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- Opportunity: A national provider of video and other gaming equipment to restaurants, bars and entertainment centers became over-extended and defaulted on a note. The lender foreclosed, sought to use Chapter 11 for liquidation of assets, and appointed a turnaround expert as president who turned to Doerner to handle the Chapter 11 proceedings.
- Solution: Our firm worked with the company as it continued to operate during the Chapter 11 case. We conducted a series of negotiations that enabled the eight national divisions of the company to be sold as going concerns in separate transitions through the bankruptcy court.
- Result: Through our creative use of the Chapter 11 process, our client retained the going concern value of its assets and continued to provide employment for its employees. The preservation of asset value in the going concern also enabled the lender to maximize the value of its collateral.
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