Restructuring

Choosing the right professionals for a corporate restructuring—whether in or out of court—and can make the difference between success and liquidation. Your entire team: lawyers, financial advisors, investment bankers and communications professionals, must be both experienced and accomplished. This is not an area for beginners or on-the-job-training.

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ADAPTING TO A CHANGING MARKET

Sitrick And Company has the largest, most experienced and accomplished restructuring practice in the strategic communications industry. Since the firm’s founding in 1989, Sitrick executives have served as strategic communications counsel in more than 300 Chapter 11 reorganizations — including some of the nation’s largest and most complex — and nearly half as many out-of-court restructurings.

The firm’s Chapter 11 experience encompasses virtually every industry and nearly every imaginable situation, from asbestos liabilities to the largest municipal bankruptcy in history (Orange County, California). Its expertise includes developing and implementing strategy to deal with all key constituents including the media, employees, vendors, customers, unions, creditors and shareholders.

Properly handling strategic communications for a restructuring involves a great deal more than just preparation of documents and communiqués, though of course that is an important element. As critical, if not more critical, is sufficiently understanding the nuances of the process and the challenges so that you can quickly react to and come up with a solution to a problem, whether it is dealing with an employee morale issue, a customer, vendor or creditor crisis or getting to the right editor to correct or stop a story. Equally important is having a sufficient knowledge of the process so that you can work closely with the other professionals in developing and implementing actions to bring about a successful conclusion to the process.

The importance of the media in this process, both digital and traditional, is often underestimated. The way a restructuring is reported – from the filing to the emergence and each step along the way can make an enormous difference in the outcome. A company can tell its constituents that everything is fine, but if the next day a major national newspaper publishes an article stating that the Company is headed for liquidation – true or not—the effect could be devastating. In our firm’s 21 years of handling cases in this area, we have seen something as simple as a mishandled inquiry from a major newspaper cause a vendor stampede which resulted in the liquidation of a company. Sitrick’s expertise and track record in this area, like all other areas of our restructuring practice is nationally recognized as best in class.

Because the restructuring process requires the close involvement of many constituents, it is impossible to control every aspect from start to finish. The restructuring process, by its very nature, has a number of twists and turns along the way. That is why it is critical that a company surround itself with professionals who have the experience and expertise to help guide it through the entire process — not just the initial filing of the petitions.

The restructuring group’s senior practitioners each have from 10 to 28 years of experience in developing and implementing strategic communications in both in and out of court restructurings. Each of the firm’s senior people has been involved in more than 100 cases.


Actions include:

  • The development of communications strategies to help maintain stability and preserve the value of assets in periods of financial volatility and change
  • The creation of communications – both traditional and digital — that advance the company’s business goals and align with its legal strategy
  • Delivering communications that aim to maintain the confidence of all stakeholders while the company explores strategic alternatives
  • Managing expectations and calming uncertainties via direct, targeted communications; judicious use of the media; messages that resonate and help keep the process on track
  • Providing communications counsel, program development and implementation to those charged with the task of communications, business development, investor relations, franchise relations and other key functions

REPRESENTATIVE SAMPLING OF RESTRUCTURING CASES

(click letter to view client list)

Acme Holdings Inc.
Advanced Glassfiber Yarns
AEI Resources
Advanta
Aegerion Pharmaceuticals
Alliance Entertainment Corporation
Allied System Holdings
Alpha Credit
Alexander Gallo Holdings
Amcast Industries Corp.
Amdura Corp.
Amerco/U Haul
America West Airlines, Inc.
American Business Financial Services
American Color Graphics
Anacomp
Anna’s Linens
AOS
API Group
Avadim Health

Back Yard Burger
Baptist Foundation of Arizona
Barneys of New York
Barry’s Jewelers
Basinger, Kim
BCBG
Bill’s Dollar Store
Birch Telecom
Blue Bird Corp.
BMK
Bookspan
Bramalea California, Inc.
Braxton, Toni
Brazos Sports Wear Inc.
Bruin Energy
Bumble Bee Seafoods
Burlington Industries

C&R Clothiers
Cable & Wireless America
Caldera, Inc.
Calpine Corporation
Casablanca Fans
Carauster Industries
Carter Hawley Hale
Catholic Diocese Wilmington
Central Hardware
Channel Home Centers
Chart Industries
Circle K
Claim Jumper
Clark Retail Group
Clothestime, Inc.
Collins & Aikman
Communications Dynamics
CornerStone Propane
Conseco, Inc.
Conseco Finance
Cooper Standard Auto
County Seat, Inc.
Crane Co.
Custom Foods

Dan River
Davis Petroluem
Deb Shops
Delphi Corporation
DelTaco, Inc.
Dep Corporation
Dewey & Leboeuf
Diedrich Coffee
Diocese Of Rockville Centre
divine, Inc.
DMX Music
Dynegy, Inc.

