News

Appointed Liquidating Trustee of the Asyst Technologies Liquidating Trust

Feb 18, 2010

Dan Scouler, Managing Principal, was appointed Liquidating Trustee of the Asyst Technologies Liquidating Trust pursuant to a Chapter 11 liquidation plan confirmed on February 3, 2010 in the Northern District of California Bankruptcy Court. This followed Scouler & Company's role as the Financial Advisors to the secured lenders in the Chapter 11 case which was filed by Asyst Technologies on April 20, 2009. This represents continuation of a complex case with coordinated bankruptcy filings in the United States and Japan. The recovery, estimated to be approximately 80%, significantly exceeds the initial expectations of the secured lenders. Our role as Liquidating Trustee includes negotiations with the Japanese Trustee, pursuit of avoidance actions and winding down various affiliates.

Crabtree & Evelyn - Case Update & Results

Jan 14, 2010

Through Scouler's efforts in coordination with Committee Counsel, we were able to obtain a superior result for the Crabtree & Evelyn unsecured creditors. In the plan of reorganization that was confirmed on January 14, 2010, the unsecured creditors were paid cash at confirmation of 45 cents on the dollar. This is a nine-fold improvement over the Debtor's initial cash offer and an impressive result compared to recoveries in other recent retail cases.

Asyst Technologies - Case Update & Results

Dec 17, 2009

Working closely with company personnel to gather data, review financial models and create forecasts, Scouler (serving as Financial Advisor to the Debtor) discovered that the erosion of revenue posed a significant risk and that existing cost cutting plans would be inadequate to respond to the looming crisis. After a poor financial performance within Q1 2009, the company filed Chapter 11 on April 20, 2009 in both Japan and the U.S. After assessing the best possible outcome for the lender group, a lengthy and complex sales process was undertaken and Scouler's role expanded to include assistance and support for potential bidders and closely monitor the use of the lender's cash collateral. Scouler initiated with the company an aggressive new business orders initiative to generate additional cash to extend the timeline to find buyers. Operations cash was generated for several more months enabling the company to conclude the sales process in Japan and the U.S. as well as fund the wind down plan causing no erosion in the sales proceeds. The total recovery for sale of assets in both Japan and the U.S. is expected to be approximately 80%, which is a result that is more than 3 times what was anticipated by the lending group.

Financial Advisors to the UCC to Bender Shipbuilding & Repair

Nov 01, 2009

Scouler & Company is engaged by the Official Committee of Unsecured Creditors of Bender Shipbuilding & Repair, a leading ship repair facility in operation for more then 80 years that filed for Chapter 11 bankruptcy protection on June 9, 2009 in the Southern District of Alabama. We will evaluate and advise the Committee on the strategy being undertaken by the Debtor, including liquidation or business plans, review and analyze the options for maximizing creditor recoveries including assisting in the formation of a plan of reorganization or liquidation for the Debtor, develop strategies for maximizing the net proceeds from the realization of any assets, and assist the Committee and its counsel with ongoing communications with the Company and its lenders.