Securitizations

Squire Sanders represents a broad range of clients in all aspects of asset-backed securitizations and structured finance transactions. Clients include issuers, underwriters, placement agents, trustees, investors, lenders and servicers. Some of our lawyers have extensive expertise in developing securitization programs for first-time issuers and investors.

Asset classes for which we have done securitization transactions have been diverse, including collateralized loan obligations, credit cards, auto loans, student loans, commercial loans, corporate loans, healthcare receivables, leases, charged-off and delinquent accounts, mortgages (including foreign mortgages) and off-shore accounts. We have used new asset classes and unique structures to maximize the financial benefit and flexibility of clients’ securitization programs, and we have addressed the entire range of legal issues to which these new structures give rise.

Squire Sanders was, and continues to be, a pioneer in solving US federal and state tax issues, federal and state securities, bankruptcy and state UCC issues. Our lawyers pioneered residual SBA interest strip securitizations, multiple issuer securitizations, and multi-deal master depository structures. Most importantly, Squire Sanders has the knowledge and experience to deal with the ongoing operations of the securitization vehicles, based upon its experience in representing issuers from the establishment of each securitization vehicle through its ultimate winding down and pay-off. Very few firms have this ongoing experience of dealing with the operations of structured finance and securitization vehicles after the closing.

Our experience in structured finance and securitizations extends to working with financially troubled transactions, representing servicers, successor servicers, debtor-in-possession lenders and purchasers of pools of receivables, subordinate certificates and bankruptcy-remote subsidiaries in bankruptcy proceedings and complex non-judicial liquidations. We have restructured numerous transactions of issuers in both bankruptcy proceedings and out-of court liquidations. This extensive restructuring and workout experience helps our clients to avoid unsuspected traps, and let us provide them with a workable roadmap, based on experience, to resolve, restructure or save value of troubled transactions.