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DMG Case Study — Antrim Design Systems
||A company specializing in designing software tools.
||The company had consumed nearly $40 million in venture funding with only one month's cash remaining. The company was unable to secure additional capital, but was equipped for a merger given the opportunity.
Diablo Management Group (DMG) was retained 2002 as an advisor to Antrim Design Systems, but was given fiduciary responsibility in October of that year. Richard Couch served as CEO to this integrated circuit design software tools company, while other consultants worked as board director, on-site manager, litigation management and support, European operations closure and creditor coordinator, Japanese and Asian subsidiary closure and creditor coordinator, logistics support and records management.
- Found better M&A offer than was previously available to client and executed all business requirements
- Negotiated forbearance agreement with the company's senior secured creditors
- Raised bridge financing
- Negotiated a subordination agreement between the secured creditors and bridge lender
Restructured the balance sheet and negotiated and finalized settlements with creditors
- Completed transaction with buyer allowing 75% of original employees to move to the buyer's company
- Finalized complex international multi-party financial factoring transactions at the conclusion of the sale
- Executed all fiduciary related operational items including the closure of all employee benefit plans, complex tax matters and ongoing constituency communications and management with customers, creditors, ex-employees and shareholders
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