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Gardenburger was a public company and one of the leading producers and marketers of meat alternative products. Suffering from a revenue decline, an increasing debt burden, the decline of the meat alternative product category, and increased competition, Gardenburger retained SulmeyerKupetz as its reorganization counsel. During Gardenburger’s chapter 11 case, Gardenburger’s prepetition secured lender was paid off through new financing facilities SulmeyerKupetz assisted Gardenburger in obtaining and implementing and the new lenders provided a commitment for exit financing. Gardenburger’s plan of reorganization was approved within 5 months of the commencement of its chapter 11 case. Under the Plan, Gardenburger was converted from a public company to a private company and approximately $30,000,000 in debt was eliminated.
Care Enterprises owned and operated more than 100 intermediate- and long-term health care facilities located in various states. In addition to addressing more routine debtor-creditor issues, SulmeyerKupetz worked with state and federal officials to relocate Medicare and Medicaid patients from facilities being closed without jeopardizing the patients' health and safety. The firm's confirmed reorganization plan resolved hundreds of millions of dollars in claims, and the reorganized entities continued in business.
Ocean Pacific was a worldwide licensor of California lifestyle apparel and accessories whose business was rapidly deteriorating. This case involved hundreds of creditors, millions of dollars of secured and unsecured debt, a number of limited partners, a "remainder trust" claiming an ownership interest in Ocean Pacific's assets, and numerous other parties. SulmeyerKupetz provided services, sometimes virtually around-the-clock, at critical junctures to bring the case to a successful conclusion. Over the objection of several dissident parties, SulmeyerKupetz obtained court approval of a sale of the debtor's business and assets, and confirmed a liquidating plan of reorganization.
Capitol Metals processed flat, rolled steel and sold it to end users. Sales were approximately $30 million in the year preceding the chapter 11 filing. SulmeyerKupetz obtained an advantageous sale of the debtor's assets for nearly $10 million, plus assumption of significant short- and long-term liabilities. In addition to the bankruptcy litigation necessary to obtain approval of the sale, the firm also handled the transactional work required for the sale closing.
The auction resulted in a sale of the debtor's assets for $70.5 million - a $40 million surplus over the claims in the case.
The debtor was the largest egg producer in the Western United States, and the only one in California with a unionized labor force. SulmeyerKupetz assisted the debtor in the rejection and termination of its collective bargaining agreement, and confirmed a reorganization plan involving financing from a Japanese trading company.
The Trust owned and developed real properties valued at approximately $30 million, including a number of self-storage facilities. The Trust owed its secured creditor approximately $18 million. SulmeyerKupetz successfully opposed dismissal motions by the secured creditor and confirmed a reorganization plan in which secured and unsecured creditors' claims were restructured for repayment over several years.
Armour Oil Company owned and operated a wholesale gasoline distribution system, as well as approximately 36 service stations throughout California. In a case involving serious environmental, insurance and operational issues, SulmeyerKupetz terminated and liquidated the wholesale business, sold a number of service stations and reorganized the company with a considerably reduced operations base.
ICU Medical, a company with valuable medical products but little capital, was forced into chapter 11 through a hostile takeover attempt by a San Francisco securities broker. SulmeyerKupetz confirmed a reorganization plan that paid creditors 110 cents on the dollar within two years after the filing of the involuntary petition.
SulmeyerKupetz represented the debtor in possession (DIP). The DIP owned and operated Boston Market quick-service restaurants located in Southern California. At the time of the commencement of the case, the DIP operated approximately 90 restaurants, had approximately 1,600 employees, and was a lessee or sublessee under more than 100 unexpired leases of nonresidential real property. As a result of the restructuring its operations during this case, the DIP operated approximately 55 restaurants and had approximately 1,000 employees at the time that it confirmed its plan of reorganization. From the inception of the case, the DIP operated in accordance with negotiated cash collateral agreements. Prior to confirmation of the Plan, the DIP rejected certain leases, assumed and assigned a significant number of leases, and entered into lease modification or lease termination agreements with various landlords. Under the Plan, among other things, approximately 45 of the DIP's leases were assigned to McDonald's as part of the sale of the DIP's business to McDonald's pursuant to the Plan.
General Information
Attorney Profiles and E-Mail
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Representative Cases
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