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In this case, we were retained by the unsecured creditors committee after the company was unable to secure financing for a plan of reorganization, and then given only 45 days by the senior creditor to find a buyer for the company or face liquidation. To settle disputes with the 73-year-old Troutman, Emporium's unsecured creditors committee, including representatives from some of the nation's biggest clothing makers, such as Levi Strauss & Co. Not only are there significant costs to the debtor entity for its counsel, but it is likely that the creditors will form an official unsecured creditors committee. |
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