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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.