Irvine, CA – Force Ten Partners LLC, a leading advisory firm specializing in financial and operational corporate restructuring, has played a pivotal role in selling Storcentric to a Serene Investment Management, LLC affiliate.
With limited cash on hand and a prohibition on new indebtedness, Storcentric turned to Force 10 for assistance in resolving its immediate liquidity crisis via a Chapter 11 restructuring. Force 10’s expertise and proficiency were instrumental in securing the DIP financing and ensuring the continuation of Storcentric’s operations and the preservation of valuable customer relationships.
The sale of Storcentric was completed through a process under Section 363 of the United States Bankruptcy Code, with Serene Investment Management acquiring the company under its credit bid rights.
“On less than a week’s notice, Force 10 was instrumental in helping us navigate the complexities of our situation and finding a solution that allowed us to continue our operations,” said Mihir Shah, Chairman of the Board of OldStor. “We are grateful for their expertise and commitment to delivering results.”
“We are proud to have successfully navigated the complexities of a bankruptcy case with diametrically opposed stakeholders and are confident in Storcentric’s future under its new ownership,” said Adam Meislik, Partner at Force Ten Partners.
Storcentric, the parent company of leading enterprise storage solutions, including Nexsan and Retrospect, will continue to operate under new management led by Dan Shimmerman and Martin Saipe, who have a proven track record of returning tech companies to profitability while maintaining their state-of-the-art products and services.
Force Ten Partners, LLC, is an advisory firm with deep domain knowledge in financial and operational corporate restructuring, fiduciary, 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, fiduciary and financial advisory services, expert witness support, and investment banking services.