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Dealing with Corporate Distress 07: Chapter 11 is Not Always the Answer: Strategic Alternatives For and Against Distressed Businesses
The ABCs of ABCs, Business Bankruptcy, & Corporate Restructuring/Insolvency In Installment 5, we walked through the lifecycle of a hypothetical traditional chapter 11, and in Installment 6 we discussed key concepts you must comprehend in order to understand any chapter 11 case. Now we pull the camera back and turn our focus away from chapter […]
Stock Market Pundits & Economic Data: What Conclusions Can We Draw on the Distressed Asset Space?
What Distressed Asset Investors Can Glean from Low Interest Rates, Rising Asset Prices and Insolvency on the Horizon DailyDAC readers know that we try to confine ourselves to publishing “evergreen” thought leadership—general education for business owners and investors about business bankruptcy, its alternatives, and related subjects. There isn’t a stark line between the news of […]
The Chief Restructuring Officer (CRO): From Restructuring to Stakeholder Management, They Can Do It All
An Introduction to the Distressed Company’s Superman: The Chief Restructuring Officer The role of a Chief Restructuring Officer (“CRO”) is approximately four decades old. While still a somewhat new role in the 1990s, CROs are now ubiquitous in the restructuring community. Todd Zywicki, a George Mason law professor who specializes in bankruptcy law, traces the […]
From Penthouse to Ground Floor: The Penthouse Magazine Bankruptcy
Creative Destruction and an Inevitable Fall: What Can We Learn From the Penthouse Magazine Bankruptcy? Penthouse International, publisher of Penthouse Magazine, sold for $11.2 million in June of 2018. The company was worth about $700 million (adjusted for inflation) at its height. The latest Penthouse Magazine bankruptcy highlights just how far Penthouse has fallen, and […]
The Northwest Company LLC – Court Rejects Debtors’ Choice of Successful Bidder, Names Formerly Back-Up Bidder Ashford as Auction Winner
August 25, 2020 – In an unusual twist to an unusual asset sale process, the Court hearing the Northwest Company cases approved the $31.46mn sale of the Debtors’ assets to Ashford Textiles, LLC and Ashford Partners, LLC (together, “Ashford” or “Purchaser”) [Docket No. 301]. The asset purchase agreement (the “APA”) governing terms of the sale […]
90 Second Lesson: First Step Before Buying a Distressed Business
How Types of Sales Affect the Purchase of a Distressed Business Editor’s Note: this is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to [email protected] and we will try to answer it. Question What is the first integral decision a buyer must make […]
PUBLIC NOTICE OF SALE OF ASSETS: Calumet Abrasives Co.
NOTICE OF PUBLIC SALE ON MAY 13TH ASSETS OF CALUMET ABRASIVES CO., INC. 1. What is for sale? Certain items of machinery and equipment belonging to Debtor (defined below) and used in the manufacture of industrial abrasive cutting and grinding products (the “Collateral”). The Collateral includes, without limitation, molding presses, mixing equipment, testing equipment and […]