 29 Lawyers Honored by Chambers and Partners

Whiteford, Taylor & Preston is pleased to announce that Chambers and Partners has once again ranked the firm highly in its 2017 list of leading firms and business lawyers. This year’s recognition includes a record 29 attorneys in 4 states, the District of Columbia and Afghanistan. 

Whiteford, Taylor & Preston Recognized as National Tier 1 by U.S. News and World Report

The 2017 edition of U.S. News and World Report - Best Lawyers ® “Best Law Firms” has awarded Whiteford, Taylor & Preston LLP exemplary ratings in its seventh annual rankings of law firms.

Twenty of the firm’s practices were ranked at the national level, as well as thirty-seven in Maryland, ten in Washington, D.C., and two in Roanoke, VA.

Five WTP Lawyers Named to Virginia Super Lawyers and Michael Hastings Again Named to "Top 100"

Whiteford Taylor & Preston is pleased to announce that Michael Hastings, Bradford F. Englander and Christopher A. Jones have again been selected as Super Lawyers in Virginia, and Justin Fasano and Brandy Rapp have again been selected as Rising Stars.  In addition, Mr. Hastings was named to the “Top 100” list for all practice areas in Virginia for the second year in a row.

Three WTP Partners Named among Virginia's "2014 LEGAL ELITE" for Bankruptcy/Creditors' Rights

Three partners in the Business Reorganizations & Bankruptcy group at Whiteford Taylor & Preston LLP have been named by Virginia Business as among the state’s top ten vote-getting “Legal Elite” in the field of Bankruptcy/Creditors’ Rights. 
Bradford F. Englander and Christopher A. Jones are based in the firm’s Falls Church office; Michael E. Hastings is based in the Roanoke office.  This was the first listing for Mr. Englander.

New Partners Elected at Whiteford Taylor & Preston

Whiteford, Taylor & Preston is delighted to announce that Marla Diaz, a community associations lawyer, and Todd Brooks and Aaron Casagrande, both bankruptcy lawyers, have been named Partners of the firm, effective January 1, 2015. 

In his congratulatory remarks, the firm’s managing partner, Martin T. Fletcher, said, “It is a privilege to welcome these exceptional attorneys into their new and expanded roles. Each has delivered tremendous value to clients and will make important contributions to the continuing growth of our firm.”

Nussbaum And Roberts Co-Author ABI Journal Article

Paul Nussbaum and Susan Jaffe Roberts wrote an article, "Prevent Disqualification and Disgorgement: Disclosure is Key," that appears in the January 2015 issue of the ABI Journal.

Howrey Trustee Wins Judge's Blessing Of $4M Clawback Deal

Law360, New York (June 30, 2014, 3:26 PM ET) -- A California bankruptcy judge on Friday approved a settlement under which 60 former partners of Howrey LLP agreed to pay the defunct firm’s Chapter 11 trustee $4.2 million to resolve pending clawback claims despite an objection from a small group of unsecured creditors.

Paul Nussbaum Presents at Bankruptcy Bar Association's 18th Annual Spring Break Weekend on "Ethical Issues in Business and Consumer Bankruptcy Cases"

Whiteford Taylor & Preston LLP is pleased to announce that Paul M. Nussbaum, Chair of the firm’s Business Reorganizations and Bankruptcy Litigation group, addressed the Bankruptcy Bar Association at its 18th Annual Spring Break Weekend on "Ethical Issues in Business and Consumer Bankruptcy Cases" in Annapolis on May 3, 2014.

The program, designed for leading practitioners in the bankruptcy arena, included Maryland Bankruptcy Judges as well as visiting judges from both Virginia and Washington D.C and attorneys from an array of regional law firms. 

WTP's Bankruptcy Litigation Group Receives Highest Maryland Rating from Chambers and Partners

Whiteford, Taylor & Preston is pleased to announce that Chambers and Partners has ranked the firm's Bankruptcy Litigation practice "Band 1," the highest ranking, which again makes it the only bankruptcy practice in the state to receive this ranking. It is based on the entire group's work, but calls out specifically three partners in the group.  Other than the lawyers in WTP's bankruptcy litigation group, only seven other lawyers across the nation received a Band 1 rating in Bankruptcy Litigation.

Nussbaum Presents at American Bankruptcy Institute's Mid-Atlantic Conference

Whiteford, Taylor & Preston (WTP) attorney Paul M. Nussbaum presented on Intercreditor Issues in a plenary session of the American Bankruptcy Institute's 6th Annual Mid-Atlantic Bankruptcy Workshop in Cambridge, Maryland, on August 6, 2010. The session was moderated by James E. O'Neill, Esq., of Wilmington, DE.

