Achieved a settlement between company and parent firm to avoid bankruptcy filing
In 2016, 80% of a centrifuge manufacturer was acquired by a Chinese firm with a put option given to the seller for the remaining 20%. In 2018 the put option was exercised and demand was made of the Chinese parent to purchase the remaining 20%. However, the Chinese parent was unable to raise the funds and defaulted on the demand. Litigation ensued and the matter came to ahead in early 2020. As the 80% shareholder, the Chinese parent looked to put the Company into Chapter 11 to resolve the dispute. With the guidance of Harney, the parties ultimately resolved their differences and reached agreement on a restructuring and the purchase of the 20% interest.