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Force 10 provided a CRO and financial advisory to and managed operations of Alpha Guardian, a residential safe and storage company,
Alpha Guardian was established in July 2017 by acquiring and combining Cannon Safe and Stack-On Products to create a market leader in the safe and secure storage industry. The company operates manufacturing and distribution facilities in the U.S. and Mexico, and Alpha Guardian’s various brands provide secure storage solutions through major retailers across the U.S.
Force 10 implemented aggressive efforts to stem operating losses at the company, including reducing payroll, improving operational efficiencies, creating oversight of accounting processes, and collecting significantly past-due receivables, considerably increasing cash flow. We secured debtor-in-possession financing, prepared the business for a Chapter 11 bankruptcy filing, oversaw the restructuring process, and successfully negotiated a consensual Plan of Reorganization between the Debtors, the secured creditors, and the official committee of unsecured creditors. Under the Plan, over $100 million of senior secured debt and over $30 million of junior claims were exchanged for interests in a trust. In contrast, the balance of the senior secured debt was converted into equity of the reorganized debt.
