Case Study:
Team Express Distributing, LLC
Recovered ~25% for unsecured creditors with potential for additional distributions from earn-out provisions from the sale
Team Express Distributing, LLC, an e-commerce retailer of sporting goods, filed for chapter 11 bankruptcy protection in the Western District of Texas following a severe liquidity challenge following the failed roll-out of a new inventory management system.
The Solution
Retained as financial advisor by the Office Committee of Unsecured Creditors
Partnered with the Committee’s counsel to be informed advocates for the unsecured creditors to preserve their rights and ensure the value of the bankruptcy estate was maximized
Advocated for robust process to sell the company while encouraging continued pursuit of litigation to recover damages stemming from the failed inventory systems implementation
EVP of Harney Partners was retained as Liquidating Trustee
The Results
Sale of the business was effectuated
Successfully negotiated settlement with equity holders of the proceeds from litigation to ensure continued equity support
To date, ~25% recovery to unsecured creditors with potential for additional distributions from earn-out provisions from the sale
Services & Roles
Bankruptcy Advisory
Financial Advisor to the Official Committee of Unsecured Creditors
Liquidating Trustee
*Some engagements may have been performed by team prior to joining Harney Partners.
