Conway MacKenzie worked for a provider of cardboard packaging for the automotive industry. The business was distressed due to union labor issues as well as financial viability issues.
Conway MacKenzie, along with the owner, agreed to pursue an orderly wind-down. Conway MacKenzie was able to secure some temporary price increases from customers to fund the wind-down and seamlessly transition to other suppliers.
As a result, the company and its secured lender were able to settle out-of-court with the company’s vendors, thus receiving a higher percentage of the recoveries than what would have been possible in a bankruptcy filing.