CRO and Financial Advisor to Debtor
- Claims Analysis & Distribution
- Crisis & Interim Management
- Sale of Assets
- Managed operations and financial affairs of the debtor-in-possession
- Managed and coordinated the debtor’s professionals and the sale process
HearUSA, Inc. (“HUSA”) is a large hearing aid distributor based in West Palm Beach, Florida, that sold hearing aids and related items through a national network of 1,800 healthcare care providers. HUSA filed for Chapter 11 bankruptcy protection largely in part to a default notice it received related to a dispute on the proceeds of the sale of its Canadian division.
DSI was appointed as the Chief Restructuring Officer in this matter. In addition to managing the operations, DSI also coordinated the sale of substantially all of the assets. The sale of the assets provided a 100% distribution to all of the unsecured creditors and a dividend to equity holders of three times the stock value at the petition date.
DSI was the 2011 recipient of the “Chapter 11 Reorganization of the Year (Middle Market)” for its role in the acquisition of HearUSA, Inc. by The M&A Advisor.