LTV Steel

Gordian Group was retained in the second LTV bankruptcy to represent Abbey National, which was the substantial owner of $250 million of an accounts receivable securitization. At the beginning of the case, the judge stunned the securitization world and converted Abbey National into an involuntary DIP lender by rejecting the concept of the securitization as being "bankruptcy remote", and folding the assets into LTV on about an hour's notice to Abbey National. Gordian and special counsel advised Abbey National and effected a complete recovery of its $250 million. We developed a plan to negotiate for certain rights vis-à-vis a parallel inventory securitization that was folded into LTV, and we negotiated for exit triggers that ultimately resulted in Abbey National being paid down 100% of its claim at the end of the bankruptcy.