We have been requested to estimate the liquidation value of a Public Transportation Company. The Company has filed for the Italian equivalent of US Chapter 11 (a reduction of debt and the continuation of operations).  Creditors must also be informed about the outcome of the alternative scenario to continuation of operations, i.e., about what would happen if the company is liquidated. As usual in the case of valuation of distressed businesses, we had to work very quickly with relatively poor information.