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Case Study

Serving as CFO and Supporting a Bankruptcy, Restructuring, and Successful Sale

Team Size
1 Senior Managing Director, 1 Director, 2 Associates
Project Duration
8 months

The Situation

North America’s second largest supplier of customized, non-apparel promotional products ($300MM), was facing severe liquidity pressure due to rapidly deteriorating revenue, and the looming maturity of its revolving credit facilities. Mackinac Partners (acquired by Accordion in 2021) was engaged to source and lead the refinancing of the Company’s revolving credit facilities with Wachovia Business Credit, despite severe economic challenges and declining revenue. The balance of the capital structure consisted of a $125MM senior term facility and $110MM of subordinated notes, which were held in direct proportion to the Company’s equity.


Interim CFO

Liquidity Management

Restructuring Advisory

Bankruptcy Advisory

The Execution

  • Managed the ensuing negotiation of the Company’s restructuring along with its advisors, Houlihan Lokey and Jones Day.
  • Secured a stalking horse bid from a group consisting of ING CLO Management (holder of the majority of the subordinated notes and equity) and Aurora Resurgence, a private equity firm.
  • Assisted the company in commencing a Chapter 11 proceeding and filed a motion to sell to the ING / Aurora group, pursuant to §363 of the bankruptcy code. BIC Graphics, USA overbid the ING / Aurora group’s bid at the §363 auction. BIC’s bid, at 6.1x EBITDA, represented a 45% premium to the stalking horse bid and resulted in a significant cash recovery to the senior lenders.
  • Oversaw all cash management and treasury functions, as well as leading the internal team responsible for supporting the sale process.

The Results

Engaged by the Company’s Board of Directors, our team served as financial advisors and CRO, managing the Company’s recapitalization and Chapter 11 proceedings and driving the successful §363 sale to BIC Graphics, USA, a subsidiary of Societe Bic, with significant cash recovery to senior lenders.