Exclusive Restructuring Advisor
Project Athena
The Company is a private equity backed manufacturer of high protein, low carb and gluten-free cheese snacks. The Company produces various cheese crisp flavors, including parmesan, barbecue, cheddar and many others. The Company sells products to traditional retailers and online.
Exclusive Restructuring Advisor
Situation
Facing a significant decline in store traffic as well as numerous operational challenges, as a result of the COVID – 19 pandemic, the company missed sales targets and accumulated a large amount of unsold inventory. Unable to service its debt obligations, and with lender negotiations proving unsuccessful, the company filed for Chapter 11 bankruptcy to facilitate a going concern sale.
Engagement
Through the CRO role, G2 developed and executed liquidity management tactics to maximize strategic options as well as managing transactional and bankruptcy proceeding timelines. Focused on long term value maximization, G2 supported the sale process which was facilitated by SSG, leading to efficient and expeditious transaction execution.
Outcome
As CRO, G2 operated the Company throughout the bankruptcy proceedings, and structured a tailored transaction process resulting in the signing of an asset purchase agreement and eventual Section 363 going concern sale, plus the assumption of certain liabilities. Through this outcome, G2 was able to preserve nearly 2,000 jobs across the TPS organization. The successful and strategic execution of the engagement created significant value for junior creditors in the terms of certain assumed liabilities.
Contact
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Whether you are experiencing strong growth or periods of distress, our team is exceptionally prepared to support your strategic objectives with bespoke solutions. There is no one size fits all approach.