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The bankruptcy process is intended to maximize value inuring to the stakeholders of a troubled company ' a goal casually referred to as obtaining the “highest and best” value from the process. Restructuring professionals seek well-worn paths to achieve the highest and best value for a troubled company's assets, whether pursuing, settling or assigning claims or causes of action; unlocking hidden value in tax attributes; or running robust sale processes. Often, parties equate “highest” with “best,” which leads to sales processes with foregone conclusions and we never know what opportunities were left on the table that could have increased value for stakeholders. What follows is an example in which a Chapter 7 trustee, in deliberately separating the measure of “highest price” from “best outcome,” unlocked significant value for all stakeholders.
History
Formed in 1965, North American Specialty Glass (the Debtor) became one of the largest safety and security glass producers in the United States. By 2012, it employed nearly 100 people, a significant percentage of the working population in its home of Trumbauersville, PA. After several covenant defaults, the company was put into workout by Sovereign Bank, its secured lender, in 2009. During the lengthy forbearance, the Debtor's equity sponsor, Ironwood Mezzanine Fund and its affiliate (Ironwood), provided capital infusions to support the company's continued operation.
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