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Going-Concern Sale of Sole Service Provider to Dell Technologies

The client company was strategically located adjacent to Dell Technologies, in Round Rock, Texas, and provided 100% of Dell’s flat panel monitor warranty repairs.  The company was a subsidiary of a UK entity “in administration,” subject to a supervised insolvency proceeding in London.  The company was profitable, and upstreamed years of profits to the parent to support losses at other subsidiaries but had to be sold as part of the parent company’s supervised liquidation.

The Solution
A voluntary receivership was filed in State District Court to appoint a receiver to conduct a going-concern sale of the business.
Harney's Greg Milligan was appointed as State Court Receiver.
Operated the business while completing a going-concern sale of the company to Jabil Circuit, a Fortune 200 company.
Settled litigation claims against the parent company through the consensual elimination of the parent’s unsecured claim against the company.
The Results
The going-concern sale allowed for the 100% retention of the workforce and generated significantly higher proceeds as compared to a liquidation.
The negotiated elimination of the parent company’s $41 million claim allowed a much higher recovery for non-insider creditors.
Services & Roles
Fiduciary Services
State Court Receiver
Transaction Advisory
Interim Management
*Some engagements may have been performed by team prior to joining Harney Partners.