Level Propane was a distributor of propane gas for the home heating market.
The company had failed to produce financial statements for the preceding three years while also neglecting to implement proper internal controls.
Candlewood Partners was engaged to oversee management for the debtor-in-possession lender during the firm’s turnaround. During this time, Candlewood Partners took responsibility for developing accounting and business controls, implementing operational discipline, and managing the reconstruction of the company’s financial statements. After the new investor took full control, Candlewood managed the audit of the historical financial statements by a nationally recognized accounting firm, which allowed the company to be sold to AmeriGas Partners LP, a public company, only 90 days from the date that Candlewood Partners had taken on full management responsibility.