The company was in Chapter 11, but had no CEO due to the company’s bank group enforcing their rights to remove the owner/ CEO. The bank group was funding the company pursuant to a 3 month, $12 million budget, designed for the purpose of quickly selling the company. The company had negative EBITDA and had over $100 million of debt despite sales of about $60 million. The sale process was floundering.
Sues and Angart were hired about one month after the Chapter 11 as CEO and CFO, respectively.