Restructuring and Dispute Resolution case study: Costume company transaction
Through a successful 363 sale process (named after the Bankruptcy Code section that allows a debtor to sell its assets), the company was sold to a new operator, positioning it to continue for years to come. Had the company been forced to shutter its doors, general unsecured creditors would have received zero recovery. Based upon the successful sale of its assets, general unsecured creditors could receive as much as fifty cents on the dollar.Following the completion of the sale, CohnReznick is now serving as plan administrator for the company.
Kevin Clancy, CPA, JD, CIRA, CFF, Global Director, Restructuring and Dispute Resolution
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