Summit Global Logistics, Inc.

Summit Global Logistics, Inc. ("Summit") was a $300 million international third-party logistics ("3PL") provider specializing in international forwarding and customs brokerage services for North America, Asia Pacific and Europe, and contract logistics and trucking in the United States. A public roll-up financed through a complicated capital structure of senior debt, junior secured convertible notes (the "CNs") and PIPE securities, Summit faced severe liquidity and capital structure problems within a year of formation as a result of a "perfect storm" on its business and operations.

From the outset, the goal was to come to a consensual transaction with the CNs, which would require successfully organizing an upset group of hedge funds who had only months earlier provided $15 million of funding and less than a year earlier had provided $70 million in funding, only to have the Company default within months of inception. As a result of liquidity constraints and stalled negotiations with its junior creditors, we developed a plan for the Company to file bankruptcy with a stalking horse bid funded by management and the senior lenders to put a stake in the ground to provide comfort to customers and vendors and to encourage the CNs to join the deal, which otherwise would have left them with zero recovery.

Gordian was able to successfully navigate through these difficult deal dynamics, as well as provide the Court with the necessary comfort to approve a deal in which management directors had significant participation. The ultimate transaction, which resulted in Summit being sold consensually to a consortium of management, the senior lenders and the CNs, allowed the Company to emerge with a far less onerous capital structure. Furthermore, a term sheet with respect to a follow-on merger was also put in place with a direct competitor that had done significant due diligence with Gordian, an outcome that was welcomed by management, the CNs and the senior lenders alike.