The Official Committee of Asbestos Personal Injury Claimants of Aldrich Pump LLC, and its debtor-affiliates seeks authority from the U.S. Bankruptcy Court for the Western District of North Carolina to retain FTI Consulting, Inc. as its financial advisor.
FTI Consulting will render these financial advisory services:
a. review financial related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports;
b. prepare analyses required to assess the Debtors’ funding agreement with Trane Technologies Company LLC and Trane U.S. Inc. and any other proposed financing;
c. asses and monitor the Debtors’ short-term cash flow, liquidity, and operating results;
d. review the Debtors’ analysis of core business assets, valuation of those assets, and the potential disposition or liquidation of non-core assets;
e. review the Debtors’ cost/benefit analysis with respect to the affirmation or rejection of various executory contracts and leases;
f. review any tax issues associated with, but not limited to, claims trading, preservation of net operating losses, refunds due to the Debtors, plans of reorganization, and asset sales;
g. review other financial information prepared by the Debtors, including, but not limited to, cash flow projections and budgets, business plans, cash receipts and disbursement analysis, asset and liability analysis, and the economic analysis of proposed transactions for which Court approval is sought;
h. attend, assist, and prepare materials related to due diligence sessions, discovery, depositions, negotiations, mediations, and other relevant meetings, and assisting in discussions with the Debtors, the Committee, any futures claimant’s representative appointed in these cases (the FCR), Trane Technologies plc and/or its subsidiaries, the Bankruptcy Administrator, other parties in interest, and their respective professionals;
i. evaluate, analyze, and perform a forensic review of avoidance actions, including fraudulent conveyances and preferential transfers;
j. evaluate any pre-petition transactions of interest to the Committee;
k. assist in the prosecution of Committee responses/objections to the Debtors’ motions, including attendance at depositions and provision of expert reports/testimony on case issues as required by the Committee;
l. assist in the review and/or preparation of information and analysis necessary for the confirmation of a plan and related disclosure statement in these Chapter 11 proceedings;
m. assist in the development of communications strategies with various stakeholders including messaging related to the claims and section 524(g) trust process; and
n. render such other general business consulting or such other assistance as the Committee or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in these proceedings.
FTI will be paid at these hourly rates:
Senior Managing Directors $760 – $1,295
Directors/Senior Directors/Managing Directors $535 – $905
Consultants/Senior Consultants $325 – $660
Administrative/Paraprofessionals/Summer Consultant $150 – $280
Conor P. Tully, senior managing director at FTI, disclosed in court filings that the firm neither holds nor represents any interest adverse to Debtors’ bankruptcy estates.
The firm can be reached through:
Conor P. Tully
FTI Consulting, Inc.
Three Times Square, 9th Floor
New York, NY, 10036
Tel: +1 212 247 1010
Fax: +1 212 841 9350
About Aldrich Pump
Aldrich Pump LLC and Murray Boiler LLC are subsidiaries of Trane Technologies, a publicly traded company. Trane Technologies is a global climate innovator that brings efficient and sustainable climate solutions to buildings, homes, and transportation. The North American headquarters of Trane Technologies, as well as the Debtors, are located in Davidson, North Carolina.
Aldrich Pump and Murray Boiler sought Chapter 11 protection (Bankr. W.D.N.C. Lead Case No. 20-30608) on June 18, 2020. The Hon. Craig J. Whitley oversees the case.
In the petition signed by Allan Tananbaum, chief legal officer, the Debtor was estimated to have $100 million to $500 million in both assets and liabilities.
The Debtors tapped Rayburn Cooper & Durham, P.A. and Jones Day as legal counsel; Bates White, LLC, Evert Weathersby Houff, and K&L Gates, LLP as special counsel; AlixPartners, LLP as financial advisor; and Kurtzman Carson Consultants, LLC as claims and noticing agent.
The Office of the U.S. Trustee appointed a committee of asbestos personal injury claimants. The committee tapped Robinson & Cole, LLP and Caplin & Drysdale, Chartered as its bankruptcy counsel. The Committee also selected FTI as its financial advisor.