Corporate Wind-down and Liquidation: Legacy Manufacturing

Howley Associates LLC, retained by Board of Directors and national hedge fund to manage the multi-year wind-down and eventual liquidation of a specialty paper manufacturing company.

Andy Howley and his team served as CEO and Board member during the extended process. Maximized return to equity and avoided upstream liabilities.

Responsible for all operational, financial, administrative, and legal functions. Actively managed the asset sale process. Negotiated consensual out-of-court settlements with major creditors.

Worked closely with outside counsel, local and state governmental authorities, EPA, and labor union. Key issues included:

• Management retention during an extended assessment and implementation period
• Phased wind down of manufacturing capabilities over a six-month period while maintaining positive cash flow.
• Managed liquidation of  PP&E and working capital
• Negotiated sale of Real Estate and intangible assets
• Union relations, WARN notifications, etc.
• Environmental issues related to a 100+-year-old facility
• Negotiated resolution of complex legal issues with regulatory authorities and other outside parties