ABOUT THE COMPANY:
The Company developed and manufactured the first commercial-grade self-cleaning blender that makes smoothies, soups, fraps, bowls and cocktails without any labor or cleanup in under a minute. The Company also offered cups pre-packed with the right ingredients.
SITUATION:
Facing a daunting and complex commercialization path on its own, the Company tried to sell itself to a strategic in order to ensure its technology would be brought to market. While promising discussions were held, ultimately the pace of decision making among those potential acquirers did not align with the Company's cash runway, and the board needed to find a way to quickly exit while protecting creditors' interests.
ENGAGEMENT:
G2 conferred with management to assess the situation. In light of the company's profile, G2 recommended an assignment for the benefit of creditors ("ABC") as the most prudent course of action. This process, a nimble and less expensive alternative to bankruptcy, involves a wind down and asset sale administered by a third-party fiduciary, the "assignee". G2 created a special purpose entity to serve as assignee. Upon launching the ABC, the Company's board and management resigned.
OUTCOME:
As assignee, G2's special purpose entity immediately launched an accelerated process to sell the company's intellectual property. Leveraging G2's robust investment banking capabilities and resources, the team received multiple offers and closed the sale. Proceeds were several orders of magnitude higher than management had contemplated at ABC outset, and were sufficient for the Assignee to not only pay back the secured debt in full, but also distribute excess funds to unsecured creditors.
MORE LIKE THIS
Exclusive Restructuring Advisor
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
G2 was engaged to facilitate negotiations for more favorable payment terms with key vendors, aiming to optimize cash flow management.
Exclusive Restructuring Advisor
G2 was engaged to perform a Phase 1 strategic alternatives assessment.
Exclusive Restructuring Advisor
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
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
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
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
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
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.
Connect With Us.
