ABOUT THE COMPANY:

The Company develops and licenses innovative technologies utilized by telecommunications providers worldwide. Their market-leading AI-driven solutions make internet connections run faster and more reliably by optimizing the performance of whatever infrastructure is in place, be it copper wires, fiber, or various generations of Wi-Fi including Wi-Fi 6, or 5G.

SITUATION:

The Company borrowed $20MM in late 2020 from a private lender consortium serving the middle market, then tripped covenants in the first two full quarters due to lower-than-expected revenue stemming from large customer misses. The outlook for business performance was poor, which would prevent the Company from a quick recovery from its breach. The lender further complicated the situation by announcing its desire to exit the relationship, and accordingly sent a highly aggressive restructuring proposal. The Company needed a financial advisor to help it formulate a constructive response to the lender and advocate for reasonable, market-based solutions to an increasingly challenging situation.

ENGAGEMENT:

The Company engaged G2 as financial advisor to provide assistance in preparing for and executing negotiations with its lender toward a forbearance agreement or amendment with its lender.

OUTCOME:

G2 helped the Company navigate lender discussions and reach agreement with its lenders on an amendment in late 2021. Six months later the Company re-engaged with G2 for advisory assistance as it evaluated acquisition offers and further restructuring. The Company ultimately accepted an acquisition offer.

DEAL TEAM:

TAGS:

Exclusive Restructuring Advisor

Financial Restructuring

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Exclusive Restructuring Advisor

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Exclusive Restructuring Advisor

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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.

Exclusive Restructuring Advisor

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

Exclusive Restructuring Advisor

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

Exclusive Restructuring Advisor

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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.

Exclusive Restructuring Advisor

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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.

Exclusive Restructuring Advisor

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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.

Exclusive Restructuring Advisor

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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.

Exclusive Restructuring Advisor

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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.

Exclusive Restructuring Advisor

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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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