Trendset Incorporated (Inc.) was a major provider of freight audit and payment services located in Greenville, South Carolina. It provided bill payment services and by 2013 had invoices with a value of around $10.75 billion. Trendset was caught up in an embezzlement scandal that cost the company $68 million in lost earnings and owed $70 million in unsecured claims. GGG were engaged as trustees to follow through on a Chapter 11 Bankruptcy in May 2014. At the time, the Company had just $40,000 in unrestricted cash and $150,000 owed in Payroll due just 10 days after the engagement.
GGG immediately implemented customer surcharge measures in order to supplement severely restricted liquidity. The GGG trustee further created a proficient, detailed, and trustworthy cash flow forecast enabled payroll to be sufficiently funded and allowing the business to continue operations.
The substantial unpaid customer freight bill issue was resolved through quick and effective outsourcing in addition to the use of overtime for employees. This was all carried out within stringent cash constraints. GGG facilitated a section 363 sale under the Bankruptcy code and the Company’s assets were sold for $1.1 million, $500,000 more than was previously expected.
In 2015, GGG ensured the company was sold under section 363 of the Bankruptcy code. All tax priority, secured, and unsecured creditors were paid off at 100%. GGG helped to recover $3 million in assets to the Company and almost all of the former employees of Trendset were retained by the acquirer. The company’s operations were sold and the Chapter 11 estate was successfully wound down by GGG.