STANDARD BRANDS OF AMERICA, INC.

Case Highlights

• Managed negotiations with bank and floor planning secured creditors
• Supervised disposition of inventory

Case Narrative

Standard Brands of America, Inc. was a South Florida based electronics and appliance retailer with approximately $50 million in annual sales and 15 locations around the state of Florida.  DSI was retained by the secured lender to provide business assessment services.  The results of the consulting engagement led to the secured lender and the company agreeing to the consensual appointment of a receiver to assess and analyze the viability of the business and to negotiate alternative plans with the company to restructure and/or refinance the business.  DSI was appointed as the Receiver, and DSI provided consulting services to the receiver including business analysis, strategic planning, monitoring and reporting on the collateral, assessment of liquidation options, reorganization plan negotiations and liquidation plans for the assets of the business.  Negotiations broke down between the lender and the debtor, so DSI assisted in the implementation of a replevin action and a consensual turnover of assets to the secured lender occurred.