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During 2010 through early 2013 the debtors pursued various restructuring alternatives, including a sale of their assets and a consensual restructuring with their secured lenders. None of these alternatives succeeded. Although the debtors were a profitable company, valuations obtained during the sale process were not sufficient to satisfy creditor and equity constituencies. The chapter 11 restructuring right sized the balance sheet, injected liquidity, resulted in the appointment of a very sophisticated board of directors and ended years of hostility with creditor constituencies thereby enabling the company to focus on its business prospects.