Consumer

Out-of-court financial restructuring

A Force 10 professional was appointed as Custodian and Receiver sua sponte by the Delaware Chancery Court and then served as the fiduciary through the Chapter 11 process for this online travel agency, raising cash through asset sales, avoiding preferences and fraudulent transfers, and settling D&O claims.

Force 10 Partners served as investment banker supporting confirmation of a new value plan.

Force 10 played a pivotal role in restructuring this purpose-driven climate action company by realigning its two segments to focus on generating profits and creating value. To achieve these objectives and support a future change in control, the company implemented strategic measures, including reducing headcount and capital investment, refocusing its portfolio of carbon credit projects, and streamlining its online-only, environmentally conscious consumer bank.

Force 10 served as Trustee of the post-Chapter 11 liquidating trust of an innovative audio technology company that made high-quality, immersive wireless speakers, headphones, and smart home audio systems.

Force 10 served as an Expert Witness on behalf of a creditor challenging the feasibility of the Debtor’s Chapter 11 Plan of Reorganization. The Debtor, a provider of audio/visual equipment rentals and services, faced scrutiny regarding the viability of its proposed plan. Force 10’s testimony was critical in achieving a stipulation that secured more favorable treatment for our client under the Plan.

Financial advisor to the Debtor during its Chapter 11 proceedings

Assignment For the Benefit Of Creditors

Served as Assignee per a California Assignment for the Benefit of Creditors and sold the assets of this high-concept restaurant chain based in Southern California. Our approach allowed the buyer to immediately restart operations and settle litigation claims with secured creditors and others.

Force 10 led the successful restructuring of BurgerFi and Anthony’s Coal Fired Pizza, two popular dining chains known for their innovative fast-casual concepts and high-quality offerings.

Financial advisor to Secured Creditor

Force 10 professionals acted as the Financial Advisor to the Debtor, a provider of cybersecurity tools to consumers and small businesses. They arranged a Section 363 sale to Guthy-Renker, the strategic partner and secured lender.

Out-of-court wind down of operations and assets

Force 10 professionals represented Foxconn, a major global contract manufacturer and the largest claimant and supplier to Fuhu, a children’s tablet and app maker, with respect to Fuhu's Chapter 11 bankruptcy. We assisted in settling cross-claims and succeeded in reducing Foxconn's potential exposure. Force 10 professionals also monitored the sale proceedings and asserted Foxconn's rights.

Separately, the principals of Force 10 served as financial advisors and investment bankers to the Debtor and legal counsel to a bidder in this Chapter 11 process.

Freedom Communications filed for Chapter 11 bankruptcy protection on November 1, 2015. The bidder, Digital First Media (digitalfirstmedia.com), submitted a $51.8 million bid that was approved by the United States Bankruptcy Court in Santa Ana, CA, after the U.S. Department of Justice filed an antitrust lawsuit against the highest bidder, Tribune Publishing. The final sale to Digital First Media closed on March 31, 2016, for $49.8 million.

As part of an out-of-court restructuring, Force 10 was retained to advise this pet care company that offers a wide range of products and services to promote healthy pet lifestyles. This involved recommendations to improve the company's capital structure, enhance cash flow, and set the stage for future growth.

Force 10 maximized creditor recoveries in Hello Bello’s Chapter 11 restructuring, overcoming supply chain challenges and inflationary pressures to protect value for unsecured creditors.

Force 10 was appointed as Receiver for a hotel operator in the Pacific Northwest. In this role, we oversaw the disposition of the hotels to maximize value for secured and other creditors.

Force 10 was retained by the Official Committee of Unsecured Creditors to maximize recoveries from this Chapter 11 Debtor.

Force 10 provided a solvency opinion and expert testimony in support of KP3, a ticket broker for concerts, sporting events, theatrical performances, and other live events nationwide, which had been placed in an involuntary Chapter 7 proceeding. Our testimony showed that the Debtor was solvent, and the case was dismissed.

Force 10 was engaged to evaluate and quantify financial damages resulting from an eviction caused by a law firm’s breach of fiduciary duties to our client. Serving as an expert witness, we presented a compelling case in binding arbitration. Our client’s position was fully upheld, with the arbitrator determining damages based solely on our testimony, effectively countering and discrediting the opposing expert’s testimony.

Force 10 began this engagement approximately six months before the Chapter 11 filing, analyzing this sports retailer's long-term viability. Working with management and the sponsor, we determined the best course was to liquidate the company's entire store fleet for the benefit of its creditors. The successful liquidations were completed very early in the Chapter 11 process, and a plan was promptly negotiated with creditors and confirmed shortly thereafter.

Financial advisor to secured creditor

Force 10 played a critical role in uncovering alleged financial maneuvers by hip-hop artist Jayceon Terrell Taylor, “The Game,” to evade a $7 million judgment. By analyzing over 24,000 transactions, real estate documents, and fund flows, a Force 10 professional provided expert testimony that proved pivotal in the court’s ruling. This led to a decision allowing the plaintiff to recover the funds awarded in the original judgment.

