EMH attorney Joe Bain recently led a team of EMH attorneys in advising GeoTrace Technologies, Inc. (“GeoTrace”), and its board of directors when the company was faced with a potential free-fall liquidation.
After the lack of support for a Chapter 11 reorganization became apparent, EMH explored and advised GeoTrace on alternative forms of liquidating, including by use of a state-law assignment for the benefit of creditors. In the end, EMH assisted GeoTrace in negotiating a distressed M&A transaction with GeoKinetics Inc. and Silicon Valley Bank, which preserved GeoTrace’s remaining value and provided for a liquidation budget that was used to transition GeoTrace to an orderly liquidation through a Chapter 7 bankruptcy case.
Joe Bain was quoted by the Houston Business Journal on a an article discussing the Chapter 7 filing. A copy of the HBJ article can be accessed here.