Product Overview

In mid-April 1983, Andrew Previn, vice president and senior account officer at the Tempo National Bank whose specialty was "workout" situations, was faced with developing an alternate payment plan for the creditors of the Breve Corporation. Late in September 1982, Breve had filed a petition for an arrangement with its creditors under Chapter 11 of the Bankruptcy Code with the U.S. District Court for the Southern District of New York. Breve subsequently continued operations under court supervision as a Debtor-in-Possession (DIP) and with the prior management. It had divested itself of unprofitable operations that previously had generated almost half of its consolidated sales.