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Congratulations to Financial Poise Faculty Member, Tom Salerno

Financial Poise/DailyDAC faculty member Thomas Salerno, who is also a partner at Stinson LLP, was part of the team that took Advanced Green Innovations, LLC through a Chapter 11 restructuring and recapitalization in ten months (start to finish) in the Bankruptcy Court in the District of Arizona.

The confirmed plan deals with in excess of $250 million of debt (much from fraud claims resulting from the misdeeds of the now-ousted founder facing criminal fraud charges), converting it to equity in the reorganized debtor, renamed Proteum Energy, LLC. The plan also provided for liquidity in the form of post-effective date financing. Proteum is an innovator in the clean energy industry with patented technology.

This was an outstanding team effort, and a laudable example of what Chapter 11 can and should be used for.

About The DailyDAC Editors

The editors and editorial board of DailyDAC include preeminent restructuring and insolvency professionals, journalists, and editors. They are devoted to providing reliable and plain English education and deal intelligence about assignments, corporate bankruptcy, receiverships, out-of-court workouts and similar topics.

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