Chapter 11 liquidating trustee steam volidating rejected
Meanwhile, under the supervision of the bankruptcy court, the debtor turns its attention to figuring out a repayment plan for its creditors.As with other types of bankruptcy, repayment amounts typically are much lower than the original debt totals.The plan may modify the amounts and terms for repayment of debts to these creditors.A reorganization plan must be voted on by creditors and approved by the court.Much like the desert itself, many of our clients find themselves in business and litigation wastelands.It is our job to help them avoid pitfalls and take full advantage of the resources that are there for those who know where to look.Engaged to consult with the City of Glendale to repurpose or liquidate the assets to maximize recovery for the bondholders, Sonoran was ultimately appointed Receiver over the assets with a mandate to liquidate.Sonoran was engaged as CRO of a distressed regional airline based in San Juan, Puerto Rico.
A boutique firm, Sonoran provides highly specialized services meant to prevent, alleviate, and eradicate business distress. Anyone who has traveled in the American Southwest knows of the harshness and beauty of the Sonoran Desert.
Creditors have an incentive to work with the debtor and make compromises, since they generally would not get better terms in a Chapter 7 action.
A reorganization plan puts creditors into different classes with respect to how their claims are handled.
Continued as CFO for new buyer and assisted in hiring a replacement as permanent CFO.
Engaged as CRO of Inca Refining / West Bank Land Company, a Louisiana based, defunct oil refinery.