Harold D. Israel

Partner

Harold D. Israel

Partner

Chicago Office

111 W. Washington Street
Suite 1221
Chicago, IL 60602
(312) 337 - 7700
  • Summary

    Harold Israel represents secured lenders, debtors, asset purchasers, creditors and official creditor committees in workouts (in-court and out-of-court) and reorganizations throughout the United States. Mr. Israel also represents lenders and equity sponsors in asset-based lending, foreclosure, and debtor-in-possession financing transactions. Mr. Israel looks to assist clients in achieving outstanding results in a practical, responsive and cost effective manner. 

    Mr. Israel has been recognized by American Lawyer Media and Martindale-HubbellTM, as a '2013 Top Rated Lawyer in Corporate Restructuring and Bankruptcy', is included in The Best Lawyers in America, 19-22 editions (2013-16) for his work in the practice area of Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law, has achieved the AV Preeminent® peer review rating, the highest rating in legal ability and ethical standards from Martindale-HubbellTM, and has been named an Illinois Super Lawyer.

    Mr. Israel is on the TMA Global Board of Trustees and is a past Vice President of Education for the Turnaround Management Association, a Past President of the Chicago/Midwest Chapter of the Turnaround Management Association, and a past Chair of the Bankruptcy and Reorganization Committee of the Chicago Bar Association.

  • Background

    Prior to joining Goldstein & McClintock LLLP, Mr. Israel was with Kaye Scholer, LLP, a multinational law firm with over 400 attorneys. Mr. Israel started his legal career as a law clerk to the Honorable John D. Schwartz, Chief Judge, United States Bankruptcy Court for the Northern District of Illinois. Mr. Israel is also a Certified Public Accountant

  • Representative Matters

    • Represented Official Committee of Unsecured Creditors of Alsip Acquisition, LLC, et al. in their Chapter 11 cases in Wilmington, Delaware (sale of paper mill).
    • Represented Official Committee of Unsecured Creditors of Telesource Services, LLC in its Chapter 11 case in Detroit, Michigan (sale of telecommunication assets).
    • Represented Official Committee of Unsecured Creditors of International Supply Co.  in its Chapter 11 case in Peoria, Illinois (sale of casings for power generators in the energy industry).
    • Represented Dearborn Retail, Inc. and certain other American Invsco entities in their chapter 11 cases in Chicago, Illinois (satisfaction of creditor claims through a structured dismissal).
    • Represented People's Choice Hospital in the purchase of the secured claim of the largest secured creditor of Community Healthcare of Douglas, Inc. (a rural hospital), and in the purchase of the hospital in its chapter 11 bankruptcy case in Tucson, Arizona.
    • Represented InSight Health Services Holdings Corp. in its chapter 11 reorganization case in Wilmington, Delaware (MRI clinics) (a debt for equity prearranged case that was confirmed 43 days after filing).
    • Represented Nutritional Sourcing Corporation in its chapter 11 case in Wilmington, Delaware (grocery store chain in Puerto Rico) (sale of substantially all of assets approved within 60 days of filing).
    • Represented Spinnaker Industries, Inc. in its successful chapter 11 reorganization case in Dayton, Ohio (pressure sensitive material (adhesives) company) (section 363 sale).
    • Represented CIT Lending Services Corporation as agent in the chapter 11 case of Ramsey Industries, Inc. in Tulsa, Oklahoma ($59.0 million loan (cash collateral); auto/truck parts manufacturer) (reorganization case).
    • Represented KeyBank National Association, as agent, in the chapter 11 case of Asyst Technologies, Inc. in Oakland, California ($77.0 million loan (cash collateral); automation solutions for the semiconductor and flat panel display industries) (section 363 sale).
    • Represented the Official Committee of Unsecured Creditors in the National Energy and Gas Transmission chapter 11 reorganization case in Greenbelt, Maryland.
    • Represented LaSalle Bank National Association, as lender in Article 9 sale of Wormser Company ($30.0 million original loan; sleepwear).
    • Represented Franciscan Sisters of Chicago Service Corporation, parent corporation of Villa de San Antonio, in the sale of its continuing care retirement community in a chapter 11 case in San Antonio, Texas.
    • Represented Allied Capital Corporation in connection with its $30 million loan to a specialty coffee company.
    • Represented Wells Fargo Foothill in connection with its $30 million loan to a hydraulic systems equipment supplier.
    • Represented LaSalle Bank National Association in its $3.3 million loan to sleepwear company.
    • Represented Plastic house wares manufacturer in its $14.0 million loan from CapitalSource Finance, LLC.
    • Represented Janitorial services company in its $15.0 million loan from Wells Fargo Foothill.
    • Represented Audio book publisher in its $7.5 million loan from Huntington National Bank.
  • Court Admissions

