Removed $120 million of contingent liabilities from the balance sheet and ensured company profitability.
A venture capital-backed streaming service needed to stabilize its increasingly dire financial situation stemmed from staggering losses. With a $20 million mezzanine loan looming, the company lacked the means to cover the balloon payment and remain solvent and operational. Running out of cash and time, the company turned to Focus Search Partners (FSP) for immediate help and engaged one of FSP’s interim CFOs, an experienced media and entertainment industry veteran.
Removed $120 million of contingent liabilities from the balance sheet
Forecasted $10 million EBITDA for 2021
Saved 200+ jobs