Antares Information Technology

Division: Phoenix Management Services


Antares Information Technology, Inc. was a direct mail fulfillment company located on Long Island, NY.


Plagued by declining industry demand resulting from the business cycle and the loss of its largest customer, the Company realized that its current profitable results were projected to deteriorate quickly and they were facing liquidity issues.


Phoenix was engaged to assist the Company to evaluate options for the Company including testing the market for potential equity sources or merger partners. After determining that significant contingent liabilities of the Company hampered any potential transaction, Company management and Phoenix determined that the best course of action was an out of court wind down of operations. Working with the Company’s lenders, customers and major vendors, Phoenix fashioned a plan to sell many of the pieces of the business. During the wind down, Phoenix assumed the role of Chief Restructuring Officer. This process ensured a smooth transition of the business with minimum impact to customers and maximized the amount of funds for the creditors. The Companies lenders were paid in full and Phoenix was appointed Liquidating Agent for the Company’s unsecured creditors.