Eagle Food Centers
EaglePicher
Eddie Haggar Limited, Inc.
Edison Brothers
Edwards Theaters
Einsten/Noah’s Bagels
El Torrito
Executive Life Insurance Company
E-M Solutions
Exide
Exodus Communications
EZ Lube

Fairmont Communications Corp.
Family Restaurants, Inc.
FAO, Inc.
Fedco
Fedders Corporation
Federal Mogul Corporation
Fine Host Corporation
FirstEnergy Solutions
Fisker Automotive
Fontainebleau Resorts
Formica Corporation
Forum Health
Forstmann & Company
Fountain View
FoxMeyer Corporation
FPA Medical Management
Freedom Communications
Friedman’s Inc.
Friendfinder Networks
Fuddruckers
Furr’s Supermarkets

General Roofing Services, Inc.
Generation Brands
GenTek
Genuity
Gibson Brands
Gillette Holdings
Gilletee, George W
Global Crossing
Global A&T Electronics
Globix Corporation
Greyhound
Griddy Energy
Griffin Homes
Grove Worldwide
GST Communications

Handy Andy
Hard Rock Hotels
Hawaiian Airlines
Hayes Lemmerz International
Haynes International
Hedstrom Corporation
Helig Meyers
Herbst Gaming, Inc.
Hill Williams Company
Home Place
Houlihan’s Restaurants
House of Fabrics

Innkeepers USA
Insilco Corporation
Interstate Bakeries Corporation (Hostess I and II)
Isola

Jerry’s Famous Deli, Inc.
Jessica McClintock, Inc.
J.W. Colachis Company

Katy Industries
Kaiser Steel resources
Kendall Square Research Corp.
Kimball Hill Homes
Kloster Cruise Limited
Krause’s Furniture
Koll Real Estate Group, Inc.

L.A. Kings
Lady Luck Gaming Casino
Laidlaw, Inc.
Lake Las Vegas
Lamonts Apparel, Inc.
LandSource
LeapFrog, Inc.
Le-Nature
Let’s Talk Cellular
LJ Hooker
Lida Stretch Fabrics
Loewen Group, The
Loot Crate
Lomas Financial Group (I and II)
Lucky Stores, Inc.
Lyondell Chemical Company

M&R Companies
Magic Brands LLC
Mann Theaters
Manville Corporation
Marine Military Academy, The
Mark IV Industries
Marquardt Manufacturing
Master Graphics
Marsh Supermarkets
Maurice Sporting Goods
Maxim Crane Works
McLeod USA
McNall, Bruce
Medieval Times
Medianews
MegaBrands
Meris Labs
MeridianLink
MicroAge
Millenium Health?
Mirant Corp.
Mobclix
Morris Publishing
Musicland

National Benevolent Association
National Steel, Inc.
Network Global Logistics
New World Restaurants
Newport Imports
Norwood Promotional
NRG Energy

Orange County, California
Orchid Paper Products
Orion Picture Corp.

Papa Gino
Pay ‘N Pack Stores
Payless Cashways
PennCorp
Peregrine Systems
Performance Transportation Services, Inc.
Petrie Retail
Phoenix Services
Pic ‘N Save Corporation
Pioneer Chicken
PPI
Precision Specialty Metals
Pride tree
Prime Matrix
Primus Telecommunications
PSC, Inc. (I and II)
PTC Alliance
Purgatory-Durango Ski Resort
Public Service of New Hampshire
Purina Mills

Qintex

Reader’s Digest
Real Industries
Refco LLC
Regus PLC
Regal Cinemas
Remy International Inc.
Renaissance Plastics
Rigas Family
River Oaks Furniture
RH Donnelley Corporation
Rotech Healthcare
Roses Stores
Rubie’s Costume Company Inc.
Rubio’s Coastal Grill
Rupari Foods

