The Bottom Line:
Patrick James, a 58-year-old upscale menswear retailer with 11 stores in California, Nevada and Arizona, filed for relief under the new Subchapter V Chapter 11 at the height of the Pandemic.
As Financial Advisor/CRO of a menswear retailer, we worked with management, the secured lender, the bankruptcy trustee and bankruptcy counsel to achieve a confirmed Plan of Reorganization under Subchapter V Chapter 11 in less than 7 months.
- Secured Creditors were paid back in full
- Renegotiated most of the company’s leases and critical business contracts
- Secured Lender provided DIP and exit financing
- Bankruptcy Trustee wholeheartedly endorsed the confirmation
- Developed defensible, conservative cash flow projections
- Negotiated DIP and exit financing
- Quantified and recommended operational changes
- Introduced a new bank for merchant services midstream during the process after the company’s provider declined to continue