GlassRatner Announces Bankruptcy Settlement and Plan Confirmation for El Centro Ford
(firmenpresse) - IRVINE, CA -- (Marketwired) -- 12/11/13 -- GlassRatner, one of the foremost automotive and bankruptcy financial advisory firms in the country, announced today that it has reached a consensual settlement in the bankruptcy agreement for El Centro Ford, one of the most popular dealerships in the area. The Debtor's Plan of Reorganization was confirmed and the owners of the dealership will continue to own and operate a profitable dealership and pay the negotiated settlement amount to the creditors over a term of seven years.
Prior to the bankruptcy, El Centro Ford faced a multi-million dollar lawsuit and adverse arbitration ruling. The judgment creditor began attempting to attach liens to the dealership's property, leaving the dealership with no choice but to file a Chapter 11 Bankruptcy. Post-filing, the debtor engaged the firm of GlassRatner as the dealership's financial adviser.
GlassRatner was charged with the several tasks in the case. First, the firm completed the assessment of the estimated sale value of the dealership, and prepared to give expert testimony to the BK Court regarding going-concern dealership valuation. Secondly, it assisted with the formulation of the Debtor's Plan of Reorganization and Disclosure Statement, including preparing to provide expert testimony regarding Plan Feasibility at the Plan Confirmation Hearing. Finally, it worked with Debtor's legal counsel, Marty Brill of Levene, Neale, Bender, Yoo & Brill, LLP, in successful settlement discussions with Creditors' Counsel, which resulted in a consensual resolution and confirmation of the Debtor's Plan of Reorganization.
About GlassRatner
is a national specialty financial advisory services firm providing solutions to complex business problems and board level agenda items. The firm applies a unique mix of skill sets and experience to address matters of the utmost importance to an enterprise such as managing through a business crisis or bankruptcy, planning and executing a major acquisition or divestiture, pursuing a fraud investigation or corporate litigation, and other top level non-typical business challenges. The combination of proven operating and financial expertise, a hands-on approach and an absolute focus on assignment execution makes a unique and valuable ally for its clients and partners.
Sharon Noot
714-527-7735
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Datum: 11.12.2013 - 08:00 Uhr
Sprache: Deutsch
News-ID 1290044
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Motorcycles
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