May 12, 2020 – Force 10 is pleased to announce the confirmation of Sugarfina’s Chapter 11 Plan of Reorganization. Confirmed by the Honorable Mary F. Walrath of the United States Bankruptcy Court – District of Delaware, the Chapter 11 Plan was designed to maintain the benefit of the Debtor’s Net Operating Losses. The fulcrum claim, held by Goldman Sachs Specialty Lending Group, L.P., received 100% of the reorganized Debtor.
As Sugarfina’s financial advisor and investment banker, Force 10 raised the debtor-in-possession financing and conducted the sale process. Force 10 also assisted with cash management, financial projections, bankruptcy compliance, cash collateral budgets, the Plan of Reorganization, and evidence supporting the post-petition financing motions, bid procedures, and sale motions.
The buyer, Bristol Luxury Group, purchased substantially all of the assets of Sugarfina for $15,125,000 in cash and 20% equity in the buyer, plus contract cure costs. The sale closed on October 31, 2019. Bristol continues to operate Sugarfina.
Sugarfina is a luxury candy brand with stores in gateway locations in the United States, Canada, and Hong Kong. The company also sells directly to consumers through its e-commerce business, specialty retailers, department store shop-in-shops, and corporate gifting. See www.sugarfina.com.
The Debtor’s other professionals are Lance Miller, previously Sugarfina’s General Counsel and the Debtor’s CRO, Alan Friedman of Shulman Bastian Friedman & Bui LLP, and Brya Keilson and Jeff Waxman of Morris James LLP. BMC Group is the Debtor’s Claims, Noticing & Solicitation Agent.
Force Ten Partners, LLC (dba Force 10 Partners), is based in Newport Beach, California. The advisory firm has deep domain knowledge in financial and operational corporate restructuring, valuation, forensic accounting, complex litigation support, and computations involved in court proceedings and dispute resolution. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals, in roles including financial advisor, interim manager, fiduciary services, expert witness, financier, and M&A advisor.