Phoenix acts as the general advisor regarding the structure of the retirees’ benefits upon emergence of a steel forging plant from bankruptcy.
A Committee of Retirees formed in conjunction with the bankruptcy of a Steel Forging Plant.
The retirees had a significant interest in the bankruptcy because of their retirement benefits fund. With little knowledge of the proceedings, the committee decided that they wanted their own expert to assess the situation.
Phoenix Management Services was engaged by the committee to assess the situation regarding the bankruptcy and then acted as a general advisor regarding the structure of the retirees’ benefits upon emergence of the Company from bankruptcy. In its role of advisor, Phoenix negotiated with the debtor, the secured and unsecured creditors, and the anticipated new ownership in an effort to maximize the amount of benefits that would be made available to the Committee’s constituents as the Company emerged from the bankruptcy proceedings. Through these negotiations, Phoenix was able to secure for the Committee’s constituents significantly greater benefits than what had been projected to be available prior to the engagement of Phoenix.
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