The PMI Group, Inc. Successfully Emerges from Bankruptcy Protection

GA Update

Goldin Associates LLC (“Goldin”) client The PMI Group, Inc. (“PMI”) successfully emerged from bankruptcy today. PMI filed its plan of reorganization on April 30, 2013, amended on June 3, 2013 and September 26, 2013. That plan was confirmed by order of the United States Bankruptcy Court for the District of Delaware dated July 25, 2013. Pursuant to the plan, distributions of cash or cash and stock in reorganized PMI, as applicable, will be forthcoming to claimants that held valid and allowed claims as of 5 p.m., EDT, on October 1, 2013.

“Throughout the reorganization process, the company’s executives, board and professional advisors, along with its creditors’ committee and its advisors, worked effectively together to unlock tens of millions of dollars of value and substantially improve recoveries for creditors,” said Goldin’s David W. Prager, who served as PMI’s Chief Executive Officer. “Today’s milestone marks the successful culmination of these efforts.”

We wish health and peace of mind all around in this difficult and chaotic time. Our thoughts are with those who are struggling with Covid-19 and its broad and painful effects.

Goldin Associates is fully operational, and you can continue to expect our customary level of client service.  Although the Covid-19 situation is unique, the commercial effects present the kind of challenges that we are accustomed to addressing.  As crisis management and restructuring professionals, whether as interim corporate officers or advisors, our team members are seasoned in helping management teams, creditors, equity holders and other constituents chart a steady course through turbulent waters.  As fiduciaries, we work to preserve value and as financial experts we measure it.  

We hope and pray that the disruptive health, social and economic effects of this crisis are as contained as possible, and we are striving to do what we can—as community members and as professionals—to work towards that goal.