Suncoast announces successful emergence from bankruptcy
Furniture manufacturer reduces debt and secures new capital
Casual Living Staff -- Casual Living, 11/21/2011 4:46:32 PM
Suncoast Aluminum Furniture Inc., a privately owned and operated manufacturer of outdoor furniture, today announced that it has successfully emerged from bankruptcy, reducing its debt and securing the working capital support to continue to serve its customers.
On Dec. 3, 2010, Suncoast filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida in order to consummate a balance sheet restructuring while providing significant recoveries to its suppliers and vendors. On Oct. 20, 2011, the company received confirmation of its Plan of Reorganization from the U.S. Bankruptcy Court for the Middle District of Florida.
"We are pleased to have emerged from bankruptcy in less than 12 months after filing," said Rajiv Varshney, president of Suncoast. "The great support of our strong workforce, customers and vendor community was a critical aspect to finalizing a plan which allows Suncoast to provide the best outcome possible to all parties and maintain our solid reputation for quality going forward."
In connection with its restructuring, the company's secured debt was refinanced, providing the company with a significantly improved balance sheet and working capital to operate. Suncoast was advised through its bankruptcy by Stichter Riedel Blain & Prosser P.A. as its lead counsel and KCP Advisory Group LLC as financial advisor.
"Mr. Varshney and his management team were committed to saving their company, not only to survive and keep jobs, but also to emerge stronger and well-positioned. They have done a great job," said Jacen Dinoff of KCP Advisory Group.
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