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We represented a long-time Portland retailer at several locations in a year-long program involving reduction of operations and ultimately a going-out-of-business sale. The business, although successful for many years, had lost money in recent years and was unable to continue. We advised the client on steps to take which enabled all priority and secured debt to be satisfied. All unsecured creditors were kept informed of the company's owner's desire to maximize recovery at a minimal cost. While the unsecured creditors did not recover their old debt, we were successful in enabling the company to satisfy the secured debt (and, in turn, minimize the individual owner's guaranty exposure to the lender).
Attorneys associated with this case
Barry P. Caplan
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