    • Bar of Illinois
    • U.S. Courts of Appeals for the Second and Seventh Circuits
    • Central District of Illinois
    • Northern District of Illinois
    • Eastern District of Michigan
    • Eastern District of Wisconsin
    • Western District of Wisconsin
  • Publications

    • Two Recent Cases Demonstrate Advantages of Section 363 of the Bankruptcy Code
    • Israel and Cremona, Too Close for Comfort? Trying to Save Family Business Can Be Risky Business, Journal For Corporate Renewal, September, 2006.
    • Israel and Lane, A Utility Facing an Order Would Do Well to Respond, Daily Bankruptcy Review, July 28, 2006.
    • Israel and Lane, Seven Months Later - The Market Responds to the BAPCPA, Daily Bankruptcy Review, June 29, 2006.
    • Israel and Pieper-Schroeder, Break-Up fees Under Attack: Is There Reason For Alarm?, AIRA News, June/July 2004, 1, 14, 16.
    • Solow and Israel, Buying and Selling Assets: A Guide to Purchasers, Journal of Bankruptcy Law & Practice, Nov.-Dec., 2000 edition.
    • Norton, Annual Survey of Bankruptcy Law, Section 553 - Setoff, 1996-2015 editions
    • Shapiro and Peterman, Wiley Bankruptcy Law Update, Sections 101-110 - General Provisions, 1998-2001 editions.
  • Organizations

    • Turnaround Management Association
    • American Bankruptcy Institute
    • Chicago Bar Association
  • Education

    • University of Illinois, J.D., magna cum laude, 1993
    • University of Michigan, B.B.A., 1987
  • Professional Certifications

    • State of Michigan, C.P.A., 1987
  • Practice Areas

Harold Israel represents secured lenders, debtors, asset purchasers, creditors and official creditor committees in workouts (in-court and out-of-court) and reorganizations throughout the United States. Mr. Israel also represents lenders and equity sponsors in asset-based lending, foreclosure, and debtor-in-possession financing transactions. Mr. Israel looks to assist clients in achieving outstanding results in a practical, responsive and cost effective manner. 

Mr. Israel has been recognized by American Lawyer Media and Martindale-HubbellTM, as a '2013 Top Rated Lawyer in Corporate Restructuring and Bankruptcy', is included in The Best Lawyers in America, 19-22 editions (2013-16) for his work in the practice area of Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law, has achieved the AV Preeminent® peer review rating, the highest rating in legal ability and ethical standards from Martindale-HubbellTM, and has been named an Illinois Super Lawyer.

Mr. Israel is on the TMA Global Board of Trustees and is a past Vice President of Education for the Turnaround Management Association, a Past President of the Chicago/Midwest Chapter of the Turnaround Management Association, and a past Chair of the Bankruptcy and Reorganization Committee of the Chicago Bar Association.

Prior to joining Goldstein & McClintock LLLP, Mr. Israel was with Kaye Scholer, LLP, a multinational law firm with over 400 attorneys. Mr. Israel started his legal career as a law clerk to the Honorable John D. Schwartz, Chief Judge, United States Bankruptcy Court for the Northern District of Illinois. Mr. Israel is also a Certified Public Accountant

