Steve Jakubowski

Partner

Practices

Industries

Alternative Lenders Financial Institutions Law

Overview

Steve Jakubowski is a Partner in the Firm’s Chicago office. He is a member of the Insolvency & Financial Law, Commercial Finance, Litigation, and Government, Regulatory & Administrative practice groups, with his main practice concentration being in distressed workouts, bankruptcies, receiverships, and related ancillary litigation.

Steve advises middle-market companies, owners, landlords, and other stakeholders confronting financial distress, contentious workouts, and potential bankruptcy. Clients and referring lawyers engage him for experienced strategic direction, particularly when bankruptcy is one possible tool rather than the entire assignment. He personally leads a strong team handling high-stakes, distress-related litigation in bankruptcy, federal, and state courts nationwide, while offering a leaner cost structure than many national firms.

He has served as lead and co-lead counsel in bankruptcy cases nationwide from Delaware to Hawaii on behalf of chapter 11 debtors, official and ad hoc creditors’ and equity committees, distressed asset acquirors, and post-confirmation litigation trustees. These matters have involved him in a variety of industries, including: biotech; commercial real estate; premium fitness clubs; dairy and pig farms; chicken and beef slaughterhouses; farming; department stores; restaurant chains; convenience stores; metal fabricators; equipment lessors; and wholesale food manufacturing, packaging, and distribution.

Steve has remained a corporate lawyer to several companies following their out-of-court restructuring or bankruptcy reorganization, including companies with robust intellectual property portfolios.

Steve is the founder of the Bankruptcy Litigation Blog, the internet’s first bankruptcy blog (2005), which has over 1.5 million page-views to date, including from courts in every federal district as well as the United States Supreme Court.

Since 2009, Steve has advocated in the bankruptcy court, the Court of Federal Claims, and the Federal Circuit for estate representatives and severely injured accident victims whose product liability claims against General Motors were left behind to receive pennies on the dollar by the federal government in the GM bailout. See generally https://forgottengmbailoutvictims.org/, The federal legislation he drafted to compensate the accident victims for the losses they sustained in the bailout, titled “The Auto Bailout Accident Victims Recovery Act,” was introduced in the 117th (H.R. 7016), 118th (H.R. 8440), and the current Congress (H.R. 5331) on a bipartisan basis by Representatives Barry Moore (R-AL) and Troy Carter (D-LA).

Of Debtors and Acquirors

Represented a debtor in obtaining from the bankruptcy court within nine days after a scheduled 363 sale hearing a permanent injunction compelling the buyer and its parent to close on the buyer’s stalking horse bid for substantially all the debtor’s assets
Lead co-counsel in fraudulent transfer and breach of duty litigation involving a subprime auto company, resulting in $150 million in total settlements of behalf of bankruptcy estate
Successful out-of-court workout for large international fitness club group of multistate US-based premium fitness clubs with over $100 million invested and substantial vendor and landlord lease termination claims
Confirmed investor reorganization plan after effectuating a consent solicitation that removed the entrenched management team who filed for bankruptcy in order to sell the company’s assets in a 363 sale to foreign investors
Successful out-of-court wind down of 120 year old publisher of parish bulletins which maximized the value of the company’s assets and minimized administrative expense
Negotiated favorable plan settlements with three separate senior secured lenders to three large development parcels in Hawaii valued at over $75 million following the close of a contested confirmation hearing involving multiple appraisal and zoning experts
Represented a Chinese publicly traded company that purchased hundreds of legacy pig farms in China worth over $50 million from a US-based public company in a 363 sale
Represented multiple successful and backup bidders in assignment for the benefit of creditors and 363 bankruptcy sales
Represented multiple medical practices in negotiations with private equity acquirors

Of Creditors’ Committees and Ad Hoc Creditor and Equity Committees

Representation of Creditors’ Committees in multiple cases, including in cases involving: a 7,500 cow dairy farm; a major regional snack food manufacturer and distributor; a national branded retail ice cream manufacturer and with multiple retail store outlets; a popular donut franchisor; an EB-5 funded state-of-the-art slaughterhouse, packing, and distribution facility; and a 26,000 acre farming operation and grain dealer operation processed food and agricultural industries, and in all cases obtaining significant carve-outs for the benefit of unsecured creditors despite the senior lender being undersecured in every case
Represented ad hoc committee of public shareholders in stopping pre-negotiated credit bid sale to private equity group, resulting in consensual plan of reorganization funded with shareholder investment capital
Represented ad hoc committee of majority shareholders in removing management through a consent solicitation on the eve of a bankruptcy filing that would have resulted in a 363 sale of the company’s assets to a competitor

Of Creditors

Represented mezzanine lenders in multiple UCC foreclosures of mezzanine borrowers
Represented asset-based lenders in forbearance negotiations and UCC foreclosures
Obtained agreed-upon dismissal of Chapter 11 involuntary bankruptcy case filed within 60 days after involuntary petition filed
Represented Chicago Bulls Hall-of-Famer in recovering $10 million from investment advisor’s bankruptcy estate
Initiated state receivership proceedings for lender clients
Represented bondholder trustee in oil and gas bankruptcy
Represent lender in battle regarding priority to assignment of rents
Negotiated DIP lending facilities and related cash collateral / adequate protection orders for senior and junior secured lenders
Litigated multiple contested cash collateral/adequate protection and related lift stay hearings
Represented Chicago Bulls Hall-of-Famer in recovering $10 million from investment advisor’s bankruptcy estate

Of Defendants in Adversary Proceedings

Negotiated $150,000 nuisance value settlement of a fraudulent transfer / breach of fiduciary duty action seeking $17 million in damages from German-based clients
Negotiated favorable settlements and defenses of businesses sued by trustees in numerous cases for avoidance of alleged preferential and fraudulent transfers

Admissions

Illinois

U.S. District Court for the Northern District of Illinois, (Trial Bar Member)
United States Court of Appeals for the Seventh Circuit
U.S. District Court for the Central District of Illinois
United States Court of Appeals for the Federal Circuit
United States Court of Federal Claims

Crain’s Chicago Business Notable Leaders in Accounting, Consulting & Law, 2026
Chambers & Partners, Bankruptcy/Restructuring, 2026
Martindale-Hubbell – “AV Preeminent” Peer Review Rated 2012-Present
The Best Lawyers in America® in the area of Bankruptcy & Creditor Debtor Rights, Insolvency & Reorganization Law (2025-Present)
Illinois Super Lawyers, Corporate Bankruptcy and Restructuring, 2015-Present
Chicago Community Kollel, Tree of Life Awardee, 2001

Distressed Financings & Workouts
Chapter 11 Representation of Debtors and Creditors’ Committees

Member, Plan Commission for Lincolnwood, Illinois: 2010-2024
Member, Plan Commission and Zoning Board of Appeals, Lincolnwood, Illinois: 2025-present

Member, American Bankruptcy Institute

Bar Admissions

Areas of Focus

Of Debtors and Acquirors

Of Creditors’ Committees and Ad Hoc Creditor and Equity Committees

Of Creditors

Of Defendants in Adversary Proceedings

Admissions

Education

Buchalter Attorneys Named 2027 Best Lawyers in America

Steven Jakubowski and Kevin Coyne Named to Crain’s Chicago Business…

Buchalter Recognized by Chambers & Partners 2026 USA Guide