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Type of assignment: Financial Advisor to the Official Unsecured Creditor Committee and Financial Advisor to the Chapter 7 Trustee
Region: United States of America
RSM firm: RSM McGladrey, US
RSM contact: Scott Peltz
Company Circumstances
After significant operational missteps the billion dollar company, which was engaged in the recreational boat industry, was faced with substantial pending interest payments that it was unable to satisfy. As a result it filed for Bankruptcy protection under Chapter 11 of the US Bankruptcy code.
Scope of the assignment
We advised the Official Unsecured Creditor Committee as to the value of the underlying businesses, identified preferential transfers occurring 90 days prior to bankruptcy, served as an expert witness in various litigation matters, and assisted the Trustee in analysing tax claims. Services included providing business valuation services regarding potential transfers and potential avoidance actions against insiders.
Outcome
RSM achieved favourable settlements relating to the litigation matters, facilitated the sale of substantially all of the company’s assets, identified preferential transfers exceeding US$100m, and assisted the Trustee in significantly reducing amounts owed to federal and state taxing authorities.