Committee Achieves Favorable Outcome in Confirmed Plan

Schafer and Weiner, PLLC (S&W) teamed up with Pittsburgh’s Bernstein Burkley, P.C. (BB and together with S&W, the S&W Team) to represent the Unsecured Creditors Committee of Rapid Metals, Inc.  (Bankr. E.D. Mich. No. 23-46098).  The S&W Team zealously led the Committee through the bankruptcy case, and eventually hammered out a plan of liquidation achieving a vastly greater return for the unsecured creditors than the debtor proposed.  Along the way, S&W and BB went toe-to-toe with counsel for the debtor, bank, and others in strictly monitoring debtor’s cash and strategically structuring debtor’s inventory auction, and otherwise maximizing the value of debtor’s estate for unsecured creditors.  The S&W Team then facilitated the transition from the pre-confirmation Committee to the post-confirmation plan administrator.  In the end, the S&W Team chalked up one more successful representation of a creditors committee.