ISCO

Situation

ISCO, headquartered in Edelstein, Illinois, designed, built, manufactured, and installed custom power integration and packaging solutions for prime, backup, and critical-grade customers across the country and around the world. In operation for more than 33 years, ISCO was the primary employer in Edelstein and a major part of the local economy.

The Company had filed for relief under Chapter 11 of the U. S. Bankruptcy Code.

Solution

The Official Committee of Unsecured Creditors engaged Amherst to lead a sale process that would maximize value to stakeholders, while at the same time allowing the business to continue to operate.

Understanding the impact that the final result would have on numerous other businesses and families, in addition to the Company’s creditors, Amherst worked on an extremely condensed timeline to identify potential buyers and respond to their need for information through the process.

Results

Within 5 weeks of being engaged, Amherst successfully found a strategic partner for ISCO while at the same time maximizing value to secured and unsecured creditors.

Amherst, as investment banker in the Section 363 sale, was able to increase the sale price by 35% over the stalking horse bid which was proposed by the Company.

The ultimate buyer, Fibrebond, developed deep ties to Edelstein and has continued to operate in that community to the benefit of their business and the local economy.