Estate Closedown of a Service Company with 81 Cent Dividend
Deltak, Marietta Georgia
Engaged as Post-Confirmation Plan Administrator. No sales and no debt.
- The Company supplied Heat Recovery Steam Generators (“HRSG”) to gas turbine power plants.
- Part of the bankruptcy of parent Global Power Equipment Group.
- Operation of the Company HRSG operations wound down in bankruptcy and not part of reorganization.
- Wind down included the seven unfinished plants under construction.
- As part of Plan of Confirmation $32 million set aside to satisfy over $150 million in unsecured the Company claims.
- MorrisAnderson was hired as Post-Confirmation Plan Administrator.
- MorrisAnderson reconstructed poorly kept records to review and analyze over 650 claims, with several million in reductions based on process.
- 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 dollar.
- Successfully litigated two claims totaling $95 million brought by large multinational companies to $6.5 million or seven cents on dollar.