DayMen

Daymen_logo

Summary

Chief Restructuring Officer

Petaluma, CA

DayMen designed, manufactured and distributed high-quality photography and electronic bags, packs, cases, tripods, and other accessories. Its most notable brands included Lowepro, Joby and Acme Made.

Carl Marks Advisors (CMA) supported the Company over 12+ months with a consensual restructuring and operational improvements to enhance liquidity and profitability. Key contributions included developing a long-range plan to optimize operating leverage, advising on inventory management to reduce inventory by over $12 million in 10 months, and facilitating a consensual restructuring with Senior Lenders. Additionally, CMA collaborated with management and legal teams to structure a deal that avoided unfavorable tax penalties in foreign jurisdictions related to debt cancellation.

Key Challenges
Leveraged Capital Structure
Out-of-Court Restructuring
Low Liquidity
Retrenched/Enthusiast Market
Complex/International Structuring
Inventory Management

Engagement Highlights

  • Worked with management in the development of a long-range plan which delivered the operating leverage of the business to improve profitability.
  • Advised on inventory management issues including purchasing levels and A,B,C SKU development – both of which helped the Company reduce inventory by $12+ million over a 10-month period.
  • Advised in the ultimate consensual restructuring with the Senior Lenders.
  • Worked with management and legal professionals in the structuring a deal to prevent unfavorable tax penalties in foreign jurisdictions as a result of cancelling outstanding Senior and Junior debt obligations.

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