RESTRUCTURING
Candlewood Partners engages senior level advisors on every transactions. Our professionals work every deal from start to finish. Our detailed and experienced approach enhances the confidence, quality, and outcomes for every client.
| Client | Industry | Client Description | Transaction Summary |
|---|---|---|---|
| AB Dick Company, subsidiary of Paragon Corporate Holdings | Manufacturing | Candlewood was engaged as Financial Advisor to the Company to restructure the company’s Senior Note. By structuring the new note with a combination of cash, non-maturing debt, and certain equity conversion rights to the previous debt holders, the client successfully avoided a bankruptcy filing. | |
| Amrep, Inc. | Specialty Chemicals | Manufacturer of specialty chemicals for the automotive, maintenance and general industrial markets | On behalf of the company, Candlewood negotiated a forbearance and restructuring with the senior lender group and sourced a new second lien investment at very attractive terms with no warrants |
| Buckeye Steel Castings | Industrial | Manufacturer of railroad couplers | Candlewood assisted in a restructuring, refinancing and sale of assets |
| Chart Industries, Inc. | Industrial | Manufacturer of standard and custom-built industrial process equipment primarily used for cryogenic application | Candlewood principals negotiated a plan of reorganization with the company’s senior lenders and concurrent with those efforts, initiated a market test process to gauge the viability of a sale of the company at an appropriate valuation level. Candlewood continued its advisory role with Chart through the Company’s Chapter 11 bankruptcy filing and plan confirmation. |
| Duramax Marine, LLC | Industrial | Manufacturer and worldwide distributor of fluid lubricated bearings, heat exchangers fender protection systems, and propeller shaft sealing design solutions for the commercial, government, and pleasure marine industries. | Refinancing of the company's senior secured debt and restructuring of other obligations |
| Engineered Materials Solutions, Inc. | Metals | Largest producer of clad metals in North America; serving automotive, industrial controls, and telecommunications markets | On behalf of the company, Candlewood obtained replacement financing to acquire the loans held by a fatigued senior lender group at a discount (approx. $50MM of senior debt) and structured and negotiated an exchange offer with holders of the Company’s junior debt at an 85% discount (approx. $30MM), along with sourcing an additional equity investment. |
| ETI, Inc. | Industrial | Manufacturer of commercial explosives products for mining, quarry, construction and other industries | On behalf of the company, Candlewood negotiated a consensual restructuring, where the senior lender group agreed to extend maturity and reduce amortization, the mezzanine lenders exchanged their securities for discounted new securities and additional equity was injected into the Company for working capital purposes. |
| Industrial Power Coatings | Industrial | Sponsor-backed industrial coatings provider | Candlewood was engaged to assist the private equity owner restructure and acquire the senior debt of its portfolio company. |
| International Seaway Trading Corporation | Consumer | An importer of footwear | Restructuring of the company's balance sheet, reorganizing its operations and recapitalizing its debt |
| Lazy Days RV SuperCenter | Automotive | Recreational Vehicle (“RV”) superstore that controls over 5% of the national RV market. | Candlewood was engaged as a financial advisor and successfully negotiated a standstill. The standstill provided the Company with sufficient liquidity to capture additional market share and return to its previous growth curve, resulting in the completion of an overall restructuring. |
| Mack Concrete | Building Products | Manufacturer of pre-cast concrete products | Restructured existing debt facility, reorganized business structure, and ultimately refinanced senior debt facility |
| Mednat | Staffing | Specialty staffing business | Recapitalization of the company |
| Minnetonka Brands, Inc. | Consumer | A leading consumer products company selling children's toiletry products with cartoon character licensed packaging, and adult bath and body products sold through mass merchandisers | Recapitalization of the company |
| Jancor Companies, Inc. | Building Products | Manufacturer of vinyl windows and siding for the residential market | Candlewood’s involvement initially was focused on assisting the Company in restructuring its operations. We developed a plan to consolidate five autonomous companies into two efficient operating units. Next we focused on restructuring and/or refinancing the Company’s existing indebtedness and ultimately managed an expedited sale process to sell the Company’s assets to strategic buyers in a bankruptcy proceeding. |
| Level Propane Gases, Inc. | Energy | Distributor of propane gas primarily for home heating | Candlewood negotiated and structured a Debtor-in-Possession credit facility, Senior Lender Lockup, and Management Agreement to finance and act as Plan Proponent for the Debtor. |
| Optical Datacom, LLC | Telecommunications | Candlewood negotiated a standstill period with the company’s lenders, allowing the company to reposition itself in the marketplace and arrange financing for a sale to existing equity holders pursuant to Section 363 of the United States Bankruptcy Code. The sale was accomplished within fifty days of the filing. |