Gulf Atlantic Capital Assists Senior Lender in Monitoring and Liquidating a Leading Outdoor Furniture Manufacturer
Sarasota, Florida
Lender Services
Gulf Atlantic Capital served as the financial advisor to the senior creditor.
Gulf Atlantic Capital Assists Senior Lender in Monitoring and Liquidating Carter Grandel, a Leading Outdoor Furniture Manufacturer
Gulf Atlantic Capital was retained by Carter Grandel’s senior lender after the Company failed to implement its restructuring plan and defaulted on its forbearance agreement.
Based on the lenders concerns that the Company’s owners may have been engaged in activities to dissipate assets, Gulf Atlantic Capital established on-site monitoring of the borrower’s activities and initiated steps to gain control over the borrower’s assets.
Developed a wind down budget and assisted the lender with implementing strategies to maximize recovery from the Company’s accounts receivable and inventory.
Assisted the senior lender in a contested Chapter 11 filing, including successful efforts to oppose the Company’s use of cash collateral and efforts to convert the case to a Chapter 7.
