Due to significant leverage and competition, a provider of long-haul wide-body air cargo transportation services with a fleet of eleven aircraft, including four Boeing 777s, four Boeing 747-400s, and three Boeing 747-200s, filed a prep arranged Chapter 11 with the expectation of a restructuring plan to be filed within weeks of filing. William Murphy was retained as the Chief Restructuring Officer (CRO) for the company after two months when the sponsor for the reorganization and the company’s advisors lost confidence with the management team’s ability to function in the Chapter 11 environment. William Murphy’s role was to oversee and assist the Company with preparation of proposed and final financial forecasts/budgets for 2013 and subsequent years, assist in the preparation of financial reporting and corresponding business planning and capital allocations in accordance with the Debtors chapter 11 plan, maintain the Debtors relationship with the Lenders and the Creditors Committee and assist the Debtors current management to coordinate the work of other outside restructuring advisors.
William Murphy was able to lead senior management through the chapter 11 process and coordinate with the various creditor and sponsor constituents resulting in a confirmed plan of reorganization within 6 months of being retained.
In addition, William Murphy also served as part of the leadership team responsible for the successful move and transition of the corporate and accounting offices from Norwalk, Connecticut to Florence, Kentucky (near the Cincinnati International Airport).