The Case
Neligan LLP represented a publicly traded mobile communications company, Minorplanet, in its multi-million dollar Chapter 11 proceeding. As a consequence of the reorganization process, a plan was confirmed, and a reorganized debtor emerged. The reorganization was also accomplished in only four months. The company exchanged twenty-five percent (25%) of its stock for elimination of its debt, leaving the public shareholders with seventy-five percent (75%) of a debt free company.