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.