GFT was hired to help provide a clear insight into the company's financial position, its liquidity and assist in bankruptcy proceedings. The company succeeded in finding a buyer and jobs were saved in the process.
Founded in 1984, 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, PetersenDean 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 it's 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 time card abuse, credit and debit card abuse which led to "significant financial losses".
Because of the company's distress, the accounting department turnover was very fast. GFT was hired to help provide a clear insight into the company's financial position. GFT cleaned up duplicated entries in the material expenses, reopened prior years to correct revenue recognitions and the monthly accrual entries. GFT provided financial statements for court filings, presented to the stalking horse and the DIP (Debtor in possession) lender.GFT provided 13-week cash flows and allowed the company to manage its liquidity ensuring that payroll would be met throughout the ordeal.
PetersenDean was able to find a buyer, and on Feb 28, 2021 the company completed a 363 asset sale. SPI Energy Co., Ltd. (“SPI”) purchased the remaining assets of the company and rebuilt the company from scratch as Solarjuice American Inc.
With this long history GFT remains the partner of choice of SPI/Solarjuice, helping the company through acquisition accounting and an ERP implementation.