The company filed chapter 11 bankruptcy in the Fall of 2016 with almost $6,000,000.00 in liabilities, the majority of which consisted of claims for unpaid taxes and factored receivables. By filing a chapter 11 bankruptcy, the debtor was able to continue operating and providing its clients, which include some of the largest companies in the communications industry, with engineering, construction, installation, and maintenance services across the United States.
Attorneys from Bielli & Klauder appeared before the United States Bankruptcy Court for the Eastern District of Pennsylvania to seek approval of the debtor’s chapter 11 plan of reorganization. The objections relating to confirmation were resolved through advance negotiations with creditors and the Court entered an order confirming the plan and sending the debtor down the path to recovery from its previous financial issues.
If you have any questions or wish to discuss whether chapter 11 may be an option for your company, feel free to give us a call or send us an email.