Bankruptcy & Insolvency
- VRS professionals have been involved in over 100 chapter 11 bankruptcy cases in U.S. Bankruptcy Courts across the country, as CRO, as well as financial advisor to debtors, lenders, official committees of unsecured creditors, equity holders and asset purchasers.
- As CRO, with a laser focus on saving jobs and maximizing value for the estate and its creditors, we enjoy a strong reputation with credibility as an estate fiduciary in courts throughout the country.
- We have deep knowledge of substantive and procedural bankruptcy law and routinely navigate the complex issues that are the subject of motion practice, as well as the fiduciary filings and reporting requirements.
- VRS prepares the cash flow analyses, financial projections, liquidation analyses and valuation analyses that are routinely required in chapter 11 cases.
- VRS conducts analyses in connection with causes of action that arise under chapter 5 of the U.S. Bankruptcy Code and has provided fact and expert testimony on a variety of issues in U.S. Bankruptcy Courts across the country.
- VRS also assists potential bidders in §363 sale processes in structuring bids and navigating bankruptcy issues, including the negotiation of stalking horse agreements, bid submission, valuation analyses, attendance at auctions and supporting the buyer through the sale hearing and sale closing.
Wind Downs / Asset Liquidations
Operational Wind Downs
- VRS has extensive experience winding down business operations in an orderly manner to maximize recovery on business assets and minimize stakeholder risk.
- VRS assists with exiting customer and vendor contracts, exiting real estate and equipment leases and mitigating contract rejection claims.
- VRS routinely administers reduction-in-force and broader employee terminations, including the winding down of employee benefit plans, navigating various complex cross-border, federal and state employment law issues.
- VRS oversees the financial and accounting elements of a wind down, including the preparation of final financial statements, tax returns and other filings for dissolution purposes.
- VRS routinely runs sale processes to maximize recovery on inventory, accounts receivable, machinery, equipment, fixed assets, intangible assets and contract rights and leasehold interests.
- VRS assesses asset liquidations from a cost / benefit perspective, analyzing cash flow requirements to determine the appropriate timeframe to maximize asset value recovery.
- We are experienced with navigating intercreditor issues, trade claims with potential lien rights, offsets and other issues that complicate asset liquidations.
- VRS has extensive experience as CRO, financial advisor, and independent fiduciary consummating restructuring transactions and liquidations through consensual or strict foreclosure pursuant to Article 9 of the Uniform Commercial Code, as assignee in Assignments for the Benefit of Creditors and as Receiver in state court proceedings.
- VRS also routinely winds down entities following a restructuring transaction, or a sale of substantially all of the operating assets, through state law dissolutions, administrative dissolutions, state court proceedings and chapter 7 bankruptcy cases.