Industry/business:

Aluminum foundry defense contractor

Representation/date:

Sale of business in bankruptcy and confirmed Chapter 11 plan / 2006

Transaction size:

$45M in assets

Key outcome:

Case recognized as “Transaction of the Year” in 2006 by the Upper Midwest Chapter of the Turnaround Management Association because the successful sale paid all creditors in full and paid amounts to the equity holders far in excess of what was expected.

Industry/business:

Installer and distributor of fire proofing material/asbestos case

Representation/date:

Chapter 11 reorganization / 2008 completion

Transaction size:

$100M + asbestos trust; $250M in liabilities

Key outcome:

API is the first confirmed asbestos Chapter 11 case in the Eighth Circuit (and among a small number of such cases nationally). The case involved a company which sold and installed asbestos insulation products and faced massive liability from product liability claims. The company was able to make a contribution to a trust and assign its remaining insurance to a trust and go forward as a successful business after reorganization.

Industry/business:

Manufacturer of high tech components to the automotive and aircraft industries

Representation/date:

Sale of business in bankruptcy and confirmed Chapter 11 plan / 2004

Transaction size:

$35M in assets

Industry/business:

Aperture masks and lenses used in eyeglasses/Vision-Ease

Representation/date:

Sale of Vision-Ease and liquidation of remaining assets/ 2004

Transaction size:

$155M in assets

Key outcome:

Represented debtor in obtaining bankruptcy court approval of $50M sale of Vision-Ease. We assisted in confirmation of a plan of liquidation resulting in payoff owed to service lenders.

Industry/business:

High end specialty firearms manufacturer

Representation/date:

Represented Chapter 11 debtor in asset sale and reorganization / 2006

Transaction size:

$4 - 5M in assets, with additional assumption of debt

Key outcome:

Represented Chapter 11 debtor in extensive negotiations with creditors and litigation leading up to successful sale of assets of specialty gun manufacturer.

Industry/business:

Agricultural chemicals

Representation/date:

Debtor, Chapter 11 / 2003

Transaction size:

Plan confirmed / $5M

Key outcome:

Chapter 11 plan confirmed

Other notable cases:

Munsingwear, Inc. (chapter 11 plan confirmed), Endotronics (chapter 11 plan confirmed).

Industry/business:

Healthcare

Representation/date:

Sale of business in bankruptcy / 2001

Transaction size:

$10M in asset sale

Key outcome:

Successful sale in bankruptcy of two separate businesses related to third-party payor services in health care industry.

Industry/business:

National home health care business with 200 locations in 38 states

Representation/date:

Restructuring / 2004

Transaction size:

$150M revenue/$100M debt (Intrepid USA only)

Key outcome:

Successful restructuring of business preserving 500 jobs; negotiated and led confirmation of plan that resolved numerous stakeholders.

Industry/business:

Chain of nursing homes in Wisconsin

Representation/date:

Chapter 11 confirmed / 2000

Transaction size:

$11M

Key outcome:

Chapter 11 plan confirmed for chain of nursing homes.

Industry/business:

Non-regulated electric power producer

Representation/date:

Restructuring / 2002

Transaction size:

Approximately $9B

Key outcome:

Successfully obtained dismissal of involuntary bankruptcy petition filed by former officers; Company subsequently re-filed in New York and successfully reorganized approximately $9B in debt.

Industry/business:

Energy - 15 million gallon ethanol cooperative plant

Representation/date:

Restructured financing

Transaction size:

$25M

Key outcome:

Led team in renegotiating terms of construction and permanent financing of about $25M.

Industry/business:

Taconite mine; represented the Official Committee of Unsecured Creditors as Minnesota counsel 

Representation/date:

Chapter 11 / 2003

Key outcome:

Negotiated treatment of unsecured claims in sale of assets of large taconite mining operation.

Industry/business:

Taconite mine/ Represented the State of Minnesota in the case 

Representation/date:

Chapter 11

Transaction size:

Represented State of Minnesota in asserting claims exceeding $130M

Key outcome:

Represented State of Minnesota in negotiations for assumption of liabilities by asset purchase.

Industry/business:

Land developers, builders and lenders.  We currently represent multiple distressed real estate industry clients in cases, including: developers, integrated builders, lumber yards/mill works, bank lenders and specialty construction lenders in workouts, foreclosures and bankruptcies related to the severe slump in residential real estate.

Representation/date:

Workouts, foreclosures and bankruptcies / Ongoing

Transaction size:

Total of debt transactions exceeding $800M to date

Industry/business:

Retailer of new and used golf equipment

Representation/date:

Restructuring / 2007

Transaction size:

$9M in assets

Key outcome:

Liquidation of national retail company in Chapter 11 case.

Industry/business:

Retailer of patio/garden furnishings and décor

Representation/date:

2007

Transaction size:

$9 - 10M in assets

Representation/date:

Debtor, Chapter 11 / 1997

Transaction size:

$20M

Key outcome:

Chapter 11 plan confirmed.

Industry/business:

Aquarium in Mall of America

Representation/date:

Debtor, Chapter 11 / 1998

Transaction size:

$25M

Key outcome:

Plan confirmed (sale).

Industry/business:

Cereal and other food manufacturer

Representation/date:

Reclamation, preference defense, setoff, and other claims in large Chapter 11 cases  (Fleming Foods and others) / Ongoing

Key outcome:

Work with food manufacturer, often in conjunction with other large trade vendors, to protect and realize on multimillion dollar reclamation claims, setoffs, and unsecured claims, and to defend against preference actions by debtor or trustee.

Industry/business:

Dairy food manufacturer

Representation/date:

Reclamation, preference defense, setoff, and other claims in large Chapter 11 cases (Fleming Foods and others) / Ongoing

Key outcome:

Work with food manufacturer, often in conjunction with other large trade vendors, to protect and realize on significant reclamation claims, setoffs, and unsecured claims, and to defend against preference actions by debtor or trustee.

Industry/business:

Trucking

Representation/date:

Debtor, Chapter 11 / 1997

Transaction size:

Largest truckers in Upper-Midwest (liquidation)

Industry/business:

Custom plastic molding for household appliance, automotive and other industries

Representation/date:

Represented equity/creditor interests in sale of business assets in bankruptcy / 2008

Transaction size:

$15M in assets

Key outcome:

Assisted investors in recovery of guaranty obligations in Chapter 11 asset sale.

Industry/business:

Large California cooperative grower of tomatoes

Representation/date:

Represented investment banker in employment and fee payment issues

Key outcome:

Obtained approval of client employment and payment of success fee upon multimillion dollar sale of grower assets.

Industry/business:

Minnesota airline, affiliated with Northwest Airlines

Representation/date:

Represented airline industry specialist consultants in employment and fee payment issues

Key outcome:

Obtained approval of client employment terms and payment of consulting fee upon debtor’s reorganization.