Herrick Advises Commercial Laundry Company Coyne in $50M Chapter 11 Bankruptcy Auction
Herrick is pleased to have represented Coyne International Enterprises Corp., a leading U.S. commercial laundry service company with nine plants and 15 service centers in 23 states, in a successful auction of its business operations to three industrial laundry companies as part of its Chapter 11 proceedings. The $49.8 million total sale value from the three buyers – Cintas Corporation, Prudential Overall Supply Company and Clean Uniforms and More! – represented a more than 50-percent premium on starting auction bids.
The transactions were approved on October 29 by Judge Margaret Cangilos-Ruiz of the U.S. Bankruptcy Court for the Northern District of New York in Syracuse.
The Herrick team was led by partners Stephen Selbst and Andrew Gold, and included counsel Joel Wagman.