Cornerstone Propane Case Study
Fueling a Quick Emergence

Background
Cornerstone Propane was one of the largest retail marketers of propane in the United States, annually delivering an estimated 250 million gallons of propane to customers in 33 states.  Established as a Delaware limited partnership, the company employed approximately 1,650 people throughout the United States.

Following an aggressive growth strategy and an expansion into the energy trading industry, the company faced insurmountable debt and was unable to sustain adequate levels of liquidity.  Thus on June 3, 2004, Cornerstone Propane and its subsidiaries filed for Chapter 11 bankruptcy protection. 

Results
KCC provided a comprehensive range of administrative-support services to streamline Cornerstone’s corporate restructuring.  In close collaboration with Cornerstone’s team of professionals, including Kirkland & Ellis, Everett & Solsvig and Greenhill & Co., KCC expertly handled the administrative functions of the case from the onset through to disbursement. 

KCC facilitated the claims administration process including the compilation of the creditor matrix, the preparation of the Schedules and Statement of Financial Affairs (SOFA), management of claims objections, and the disbursement process.  KCC’s web-based platform facilitated the exchange of information and distribution of milestone notices throughout the case.  KCC’s attention-to-detail and unique industry expertise resulted in accolades from the restructuring professionals engaged in the case.

Cornerstone emerged from Chapter 11 in November 2004 with a significantly de-leveraged balance sheet, increased cash resources and strong financing, poised to compete more aggressively in the propane industry.  The company changed its name to Titan Energy Partners in 2005 and has become a leading retail propane marketer.

To learn more about how KCC can help ensure your success, email or call us at 866.381.9100.