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San Francisco, July 8, 2003
Successful Termination of Canadian "Equipment Lease and Senior Secured Obligations"

Steven R. Gerbsman, Principal of Gerbsman Partners/Technology Recovery Group and Robert Tillman, a member of Gerbsman Partners Board of Intellectual Capital, announced today that Gerbsman Partners successfully restructured two equipment lease obligations and terminated a senior secured loan of a Canadian subsidiary for a leading networking equipment company.

The venture capital backed company executed equipment lease agreements and senior lending obligations. Due to market conditions, a refocus of the business model and faced with a potential contingent liability of $ 7 million, the company retained Gerbsman Partners to assist them in the restructuring/termination of these balance sheet obligations. Due to the senior secured nature of both Canadian obligations, the Canadian negotiations were particularly difficult and required detailed application of Canadian bankruptcy law. During this assignment Gerbsman Partners interacted extensively with the Client’s Canadian bankruptcy counsel. The successful restructuring/termination of these debt obligations facilitated the closing of a $10 million bridge financing for the Client.

Gerbsman Partners provided:

  • Crisis Management/Restructuring expertise in developing the strategy and action plan for the restructuring/termination of the balance sheet issues;
  • Proven negotiating capability/leadership with the lessor and senior lender;
  • The ability to "Manage the Process" among Board members, Lawyers, senior lenders, equipment lessors, management & advisors;
  • The proven ability to " Drive " toward successful closure for all parties at interest.

Gerbsman Partners/Technology Recovery Group focuses on maximizing stakeholder and shareholder value for under-performing, under-capitalized and under-valued companies and their Intellectual Property.

In the past 18 months, Gerbsman Partners has restructured/terminated over $ 400 million of real estate executory contracts and equipment lease/sub-debt obligations.

Gerbsman Partners/Technology Recovery Group has offices and strategic alliances in North America, Europe and Israel.

Gerbsman Partners
211 Laurel Grove Avenue, Kentfield, CA 94904
Phone: +1.415.456.0628, Fax: +1.415.459.2278
Email: info@GerbsmanPartners.com
Web: www.gerbsmanpartners.com
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