ABOUT THE COMPANY:

Make School was a private computer science college offering a Bachelor’s of Science degree in Applied Computer Science. The school's computer science program became the first post-secondary program to receive accreditation under the incubation policy developed by the WASC Senior College and University Commission (WSCUC). The school's faculty taught computer science courses through an established university partner, while that university's faculty taught general education courses.

SITUATION:

Despite the program's popularity and high enrollment, the overhead required to run a college proved difficult, prompting the company's management and board of directors to search for ways to exit.

ENGAGEMENT:

Make School engaged G2 to serve as assignee in an assignment for the benefit of creditors ("ABC"). This insolvency proceeding, which is governed by state statute, is a faster and cheaper alternative compared to bankruptcy. Upon launching the ABC, the Company's board and management resigned, with select staff assisting in the ABC effort on a contract basis.

OUTCOME:

As assignee, G2 immediately began an outreach campaign to find a buyer for the company's intellectual property - including its coursework, brand, and source code. Dominican University of California purchased the curriculum and trademarks to repurpose the computer science program under its banner, allowing the program to live on.

DEAL TEAM:

TAGS:

Venture-backed

ABC

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G2 was engaged as Chief Restructuring Officer (“CRO”). Through the CRO, G2 developed and executed liquidity management tactics for the Company and its stakeholders.

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G2 was engaged to facilitate negotiations for more favorable payment terms with key vendors, aiming to optimize cash flow management.

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G2 was engaged to perform a Phase 1 strategic alternatives assessment.

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The Company engaged G2 as its Chief Restructuring Officer. Through the CRO, G2 developed and executed liquidity management tactics for the Company and its stakeholders.

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G2 conducted a rapid Phase 1 Assessment and developed a report that included an assessment of the business, operations, and financial condition of the Company, short-term liquidity, near-term capital requirements, and strategic alternatives.

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The Company engaged G2 to assist in building the long-term financial model, a 13-week cash flow forecast, facilitate negotiations between the Company, the sponsor, and the lender group.

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G2 was engaged to complete a Phase 1 assessment of the Company’s financial forecasts and its ability to return to pre-COVID levels of financial performance.

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G2 conducted a Phase I Assessment focused on liquidity and cash flow management assessment, business and operational strategy review, refinancing options, and strategic alternatives.

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G2 worked alongside creditors and management to develop a Phase 1 Assessment. G2 advised the lenders with respect to the financial position of the Company.

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Prismo Systems

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Assignment for the Benefit of Creditors

Assignee

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Assignee

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G2 launched a vigorous sale process in parallel with winding down the Company’s operations. Ultimately transacting a sale of the assets resulting in a recovery for the company’s secured creditor.

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Make School

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