The $100,000,000 pharmaceutical manufacturer of Stacker 2 was impacted by lawsuits relating to product liability issues, forcing a Chapter XI filing. Stacker 2’s bankruptcy attorney engaged Sound Shore Financial to oversee operations during bankruptcy. SSF implemented various controls and reporting adjustments which proved successful in erecting the financial position of the business.
SSF Managing Director, Joseph Iannuccilli worked as a liaison with the creditor’s committee to maintain good relations and standing during the Chapter XI period. During this time, Sound Shore recruited and appointed a highly qualified CFO through their network to assist in the process of reestablishing Stacker 2. The company increased sales and profits, became cash flow positive and emerged from bankruptcy.
By stabilizing the company, under the overseeing of SSF, the sales and marketing staff were given the necessary time and opportunity to grow the business through large, nationally known retailers and convenience stores. Through the exponential sales growth of Stacker 2, the company became highly profitable and was enabled to emerge from bankruptcy.
Today, the CFO is still in place, continuing the flourish in the management of the company. Stacker 2 is enjoying ongoing success and profits as a result.
Erling Jensen, CFO said:
“Joe did a fine job and was instrumental in our implementation of our strategic plan to restructure the business.”