Aerospace, Automotive, Transportation

  • OUR EXPERIENCE

We distill distressed financial situations.

Our roles within the automotive industry, as Vice President of Business Affairs for Giant RV and Trustee for Fleetwood Enterprise Inc., have provided us with key insight into the sector. During difficult economic times, Province thoroughly delivered sharp situational analyses to aid in the litigation of disputed claims in the Monaco RV Chapter 7 bankruptcy with Giant RV. Furthermore, as Liquidating Trustee for Fleetwood Enterprises, Province distilled a distressed financial situation to its essence and offered an efficient solution that delivered outsized results for its constituents.

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 – all of which tapped into Province’s vast experience in providing litigation support.

Corporate Advisory
  • Transaction Diligence
  • Property Valuation
  • Business Plan Assessment
  • Public / Private Partnership Opportunities
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 ENGAGEMENTS

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 the remediation of contaminated sites. Additionally, Province prosecuted approximately 400 affirmative actions (price-fixing class action, recovery of military housing construction bonds and 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

Liquidating Trustee

Date

April 2014 – May 2021

Sector

Automotive

  • SELECTED ENGAGEMENTS

Giant RV

A Province Principal was called to act as Vice President of Business Affairs for Giant RV, a leading company in the RV industry, during a difficult economic time. In this role, the Province Principal was hired to represent the RV company’s contingent and disputed claim in Monaco and Giant RV’s Chapter 7 Bankruptcy estate and related proceedings. Despite the economic situation of that time, the Province Principal successfully managed and represented the business affairs of Giant RV with thorough analysis and keen negotiations.
Role

Board of Directors

Liquidating Trustee

Date

Feb 2014 – July 2020

Aug 2010 – July 2020

Sector

Automotive

  • SELECTED ENGAGEMENTS

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 was hired to serve 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

  • SELECTED ENGAGEMENTS

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, Washington 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