Value added reseller that provides product procurement and IT infrastructure design. Farlega negotiated forbearance from most creditors for 10 months (approximately $2.5 million), settled $1.5 million in debts at an average settlement of 19%, and received $1.1 million reduction in real estate obligations.
Developed and sells enterprise CRM integration software. Farlega obtained agreement with secured creditor that reduces a $7.5 million obligation to $1.2 million (16% of obligations), with client keeping $2.2 million of hardware.
Software and services provider for data storage via the Internet Farlega renegotiated debt with secured creditor, negotiated use of an L/C as rent payment with the landlord and received forbearance from leaseholders and unsecured creditors.
Developed and sells enterprise marketing software designed to increase the effectiveness of marketing plans. Farlega negotiated settlement with landlord that reduced rent obligations by $12 million over 5 years.
Provider of high speed Internet access and other broadband services. Farlega helped negotiate a $10 million reduction with secured creditor.
Provider of technology-based managed infrastructure solutions and hosting services. Assignment involved restructuring real estate and equipment leases with resulting extensions and partial forgiveness of obligations. