Scouler & Company was engaged to review a community bank’s portfolio of loans and determine the adequacy of its loan loss provision and reserves. Our assignment includes reviewing risk rating procedures and credit criteria, determining the financial condition trends and stability, and, ultimately, to make a recommendation to the Lender based on our assessment of the above variables.
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.
Scouler & Company was hired as the Financial Advisors to a private label $100 million design and import company, servicing all major US mass-market merchandise retail stores. We are assisting in the creation of a credible short-term cash forecast to support a bank refinancing. Additionally, we are preparing a long-term viability analysis, various restructuring plan alternatives, and a wind down recovery analysis as alternative options if the refinancing fails.
Casey Tool and Machine Company, which filed for bankruptcy in the Central District of Illinois on November 4, 2008, hired Scouler & Company as consultant and financial advisor. Alex Strazzella, who heads Scouler & Company’s Cleveland office, will serve as Chief Restructuring Officer. Casey Tool is a leading machine and tool company which Manufactures residential lighting products, including indoor and outdoor recessed lighting, and a successful line of emergency lighting products.
Patriot Homes, Inc, which filed for bankruptcy on September 28, 2008 in the Northern District of Indiana, hired Scouler & Company as its consultant and financial advisor. Established in 1972, Patriot Homes is a leading builder of manufactured and systems-built modular housing. In addition to single and multi-section HUD manufactured homes, the company produces modular homes in ranch and two-story models. Patriot Homes is the nation’s 27th largest homebuilder when compared with all builders of single family homes.
Dan Scouler, a speaker at the 24th Annual Association of Insolvency and Bankruptcy Advisors Bankruptcy and Restructuring Conference in Las Vegas, Nevada, will be discussing “Best Practice Issues in Operation”.
Scouler & Company was appointed Chief Restructuring Officer (CRO) by the Dan River, Inc. Board of Directors as part of the home textile distribution company’s Chapter 11 bankruptcy proceedings. John Hedge, a principal of the firm, will serve as CRO.
Scouler & Company has been retained as financial advisors to the Official Committee of Unsecured Creditors of Four Points Corporation, d/b/a Brendan Jewelers, JC Keepsake Diamonds, and Only Diamonds in the Chapter 11 case which is pending before the United States Bankruptcy Court Southern District of New York.