Seaboard Realty
Seahawk Drilling
Searchmetrics
S.D.I. Media Group
Schwinn Corporation
SCOUR.com
SEMGroup
Sempra Energy Corp
Senior Care Centers
Service America Corp
Service Merchandise, Inc.
ShowBiz Pizza Time, Inc.
Singer
Smith Corona
Sierra Power Pacific
Solutia, Inc.
Spansion
SPI Holding, Inc.
Spirit Holding Company
Spreckels, Inc.
Sports Club LA / Orange County
St. Vincent’s Medical Center
Standard Automotive Corporation
Starwood
Sterling Chemicals
Strouds, Inc. (I and II)
Stations Casinos
Steel Partners
Styling Technology Corp.
Supreme Group
Sunterra Corporation
SunWorld, Inc.
Synagro
Systems Integrators, Inc.

Taylor Wharton
The Hunt Liquidating Trusts
The Jessup Group
Toisa Limited
Tousa
Tower Records
Tracor Holdings
Trans Pacific Restaurants
Trend Technologies
Tribune Company
Tri Valley Growers
Triad Healthcare
Tronox Incorporated
Trump Hotels and Casinos
Tucson Electric Power Company
TVC Communications

US Airways Group
US Interactive
USG Corporation
USinternetworking, Inc.

Vail Associates, Inc.
Velti
Verasun Energy
Vertis Communications

WestStar Cinema
WCI Communication
Wherehouse Entertainment
WHX Corporation
Wickes Inc
William Lyons Homes
Woodward & Lothrop, Inc.
WorldCom (post filing)

Xcel Energy
XO Communications

A

Acme Holdings Inc.
Advanced Glassfiber Yarns
AEI Resources
Advanta
Aegerion Pharmaceuticals
Alliance Entertainment Corporation
Allied System Holdings
Alpha Credit
Alexander Gallo Holdings
Amcast Industries Corp.
Amdura Corp.
Amerco/U Haul
America West Airlines, Inc.
American Business Financial Services
American Color Graphics
Anacomp
Anna’s Linens
AOS
API Group
Avadim Health

B

Back Yard Burger
Baptist Foundation of Arizona
Barneys of New York
Barry’s Jewelers
Basinger, Kim
BCBG
Bill’s Dollar Store
Birch Telecom
Blue Bird Corp.
BMK
Bookspan
Bramalea California, Inc.
Braxton, Toni
Brazos Sports Wear Inc.
Bruin Energy
Bumble Bee Seafoods
Burlington Industries

C

C&R Clothiers
Cable & Wireless America
Caldera, Inc.
Calpine Corporation
Casablanca Fans
Carauster Industries
Carter Hawley Hale
Catholic Diocese Wilmington
Central Hardware
Channel Home Centers
Chart Industries
Circle K
Claim Jumper
Clark Retail Group
Clothestime, Inc.
Collins & Aikman
Communications Dynamics
CornerStone Propane
Conseco, Inc.
Conseco Finance
Cooper Standard Auto
County Seat, Inc.
Crane Co.
Custom Foods

D

Dan River
Davis Petroluem
Deb Shops
Delphi Corporation
DelTaco, Inc.
Dep Corporation
Dewey & Leboeuf
Diedrich Coffee
Diocese Of Rockville Centre
divine, Inc.
DMX Music
Dynegy, Inc.

E

Eagle Food Centers
EaglePicher
Eddie Haggar Limited, Inc.
Edison Brothers
Edwards Theaters
Einsten/Noah’s Bagels
El Torrito
Executive Life Insurance Company
E-M Solutions
Exide
Exodus Communications
EZ Lube

F

Fairmont Communications Corp.
Family Restaurants, Inc.
FAO, Inc.
Fedco
Fedders Corporation
Federal Mogul Corporation
Fine Host Corporation
FirstEnergy Solutions
Fisker Automotive
Fontainebleau Resorts
Formica Corporation
Forum Health
Forstmann & Company
Fountain View
FoxMeyer Corporation
FPA Medical Management
Freedom Communications
Friedman’s Inc.
Friendfinder Networks
Fuddruckers
Furr’s Supermarkets

G

General Roofing Services, Inc.
Generation Brands
GenTek
Genuity
Gibson Brands
Gillette Holdings
Gilletee, George W
Global Crossing
Global A&T Electronics
Globix Corporation
Greyhound
Griddy Energy
Griffin Homes
Grove Worldwide
GST Communications

