Candlewood Partners, LLC Managing Director, Glenn C. Pollack, Appointed Ch. 11 Trustee for Grand Eagle, Inc.Business Editors CLEVELAND--(BUSINESS WIRE)--Jan. 31, 2002 Candlewood can·dle·wood n. 1. Any of several trees or shrubs yielding a usually resinous wood. 2. The wood of such a plant, burned for light or fuel. 3. The ocotillo. Noun 1. Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a specialized investment banking firm located in Cleveland, Ohio has announced the formal appointment of Glenn C. Pollack, a firm managing director, as Trustee for Grand Eagle, Inc. in its Chapter 11 bankruptcy case. The case is pending in the United States Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Northern District of Ohio The District of Ohio was a federal judicial district of the United States created by the Federal Judiciary Act of 1801 which consisted of the Northwest and Indiana Territories. , Eastern Division, Akron, Ohio. As Trustee, Pollack will oversee the operations of Grand Eagle's business and management of the company's assets. "I'm optimistic that Grand Eagle's business operations can be stabilized in order to permit a sale of the company," said Pollack, Trustee for Grand Eagle. "I believe that the Chapter 11 proceedings Chapter 11 Proceedings Provisions of the Bankruptcy Reform Act under which the debtor firm is reorganized by a court because the estimated value of the reorganized firm exceeds the expected proceeds from its liquidation. will allow Grand Eagle to solicit bids and complete a sale in an orderly fashion." Based in Richfield, Ohio, Grand Eagle, (a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. ) is North America's largest independent motor, switchgear The term switchgear, used in association with the electric power system, or grid, refers to the combination of electrical disconnects, fuses and/or circuit breakers used to isolate electrical equipment. and transformer services provider. The company provides engineered upgrades, repair, remanufacturing and maintenance services for industrial, utility and commercial markets. Employing approximately 1,000 people, Grand Eagle has approximately 40 locations in 22 states across the nation. As of October 26, 2001, Grand Eagle reported approximately $131 million in total assets and $82 million in total liabilities, including approximately $52 million of senior indebtedness and $11 million of trade indebtedness. Pollack is a founder and managing director of Candlewood Partners, LLC, a specialized investment banking firm located in Cleveland, Ohio. During Pollack's more than 20 year career, he has advised public and privately held companies in workouts, financings, management buy-outs, recapitalizations and other restructuring transactions. Previously, Pollack headed the restructuring practice for a middle market investment bank with offices in Chicago and Cleveland. Before joining the investment bank, Pollack was chief executive officer of a $180 million food distribution company. Pollack previously was a partner at Seideman & Associates, a turnaround and workout firm that merged its practice into Price Waterhouse. He was responsible for a number of out-of-court restructurings and successful Chapter 11 plans of reorganization and acted as court appointed receiver or financial advisor to creditors in other situations. |
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