Latest news with #AssignmentfortheBenefitofCreditors
Business Wire
06-05-2025
- Business
- Business Wire
Assignee Auctioning Assets of Turnkey Fresh & Frozen Food Manufacturing Facility
PITTSFIELD, N.H.--(BUSINESS WIRE)--The Assignee for the Benefit of Creditors of Rustic Crust, Inc. ('Rustic Crust' or the 'Assignor'), announces the sale of a turnkey food manufacturing facility representing a substantial portion of the Assignor's assets. DSI Assignments LLC requests that interested parties must submit qualified bids by no later than 3:00 p.m. (prevailing Eastern time) on Thursday, May 22, 2025. On August 28, 2024, Rustic Crust, Inc., and its subsidiaries executed an Assignment for the Benefit of Creditors, transferring assets to the Assignee, Rustic Crust ABC, a Delaware Series Limited Liability Company (the 'Assignee' or 'Seller'). The Assignee has received a binding stalking horse bid for Assignor's brand-name production line and real property (the 'Target Assets') and is currently soliciting higher or better offers. The Target Assets will be sold pursuant to the terms of the Stalking Horse Bid. The Target Assets are to be sold 'as is where is.' The Assignee shall only consider qualified bids to purchase all or substantially all of the Target Assets on terms which, in the business judgment of Seller, are no less favorable than the Stalking Horse Bid and are for a cash purchase price which is at or above the required minimum overbid of $1,375,00.00. Opportunity Overview This auction is a unique opportunity for interested buyers to acquire a fully operational fresh and frozen food manufacturing facility previously owned and operated by one of the largest wood-fired pizza production companies in the United States. This facility, located in Pittsfield, NH, is equipped with advanced production machinery and offers a comprehensive setup for immediate turnkey operation or easy conversion for other production needs. This asset sale presents an exceptional opportunity for entities in the consumer retail, food service, private label distribution, and specialty food markets to acquire a well-equipped, turnkey facility with high production capacity and scalability. About the Facility and Target Assets The facility is a custom-built, 28,000-square-foot property constructed in 2014 and outfitted with state-of-the-art machinery designed for the production and packaging of wood-fired frozen pizza and shelf-stable dough products. Key assets include: Real Property: Deeded 28,000 sq. ft. manufacturing facility located in Pittsfield, NH Production Lines: Three-line setup with expansion potential, including proprietary wood-fired ovens supplemented by three gas impingement ovens Production Capacity: Maximum capacity of 45 million units annually, supported by ample spiral freezing and cooling equipment Select Equipment: Three Etter impingement gas ovens Four custom-built wood-fired ovens G&F Systems spiral freezer and ambient spiral cooler Two Foodjet MDL 800 Sauce Depositors Comprehensive inventory of spare parts Production Certifications: Previously certified for Safe Quality Food (SQF) Level II, USDA Regular Food Safety Grant, and equipped for future USDA organic and protein certifications Bid Submission Process All interested parties wishing to make competitive offers for the Assets will need to submit a qualified bid to the Assignee by no later than 3:00 pm (prevailing Eastern time) on Thursday, May 22, 2025. The Stalking Horse Asset Purchase Agreement is available for review by contacting the Assignee. Interested parties may receive further information upon qualification and execution of a confidentiality agreement.
Associated Press
03-05-2025
- Business
- Associated Press
Resolution Financial Advisors Introduces a Strategic Alternative to Bankruptcy for End-of-Life Businesses
05/02/2025, Los Angeles, California // PRODIGY: Feature Story // Resolution Financial Advisors, LLC, has launched a service that helps distressed companies navigate the final stages of their business lifecycle with integrity, efficiency, and clarity. Offering alternatives to traditional bankruptcy processes, it delivers a hands-on approach to corporate wind-downs. The boutique financial advisory has a mission to set a new standard in distressed asset resolution. Based in Los Angeles but operating nationwide, the firm serves boards of directors, executives, investors, and lenders confronting the complex realities of failing businesses. Resolution focuses on end-of-life cycle companies, guiding them through structured exits, insolvency alternatives, and orderly asset dispositions. 'Our service aligns with our mission to deliver thoughtful, strategic resolution to companies at their most vulnerable moment,' says David Johnson, co-founder and principal of Resolution Financial Advisors. 'There's often a better way to close a business than defaulting to bankruptcy. We want to help clients understand their options and choose a path that protects value, relationships, and reputations.' Resolution's offering exemplifies a nuanced understanding of the limitations and costs of traditional bankruptcy proceedings under US federal law. For instance, Chapter 11 Bankruptcy allows companies to continue operations while restructuring their debts. 'It can offer benefits, but it can also be expensive,' says Johnson. 'It's also only ideal when there's a realistic pathway to recovery, either through an operational turnaround or the sale of assets to a buyer who prefers the bankruptcy route.' On the other hand, Chapter 7 uses a liquidation process where the business ceases operations, and a court-appointed trustee takes over the sale of assets. 'The problem with this is that trustees are usually legal professionals without the business experience to monetize esoteric assets or operate businesses in wind-down mode,' Johnson states. Resolution Financial Advisors recognizes these gaps. Hence, it developed a more strategic and business-savvy alternative. Its approach emphasizes three non-bankruptcy mechanisms: foreclosure assistance, receiverships, and a process known as an Assignment for the Benefit of Creditors (ABC). ABC is one of Resolution's comprehensive offerings in prioritizing value preservation, legal compliance, and stakeholder dignity. ABC enables a company to appoint a private fiduciary as a trustee to liquidate assets and manage the wind-down on behalf of creditors and shareholders, allowing for a more customized and controlled exit. The trustee's dual role involves monetizing the company's remaining assets, including intellectual property, equipment, and receivables. It also entails executing the administrative shutdown, including filing taxes, managing employee benefits and retirement, and resolving environmental or legal obligations. Adaptability is ABC's primary advantage. Resolution states that every case is unique. However, most of the work, such as asset sales, creditor notifications, and facility closures, can be completed within 180 days. Resolution safeguards company records and compliance matters long-term, supporting stakeholders for years after the initial engagement. This continuity and attention to detail ensure the company's closure is thorough, respectful, and legally sound. Resolution acknowledges the depth of its role in the process. 'We're brought in after the hard decisions have been made,' says Johnson. 'It's an emotional time for founders, boards, and employees, so we come in to execute with compassion, transparency, and professionalism.' Indeed, Resolution helps ease the pain and honor the effort that has gone into building the business. Resolution caters to various clients, from traditional retailers and industrial firms to high-growth venture-backed startups in Silicon Valley. The firm's approach remains the same regardless of size or sector. It helps stabilize the situation, preserve as much value as possible, and ensure an orderly exit that meets the legal and ethical expectations of all involved. For those unsure whether an ABC or other alternative is appropriate, Johnson offers advice: 'Our mantra at Resolution is 'know your options.' We do a lot of upfront consultations without charge. Within a few days, we can assess your situation and present a list of viable next steps.' Resolution's educational approach is crucial as more businesses face tightening capital markets, lender fatigue, and unsustainable burn rates. The company is active on LinkedIn, where it regularly publishes content that demystifies the end-of-life corporate stage. Media Contact Name: David Johnson Email: [email protected] There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation.
