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Chapter 11 Reorganization Lawyer in Chicago, Illinois & Wisconsin
Our client specialized in making highly sophisticated electronic equipment. The founder was brilliant, but was easily distracted. He found it hard to focus on the details of his business. As a result, he was unable to control its costs and was facing financial ruin. Moreover, his personal life was in a shambles and his wife was threatening to divorce him. Here’s what our Milwaukee bankruptcy attorneys did:
- Hired turnaround consultant to do a complete analysis of the business strengths and weaknesses within 30 days
- Hired chief operating officer with strong financial background from an accounting firm we knew who got costs and procedures under control
- Lined up a bank line of credit in order to support a chapter 11 reorganization effort
- Filed a chapter 11 reorganization case in order to prevent foreclosure and lawsuits from putting company out of business
- Negotiated settlement of unsecured claims with creditors’ committee whereby creditors received close to 60% on their claims over 3 years from future profits.
After confirmation of its plan of reorganization, the company was highly successful. One of the company’s largest competitors bought the company at a very handsome price.
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