SPYRUS, INC.:

THE PRE-PACKAGED PLAN OF REORGANIZATION

DLA Piper recently acted as company’s counsel in connection with a “pre-packaged” reorganization of one of its clients, Spyrus Inc., that was successfully resolved only 37 days after the case was commenced. We believe this case highlights the satisfactory results that the pre-packaged process can have for a company in need of restructuring.

As professionals have come to realize that too much value is lost through an extended and litigious bankruptcy process, pre-packaged chapter 11 cases have become more prevalent. Prepackaged bankruptcies offer several advantages, among them certainty, lower administration expense and a quick exit from bankruptcy. The minimal business disruption afforded by a prepackaged reorganization plan makes it an attractive alternative to the traditional “free fall” bankruptcy case.

For our clients and friends, we have prepared a short review of the Spyrus reorganization, which to our knowledge is the speediest successful chapter 11 case in Delaware history.

Please read it here.

DLA Piper’s Restructuring practice group has been recognized as one of the national leaders in representing clients in all aspects of financial restructuring and bankruptcy matters.

For more information, please contact:

Thomas R. Califano, Co-Chair, Restructuring Practice Group

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