SECTOR: Consumer Discretionary - Retail
CONFIRMED DATE: November 2018
ROLE: Financial Advisor to the Official Committee of Unsecured Creditors
Advanced Sports Enterprises designs, manufactures, and sells bicycles and related goods and accessories. At filing, the company’s operations consisted of a global wholesale business as well as 104 retail stores across 20 U.S. states. Province, on behalf of the official committee of unsecured creditors, assisted with outreach to prospective sale parties that resulted in a successful auction of the wholesale business, driving additional value to that debtor estate. In addition, Province worked with the debtors’ financial advisor to develop a cash collateral budget that allowed for the payment of administrative claims across all estates and a waterfall of payments that, based on ongoing litigation efforts, may result in recoveries to general unsecured creditors of certain estates in the case.