Main Menu Main Content


Gus focuses primarily on corporate restructuring, commercial and creditors’ rights, workouts, distressed sales and acquisitions and other insolvency-related matters. He has experience representing borrowers, debtors, directors, creditors, buyers of assets and businesses, secured lenders, ad hoc bondholder committees, official creditors’ committees, Chapter 7 trustees, lessors, lessees and other parties in commercial, distressed or insolvency-related transactions and litigation both inside and outside of bankruptcy.

Gus regularly represents lenders in DIP financing, workouts, loan sales, debt to equity conversion strategies, and collateral dispositions through U.C.C. Article 9 (secured party sales/friendly foreclosure), bankruptcy and receivership.

Gus also has extensive experience representing borrowers and lenders in commercial finance matters and also counseling clients with Uniform Commercial Code issues and controversies.

A substantial portion of Gus’ practice is devoted to representing buyers interested in acquiring assets out of bankruptcy, receivership and other distressed situations, including secured party sales.

For six years, Gus has been recognized by Chambers USA for Bankruptcy/Restructuring, most recently in Band 3 in Ohio (2023). Chambers USA researchers commented, "Gus wins praise for his bankruptcy practice. He routinely advises on insolvency cases and is particularly noted for his representation of creditors." Clients interviewed by Chambers USA remarked, "Gus is responsive, creative, and practical. I have found him reasonable and fair while looking out for his client's interest. He is very creative in his approach and easy to work with. He's a terrific lawyer. Gus is very skilled at getting complicated deals done. He finds creative solutions, which are acceptable to all parties. Gus is a very smart and knowledgeable bankruptcy lawyer. He has terrific experience; his greatest strength is that he gives very practical advice. He is able to cut through the noise of a difficult matter and lead to a successful solution. Gus did a fantastic job of breaking down jurisdictional differences and guiding us through the process. Gus is insightful and really experienced in his field. He cares about the client's interests and always thinks ahead for the client's needs."

He has been selected for inclusion in The Best Lawyers in America® (2016-2024) in the areas of Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law as well as Litigation - Bankruptcy. Gus also has been selected for the Ohio Super Lawyers list (2017-2024).

Gus is a Director (2014 – present) and currently serves as President of the Northern Ohio Chapter of the Turnaround Management Association. He is a member of the Bankruptcy and Commercial Law Section of the Cleveland Metropolitan Bar Association, the American Bankruptcy Institute, and ACG Cleveland.

He serves on the Parish Council at Saints Constantine and Helen Greek Orthodox Cathedral. He is a trustee of the Cleveland AHEPA Scholarship Fund. Gus also serves on the board of the Shaker Youth Hockey Association (President 2019-2021).

Before joining Calfee in 2008, Gus was an Associate at Jones Day. He was elected a Partner in 2011 at Calfee.

Honors & Recognitions

  • Chambers USA, Bankruptcy/Restructuring, Band 3, Ohio (2014-2016, 2021-2023)
  • The Best Lawyers in America®, Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law and Litigation - Bankruptcy (2016-2024)
  • Ohio Super Lawyers, Bankruptcy: Business (2017-2024)


J.D., magna cum laude, University of Notre Dame Law School, Articles Editor, Notre Dame Law Review, 1999

