Casner & Edwards

Casner & Edwards Announces Chapter 11 Plan of Reorganization in Cashman Equipment Corp. Bankruptcy Matters Is Confirmed with Full Payment for Creditors

On December 14, 2018, the United States Bankruptcy Court for the District of Massachusetts entered an order confirming the Chapter 11 plan of reorganization in the bankruptcy cases of Cashman Equipment Corp. and its affiliates, companies that own and operate a fleet of commercial barges around the globe. Casner & Edwards Bankruptcy and Restructuring attorneys Michael J. Fencer, John T. Morrier, and A. Davis Whitesell represented the Official Committee of Unsecured Creditors appointed in the cases to guard the interests of creditors holding approximately $6 million in unsecured claims. The cases also involved the competing interests of twelve lenders holding nearly $140 million in secured claims, and the Cashman companies’ stockholders. While substantially discounted payments on bankruptcy claims is the norm, the Casner & Edwards Team succeeded after protracted negotiations and an extensive mediation in obtaining full payment for unsecured creditors paid over time with interest, and the grant of valuable collateral to secure unsecured creditor payments.

 

About Casner & Edwards, LLP

Casner & Edwards, LLP represents businesses, individuals and institutions across New England and around the world, providing the core legal services they need to succeed. Clients work directly with a team of expert attorneys, and can expect full attention, seasoned advice, top quality work, and good value.

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