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Engagement

CarbonLite

Confirmation of Chapter 11 Plan of Reorganization

Carbonlite Recycling

One of the world's largest suppliers of post-consumer recycled polyethylene terephthalate (rPET), which is then used to produce high-quality food-grade recycled rPET material sold to the world's largest beverage companies for packaging.

Industries

  • Industrial

Expertise

  • Assignment for the Benefit of Creditors
  • Bankruptcy Trustee Services
  • Chief Restructuring Officer
  • Corporate Restructuring
  • Custodian
  • Debtor Financial Advisor
  • Fiduciary Services
  • Liquidating Trustee / Plan Agent
  • Receiver
  • Turnaround & Crisis Management

From the newsroom

  • Brian Weiss Named One of the Top 25 Restructuring Professionals of 2022
  • Force 10 Receives Awards at the 14th Annual Global M&A Network Turnaround Atlas Ceremony
  • Force 10 Receives “Best Special Situation M&A Deal of the Year – Middle Market” by Global M&A Network
  • Force 10 Partners Successfully Executes Restructuring Effort for CarbonLite Holdings LLC
  • Force 10 Partners Tapped To Restructure CarbonLite, A Leading Supplier Of Recycled Content In Plastic Water Bottles

Over $250mm of asset sales within Chapter 11 proceeding resulted in significant distributions to unsecured creditors.

Force 10 was initially retained during the fourth quarter of 2020 to navigate underperformance and insolvency issues surrounding Carbonlite’s business model and complex capital structure, with over $380 million of indebtedness including $240 million of secured indebtedness across three publicly-traded municipal bonds, a term loan, and ABL facility and capital lease obligations. Force 10 led CarbonLite’s restructuring efforts through negotiating and securing four separate DIP loans totaling $75 million and the sale of four business units for proceeds of approximately $230 million.

Force 10 implemented aggressive efforts to stem negative gross margins through rigorous capacity utilization, operational, and financial analyses resulting in the abolishment and redesign of the operational and pricing models in order to reverse years of negative gross margins. Through this process, the majority of the customers accepted 25% price increases. Force 10 was tasked with oversight of the Chapter 11 process, managing the business, developing cash flow models, negotiating and securing four separate DIP loans, managing the investment banking process, and preparing/managing the diligence process.

Team members

Brian Weiss

Brian Weiss

Renee Albarano

Renee Albarano

Chad Kurtz

Chad Kurtz

Darryl Myers

Darryl Myers

Force 10

Track Record

IS West: Confirmation of Chapter 11 Plan of Reorganization

Read more »

BV Glendora: Confirmation of Chapter 11 Plan of Reorganization

Read more »

Roscoe’s Chicken and Waffles: Post Confirmation Chapter 11 Plan Trustee

Read more »
View more »

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Force 10 effectively balanced industry expertise with on-the-ground management insights.
Mimi Hall
Chairperson, Pajaro Valley Healthcare District Project

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Contact Us

Force 10 Partners
Force 10 Partners
5271 California Ave., Suite 270
Irvine, CA 92617
949 357 2360
contact@force10partners.com
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