Winter Harbor LLC

iGPS Logistics

Buyer Consortium Purchases Senior Debt of Supply Chain Solution Company

 

iGPS is a provider of supply chain solutions which leverage sustainable, intelligent shipping platforms.  They are a plastic pallet-pooling company serving food service, consumer products and pharmaceutical industries.  Their plastic pallets are 100-percent recyclable, keeping production and operating costs low.  Since its restructuring, iGPS continues to grow its annual revenue production, currently at $75 million.

Our Role

Winter Harbor was appointed as Chief Restructuring Officer by existing lender group for iGPS.

  • Performed interim Chief Financial Officer duties including development of 13-week cash flow forecast model, management of month-end close, control of vendor payments and relationship management with lender group of eight financial institutions.

  • Worked with lenders and Board of Directors to analyze benefits and costs of out-of-court restructuring, in-court restructuring or liquidation.

  • Prepared liquidation and DIP budgets in preparation for a potential bankruptcy filing.

  • Managed company through Chapter 11 bankruptcy process including daily cash management, lender and U.S. Trustee reporting and support of sale under Section 363 of the U.S. Bankruptcy Code.

  • Performed interim Chief Executive Officer duties after top management departed upon bankruptcy.

  • Supported the ongoing tasks required of the estate and provided transition services to the eventual purchaser of the Company.

Engagement Outcome

Winter Harbor oversaw the buyer consortium purchase of senior debt from existing lender group, which it used to credit-bid for the company in a Section 363 sale. Since its purchase, iGPS has restructured its operations and expanded its service offering to additional sub-industries within the food production and distribution markets. They have been selected as a top sustainable logistic provider, and gained traction as the national shipping platform for a pet nutrition company.