Exclusive Restructuring Advisor
Project Expo
About the Company
The Company is a leader in event services, providing audio and visual equipment on a rental basis for large-scale live gatherings from concerts to conventions. Additionally they provide IT managed services for organizations including equipment monitoring, deployment, security, and support.
Exclusive Restructuring Advisor
Situation
The pandemic’s profound impact on live events significantly reduced demand for the Company’s services. Nascent business lines focused on equipping remote workers with both gear and help desk support were promising but could not bridge the earnings gap that opened in 2020. The drop in revenue and earnings led to the Company defaulting on its loan agreement.
Engagement
The Company and its private equity sponsor retained G2 as financial advisor to provide guidance in its negotiations with its lenders toward a loan restructuring. As a trusted guide over a two-year period, G2 represented the Company in discussions with its lenders and helped ownership evaluate its strategic alternatives – including an M&A exit, capital raise, acquisition of another business, bankruptcy, and debt restructuring.
Outcome
G2 served the interests of the Company by negotiating the terms of multiple forbearance agreements, providing relief from covenants and shifting the senior lender’s penalty from a current cash obligation to payment-in-kind interest.
Deal Team
Sub-Sector
- Event Services
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.