- Client: Wittur Inc.
- Date: 2004
- Location: Arkansas City, Kansas
Schiff Hardin served as reorganization counsel for Wittur Inc., a manufacturer of elevator cabs, entrances, harmonic and linear door operators, replacement parts for operators, cabs and entrances, in its Chapter 11 bankruptcy case in the United States Bankruptcy Court for the District of Kansas.
In just over a year and with Schiff Hardin's guidance, Wittur Inc. successfully confirmed its plan of reorganization - resulting in a significant repayment to its general unsecured creditors.
The successful outcome of the Wittur Inc. reorganization is especially remarkable considering the fact that Wittur Inc. funded its Chapter 11 operations entirely with its cash-flow and without the need for and cost of obtaining debtor-in-possession financing.
To accomplish this successful reorganization, Schiff Hardin worked closely with the debtor's management in all aspects of the reorganization and budgeting process, negotiated trade concessions with key suppliers and its labor union, and worked closely with the unsecured creditors committee appointed in the case and the debtor's parent company.
Wittur Inc.'s successful reorganization saved approximately 100 jobs in rural Arkansas City, Kansas and returned a business that traced its roots back to the 1940s to financial viability.
Case no. 2004B-10334, United States Bankruptcy Court for the District of Kansas (2006)