Bay Country Communications
This Maryland-based cable television provider serving Dorchester County.
The company was forced into bankruptcy due to a technical default with the lender on a separate investment property. Stock in the company had been used as collateral on the loan and as a result of the default, Bay Country filed bankruptcy as a means to hold off the creditor from foreclosing on the company.
Equity Partners was retained to quickly market the company for a sale or to facilitate a restructuring of existing debt. Shortly after going to market, we generated interest in the opportunity from over 40 groups, including larger national and regional cable providers.
Through discussions with interested groups, Equity Partners validated that the proceeds from a sale would likely never go beyond the debt of the company and therefore not flow through to the outside lender. With this information in hand, the owner negotiated a settlement with the lender for a fraction of the original debt and Bay Country was able to exit bankruptcy and resume business as usual.