Nutter Partner John Loughnane Serves as Chapter 11 Examiner of Merchants Bankcard Systems, Inc.Print PDF
John G. Loughnane, a partner in Nutter’s Business Department, recently concluded service as Court-appointed Chapter 11 Examiner of Merchants Bankcard Systems, Inc. Initially, John investigated and filed a written report covering the company’s business prospects together with an analysis of a potential sale or reorganization. Thereafter, the Court expanded the Examiner’s duties to include supervising a sale process for the company. John worked with numerous parties expressing interest with more than a dozen who conducted extensive diligence. Ultimately, four bidders participated in a court-supervised auction, including two strategic buyers, which led to a Court order approving a sale to the winning bidder and a closing four days later.