Luxury retail candy brand with boutiques, wholesale, and ecommerce.
Expertise
Force 10 secured a DIP loan, stalking horse bidder, conducted 363 process and confirmed a Plan of Reorganization while negotiating a complex capital structure and various stakeholder priorities.
When Force 10 was engaged in May 2019, the Debtors were actively pursuing growth capital and asked Force 10 to advise on their solicitation efforts and other strategic alternatives. Through these efforts, Force 10 became familiar and involved with the Debtors’ financials and the hurdles they were facing towards successfully completing the equity raise.
Throughout the Series C round, Force 10 regularly advised Sugarfina’s board and became increasingly involved in cash management and negotiations with Sugarfina’s secured creditors. These negotiations resulted in the issuance of Secured Convertible Notes and an extension of the Goldman Sachs Facility and the first lien facility.
Force 10 was then tasked with sourcing debtor-in-possession financing and a “stalking-horse” bidder for Sugarfina’s assets through a Chapter 11 sale. Force 10 helped navigate Sugarfina through a successful sale, completed within eight weeks of its bankruptcy filing, and confirmed a complex plan of reorganization designed to preserve NOLs and maintain optionality for the reorganized Debtor.
