Phoenix Payment Systems, Inc. Closes on Major Court-Approved Asset Sale
Phoenix Payment Systems, Inc., a payment processing firm in a chapter 11 bankruptcy case in Delaware, closed on a major sale of assets to EPX Acquisition Company, LLC. The transaction is expected to generate as much as $50 million in cash and result in a significant recovery for unsecured creditors. “We’re very pleased the deal has closed,” says White and Williams partner Marc Casarino “and we work to obtain a substantial return for unsecured creditors.”
White and Williams is acting as Delaware counsel and co-counsel to Phoenix’s Official Committee of Unsecured Creditors with lead counsel Lowenstein Sandler LLP. “This is a great engagement for White and Williams, as we work with our friends at Lowenstein to achieve a recovery for unsecured creditors and the case represents an expansion of our bankruptcy practice,” says partner Earl Forte.
The White and Williams team is led by partner Marc Casarino in the firm’s Wilmington, office, along with Amy Vulpio and Earl Forte in Philadelphia.