NETBANK, INC.

Situation

NetBank, Inc. (NASDAQ;  NTBK) was a bank holding company that owned several entities, including a thrift.  Due to heavy NetBank, Inc. losses in consumer financing and mortgage lending, the FDIC, in one of the first in a large wave of FDIC take-downs, took possession of the bank thrift in 2007.

Action

When the company filed for protection under Chapter 11 of the Bankruptcy Code, GGG assumed the role of Chief Restructuring Officer, working closely with the FDIC as Receiver for NetBank’s bank assets.

Results

GGG successfully sold the majority of the assets of the company, including the commutation of six mortgage reinsurance companies.  Working closely with a Creditor Committee and Counsel, GGG confirmed a Plan of Reorganization and successfully executed on it.

View more Case Studies