Hilco Global Champions Successful Restructuring for Presperse Corporation
Hilco Global’s turnaround and restructuring practice has marked a significant achievement by serving as the financial advisor to Presperse Corporation. This milestone endeavor culminated in a successful restructuring and a consensual resolution concerning current and future talc injury lawsuits. Notably, this marks what is understood to be the first confirmed talc 524(g) plan of reorganization.
Key Details of the Restructuring Process
The restructuring plan for Presperse Corporation earned confirmation from Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey. It was further affirmed by Judge Robert Kirsch of the U.S. District Court for the District of New Jersey, all within a year of the petition being filed. This expeditious approval was supported unanimously by the talc plaintiffs who voted on the plan.
Collaborative Efforts in Restructuring
Throughout this complex restructuring process, Getzler Henrich worked closely with a multitude of professionals aimed at achieving this notable outcome. Presperse's advisors included Duane Morris LLP, Kroll, and Covington & Burling LLP. Additionally, the support from Sumitomo Corporation of Americas (SCOA) and its advisors, such as Lowenstein Sandler LLP, Skadden Arps, Slate, Meagher & Flom LLP, and David Fish, played a crucial role. Meanwhile, creditor professionals including Robinson+Cole, FCR Heather Barlow, Young Conaway Stargatt & Taylor, LLP, and Ruggeri Parks Weinberg LLP contributed to the successful navigation of this undertaking.
Experts Leading the Charge
Hilco Global's accomplished professionals, including Mark Podgainy as Senior Managing Director and Charvi Gupta as Senior Director, provided expert guidance and support to Presperse Corporation throughout this transformative process. Their expertise and strategic insights were vital in steering the restructuring efforts in the right direction.
About Hilco Global
Hilco Global operates as a prominent subsidiary of ORIX Corporation USA and is a diversified financial services company. It specializes in delivering integrated professional services and capital solutions that enable clients to maximize value and enhance performance across various sectors, including retail, real estate, manufacturing, and brand management.
With a comprehensive portfolio of customized solutions, Hilco Global caters to healthy, stressed, and distressed enterprises, assisting them in resolving complex challenges and boosting long-term enterprise value. Their approach emphasizes aligning interests with clients to achieve the best possible outcomes while providing strategic advice and the necessary capital to complete transactions.
Headquartered in Northbrook, Illinois, Hilco Global boasts a robust team of over 810 professionals strategically located across four continents. Their commitment to delivering exceptional results showcases their expertise in the financial services industry.
Frequently Asked Questions
What was the role of Hilco Global in Presperse’s restructuring?
Hilco Global served as the financial advisor to Presperse Corporation during its restructuring, helping navigate complex legal challenges.
What is a talc 524(g) plan?
A talc 524(g) plan refers to a specific type of bankruptcy restructuring plan designed to address liability arising from talc-related injury lawsuits.
Who were the key professionals involved in the restructuring?
Mark Podgainy and Charvi Gupta from Hilco Global led the restructuring advisory team, collaborating with various legal and financial advisors.
What are the services provided by Hilco Global?
Hilco Global offers integrated professional services and capital solutions to help clients maximize value across multiple sectors, including retail and real estate.
Where is Hilco Global based?
Hilco Global is headquartered in Northbrook, Illinois, with a global presence of over 810 professionals operating globally.
