In a statement, Prime Trust said the filing follows the appointment of John Guedry as crisis manager. Jogn Wilcox and Michael Wyse also joined the special committee to restructure the company.
The Las Vegas-based company said it continues to conduct business as “debtors-in-possession” under the supervision and direction of the special restructuring committee.
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“The company intends to file a series of motions with the bankruptcy court that will facilitate the evaluation of all strategic resolution options, including the potential sale of the firm’s assets and business,” it said in a statement.
According to the document, Prime Trust’s liabilities range from $100 million to $500 million, while the value of its assets range from $50 million to $100 million. The number of creditors of the firm ranges from 25 001 to 50 000.
Prime Trust was first reported about the possible introduction of external management in late June.
back in late June.