Force Ten Partners, LLC (Force 10), a leading corporate restructuring advisory firm, was instrumental in a bankruptcy case that was recognized as “Best Special Situation M&A Deal of the Year – Middle Market” by the Global M&A Network at the 14th Annual Turnaround Atlas Awards ceremony.
The award was:
“Best Special Situation M&A Deal of the Year – Middle Market”
– for CarbonLite Holdings, LLC and related Debtors’ Section 363 sales pursuant to their Chapter 11 bankruptcies.
Brian Weiss, Force 10 co-founder and Partner, served as the Debtors’ Chief Restructuring Officer and Force 10 served as financial advisor to the Debtors.
Force 10 was initially retained by CarbonLite to analyze the company’s underperformance, operational challenges, and solvency issues, including a complicated capital structure of $250 million of secured indebtedness across three publicly traded municipal bonds, a $100 million term loan, a $15 million ABL facility, and multiple capital lease obligations.
CarbonLite Holdings, LLC was one of the largest suppliers of post-consumer recycled polyethylene terephthalate (rPET). Force 10 implemented various strategies to maximize value for the Debtors and their creditors, including securing $80 million in debtor-in-possession financing and managing a complex sale of CarbonLite’s manufacturing facilities to four separate purchasers. The rPET plants were sold for over $230 million.
For more information please see: Force 10 Partners Successfully Executes Restructuring Effort for CarbonLite Holdings LLC
Force Ten Partners, LLC is an advisory firm with deep domain knowledge in financial and operational corporate restructuring, fiduciary, valuation, forensic accounting, and complex litigation support. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals by providing turnaround-management services, fiduciary and financial advisory services, expert witness support, and investment banking services.