Case Study: Buy Auto Parts – Note Purchase Term Loan – $5MM

Situation:

Buy Auto Parts required a balance sheet restructuring.  The company’s senior lender was not willing to participate in the restructured Company and threatened liquidation.

Tiger’s Role

Having previously provided turnkey sale of Fenco (Fenwick Automotive Products, Introcan, Inc. and related entities) to a competitor’s go-forward business, and financing arrangements with the likes of Strauss Discount Auto and Papa Auto Parts. Tiger purchased the senior secured lenders’ note and worked with the sponsor, management, subordinate debt, and vendors to restructure the balance sheet.

Resolution

The restructuring is complete and the company has the liquidity to effectuate a turnaround.