Was closing windows and found the UCC document I had up the other day....here was the language they used
15. The Debtors’ proffered “illustrative” valuations ranged from approximately $198
million to $265 million, assuming blended multiples ranging from 4.5x to 6.0x and (what now is
an outdated, low) EBITDA of $43.9 million.6 Based on FY2013 projected EBITDA of $47
million, the Debtors’ “illustrative” model suggests a valuation range of $210 million to $280
million. With only approximately $140 million in alleged pre-petition secured debt7 and
anticipated post-petition borrowings of around $50 million, the Debtors “illustrative” valuation
range implies unsecured creditor recoveries perhaps near $100 million. The Committee may
come to conclude that even this estimate is greatly understated, once it has had an opportunity to
diligence data and model further.
