TRADITIONAL CHAPTER 11 | LIQUIDATING PLAN | 2015–2016
Represented a painting coating business in a Chapter 11 case (Case No. 15-30083 HLB) in the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, before the Hon. Hannah L. Blumenstiel. The case was filed January 23, 2015, and the firm obtained confirmation of a Chapter 11 liquidating plan on June 14, 2016.
The matter is notable for its structural posture: rather than ceding control of the wind-down to a Chapter 7 trustee or a Chapter 11 plan trustee, the debtor remained as its own debtor-in-possession to prosecute its own plan of liquidation. That approach lets the people who know the business best run the wind-down themselves, and it preserves a meaningful share of the value that a third-party fiduciary’s fees and learning curve would otherwise consume — but it requires a plan structure and a creditor body willing to trust the debtor with that role.
Result: Liquidating Chapter 11 plan confirmed (June 14, 2016) with debtor remaining as debtor-in-possession to prosecute the wind-down
U.S. Bankruptcy Court, Northern District of California — San Francisco Division
