Project Beam


ABOUT THE COMPANY:

The Company is a SaaS platform for HR management.

SITUATION:

Facing a deteriorating liquidity position, low employee morale and no fundraising prospects, board members convened and made the decision to consult providers of fiduciary services to explore options.

ENGAGEMENT:

The Company engaged G2 to serve as assignee in an assignment for the benefit of creditors ("ABC") process. G2 created a special-purpose entity to serve as assignee, with responsibility to pursue a sale of the assets, wind down the corporate entity in an orderly manner, and distribute remaining funds to creditors.

OUTCOME:

As assignee in the ABC, G2 immediately launched a vigorous sale process in parallel with winding down the Company's operations. G2 brought three parties through due diligence, ultimately transacting a sale of the assets with a strategic party, resulting in a recovery for the company's secured creditor.

DEAL TEAM:

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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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