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In this case study we will look at how Global Finance Teams was able to provide value to a once prosperous company. GFT was able to help the company regain control of their accounting and finance department that had been deserted by its employees. In the end the company succeeded in finding a buyer for its assets, jobs were saved in the process, and GFT continues to support the new company that emerged from the bankruptcy.
One of The Largest Private Roofing Solar Company
PetersenDean was one of the largest, full-service, privately held roofing and solar company in the United States. Specializing in new residential and commercial construction, PetersenDean worked with some of the nation's largest builders and developers. PetersenDean operated in 19 states across the United States and employed over 1,500 people. The company installed solar systems on over 100,000 homes. The company was headquartered in Fremont, California.
On June 11, 2020, The client filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. The company could not pay the debt that it had accumulated of which at least $100M owed to trade vendors and $35M owed to a secured lender. The company stated that the COVID-19 pandemic had created "unprecedented challenges", but unfortunately the company was severely struggling with its liquidity even prior to the start of the pandemic. The company had failed to build strong internal controls in their financial system leaving the company vulnerable to timecard abuse, credit and debit card abuse which led to "significant financial losses".
What We Did
Cleanup mis-postings in the accounting
Corrections on ASC 606 Revenue Recognition
Restate FY 19 and FY 20 monthly financial statements
13-week cash flow and cash management support
Reporting to the bankruptcy courts
Provide financial statements and due diligence requests for the acquisition
The client was able to find a buyer, and on Feb 28, 2021 the company completed a 363 asset sale. SPI Energy Co., Ltd. (NASDAQ: SPI) purchased the remaining assets of the company and rebuilt the company from scratch as Solarjuice American Inc.
GFT continues to support the newly created Solarjuice American Inc. So far, we have helped the client account for all the costs and port over all the existing contracts and assets of the 363 sale.