H

Handy Andy
Hard Rock Hotels
Hawaiian Airlines
Hayes Lemmerz International
Haynes International
Hedstrom Corporation
Helig Meyers
Herbst Gaming, Inc.
Hill Williams Company
Home Place
Houlihan’s Restaurants
House of Fabrics

I

Innkeepers USA
Insilco Corporation
Interstate Bakeries Corporation (Hostess I and II)
Isola

J

Jerry’s Famous Deli, Inc.
Jessica McClintock, Inc.
J.W. Colachis Company

K

Katy Industries
Kaiser Steel resources
Kendall Square Research Corp.
Kimball Hill Homes
Kloster Cruise Limited
Krause’s Furniture
Koll Real Estate Group, Inc.

L

L.A. Kings
Lady Luck Gaming Casino
Laidlaw, Inc.
Lake Las Vegas
Lamonts Apparel, Inc.
LandSource
LeapFrog, Inc.
Le-Nature
Let’s Talk Cellular
LJ Hooker
Lida Stretch Fabrics
Loewen Group, The
Loot Crate
Lomas Financial Group (I and II)
Lucky Stores, Inc.
Lyondell Chemical Company

M

M&R Companies
Magic Brands LLC
Mann Theaters
Manville Corporation
Marine Military Academy, The
Mark IV Industries
Marquardt Manufacturing
Master Graphics
Marsh Supermarkets
Maurice Sporting Goods
Maxim Crane Works
McLeod USA
McNall, Bruce
Medieval Times
Medianews
MegaBrands
Meris Labs
MeridianLink
MicroAge
Millenium Health?
Mirant Corp.
Mobclix
Morris Publishing
Musicland

N

National Benevolent Association
National Steel, Inc.
Network Global Logistics
New World Restaurants
Newport Imports
Norwood Promotional
NRG Energy

O

Orange County, California
Orchid Paper Products
Orion Picture Corp.

P

Papa Gino
Pay ‘N Pack Stores
Payless Cashways
PennCorp
Peregrine Systems
Performance Transportation Services, Inc.
Petrie Retail
Phoenix Services
Pic ‘N Save Corporation
Pioneer Chicken
PPI
Precision Specialty Metals
Pride tree
Prime Matrix
Primus Telecommunications
PSC, Inc. (I and II)
PTC Alliance
Purgatory-Durango Ski Resort
Public Service of New Hampshire
Purina Mills

Q

Qintex

R

Reader’s Digest
Real Industries
Refco LLC
Regus PLC
Regal Cinemas
Remy International Inc.
Renaissance Plastics
Rigas Family
River Oaks Furniture
RH Donnelley Corporation
Rotech Healthcare
Roses Stores
Rubie’s Costume Company Inc.
Rubio’s Coastal Grill
Rupari Foods

S

Seaboard Realty
Seahawk Drilling
Searchmetrics
S.D.I. Media Group
Schwinn Corporation
SCOUR.com
SEMGroup
Sempra Energy Corp
Senior Care Centers
Service America Corp
Service Merchandise, Inc.
ShowBiz Pizza Time, Inc.
Singer
Smith Corona
Sierra Power Pacific
Solutia, Inc.
Spansion
SPI Holding, Inc.
Spirit Holding Company
Spreckels, Inc.
Sports Club LA / Orange County
St. Vincent’s Medical Center
Standard Automotive Corporation
Starwood
Sterling Chemicals
Strouds, Inc. (I and II)
Stations Casinos
Steel Partners
Styling Technology Corp.
Supreme Group
Sunterra Corporation
SunWorld, Inc.
Synagro
Systems Integrators, Inc.

T

Taylor Wharton
The Hunt Liquidating Trusts
The Jessup Group
Toisa Limited
Tousa
Tower Records
Tracor Holdings
Trans Pacific Restaurants
Trend Technologies
Tribune Company
Tri Valley Growers
Triad Healthcare
Tronox Incorporated
Trump Hotels and Casinos
Tucson Electric Power Company
TVC Communications

U

US Airways Group
US Interactive
USG Corporation
USinternetworking, Inc.

V

Vail Associates, Inc.
Velti
Verasun Energy
Vertis Communications

W

WestStar Cinema
WCI Communication
Wherehouse Entertainment
WHX Corporation
Wickes Inc
William Lyons Homes
Woodward & Lothrop, Inc.
WorldCom (post filing)

X

Xcel Energy
XO Communications