Industry:Manufacturing & Processing
Service:Chief Restructuring Officer
Company:A leading cookie manufacturing company with plants located throughout the United States and Canada.
In the wake of rising food and fuel costs, the US-domiciled business of Archway was forced to file for Chapter 11 bankruptcy protection in October 2008.
Focus Management Group was engaged as the Court-Appointed Chief Restructuring Officer to prepare the Company for bankruptcy and help facilitate an expedited 363 sale.
Focus Professionals provided Archway with assistance in all aspects of pre-bankruptcy planning, which included the following initiatives:
- Successfully preparing the Company for its Chapter 11 filing in just 4 days.
- Led the company throughout the pendency of its Chapter 11 filing, which included the preparation of statements of financial affairs and schedules.
- Assumed control over Archway's cash and managed all elements of its working capital.
- Oversaw the orderly closure of all of the company’s US plant operations to preserve cash pending the completion of a 363 sale.
- Responded to all due diligence and information requests from stakeholders and potential buyers.
- Helped facilitate the accelerated 363 sale of the Company including of all assets and intellectual property thereby preserving the value of the entity.
Due in large part to Focus' involvement in the engagement, the US assets of Archway were successfully sold to Lance, Inc. under Section 363 of the Bankruptcy Code within 75 days from the start of our engagement. The sale allowed Archway to resume operations in the US under its new ownership and re-hire employees who had lost their jobs during the bankruptcy filing. Archway's secured lender obtained a 100% recovery, including all fees and interest, with significant proceeds remaining for the junior secured lender.