Super Lawyers: A NEW YORK YANKEES FAN IN BALTIMORE'S BANKRUPTCY COURT

In 1984, when Paul Nussbaum graduated from California Western School of Law, his peers were specializing in securities litigation, international law and white-collar crime. Exciting areas. Nussbaum, meanwhile, was unsure of his direction until, in his final year, he took a bankruptcy elective and scored the top grade in the class. "I found it incredibly fascinating," Nussbaum says. "It was the first area of the law I found that I was able to comprehensively appreciate and understand how it worked, and why the process and legal proceedings were there, and the benefits and creativity it allowed for a practitioner. I thought, 'This is something that would really be fun.'"

Plan of Reorganization Approved for F.T. Silfies and Price Trucking

On November 19, 2009, U.S. Bankruptcy Judge Nancy Alquist confirmed the Chapter 11 plan of reorganization for F.T. Silfies and Price Trucking. The companies sought bankruptcy protection in March of this year, and Judge Alquist commended the WTP team that represented the companies for efficiency and expertise in quarterbacking a "model" Chapter 11 case from wire to wire.

WTP Client Caruso Homes Emerges from Bankruptcy

Caruso Homes, headquartered in Crofton, Md., has had its plan of reorganization filed under Chapter 11 of the bankruptcy code confirmed by the Honorable Judge F. Schneider of the United States Bankruptcy Court for the District of Maryland, Baltimore Division, according to Jeffrey Caruso, president of the firm he founded in 1986.

WTP's Nussbaum and Hroblak Highly Ranked by Legal 500

Paul Nussbaum and Kevin Hroblak, partners in WTP's Business Reorganization and Bankruptcy group, have been singled out in an international lawyer rating as among the leading bankruptcy lawyers in the Northeast region of the United States.

Whiteford, Taylor & Preston Obtains $6.625 Million Recovery for Bankrupt Furniture Manufacturer and Retailer from Directors and Certain Officers

Whiteford, Taylor & Preston LLP's (WTP) pursuit of claims against the former directors and certain officers of The Rowe Companies and its two subsidiaries, Rowe Furniture, Inc. and Storehouse, Inc., has resulted in a $6.625 million settlement for the firm's clients, Donald F. King, the Chapter 7 Bankruptcy Trustee of Rowe Furniture, Inc., and Guy A. Davis, the Chief Liquidation Officer of bankrupt Storehouse, Inc. and the Liquidating Trustee of The Rowe Companies.

Paul M. Nussbaum: "The Best Bankruptcy Lawyer in Maryland" - Benchmark Litigation

Whiteford, Taylor & Preston LLP (WTP) is pleased to announce that the firm, having one of the largest litigation departments in Maryland, has been "highly recommended" in the Benchmark Litigation 2009 listing of Maryland litigation firms. WTP attorneys Harry S. Johnson (Products Liability), Paul M. Nussbaum (Bankruptcy and Corporate Restructuring), William F. Ryan, Jr. (Commercial), and Steven E. Tiller (Technology and Intellectual Property) were listed as "local litigation stars," and Alexander W. Koff (Global) and Brent C.

Nussbaum and Ryan Present at Global Distressed Debt West Coast Investor Forum

Whiteford, Taylor & Preston (WTP) attorneys, Paul M. Nussbaum and William F. Ryan, Jr., presented on Investing In Distressed Securities During Troubled Economic Times at the International Quality and Productivity Center's (IPCQ) Global Distressed Debt West Coast Investor Forum, Los Angeles, California, on March 31-April 2, 2008.

Whiteford, Taylor & Preston Increases Its Number of Falls Church Attorneys and Expands Its Northern Virginia Location

Whiteford, Taylor & Preston LLP (WTP) has expanded its Falls Church office - by increasing the number of attorneys and enlarging its office space. Glenn R. Bonard, Eileen Morgan Johnson, Thomas Mugavero, Christy Richardson, and Andrew J. Terrell have joined Raymond J. Diaz, Michael Gartner, Christopher A. Jones, Katherine McCarthy, Edward J. O'Connell, and Eric A. Vendt in WTP's offices at 3190 Fairview Park Drive, Suite 300, Falls Church, VA 22042.

Christopher Jones Joins Whiteford, Taylor & Preston

Whiteford, Taylor & Preston (WTP) is pleased to welcome Christopher A. Jones, Esq. as Partner in the firm's Bankruptcy section.  Stationed in the firm's new Falls Church office, Jones is formerly of LeClair Ryan in Richmond, Virginia, and has a wealth of experience in handling insolvency matters for both debtors and creditors, as well as handling complex commercial litigation.

36 Whiteford, Taylor & Preston Attorneys Named Maryland Super Lawyers

Whiteford, Taylor & Preston LLP (WTP) is pleased to announce that 36 WTP attorneys have been named in Maryland Super Lawyers publication. Maryland Super Lawyers will appear in a special advertising section in the January 2007 issue of Baltimore Magazine and in the Maryland Super Lawyers magazine.

Porter Hayden to Emerge from Chapter 11

The federal bankruptcy court and the U.S. District Court in Maryland have both approved Porter Hayden Company’s Chapter 11 plan, giving the Baltimore-based company the green light to emerge from bankruptcy more than four years after it was driven into Chapter 11 by asbestos-related personal injury claims.