THE CLIENT
An initially private digital media company that provides intelligent visual and advertising communications was taken public. The Company provides solutions that integrate software, hardware, business applications and services.
THE SITUATION
Significantly over-leveraged, the Company experienced nearly overwhelming financial distress, operational, and management issues. A CFO replacement was needed to effect a financial restructuring, access capital, and strengthen financial reporting without the disruption of a bankruptcy or liquidation.
THE SOLUTION
On recommendation of the Company’s primary secured lender, Avant Advisory Group provided interim CFO management and related financial and restructuring services. Avant updated all operating and cash flows projections and negotiated settlements to restructure unsecured debt with several large profile vendors. We restated financial statements in preparation of a public offering, implemented internal controls, and coordinated the entire audit process, including a change in auditors. We improved and streamlined the financial reporting process and coordinated all financial, legal, and administrative functions.
THE RESULTS
Avant helped stabilize the Company financially and operationally, and thereby avoided a bankruptcy reorganization or liquidation via an out-of-court restructuring. We helped maximize recovery to the secured lender and Company value by facilitating the simultaneous combination of three companies with a reverse merger into public company SPAC.