Prime Time manufactures and distributes tobacco and other consumer products through convenience store distribution channels.
After losing an extensive litigation dispute with the USDA, resulting in a large judgment against it, and after exhausting all other pre-bankruptcy funding options, Prime Time filed for bankruptcy protection in the United States Bankruptcy Court, District of Arizona.
KRyS Global USA served as financial advisor to Prime Time and facilitated a process that would enable a debt restructuring or outright sale of the its assets.
This process involved assisting in the preparations for bankruptcy, supporting the controller and CFO in financial matters, including negotiating with the secured lender, strategising with members of the board and management, and co-operating with the US Trustee.
After eight months operating under bankruptcy, KRyS Global successfully marketed and oversaw the sale of the company’s assets by auction.
The auction of Prime Time’s assets resulted in multiple interested bidders, ensuring broad exposure to the market and achievement of the highest price possible.
The ultimate sale to a financial buyer based in New York with resources to invest, will enable future growth of the company.