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Moses & Singer client Butler Services International Inc. was featured in the March 9 issue of The Deal's "Daily Deal" section concerning the company's efforts to exit from Chapter 11 after having sold its assets pursuant to three separate transactions approved by the Bankruptcy Court. A hearing is scheduled for March 31 before the Chief Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware in Wilmington to consider a settlement providing for the dismissal of the cases and transferring Butler's remaining assets to a liquidation trust. Butler would retain monies to satisfy administrative claims. Butler obtained Court approval of the sale of its principle business to Select Staffing for $26.2 million on July 1, 2009, the same day it won final approval to finance its wind-down through a $30 million DIP from GE Capital Corp. Alan Gamza and Andrew Lederman are on the case.
The firm's Business Reorganization, Bankruptcy and Creditors' Rights practice is national in scope. Our attorneys counsel clients in insolvency cases including corporate matters such as debtor-in-possession financings, claims trading and acquisitions in bankruptcy. We have played significant roles in major corporate and partnership cases across the country for clients in various industries including manufacturing, financial, retail, media, technology, energy, transportation and real estate. The firm regularly represents creditors' committees, creditors, indenture trustees, lessors, licensors, and debtors in bankruptcy cases and related litigation and in out-of-court exchange offers and corporate restructurings. We have extensive experience in real estate workouts, and our practice includes enforcement of creditors' rights and defense and prosecution of preference, fraudulent transfer, LBO, lender liability, discharge, environmental, and director fiduciary duty claims, as well as stay litigation concerning foreign and domestic arbitrations and foreclosure proceedings.
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