Art Industry News SampleFeb 2, 2006 13:00:10
BERRY-HILL: Gordian Group Approved as Debtor's Investment Bankers
NEW YORK (SunStream News) -- The U.S. Bankruptcy Court for the Southern District of New York gave Berry-Hill Galleries, Inc., and its debtor-affiliate, Coram Capital LLC, permission to employ Gordian Group, LLC, as their investment banker.
Gordian Group will:
1) advise the Debtors' management on potential restructuring of its indebtedness and assist them in presenting restructuring proposals to creditors;
2) assist the Debtors in analyzing its business alternatives and assist in raising new or replacement capital for them;
3) assist in formulating a plan of reorganization and analyze from a financial point of view, any proposed chapter 11 plan, including assistance in the plan negotiation and confirmation process; and
4) render all other investment banking services to the Debtors that are necessary in their chapter 11 cases.
Peter S. Kaufman, a Managing Director of Gordian Group, discloses that his Firm will be paid:
a) a $25,000 monthly fee;
b) a new capital fee equal to 2% in cash of the aggregate principal amount of new capital or financing raised in a financial transaction or committed by a lender;
c) a restructuring fee equal to 2% in cash of the principal amount of any claims or obligations of the Debtor that are compromised or restructured; and
d) a success fee equal to 2% in cash of all aggregate consideration of a successful sale of the Debtors' assets, or merging of the Debtor, or any other financial transaction.
Gordian Group assures the Court that it does not represent any interest materially adverse to the Debtors or their estates pursuant to Section 327(a) of the Bankruptcy Code.
Headquartered in New York, New York, Berry-Hill Galleries, Inc. -- http://www.berry-hill.com/ -- buys paintings and sculpture through outright purchase or on a commission basis and also exhibits artworks. The Debtor and its affiliate, Coram Capital LLC, filed for chapter 11 protection on Dec. 8, 2005 (Bankr. S.D.N.Y. Case Nos. 05-60169 & 05-60170). Robert T. Schmidt, Esq., at Kramer, Levin, Naftalis & Frankel, LLP, represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they estimated assets between $10 million and $100 million and debts between $1 million and $50 million.
ss/tcr
Source: Troubled Company News -- US & Canada
Publication Date: 2006-02-02
NWS: BCY
IND: ART
GEO: n-us-ny
 |
 |
