SSG Wins Technology, Media, Telecom Deal of the Year
SSG Capital Advisors received the Technology, Media, Telecom Deal of the Year Award-$100 Million to $1 Billion, for its role in the restructuring of FriendFinder Networks. The awards were presented at the 13th Annual M&A Advisor Awards in New York City. The awards honor the leading deal teams, firms and professionals whose activities set the standard for M&A transactions.
SSG acted as the investment banker and financial advisor to FFN in the restructuring of its $234.3 million senior secured notes and $329.6 million second lien notes pursuant to a Chapter 11 Plan of Reorganization in the U.S. Bankruptcy Court for the District of Delaware.
As a result of a highly levered capital structure coupled with declining financial performance and pending debt maturities, the company filed for protection under Chapter 11 of the U.S. Bankruptcy Code in September, 2013 in order to effectuate a restructuring transaction that would delever the business and provide for greater financial stability. The company retained SSG to provide various services to support the proposed Plan, including a liquidation valuation, enterprise valuation, equity valuation and feasibility analysis. The Plan was confirmed and closed in December 2013.
“I am pleased that SSG Capital Advisors received the Technology, Media, Telecom Deal of the Year Award for our role in the FriendFinder Networks transaction,” said J. Scott Victor, managing director, of SSG Capital Advisors. “To be recognized by our peers is a testament to the efforts of all of SSG’s professionals, who approach each transaction with creativity and tenacity to maximize value for our client and key stakeholders.
California-headquartered FFN is an internet and technology company providing services in the social networking and web-based video sharing markets.