Case Study

El Paso Refinery, L.P.

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The Fire

  • Failed $250 million petrochemical refinery.

  • Millions in cost over-runs.

  • Failed Chapter 11 and case converted to Chapter 7.

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The Rescue

  • Hired by Chapter 7 Trustee to lead the wind-down of the business affairs of this publicly traded, master limited partnership.

  • Provided the Chapter 7 Trustee with business advice and had responsibility for over $4 million in cash.

  • Took control of, managed and recovered diverse assets of the estate, including supervising the debtor’s remaining employees.

  • Named Interim President of debtor’s non-bankrupt subsidiary.

  • Successfully marketed and sold assets, including the operating subsidiary for $16 million.

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The Result

After significant litigation and recoveries, unsecured creditors received full payment on account of their claims.