Tokheim Management Solutions

Client

Tokheim Management Solutions, Inc. is a multinational manufacturer of delivery systems for the retail petroleum market, with more than $500 million in annual revenues and approximately 4,000 employees.

Challenge

The Company quickly needed to evaluate financial restructuring options and execute a financial restructuring due to a severe liquidity crisis caused by poor operating results and substantial debt.

Solution

Acting as the interim Chief Financial Officer and Chief Restructuring Officer, Bridge assessed the overall business situation and evaluated various restructuring scenarios. Based on the results of these scenarios, it was determined a sale through Chapter 11 of substantially all operating assets would yield the greatest return to creditors. Bridge prepared the Company for filing and provided leadership through the bankruptcy process.

Results

The Bridge Team assisted the Company in obtaining debtor-in-possession financing for $25 million to ensure adequate time to enable a sale of the Company's assets. Operating entities in North America were sold for $60 million and operating assets in Europe were sold for $210 million, satisfying 100percent of secured debt.