Gordian Group advised the official committee of unsecured creditors (comprised primarily by pension claimants) in Chesapeake’s Chapter 11 proceeding and sale to several hedge funds.
Case Study
Chesapeake Corporation
CLIENT: Official Committee of Unsecured Creditors of Chesapeake Corporation
Services
Restructuring & Debt AdvisoryBusiness Profiles
Situation
Chesapeake was a specialty packaging manufacturer that produced paper cartons and plastic containers for the health care, beverage and food markets. Due to deteriorating economic conditions, Chesapeake could no longer service its approximately $521 million of debt and was unable to obtain additional financing. As a result, the Company declared bankruptcy in December, 2008.
Engagement
Gordian Group advised the official committee of unsecured creditors (comprised primarily by pension claimants) in Chesapeake’s bankruptcy and sale to several hedge funds.
Outcome
Gordian Group vigorously defended the claims of unsecured creditors throughout the bankruptcy process, and helped the unsecured creditors committee to identify and preserve potential avenues for recovery.