Mirus advises Stonebridge on Bankruptcy Reorganization
Management-led private investor group acquires Stonebridge Technologies.
Boston, MA, Oct 24, 2001 – The Mirus Special Situations Group announced today that the company has assisted its client, Stonebridge Technologies, Inc. in negotiating a sale of assets to Stonebridge Acquisition, Inc., a management-led private investor group supported by Canaan Partners. Stonebridge engaged Mirus to sell the Company after filing for bankruptcy in September.
“This was a positive outcome for the employees and the creditors,” said Patrick Gibbons, a director of Stonebridge Technologies. “As a professional services firm, it is critical to emerge from bankruptcy quickly because of the short-term nature of client engagements. We were pleased Mirus was able to successfully execute the sale process and complete this transaction within the short timeframe that we felt would be appropriate.”
The U.S. Bankruptcy Court approved the motion to sell the assets on Tuesday, October 23, 2001, and the buyer anticipates a closing before the end of the month.
“The two transactions that were approved yesterday represent the best outcome for the creditors,” said Jamie Grant, a Managing Director with Mirus. “In addition to getting a cash return from the proceeds, creditors will also receive 11 percent of the equity in the new operation.”
Stonebridge Technologies is a technology consulting company serving businesses in the South Central and Southeast United States. With over 170 employees in Texas, Oklahoma and Georgia, Stonebridge collaborates with clients to architect, develop and deploy enterprise integration solutions that leverage rapid advances in Web-enabled technologies and devices to transform and extend the life of existing business-critical systems. Built on the latest innovations of leading technology partners such as Sun Microsystems and Oracle, Stonebridge’s core skills in enterprise relationship management, business intelligence, and enterprise resource planning help clients increase revenues, gain operational efficiencies and create sustained competitive advantage. More information about Stonebridge is available at www.sbti.com.
About the Mirus Special Situations Group
Mirus provides investment banking solutions to corporate clients in distress, including divestitures, restructurings, and bankruptcy sales. Since 1987, Mirus has provided corporate finance advisory services to clients in technology, business services, manufacturing, consumer products, health care and the resort & hospitality industry. For additional information, visit www.merger.com.Back to Transactions