NEWPORT BEACH, CA -- Force 10 Partners, a Southern California-based provider of financial and strategic solutions to challenging business situations, today announced confirmation of the Chapter 11 Plan of Reorganization and closing of a $35 million exit financing package for XS Ranch Fund VI, L.P. XS Ranch, sited in the metro-Austin city of Bastrop, TX, is an approximately 8,700 acre master-planned residential community entitled for 10,000 residential lots and 500,000 square feet of commercial space.
Force 10 Partner Michael VanderLey, who has served as the XS Ranch project’s Chief Restructuring Officer since May 2017, noted that the plan of reorganization and exit financing will result in all creditors being paid in full.
“This project faced some unique challenges -- at the point we were engaged, it was a tangle of aggressively prosecuted litigation and zero liquidity,” said VanderLey. “We’re quite pleased with this outcome -- the agreement we were able to structure and reach with all parties is fair, equitable and was achieved relatively quickly and efficiently.”
James Foster, CEO of XS Ranch developer Coast Range Investments, LC, said "Force 10 analyzed XS Ranch, its potential as a development project, and the surrounding litigation and decided it was a good investment of their time and resources. They recognized opportunity to help make the creditors whole, get XS Ranch back on track and generate ROI for our limited partners. Obviously, I am happy with the results -- now the project and the economic value it will create can continue to move forward."
XS Ranch's legal teams were led by Garrick Hollander of Winthrop Couchot Golubow Hollander, LLP and Pam Egan of Rimon P.C.
About Force 10 Partners:
Force 10 Partners, LLC, is based in Newport Beach, California. The advisory firm has deep domain knowledge in financial and operational corporate restructuring, valuation, forensic accounting, complex litigation support, and computations involved in court proceedings and dispute resolution. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals, in roles including financial advisor, interim manager, fiduciary services, expert witness, financier, and M&A advisor.