We were engaged as the Chief Restructuring Officer and Members of the Board of Directors to Olympia Group Inc., a leading manufacturer, importer and exporter of hand and garden tools and equipment.
Broadway Advisors led the company’s efforts to develop an orderly wind-down plan resulting in a substantially greater recovery to the general unsecured creditors than originally forecasted before Broadway’s retention.
Retained just weeks before the company would be forced to file for protection under Chapter 11 of the bankruptcy code, Broadway was able to develop a plan that provided for the orderly sale of the debtor’s inventory, liquidation of its foreign subsidiaries in Canada and United Kingdom and sale of over 130 trademarks and 70 patents to buyers in over 5 countries.
Upon presenting the plan to the secured lender and junior participant, Broadway was able to convince the lender to fund the orderly wind down which resulted in a far greater recovery than under a fire sale initially contemplated prior to Broadway’s involvement.