The Daily Record quotes Andrew Currie and Greg Cross on Dolan Company bankruptcy

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The Daily Record quoted Venable partners Andrew Currie and Greg Cross in a March 20, 2014 article on The Dolan Company’s recent Chapter 11 bankruptcy filing. Dolan, parent company of The Daily Record, prepared a “pre-packaged bankruptcy” where the details of the bankruptcy were issued along with the bankruptcy petition, not after. Currie said “If you get your creditors on board, hopefully it will be spun in a positive way to the judge. It’s not, ‘Gee, we’re in bankruptcy and a freefall.’”

The company’s plan would allow it to reduce its secured debt from $170 million to approximately $50 million by having creditors exchange existing bank debt for equity ownership in the company. Creditors who oppose the plan could stall the bankruptcy proceedings, but Cross said he did not think there would be any objections to Dolan’s plan, noting that lenders are providing a $10 million debtor-in-possession loan to fund cash needs of the company through reorganization.

“It appears, given the short confirmation time frame and only secured creditors voting, that most if not all of the major restructuring issues have been resolved and most if not all secured creditors are already on board,” he said.