Situation
The Board of Jocks and Jills, a popular sports bar, was forced to file for protection under Chapter 11 of the Bankruptcy Code following a large legal judgment and the firing of its President.
Action
GGG worked with the company to secure a Debtor-in-Possession loan and advised Jocks and Jills regarding the closing of unprofitable locations. In addition, GGG streamlined corporate staff and the entire bankruptcy process. GGG was engaged to sell the company in a ‘363’ auction sale.
Results
After nine months the company had reduced the number of locations to a core group of profitable bars. The subsequent auction of the company resulted in several competing bids and the successful completion of the ‘363’ auction sale.