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| Client: |
Advanced Lighting Technologies, Inc. |
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| Business: |
Advanced Lighting Technologies, Inc. (ADLT), with revenues close to $150 million, is an innovation-driven designer, manufacturer and marketer of metal halide lighting products, including materials, system components, systems and equipment. ADLT also develops, manufactures, and markets high technology materials and thin film coatings used in other energy-efficient lighting products. |
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| Client Objective: |
BGL served as investment banker to ADLT since October 2002, assisting the company with multiple endeavors including: contemplating and preparing for bankruptcy; managing and negotiating with its former bank group and other stakeholders; raising Debtor-in-Possession ("DIP"), replacement DIP and exit financing; pursuing a DIP-ordered sale process; negotiating with various parties-in-interest for a debt and equity restructuring; raising new equity capital; providing expert valuation analyses and testimony; and completing various other advisory assignments. |
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| Results: |
Through BGL's efforts the Company was able to efficiently conclude its Chapter 11 process with a reorganization plan providing payment in full of ADLT's creditors. BGL's creativity enabled ADLT to better manage and control its restructuring process. Specifically, the original DIP credit facility, financed by ADLT's former bank group, compelled the company to expedite the reorganization process by including an aggressively-timed sale process convenant in the DIP loan agreement. To allow an orderly restructuring process, BGL successfully refinanced the DIP credit facility to remove the sale covenant and replace the senior bank group. Without the DIP-ordered sale covenant, BGL negotiated a stand-alone restructuring with creditors of the Company involving a debt for equity conversion. In August 2003, Saratoga Partners, identified and introduced by BGL through the DIP-ordered sale process, purchased the preferred stock interests of ADLT and injected themselves into the proceedings. Subseque |
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