Aerospace, Automotive, Transportation

In the Aerospace arena, Province was hired by the Official Committee of Unsecured Creditors of National Air Cargo to evaluate the corporate structure, analyze assets and liabilities and spearhead negotiations on claims and ongoing litigations – tapping into our vast experience in providing litigation support. Highlights: Corporate Advisory • Assess the corporate structure • Forensic Accounting • Business valuation • Restructuring / Reorganization Financial Advisory • Evaluation of budget and liquidity • Assessment of asset sales • Valuation and Financial Analysis Litigation Services • Expert Witness Valuation • Claims and Exposure Investigation • Damages and Lost Profits Analysis • Claims Recovery Maximization • Spearhead Negotiations Trustee Services • Assess possible claim objections through analysis • Claim reconciliation • Litigation oversight • Post-confirmation litigation recovery management SELECTED ENGAEMENTS Name: Fleetwood Enterprises, Inc. Province was the Liquidating Trustee for the Successor Trust of Fleetwood Enterprises Inc., a Fortune 500 Company including manufactured and military housing, recreational vehicle divisions and related entities. In this role, Province managed the liquidation of over 50 industrial properties appraised at $143 million, including remediation of contaminated sites. Additionally, Province prosecuted approximately 400 affirmative actions (price fixing class action, recovery of military housing construction bonds, avoidance actions) and achieved the resolution of individual and putative class claims that sought the rescission of manufactured housing, RV sales and related loan agreements. To date, the Trust has reconciled approximately 18,000 proofs of claim, aggregating over $3 billion. Role: Board of Directors & Liquidating Trustee Date: Feb 2014 – July 2020 | Aug 2010 – July 2020 Sector: Automotive   Name: Giant RV Peter Kravitz, Province Principal, acted as Vice President of Business Affairs for Giant RV, a leading company in the RV industry, during a difficult economic time. Mr. Kravitz was hired to represent the RV company’s contingent and disputed claim in the Monaco and Giant RV’s Chapter 7 Bankruptcy estate and related proceedings. Despite the current economic situation of that time, he successfully managed and represented the business affairs of Giant RV with analysis and keen negotiations. Role: Liquidating Trustee Date: April 2014 – May 2021 Sector: Automotive   Name: Automotive Parts Distribution International (APDI) Automotive Parts Distribution International LLC, founded in 2007, was an aftermarket auto parts distributor that purchased inventory from China, Taiwan and other Asian markets to sell to North American retailers. Due to the emergence of an unavoidable U.S. tariff on goods imported from China, the company faced steep liquidity constraints and was unable to service its intercompany debt owed to its parent, forcing the company to file for chapter 11 protection. Province served as the financial advisor to the unsecured creditors’ committee. In this role, Province engaged in key workstreams to add value for unsecured creditors, including conducting an analysis of preference payments and investigating past transactions with its parent company, among others. Additionally, Province supported the unsecured creditors’ committee and the company in confirming a chapter 11 Plan of liquidation through reconciling certain claims, constructing a wind-down budget and performing a liquidation analysis. Role: Financial Advisor to the Official Committee of Unsecured Creditors and Liquidating Trustee Date: August 2021 – May 2022 April 2022 – present Sector: Automotive   Name: TECT Group Holdings, Inc. TECT Group Holdings, Inc. (“TECT”) was a manufacturer of high precision components and assemblies for the aerospace industry, supplying many of the largest aerospace manufacturers in the world, such as Boeing and Spirit AeroSystems. As financial advisor to the Official Committee of Unsecured Creditors, Province effectuated a court-supervised sale process which ultimately resulted in TECT’s Everett, Wash. facility remaining operational, despite significant industry and liquidity headwinds. Furthermore, Province was able to negotiate a “two-trust” settlement with the DIP and prepetition lender, which provided an opportunity for general unsecured creditors to receive distributions from litigation against TECT’s private equity owner, despite beginning the case “out of the money.” Role: Financial Advisor to the Official Committee of Unsecured Creditors Date: April 2021 – June 2022 Sector: Aerospace