Restructuring

A $700M publicly traded print and marketing company with 3,500 employees filed for Chapter 11 bankruptcy protection. Several months after filing, the Company sold most of its operating assets to a competitor for $300 million.

Challenge:

In connection with the asset sale, the acquirer hired all of the company’s employees. The Company needed a new Chief Restructuring Officer to oversee the orderly wind-down of the Estate, including:

  • Over 2,500 claims filed against the Estate
  • Numerous office leases throughout the U.S. with furniture and equipment on-site
  • Several large facilities with potential environmental issues
  • The Company needed a Plan of Liquidation
  • Oversight of professionals and management of cash receipts and disbursements
  • On-going financial reporting to bankruptcy court and other stakeholders
  • Potential preference actions
  • Final federal and state tax returns needed to be completed and filed

Solution:

  • WilliamsMarston was appointed Chief Restructuring Officer (CRO) by the Estate’s Board of Directors.
  • As CRO, WilliamsMarston managed cash on-hand including all cash receipts and disbursements in the ordinary course. Prepared cash flow projections and monthly operating reports.
  • Reviewed office leases to determine which should be assumed or rejected and managed the sale or disposal of numerous assets.
  • Negotiated with secured lenders to facilitate a final settlement.
  • Reviewed and reconciled over 2,500 claims and facilitated objections to numerous invalid claims
  • Prepared Plan of Liquidation and successfully facilitated its confirmation by the Bankruptcy court.
  • Oversaw the preparation and filing of final federal and state tax returns.

Result:

Upon confirming the Plan of Liquidation with the Bankruptcy court, WilliamsMarston was retained by the unsecured creditors committee to support the remaining efforts to wind-down the Company’s affairs culminating in a favorable distribution to the general unsecured creditors.

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Restructuring

A $700 million publicly traded print and marketing company with 3,500 employees filed for Chapter 11 bankruptcy protection.

By | 2017-02-22T09:26:46+00:00 December 28th, 2016|Impact Stories, Restructuring|0 Comments