Case Studies

Estate Closedown of a Service Company

J.S. Held Acquires Clark Seif Clark, Strengthening West Coast Capabilities for Environmental Claims, Disputes, and Catastrophe Response

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Home·Estate Closedown of a Service Company

The Situation

  • The Company supplied Heat Recovery Steam Generators (“HRSG”) to gas turbine power plants with no sales and no debt.
  • Part of the bankruptcy of parent Global Power Equipment Group.
  • The operation of the Company's HRSG operations wound down in bankruptcy and is not part of the reorganization.
  • Wind down included the seven unfinished plants under construction.
  • As part of the Plan of Confirmation $32 million is set aside to satisfy over $150 million in unsecured claims of the Company.

How We Advised

Our experts were hired as the Post-Confirmation Plan Administrator.

  • We reconstructed poorly maintained records to review and analyze over 650 claims, resulting in several million dollars in reductions based on process improvements.
  • Successfully challenged over $10 million in claims.
  • Managed step-downs of $15 million in claims from five active construction projects under Completion Agreements
  • Improved recovery of unsecured creditors from 21% to 81%.
  • Successfully negotiated $21.5 million claim down to $3.5 million, or 16 cents on the dollar.
  • Successfully litigated two claims totaling $95 million brought by large multinational companies to $6.5 million, or seven cents on the dollar.

Key Contact

Dan F. Dooley, CTP 
Senior Managing Director 
Strategic Advisory Practice 
+1 603 660 8952 
[email protected] 

Related Practice Areas

> Fiduciary Services 
We deliver unbiased, expert solutions in court-mandated and out-of-court situations that demand a third-party fiduciary, including insolvency, fraud, litigation, and shareholder disputes. When companies are in financial distress, become entrenched in complex disputes, or fraud is suspected, lenders, attorneys, and regulatory agencies recommend that federal and state courts or boards of directors appoint our experts as fiduciaries. 

 

> Solutions for Distressed Situations 
We deliver integrated solutions for distressed and insolvent businesses that maximize recovery, mitigate risk, and restore enterprise value. Our experts are retained to help distressed organizations stabilize operations, protect stakeholder interests, and execute turnaround strategies. We take an operationally-focused approach that looks beyond the balance sheet to minimize further degradation and build a path to sustainable growth. 

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