Gulf Atlantic Capital Maximizes Value in sale of the assets of Garment Corporation of America through an Assignment for the Benefit of Creditors
Gulf Atlantic Capital was retained by Garment Corporation of America to sell the Company after several years of declining revenue and the failing health of the Company’s founder made operations as an independent company no longer possible.
Directed the efforts to sell the Company, including coordinating due diligence efforts and leading negotiations with prospective purchasers.
Provided financial management support to the Company to preserve operations, including assisting with negotiations with the Company’s senior lender, cash budgeting and maintaining vendor relationships.
Structured the transaction as an asset sale in an Assignment for the Benefit of Creditors filing. The ABC was determined to be a faster and more effective means than a bankruptcy section 363 sale.