On Nov. 25, 2020, the Bankruptcy Court in the Southern District of New York confirmed Dean and Deluca’s Chapter 11 plan. The chain of upscale grocery stores filed a voluntary petition for relief on March 31, 2020. The Chapter 11 Plan became effective on January 28, 2021.
Joseph Baum, CFGI’s Partner in charge of Restructuring, was Co-CRO and Brown Rudnick LLP acted as reorganization counsel and successfully led the company through bankruptcy.
Reorganized Dean and Deluca emerged with a stronger balance sheet, eliminating over $300 million in debt. The company is working to restart operations in the United States and around the world.
CFGI, a portfolio company of The Carlyle Group, is a highly specialized financial consulting firm that supports the office of the CFO with all its accounting, finance, risk management and digital transformation needs. As an extension of your corporate finance team, CFGI can serve in a variety of capacities – from technical accounting or finance transformation advisor to IPO and M&A support to Controller or CFO.
About CFGI’s restructuring services
CFGI’s team of restructuring services experts explores every possible avenue to reduce debt, appease creditors, preserve the value of the organization and rebuild investor confidence. CFGI has consulted on bankruptcy proceedings covering various industries and conditions and is a subject matter expert in the areas of fraud and forensic accounting investigations, with comprehensive knowledge of securities class action, mortgage and other fraud litigations.
Learn more about CFGI’s restructuring services.
Joseph C. Baum, Partner
Shane Caiazzo, Co-CEO & Founder
Howard Konicov, Managing Director