Terra Nostra Case Study
Operational Management & Sale
Terra Nostra Case Study
- Terra Nostra – Chapter 11 Trustee, Operational Management & Sale
Background
- Terra Nostra was a US public company that owned majority JV interests in two Shandong Province-based companies that produced steel and copper products. Mr. Kelakos was appointed as the Chapter 11 Trustee of Terra Nostra in December 2008.
Highlights
- US public shell company had zero funds on appointment
- Confirmed a debt for equity swap plan in May 2009
- Shifted focus to the monetization of the JV interests
- In 2011 closed a sale transaction with the Chinese JV partner
- Resulted in a significant return to creditors
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