  • Represented Official Committee of Unsecured Creditors of Alsip Acquisition, LLC, et al. in their Chapter 11 cases in Wilmington, Delaware (sale of paper mill).
  • Represented Official Committee of Unsecured Creditors of Telesource Services, LLC in its Chapter 11 case in Detroit, Michigan (sale of telecommunication assets).
  • Represented Official Committee of Unsecured Creditors of International Supply Co.  in its Chapter 11 case in Peoria, Illinois (sale of casings for power generators in the energy industry).
  • Represented Dearborn Retail, Inc. and certain other American Invsco entities in their chapter 11 cases in Chicago, Illinois (satisfaction of creditor claims through a structured dismissal).
  • Represented People's Choice Hospital in the purchase of the secured claim of the largest secured creditor of Community Healthcare of Douglas, Inc. (a rural hospital), and in the purchase of the hospital in its chapter 11 bankruptcy case in Tucson, Arizona.
  • Represented InSight Health Services Holdings Corp. in its chapter 11 reorganization case in Wilmington, Delaware (MRI clinics) (a debt for equity prearranged case that was confirmed 43 days after filing).
  • Represented Nutritional Sourcing Corporation in its chapter 11 case in Wilmington, Delaware (grocery store chain in Puerto Rico) (sale of substantially all of assets approved within 60 days of filing).
  • Represented Spinnaker Industries, Inc. in its successful chapter 11 reorganization case in Dayton, Ohio (pressure sensitive material (adhesives) company) (section 363 sale).
  • Represented CIT Lending Services Corporation as agent in the chapter 11 case of Ramsey Industries, Inc. in Tulsa, Oklahoma ($59.0 million loan (cash collateral); auto/truck parts manufacturer) (reorganization case).
  • Represented KeyBank National Association, as agent, in the chapter 11 case of Asyst Technologies, Inc. in Oakland, California ($77.0 million loan (cash collateral); automation solutions for the semiconductor and flat panel display industries) (section 363 sale).
  • Represented the Official Committee of Unsecured Creditors in the National Energy and Gas Transmission chapter 11 reorganization case in Greenbelt, Maryland.
  • Represented LaSalle Bank National Association, as lender in Article 9 sale of Wormser Company ($30.0 million original loan; sleepwear).
  • Represented Franciscan Sisters of Chicago Service Corporation, parent corporation of Villa de San Antonio, in the sale of its continuing care retirement community in a chapter 11 case in San Antonio, Texas.
  • Represented Allied Capital Corporation in connection with its $30 million loan to a specialty coffee company.
  • Represented Wells Fargo Foothill in connection with its $30 million loan to a hydraulic systems equipment supplier.
  • Represented LaSalle Bank National Association in its $3.3 million loan to sleepwear company.
  • Represented Plastic house wares manufacturer in its $14.0 million loan from CapitalSource Finance, LLC.
  • Represented Janitorial services company in its $15.0 million loan from Wells Fargo Foothill.
  • Represented Audio book publisher in its $7.5 million loan from Huntington National Bank.
  • Bar of Illinois
  • U.S. Courts of Appeals for the Second and Seventh Circuits
  • Central District of Illinois
  • Northern District of Illinois
  • Eastern District of Michigan
  • Eastern District of Wisconsin
  • Western District of Wisconsin
  • Two Recent Cases Demonstrate Advantages of Section 363 of the Bankruptcy Code
  • Israel and Cremona, Too Close for Comfort? Trying to Save Family Business Can Be Risky Business, Journal For Corporate Renewal, September, 2006.
  • Israel and Lane, A Utility Facing an Order Would Do Well to Respond, Daily Bankruptcy Review, July 28, 2006.
  • Israel and Lane, Seven Months Later - The Market Responds to the BAPCPA, Daily Bankruptcy Review, June 29, 2006.
  • Israel and Pieper-Schroeder, Break-Up fees Under Attack: Is There Reason For Alarm?, AIRA News, June/July 2004, 1, 14, 16.
  • Solow and Israel, Buying and Selling Assets: A Guide to Purchasers, Journal of Bankruptcy Law & Practice, Nov.-Dec., 2000 edition.
  • Norton, Annual Survey of Bankruptcy Law, Section 553 - Setoff, 1996-2015 editions
  • Shapiro and Peterman, Wiley Bankruptcy Law Update, Sections 101-110 - General Provisions, 1998-2001 editions.
  • Turnaround Management Association
  • American Bankruptcy Institute
  • Chicago Bar Association
  • University of Illinois, J.D., magna cum laude, 1993
  • University of Michigan, B.B.A., 1987
  • State of Michigan, C.P.A., 1987