Our Services | Financial Restructuring/Engagements

Some of Seneca’s previous engagements include:

Seitel Inc.

• Seneca advised the Official Committee of Equity Security Holders (the “Committee”) relating to the Chapter 11 proceeding of Seitel, Inc.  Seneca provided financial advisory services and expert testimony regarding the financial feasibility of the proposed Plan of Reorganization for Seitel.  In addition, Seneca advised the Committee in developing alternative plan structures.  As a result, shareholders maintained over 90% of the reorganized Company.  Seneca’s efforts led to an equity sponsored plan which successfully competed with a plan put forward by Warren Buffet.  Seitel is a leading provider of seismic data and related geophysical expertise to the petroleum industry.

Peregrine Systems, Inc.

• Seneca advised the Official Committee of Equity Security Holders ("Committee") relating to the Chapter 11 proceeding of Peregrine Systems, Inc. Seneca provided financial advisory services and expert testimony regarding the financial feasibility of the proposed Plan of Reorganization for Peregrine. In addition, Seneca advised the Committee in its negotiations with the Committee of Unsecured Creditors in settlement talks aimed at achieving a consensual Plan of Reorganization, which resulted in the Committee retaining 37% of the equity of the reorganized company. Peregrine is a leading developer of commercial infrastructure management software applications.

California Public Utilities Commission

• Seneca was engaged by the California Public Utilities Commission (“CPUC”) to provide financial advisory services and expert testimony regarding the financial feasibility of the proposed Plan of Reorganization for Pacific Gas & Electric Company, as well as the competing Joint Plan of Reorganization provided by the CPUC and the Unsecured Creditor Committee. PG&E is one of the largest investor-owned utilities in the U.S. PG&E ultimately reached an agreement with its constituencies for a consensual plan of reorganization.

Aircraft Mechanics Fraternal Association of Northwest Airlines

• Seneca advised the Aircraft Mechanics Fraternal Association (“AMFA”) of Northwest Airlines, Inc., the nation’s fourth largest airline, with respect to its contract renegotiations. As part of this assignment, Seneca conducted an in-depth review and analysis of the Company’s long-term business plan, its restructuring initiatives and all proposed cost reduction and concession plans. This included a review of Northwest’s proposed capital structure and liquidity requirements.

Xerox Corp.

• Advised Xerox Corporation with respect to liquidity issues related to its Mexican subsidiary. Seneca performed an extensive analysis of all past-due and charged-off accounts receivable, and evaluated Xerox Mexicana’s existing receivables collection process. Seneca developed collection estimates for all receivables, recommended strategic options to maximize recoveries of past-due and charged-off receivables, and developed a strategy for future vendor financing.

For a more detailed list of previous engagements please contact Jesse DelConte at jdelconte@senecafinancial.com.