Lowenstein Sandler’s Bankruptcy & Restructuring Department is pleased to announce that the U.S. Bankruptcy Court for the District of Delaware has confirmed the Chapter 11 plan in the bankruptcy of SiFi Networks America, LLC, a specialized telecommunications infrastructure provider that develops, operates, and wholesales fiber-to-the-premises networks across the United States under its FiberCity® brand. Lowenstein served as counsel to the Official Committee of Unsecured Creditors, which held approximately $16 million in unsecured claims.
The Debtor's secured lender, DIP lender, and stalking horse bidder initially proposed a cashless insider credit bid. Through the Committee's advocacy, Lowenstein negotiated a global settlement that established a Liquidation Trust for the benefit of general unsecured creditors, funded with litigation seed funding plus additional unused professional fees, transferred estate claims and causes of action to the Trust, and granted the Committee the right to select the post-effective date Trustee, SC&H Capital. Lowenstein will continue to represent SC&H as post-effective date Trustee.
The Lowenstein team includes Jeffrey Cohen, Christopher A. Ward, Gianfranco Finizio, Eric Chafetz, and Michael V. DiPietro.