Perkins Marie Callender’s Restaurant , US
Challenge
- MorrisAnderson became Plan Administrator following the Chapter 11 363 Sale generating $65M in net sales proceeds
- Responsibility was to resolve Administration claims, resolve sale working capital adjustment, monetize deposits and miscellaneous assets.
- Key responsibility was to resolve open workers compensation claims backed by cash collateral of over $8M held by insurance carrier.
Solution
- Challenged numerous Administrative Claims such that claims were reduced by $3M on a $6.3M claims pool.
- Negotiated $1.5M recovery from sale working capital adjustment escrow.
- Sold class action claim for $.4M and recovered $1.4M in deposits.
- Resolved worker compensation claims and recovered over $4M of $8M cash collateral.
Results
- MorrisAnderson recovered $12M in excess of the $13M estimated target recovery amount; a nearly 100% increase.
