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The Journal of Private Equity

The Journal of Private Equity

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Primary Article

Recovering Value

The Case of Hamilton Specialty Bar

Deborah Hicks Midanek, Mario Forte, Gary Katz and Povl Jorgensen
The Journal of Private Equity Fall 2004, 7 (4) 64-67; DOI: https://doi.org/10.3905/jpe.2004.434768
Deborah Hicks Midanek
President of Glass & Associates, Inc. in New York City.
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Mario Forte
A partner at Ogilvy Renault in Toronto, Ontario.
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Gary Katz
A director of Delaware Street Capital in New York City.
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Povl Jorgensen
A director of Glass & Associates, Inc. in New York City.
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Abstract

This article describes the unusal way that U.S.-based hedge fund Delaware Street Capital crafted a transaction that brings a Canadian steel company in liquidation back to life. Using techniques unprecedented in Canada, the fund has achieved a result many players had given up on after two years of attempts at restructuring. It is a story of investor persistence, operating leadership skilled at managing crisis, and unusual legal creativity and skills. The team of investment, operating and legal professionals who made it happen discuss the challenges each faced in pulling off an intricate transaction, rescuing the operation from liquidation while dealing with an uncooperative seller, the complexity of working with organized labor, an unenthusiastic lender group opposition, and few legal precedents.

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The Journal of Private Equity
Vol. 7, Issue 4
Fall 2004
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Recovering Value
Deborah Hicks Midanek, Mario Forte, Gary Katz, Povl Jorgensen
The Journal of Private Equity Aug 2004, 7 (4) 64-67; DOI: 10.3905/jpe.2004.434768

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Recovering Value
Deborah Hicks Midanek, Mario Forte, Gary Katz, Povl Jorgensen
The Journal of Private Equity Aug 2004, 7 (4) 64-67; DOI: 10.3905/jpe.2004.434768
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