B.A., Yale University, 1996



  • Acted for the borrower, a multinational manufacturing holding company with $5+ billion in annual revenue, in refinancing and upsizing its syndicated multi-currency revolving credit and term loan facilities and the implementation of an interest rate hedge for the term loan facility.
  • Served as legal counsel to the purchaser of assets from an assignee following assignment for the benefit of creditors under Georgia law. Calfee's client, a private equity firm’s portfolio company purchased the assets of a manufacturer through a Georgia assignment for the benefit of creditors. Calfee counseled the portfolio company on the intricacies and risks of purchasing assets through a state law assignment for the benefit of the creditor process, whereby a distressed entity assigns its assets to an assignee that serves as a trustee for the benefit of creditors. Calfee continues to counsel the portfolio company on its post-closing obligations under the purchase agreement. This transaction demonstrates the national scope of Calfee’s practice as well as its expertise in a variety of insolvency asset disposition strategies.
  • Retained by the former CFO and CCO of a public company crypto-asset broker to represent the client against claims asserted by the Plan Administrator of the company's Wind-Down Debtor and certain other class action plaintiffs, which include breach of fiduciary duty claims.
  • Represented the former owner and principals in a litigation dispute against a global supplier and manufacturing company and its current equity owners. The former owner and current directors of the company (Calfee's clients) were involved in contentious litigation with the company and its current owner and other directors relating to numerous claims that arose and became a financial strain on and threatened the ongoing operations of the company. Calfee’s Business Restructuring and Insolvency lawyers worked with the company's financial advisor to mediate and negotiate a settlement between the litigants that resolved lawsuits in both two state courts, averted foreclosure by the secured lender, and avoided bankruptcy or shutdown of the company. Calfee’s expertise in distressed business situations and experience with insolvency financial advisors helped guide the parties to a resolution that avoided a shutdown and liquidation of the company by settling the litigation and requiring an infusion of cash from a secured lender to preserve operations.
  • Represents a company operating in the home remodeling and repair business and assisted in obtaining distressed financing, the sale of an unprofitable subsidiary/business line, and defending the claim of an investment banker seeking a success fee for an alleged restructuring. This engagement, which spanned eight states along the Eastern Coast of the U.S., demonstrates Calfee’s national practice and collaborative approach to addressing all the insolvency-related needs of its clients, including distressed financing, distressed asset dispositions, and litigation.
  • Counseled a ticketing technology platform client in the liquidation and sale of business assets. The company was directly impacted by the COVID-19 pandemic and the cancellation of live events. With the lifeblood of the business irreparably harmed, Calfee was retained to assist the company in its contingency planning and help develop a strategy for minimizing future liability and maximizing the return on the sale of the assets. Along the way, Calfee assisted the client in formulating a creditor plan to provide recoveries to its secured lender and distributions to unsecured creditors. Calfee continues to counsel the client in ongoing creditor distribution strategies of liquidation proceeds. This matter highlights Calfee’s practical approach to addressing insolvency matters without the need to initiate a costly and limiting formal bankruptcy process.
  • Regularly represents a publicly traded Western European multinational corporation and its subsidiaries in insolvency-related matters throughout the United States. In the past year, Calfee has represented various client companies in the wind-down and liquidation of a joint venture in two U.S. states. The cross-border, international matter involves the wind-down of a corporation in one state, a secured lender located in another state, and a European purchaser through a secured party sale.
  • Developed a strategy and playbook for responding to customer distress and potential insolvency for a publicly traded, Fortune 1000, global manufacturing client’s in-house counsel to develop materials to assist in-house credit personnel in responding to non-performing customers. The client regularly engages Calfee to assist in responding to these anticipated customer insolvency issues as they arise across the country.
  • Represents a gaming company client and its subsidiaries in a variety of legal matters, including creditors’ rights and insolvency matters throughout the country. Most recently, Calfee represented a subsidiary company in its efforts to terminate its obligations to an insolvent corporation, respond to asserted violations of the automatic stay, and prepare a claim for prosecution.
  • Counsels one of the largest building material installers in the U.S. and its subsidiaries in its insolvency-related customer and contract matters. Calfee serves as general corporate counsel to the client, including providing general representation as a creditor or contract party in bankruptcy cases and other insolvency matters throughout the country when necessary (e.g., defending preference cases and claims issues). Among other things, in 2023, we assisted the client in successfully defending and settling a preference action in a Chapter 11 proceedings.
  • Regularly represents a private equity firm client, addressing the insolvency-related issues that its portfolio companies encounter. Calfee serves as general outside bankruptcy/restructuring counsel for the private equity firm client, including providing general representation as a creditor or contract party in insolvency proceedings and counseling regarding addressing the financial distress of portfolio companies. In the past year, we counseled the client in the development of its strategy for addressing a legacy tax liability for a previously liquidated portfolio company and also a dispute with a covenant calculation and the lender’s decision to cut off funding. Calfee assisted the client and one of its portfolio companies in developing a strategy for the uninterrupted use of cash and the infusion of additional equity.
  • Serves as general corporate counsel to a privately owned company in the domestic and international retail and food service industries, including providing general representation as a creditor or contract party in bankruptcy cases and other insolvency matters throughout the country when necessary (e.g., defending preference cases, executory contract and claims issues). In the past year, we assisted the client in pursuing claims in a Chapter 11 case, including the assertion of a secured offset claim and responding to liquidating the trustee’s attempt to withhold distributions. This is a national engagement with respect to bankruptcy and insolvency matters throughout the United States.

