July 31, 2020 – Force 10 is pleased to announce the confirmation of Scoobeez and its related entities’ Chapter 11 Plan of Reorganization. The Plan was confirmed by the Honorable Julia W. Brand of the United States Bankruptcy Court – Central District of California.
Brian Weiss of Force 10 Partners served as the Chief Restructuring Officer of Scoobeez. As CRO, Mr. Weiss managed daily operations and improved profitability, which resulted in significant positive operating cash flow. Force 10 also oversaw the restructuring process and successfully negotiated a joint Plan of Reorganization between the debtors, the official committee of unsecured creditors, and Hillair Capital Management, LLC, the senior secured lender to the debtors.
Scoobeez is a leading delivery service provider with operations in Southern California, Illinois, and Texas. The company provides technology and local logistics solutions to its customers and partners, employs over 1,000 people, and generates approximately $45,000,000 in annual revenue,
Foley & Larder acted as the debtors’ restructuring counsel, Levene, Neale, Bender, Yoo & Brill L.L.P represented the Official Committee of Unsecured Creditors, and Buchalter Nemer and Olshan Frome Wolosky LLP represented Hillair Capital Management, LLC.
Force Ten Partners, LLC, is an advisory firm with deep domain knowledge in financial and operational corporate restructuring, valuation, forensic accounting, and complex litigation support. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals by providing turnaround-management services (CRO), financial advisory services, expert witness support, and investment banking and M&A advisory services.