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Specializing in insolvency and complex commercial matters since 1974

Southern District Bankruptcy Court Approves Sale Of Substantially All Assets Of World’s Largest Manufacturer Of Trash And Linen Chutes For High Rise Buildings - August 8, 2006

Bankruptcy Judge Raymond Ray approved the sale of substantially all of the assets of Wilkinson High Rise, LLC and Wilkinson Chutes, Inc. under §363 of the Bankruptcy Code to a buyout group consisting of members of management and financial advisors to the companies, both of which had operated their businesses as debtors in possession. The firm represented the Debtors, and the sale was supported by the companies’ largest secured creditor, which financed the transaction, and by the Official Committee of Unsecured Creditors. After announcing from the bench the approval of the sale on July 17, 2006, the Court held an emergency hearing to resolve an objection of the United States Trustee to the inclusion of language releasing claims against members of the management team that would also manage and partially own the purchasing entity. The Court approved the release language, which was supported by the Committee and the major secured creditor, General Electric Credit Corp. Harley Riedel, Charles Postler, Greg Golson and Edward Peterson were the lawyers at the firm primarily responsible for documenting and obtaining approval of the transaction.