Transactions
INDUSTRY
Manufacturing - High Tech
CLIENT
TI Automotive
TYPE
Out-of-Court Restructuring
REPRESENTING
First-Lien Lenders
BUSINESS OVERVIEW
Approx. $2 billion Tier I auto parts manufacturer operating in 30+ countries with $1.7 billion in liabilities.
NOTABLE ACCOMPLISHMENT
Successfully completed cross border out of court restructuring involving approximately $2 billion in debt amid the total meltdown of the auto industry.
INDUSTRY
Manufacturing - High Tech
CLIENT
Aviation Safety Resources
TYPE
363 Sale
REPRESENTING
Seller
BUSINESS OVERVIEW
Parachute maker losing $600,000-$700,000 per month. No CEO oversight and a part-time CFO. Lawsuits were mounting.
NOTABLE ACCOMPLISHMENT
Asgaard took the collective failing businesses in 4 states to an attractive break-even position in 6 months, including correcting all deficiencies and closing a factory. Sold ASR-Pioneer to SpaceX, that rarely makes acquisitions.
INDUSTRY
Manufacturing - High Tech
CLIENT
Robotic Vision Systems
TYPE
363 Sale
REPRESENTING
Debtor
BUSINESS OVERVIEW
$200 million manufacturer of semiconductor chip inspection equipment collapsing from an industry downturn.
NOTABLE ACCOMPLISHMENT
Closed transaction despite temporary restraining order issued by a federal district court in New York banning the sale or use of the core technology underlying the company’s products.
INDUSTRY
Manufacturing - High Tech
CLIENT
RVSI Acuity CiMatrix
TYPE
363 Sale
REPRESENTING
Debtor
BUSINESS OVERVIEW
$25 million division of machine vision systems and 3-D barcode reader company caught up in parent bankruptcy.
NOTABLE ACCOMPLISHMENT
Closed on stalking horse bid from Siemens that was more than two times the unannounced cover bid.
INDUSTRY
Other
CLIENT
Velocity Express
TYPE
Out-of-Court Restructuring
REPRESENTING
Debtor
BUSINESS OVERVIEW
$250 million expedited delivery services provider facing losses and defaults with its lender and bondholders.
NOTABLE ACCOMPLISHMENT
Restructured bonds and found replacement financing for senior secured lender.
INDUSTRY
Other
CLIENT
Lantis Eyewear Corporation
TYPE
363 Sale
REPRESENTING
Debtor
BUSINESS OVERVIEW
$75 million sunglass rack jobber/distributor primarily selling into large mall-based retailers.
NOTABLE ACCOMPLISHMENT
Found buyer for bank debt despite severely declining operational and financial performance. The debt buyer ultimately purchased the business in a 363 sale.