HCI is the dominant direct mail marketer of women's hosiery and sells its products under the Silkies brandname.
Michael Appel was Chief Restructuring Officer in conjunction with the company's debt restructuring and prepackaged Chapter 11 proceedings. Responsibilities included working in close partnership with HCI's CEO reporting to the Board and overseeing the implementation of HCI's restructuring plan.
The Company successfully filed a prepackaged Chapter 11 proceeding in April 2002, and consummated the plan in June 2002. In 2002, the company achieved its EBITDA targets, paid down its scheduled debt repayments of $11 million and was in full compliance with all covenants.
Upon the departure of the CEO in November 2002, Mr. Appel was named Interim CEO, managed the business, prepared the 2003 budget, introduced a new product line, and successfully executed additional company mailings. During that period the company continued to perform as planned. Mr. Appel spearheaded the recruitment of a new CEO who joined the company in March 2003. On March 31, the HCI case was discharged from bankruptcy.