Eversheds Sutherland Advises Official Committee of Unsecured Creditors as Plan Proponent for Court-Approved Chapter 11 Liquidation Plan for US Magnesium

The plan confirmation follows a win earlier this year for the unsecured creditors: the closing of a highly successful $30 million sale of the Debtor’s unencumbered assets to the Utah Division of Forestry, Fire, and State Lands, which materially increased expected recoveries for unsecured creditors.
 
Earlier this year, the unsecured creditors' committee also secured Court approval of a hard-fought multi-party settlement driven by the Committee that resolves certain lien challenges and provides for liquidation of valuable estate assets—a settlement that provides significant additional value for unsecured creditors.
 
The Eversheds Sutherland team is led by Partner Todd Meyers and Counsel Dahni Barav-Johnson, and includes Counsel John Ramirez, Lynn Holbert, Becky Gelfand and Associates Andrew Polansky, Sameer Alifarag, Nader Abou Mrad and Zachary Sipala. Cole Schotz PC is also counsel to the official committee of unsecured creditors.