Force 10 is providing a CRO and restructuring support services to this national retailer specializing in workplace refreshment solutions via vending machines.

Force 10 acted as an investment banker to the franchisee of six casual dining restaurants branded Rock & Brews. We marketed and arranged Section 363 sales of the restaurants.

Roscoe's, a chain of chicken-and-waffle restaurants, was a Trustee in Possession under Chapter 11. Force 10, serving as financial advisor to the Official Committee of Unsecured Creditors, developed and confirmed an unsecured creditor Plan of Reorganization. As Plan Administrator, we ensured the reorganization proceeded as specified. Force 10 reduced IRS claims by $11 million, structured and monitored a $40 million real estate collateral package, monitored operations, and resolved covenant issues while collecting cash flow for the benefit of Plan beneficiaries.

Force 10 oversaw the post-Chapter 11 Plan of Reorganization for this well-known chain of chicken-and-waffle restaurants.

Force 10 led the successful restructuring of Rubio’s Coastal Grill, a popular casual dining chain known for its coastal Mexican cuisine.

Force 10 acted as financial advisor to the Official Committee of Unsecured Creditors in a highly contested Plan of Reorganization that was subsequently converted to an operating Chapter 7 process, removing control from the Debtor's insiders.

Force 10 provided this enterprise delivery company with a Chief Restructuring Officer and financial advisory services. Working closely with the senior lender and creditors’ committee, Force 10 managed the restructuring process and successfully negotiated a joint consensual Plan of Reorganization between Scoobeez, the official committee of unsecured creditors, and Hillair Capital Management, LLC, the senior secured lender, to allow the company to emerge from bankruptcy with a new capital structure.

Force 10 Partners was the financial advisor to the Official Committee of Unsecured Creditors of Serta Simmons Bedding, delivering significant outcomes for its constituents. These included expedited full payment to go-forward creditors and enhanced recoveries for others. Key contributions involved assessing business plan feasibility, investigating pre-filing transactions like the "Serta Uptier," and conducting solvency analyses. This work culminated in the confirmation of a consensual restructuring plan on June 6, 2023, ensuring optimized recoveries for stakeholders.

Representing secured creditor to Chapter 11 debtor

When this fast-fashion retailer succumbed to the pressure of omnichannel competitors, Force 10 executed an orderly liquidation to maximize recovery for creditors during Chapter 11.

As inancial advisor and investment banker, Force 10 guided this chain retailer of luxury candies to a successful Plan of Reorganization. This included securing a Debtor-in-Possession (DIP) loan and a stalking horse bid. Additionally, Force 10 conducted a Section 363 process and successfully confirmed a Plan of Reorganization for this luxury candy brand. Throughout the process, Force 10 skillfully navigated a complex capital structure and balanced the diverse priorities of various stakeholders.

Tommy’s Boats, a leading water ski and wake boat dealership with 14 locations across eight states, engaged Force 10 Partners to serve as Chief Restructuring Officer and provide restructuring advisory services during its challenging financial restructuring. Initially operating under Chapter 11 after a state court receivership, Force 10 worked tirelessly to navigate complex negotiations with secured creditors and stabilize the business. Despite these efforts, the case ultimately converted to a Chapter 7 proceeding,

Force 10 acted as the Debtors' financial advisor in the Chapter 11 bankruptcy of this national retail chain specializing in closeouts. The engagement involved supporting a partial self-liquidation, facilitating the Section 363 sale of approximately 197 stores, and managing the wind-down of remaining operations and assets. Additionally, Force 10 provided critical financial analyses and participated in resolving a contentious dispute among secured creditors over credit bid rights, the valuation of pre-petition collateral, DIP loan terms, bid procedures, and the distribution of cash proceeds.

Force 10 was the financial advisor, providing comprehensive valuation support for a management-led Section 363 sale and Plan of Reorganization. The engagement involved assisting a wholesale grocer through the complexities of the bankruptcy process, including developing strategies to maximize value for stakeholders and supporting the reorganization efforts.

Assisting the bankruptcy Trustee, Force 10 conducted a comprehensive forensic accounting investigation and prepared a detailed solvency analysis for this direct mail and marketing services company. The engagement included identifying and analyzing voidable transfers and working closely with counsel to recover assets from these transactions, maximizing value for the benefit of creditors.

Force 10 successfully confirmed a Chapter 11 Plan of Reorganization for a golf business primarily funded through fraudulent investments. Post-confirmation, serving as Plan Trustee, Force 10 oversaw the sale of the company’s golf courses and managed its golf equipment retail operations. The business operated efficiently until market conditions supported an orderly wind-down, maximizing stakeholder value.

Force 10 Partners successfully restructured YogaWorks, a nationwide chain of yoga studios hit hard by the COVID-19 pandemic. At its peak, with 66 locations and over three million class participants, YogaWorks shifted its focus to online classes after many studios closed. As financial advisor, Force 10 secured DIP financing to stabilize operations, led a Section 363 sale process to maximize asset value, and guided Plan confirmation.