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Crystal Financial Provides DIP Facility to iGPS Company

June 05, 2013, 07:52 AM
Filed Under: Bankruptcy

iGPS Company LLC, operator and owner of the largest global pallet rental pool of lightweight, 100% recyclable plastic platforms with embedded RFID tags, today announced that it has reached an agreement for the sale of substantially all of its assets to iGPS Logistics, a joint venture formed by Balmoral Funds, One Equity partners, certain of their affiliates, and Jeff and Robert Liebesman.

To facilitate the sale, iGPS has filed a voluntary petition with the U.S. Bankruptcy Court for the District of Delaware for approval pursuant to Section 363 of the U.S. Bankruptcy Code. The sale is subject to higher and better bids and Court approval. Crystal Financial LLC has provided a Debtor-in-Possession facility to support the company through the sale process and intends to facilitate the emergence with exit financing.

iGPS will continue operating its business without interruption during the sale period, and its focus on high level of customer care will not be affected. The company, which is now stronger and better capitalized, will continue to honor and service its existing clients and new client programs and is committed to building a high-quality, sustainable pallet rental pool to service its future needs. iGPS Logistics and its principals have relationships and resources to expand iGPS’ product offering and customer base to service its customers’ growing needs for returnable packaging products.

Dick DiStasio, CEO of iGPS, stated, “After careful analysis, we determined that this sale of the company to iGPS Logistics is the most advantageous option for iGPS’ customers, employees, suppliers and other stakeholders. We are very excited that iGPS Logistics has made such a significant financial commitment, and has coupled a strong ownership group and management team with a proven depth of strategic and operational experience in the global returnable packaging and pallet pooling business. We are excited to take iGPS into the next chapter of its story. With iGPS Logistics’ financial backing and operational expertise, we look forward to continuing to provide a high-level of service to our customers.”

iGPS provides the world’s leading companies with the most advanced and cost-efficient pallet available today. The company’s lightweight, 100% recyclable plastic pallets and integrated technologies yield immediate and noticeable savings in transport and production costs and raise the standards of operating efficiency, product safety and customer satisfaction.

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