In re: LMI Legacy Holdings, Inc., et al., Case No. 13-12098 (CSS)
LRC served as sole counsel to the Official Committee of Unsecured Creditors (the “Committee”) in the chapter 11 proceedings of Landauer Healthcare Holdings Inc., and its affiliates (“Landauer”) in the United States Bankruptcy Court for the District of Delaware. Landauer, providers of home medical equipment and related products and services to customers located in the northeast United States, commenced their cases to sell substantially all of their assets to Quadrant Management, Inc. (“Quadrant”), with all of the proceeds to be used to satisfy the senior secured debt of T.D. Bank, N.A., as agent for Landauer’s senior secured lenders (the “Lenders”). Shortly after its engagement, LRC negotiated a settlement that provided a substantial dividend to general unsecured creditors, which were expected to receive no money when the case filed. Under Landauer’s confirmed chapter 11 liquidating plan, general unsecured creditors are expected to receive between 4.8% and 14.5% on their allowed general unsecured claims.
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