Coyne trustee gets approval of Woodward to serve as examiner

By Mark Reccek

Bethlehem, Pa., Aug. 12 – Coyne International Enterprises Corp.'s trustee received approval of its choice of Lee E. Woodward to serve as examiner, according to an order issued Tuesday with the U.S. Bankruptcy Court for the Northern District of New York.

Woodward will be responsible for ascertaining whether investment banker SSG Capital Advisors LLC has performed its pre-bankruptcy and post-bankruptcy activities for the company in a commercially reasonable and good faith manner, as well as monitoring and investigating the steps undertaken by SSG after the bankruptcy filing in support of the sale process, including the marketing of Coyne’s assets and the solicitation of competing bids.

Woodward will also review all of the company’s appraisals and valuations for assets to be sold, interact with Coyne’s management and other parties to determine whether the bidding process and procedures have been and will be fair and reasonable, review the proposed acquisition of the company’s core assets and examine the fairness of any potential transaction and promote the full and adequate disclosure of information to the court.

The examiner’s report must be filed two days prior to any asset sale hearing, pursuant to the stipulation.

Coyne International Enterprises, a Syracuse, N.Y.-based commercial laundry company, filed for bankruptcy on July 31. The Chapter 11 case number is 15-31160.

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