Professional & Community

Professional & Community

  • American Bankruptcy Institute, Member
  • Turnaround Management Association, Board Member of Northern Ohio Chapter
  • Association for Corporate Growth (ACG) Cleveland, Member
  • Cleveland Metropolitan Bar Association, Member
  • Saints Constantine and Helen Greek Orthodox Cathedral, Parish Council
  • Cleveland AHEPA Scholarship Fund, Trustee
  • Shaker Youth Hockey Association, President and Board Member
  • Shaker Heights Country Club, Board Member (2018-2020)

Representative Clients

Representative Clients

Debtor and Distressed Company Representations

  • Counsel and corporate special counsel the debtors in Chapter 11 cases, including:
    • The Chardon Rubber Company
    • Concord Steel
    • Specialty Products Holding Corporation and affiliated debtors
    • Oglebay Norton Company
    • Dana Corporation
    • Burlington Industries
    • USG Corporation and its affiliates
    • Levitz Furniture (Levitz Home Furnishings and PLVTZ)
    • NexPak Corporation
    • National Century Financial Enterprises
  • Counsel for Norwalk Furniture Corporation, a distressed sale through the establishment of a trust mortgage to a community group saving the production factory and jobs.
  • Counsel in the orderly winddown and liquidation of multi-location motorcycle dealerships.
  • Counsel in distressed sale of metal products manufacturer.
  • Counsel to many boards of directors and managers on exercise of fiduciary duties in the vicinity of insolvency.

Creditors’ Committee Counsel

  • Counsel to the Official Committee of Unsecured Creditors in Chapter 11 cases, including:
    • Micro-Heat, Inc.
    • B&C Machine Co., LLC
    • Flower Factory and affiliated Debtors
    • Stambaugh Hardware.

Trustee/Receiver/Examiner Counsel

  • Counsel to Chapter 7 Trustee of The V Companies.
  • Counsel to Receiver of 2265 Enterprise East LLC.

DIP and Other Lender Representations

  • Counsel to Triangle Capital Corporation, DIP lender and purchaser of assets, in the Chapter 11 case of Buckingham SRC, Inc.
  • Counsel to EATON-Vehicle Group, the largest customer and provider of critical customer DIP financing, in the Chapter 11 case of General Products Corporation.
  • Counsel to lender of fitness chain in loan sale in debt for equity transaction.
  • Counsel to lenders in sale of numerous distressed credits.
  • Counsel to lender in Chapter 11 case of borrower’s parent/guarantor, including sale of debt to judgment creditor of parent/guarantor.
  • Counsel to lender in secured party sale transactions disposing all assets of borrowers.
  • Counsel to numerous lenders in traditional financing transactions.

Buyers or Investors of Distressed Businesses or Assets

  • Counsel to Orwell Natural Gas, the largest customer of Orwell Trumbull Pipeline, which purchased the pipeline assets in state receivership action.
  • Counsel to Delaware Dynamics LLC, purchaser of the assets of Delaware Machinery & Tool Company, Inc., in an Indiana state receivership action.

Other Restructuring and Insolvency Representations of Note

  • Counsel to Hong Kong-based vendor of Sears Roebuck and Kmart Stores in the Chapter 11 cases of Sears Holding Corporation and affiliated debtors, asserting claims of administrative expense priority and appealing bankruptcy court decision prejudicial to foreign vendors.
  • Counsel to various private equity firms in the restructuring of their distressed portfolio companies.
  • Counsel for The Benjamin P. Forbes Company, a cocoa supplier, successfully preventing the assignment of forward contracts in the Chapter 11 case of Transmar Commodity Group Ltd.
  • Counsel to outside board of directors of Inkstop, including in the Chapter 7 case.
  • Counsel to defendants in numerous avoidance actions.

News & Events



Licensed In

  • Ohio 

Court Admissions

  • U.S. District Court for the Northern District of Ohio
  • U.S. District Court for the Southern District of Ohio
  • U.S. District Court for the Eastern District of Michigan

"Gus is a very smart and knowledgeable bankruptcy lawyer. He has terrific experience; his greatest strength is that he gives very practical advice. He is able to cut through the noise of a difficult matter and lead to a successful solution."

Client quote from Chambers USA

Jump to Page