ABOUT THE COMPANY:
Xicato designed and manufactured LED technology enabling architects, designers, facilities managers, and building owners to create beautiful, connected, smart spaces.
SITUATION:
Due to increasing competition the Company's revenue had plummeted leading up to 2022, resulting in a compromised liquidity position. An M&A process undertaken had ended with no bids. The board decided the best path would be to wind the Company down and seek recovery for the secured creditor through the sale of assets. However, they recognized the need to resolve several complicating factors including 3 international subsidiaries.
ENGAGEMENT:
The Company engaged G2 to serve as chief restructuring officer ("CRO") to manage the range of complex live issues and otherwise effectuate the corporate wind down. With broad authority to act in the interest of creditors, the CRO would be responsible for monetizing assets and bringing open situations to conclusion.
OUTCOME:
As CRO, G2 launched an effort to sell the IP, ultimately finding a buyer. The CRO also liquidated inventory and collected on a significant portion of the accounts receivable. Contracting with professionals on three continents, G2 brought about the proper closure of Xicato's non-U.S. subsidiaries.
DEAL TEAM:
TAGS:
Chief Restructuring Officer
Industrial Technology
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