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Practices

Answer Financial Inc.

The firm was cocounsel to debtor Answer Financial Inc. (“AFI”) in its chapter 11 case. AFI markets and sells personal, auto, and home insurance in all 50 states via the internet and two call centers. A pre-packaged plan of reorganization was confirmed and AFI emerged from bankruptcy in approximately 60 days. The plan, which effectuated an effective balance-sheet restructuring that exchanged certain secured debt for equity, provided for 100% recovery for unsecured creditors.