Trade show installation and dismantling services
Industries
Serving as financial advisor, Force 10 confirmed a plan of reorganization for this provider of trade show installation and dismantling services during the COVID-19 pandemic. The insider provided "new value" in exchange for 100% of the reorganized Debtor's equity.
Force 10 was retained to provide Chapter 11 bankruptcy financial advisory services to this Debtor struggling to pay an $8mm+ litigation judgment. The case proceeded through the pandemic’s beginning when the Debtor’s business reached a standstill. The Debtor’s sole shareholder proposed a New Value Plan whereby he would retain 100% of the equity by paying more than fair market value for the company while providing some recovery for pre-petition creditors, rather than what would have been $0 under a Chapter 7 liquidation. Force 10 also marketed the Debtor’s equity and proved the sole shareholder’s proposal was the highest and best. The Plan of Reorganization was then confirmed.
