When Flexible Funding, a receivables factoring business serving the staffing and transportation industries, ran into challenges that necessitated a bankruptcy filing, Candlewood advised the company throughout the entire process of preparing for, filing, operating, and eventually selling the majority of the Company’s assets through the Chapter 11 process.
In less than two months, Candlewood ran two separate sale processes for the Company’s staffing and transportation portfolios, with each culminating in an auction and then a sale of the portfolio for an amount in excess of book value, which made it possible to repay the Company’s senior lenders in full.
With Candlewood’s guidance, Flexible executed on its filing in a timely fashion, which enabled the Company to continue funding its clients while working towards a sale of the assets. By running the sale process on an expedited timeline, the Company minimized the shrinkage of its portfolio, ensuring the highest possible value for the asset sales.
About Flexible Funding
Flexible Funding was a receivables factoring and asset based lending business, focused on providing funding for companies in the staffing and transportation industries.
About Candlewood Partners
Candlewood Partners is a Cleveland and New York-based boutique investment bank and advisory firm. Since 2001, Candlewood has supported the needs of middle market companies worldwide, successfully tackling complex engagements that others cannot.