Is Olympus Peak affiliated with the bankrupt debtor?
No, Olympus Peak is in no way affiliated with the bankrupt debtor or the Bankruptcy Court.
Why has Olympus Peak contacted me?
Olympus Peak provides liquidity to creditors of a bankrupt customer by purchasing the receivables and providing an immediate cash settlement.
How did Olympus Peak find me?
The Bankruptcy Code requires a debtor to file Schedules of Assets and Liabilities, which includes a list of creditors. In addition, Olympus Peak monitors the filing of proofs of claims with the Bankruptcy Court.
What kind of claims does Olympus Peak purchase?
Olympus Peak unsecured trade vendor claims, lease and contract rejection claims, administrative 503(b)(9) claims and post-petition claims.
What are the benefits of selling my claim?
There are numerous benefits to selling a claim early in a bankruptcy case, some of which include:
- Immediate Cash Payment – The bankruptcy code grants debtors up to 18 months of exclusivity to file a Plan of Reorganization. In addition, even after a Plan is filed it can take several months or even years for distributions to take place. By selling your claim early in the case you mitigate this time delay.
- Eliminate Recovery/Consideration Risk – With more bankrupt debtors crippled by over-levered balance sheets, unsecured creditor recoveries are largely unknown, particularly when the debt has significant secured obligations that get paid before unsecured creditors. In addition, the recovery for unsecured creditors can often come in the form of equity and/or debt and as such can be somewhat illiquid. Selling your claim assures you of a guaranteed cash recovery rather than hoping for the best down the line.
- Save Time & Effort of Tracking the Bankruptcy – The administrative burden to stay on top of all developments of a particular bankruptcy requires an extraordinary amount of time. By selling your claim, Olympic Peak will assume this responsibility.
If I sell my claim to Olympus Peak when can I expect payment?
Olympus Peak will typically fund your claim within 7 business days after receipt of a signed Assignment of Claim form.
What if the ultimate recovery on my claim is less than what Olympus Peak paid me?
By selling your claim, Olympus Peak assumes your risk that ultimate recoveries are less than the purchase price. The only situation in which Olympus Peak would require a reimbursement from you the creditor is if the claim that was sold is reduced, impaired or expunged by the Court.