SECTOR: Consumer Products
CONFIRMED DATE: November 2017
ROLE: Financial Advisor to the Official Committee of Unsecured Creditors
Velocity Holding Company, Inc., based in Coppell, TX, is a vertically integrated distributor, manufacturer and designer, and retailer of aftermarket parts and apparel for the powersports industry. The company filed for bankruptcy with a restructuring support agreement to effectuate a debt-for-equity swap with its first lien lenders. Province's primary responsibilities included ensuring sufficient liquidity to effectuate creditor payments, examining the restructuring support agreement, analyzing the debtors' go-forward business plan and proposed capital structure, and maximizing unsecured creditor recoveries through the Chapter 11 process.