Lowenstein Sandler represented the Official Committee of Unsecured Creditors in Southeastern Metals Products, LLC’s Chapter 11 bankruptcy case. The joint Plan of Reorganization filed by the Debtor and the Committee provided a significant cash dividend distribution of in excess of 35 percent to unsecured creditors.
A manufacturer of metal fabrications and stampings, Southeastern Metal Products filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware on May 6, 2019, alleging approximately $9.6 million in secured debt. This amount included approximately $5.2 million of secured debt allegedly owed to the Debtors’ majority equity holder that was subsequently deemed unsecured as a result of Lowenstein’s efforts.
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