Ran operations during COVID-19, sold secured debt to effectuate 363 sale. Confirmed Chapter 11 Plan of Reorganization.
Alpha Guardian was established in July 2017 through the acquisition and amalgamation of Cannon Safe and Stack-On Products, resulting in a market leader in the safe and secure storage industry. Alpha Guardian’s brands have led the way in providing consumers with secure storage solutions. Its products are sold to major retailers across the United States under the Cannon Safe, Stack-On Products, and GunVault brands. Alpha Guardian operates manufacturing and distribution facilities in the U.S. and Mexico.
Force 10 implemented aggressive efforts to stem operating losses including reducing payroll, improving operational efficiencies, creating oversight of accounting processes, and collecting significantly past-due receivables. Such efforts resulted in substantial additional cash flow. Force 10 secured debtor-in-possession financing, prepared the business for a Chapter 11 bankruptcy filing, oversaw the restructuring process, and successfully negotiated a consensual Plan of Reorganization between the Debtors, the secured creditors, and the official committee of unsecured creditors whereby over $100 million of senior secured debt and over $30 million of junior claims were exchanged for interests in a trust, while the balance of the senior secured debt converted into equity of the reorganized Debtor.