Thursday, September 08, 2011

Alexander Gallo Holdings Files for Bankruptcy in New York

As reported on the Bloomberg.com website...

Alexander Gallo Holdings LLC, a provider of court reporting and litigation services, filed for bankruptcy protection.

The company today listed debt in the range of $100 million to $500 million and assets of less than $100 million in Chapter 11 documents in U.S. Bankruptcy Court in Manhattan.

The company and its units’ 30 largest creditors without collateral backing their claims are owed about $189 million, according to court documents. Gallo Holdings LLC, listed as the note holder representative, is the biggest, with a claim of $147.9 million, according to court papers.

Peachtree Holdings Inc. holds 100 percent of the equity interest in the Atlanta-based company. Ten affiliates, including Esquire Solutions and Esquire Litigation Solutions, also sought protection.

The case is In re Alexander Gallo Holdings LLC, 11-14220, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

It was reported on Reuters.com that the firm would be sold through bankruptcy to HIG Capital.

A couple days earlier the company announced an agreement to sell the assets from its Esquire Litigation Solutions (ELS) Business Unit to Document Technologies, Inc. (DTI).

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