Restructuring Services Case Studies
Case Study
Semiconductor Firm Elects To File Chapter 7 Bankruptcy
by Michael Hogan, Alex van Dillen

At A Glance

Challenge

Management/board disputes and lawsuits.

Solution

Chapter 7 bankruptcy.

Result

The firm successfully filed a Chapter 7 petition, despite having very poorly maintained financial records.

 

The board of directors of this semiconductor company faced a number of lawsuits and major issues between the board and management, and elected to file for Chapter 7 bankruptcy. The company operated several semiconductor foundries in which millions of dollars had been invested.

Armanino was hired to assist insolvency counsel in the preparation of bankruptcy petition documents and to be the company representative to the appointed bankruptcy trustee once the Chapter 7 petition was approved. The filing was complicated by the fact that the company had very poorly maintained accounting records.

Despite this, the Armanino team supervised the creation of the documents needed for the bankruptcy filing, inspected company facilities, obtained keys and other assets of the company, and with the assistance of legal counsel, filed the bankruptcy petition.

 

Download Case Study 

October 01, 2019

Stay In Touch

Sign up to stay up-to-date with the latest accounting regulations, best practices, industry news and technology insights to run your business.

Authors
P. Alexander van Dillen, Consulting | Armanino
Managing Director
Resources
Related News & Insights
FP&A for SaaS Companies: How to Drive Powerful Decisions from Your Data
Webinar
Are you getting what you need from your financial planning and analysis?

March 23, 2023 | 11:00 AM - 11:30 AM PT
ERP & CRM Integration: Key Business Benefits and How to Get Started
Article
These systems become more powerful for your business when they work together. Here’s why integration is worth it.

March 22, 2023
Learn the Latest Microsoft Dynamics GP Updates and Cloud Roadmap
Webinar
Is it time to transition to more advanced Microsoft ERP solutions?

March 21, 2023 | 10:30 AM - 11:00 AM PT