The Debtor was an Exploration & Production (E&P) company with drilling activity and 100+ well production in New Mexico (Delaware Basin) and Oklahoma. The investor group terminated the management team as a result questionable dealings and related litigation between the parties. The Company filed Chapter 11 bankruptcy and conducted a sale of assets through a 363 sale process.
100-year-old commercial catalog printer, the third largest in the U.S., with revenues exceeding $80MM and pre-petition loan and lease obligations of $50MM. The company ran into setbacks related to the recent acquisition of a second production facility. Additionally, the company had high debt levels, an unfavorable facility lease and significant funding obligations with two declining multi-employer pension plans. At the time of Harney Partners’ engagement, the company was in default of its senior loan borrowing base and financial covenants.
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.