Executive Summary
With no bridge round available and cash burn accelerating, the company moved into an ABC rather than a bankruptcy filing. CMBG ran the wind-down, marketed the assets, and completed a sale of the core technology and customer relationships in under six weeks.
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Situation
The company was a VC-backed SaaS platform that had raised substantial capital but could no longer fund continued burn. When bridge financing failed to materialize, the company had to move quickly to preserve the value embedded in its technology and customer contracts.
The remaining value was time-sensitive. Delay would have risked customer attrition, team dislocation, and lower buyer confidence around the core platform.
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Key Facts
The ABC created a structured path to sell the assets quickly without the cost profile of a bankruptcy case.
Capital Raised
$25 million
Financing Status
No bridge financing available
Process
ABC wind-down
Sale Timing
Under 6 weeks
Creditor Outcome
Partial repayment to unsecured creditors
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ABC Appointment and Marketing
CMBG was appointed assignee and immediately began the wind-down and sale process. The work centered on converting a shrinking operating platform into a coherent asset package for buyers.
- Stabilized the wind-down process and preserved the saleable technology stack.
- Marketed the core technology and transferable customer relationships.
- Moved quickly to prevent further erosion of asset value.
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Transaction Outcome
A strategic buyer acquired the core technology and customer contracts in under six weeks. That speed was critical to preserving value and reducing the administrative burden on the estate.
The proceeds supported a partial repayment to unsecured creditors and produced a more efficient result than a delayed bankruptcy filing was likely to have delivered.
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Key Takeaways
- In venture-backed shutdowns, time-to-sale can matter more than theoretical optionality.
- An ABC can be an efficient way to monetize software, contracts, and related intangible value.
- When no new money is available, process speed becomes one of the most important forms of value preservation.