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 Chanin Capital Partners served as financial advisor to Trend Technologies, Incorporated ("Trend"), a global provider of plastic injection molding, metal stamping, soft tool metal fabrication, and integrated products primarily for the computer, networking, and telecommunications industries.
As a result of the loss of Trend's largest customer, Dell Incorporated (formerly Dell Computer Corporation), and an over leveraged balance sheet, Trend faced dire liquidity issues.
On November 7, 2002, Trend and its subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware, with a stalking horse bid from the former CEO, Mr. Earl Payton .
Chanin was retained by Trend in November 2002 to lead a sales process culminating in a Section 363 auction sale. Chanin contacted approximately 200 potential buyers to create a robust auction process.
- A consortium led by former CEO Earl Payton eventually won the bidding process with a cash bid of $61 million.
- On January 15, 2003, Trend Technologies, LLC, a California company established exclusively for this purpose by Mr. Payton, closed on the purchase of substantially all of the domestic and international assets of Trend Technologies Incorporated and its subsidiaries.
- Mr. Payton now serves as the Chairman and CEO.
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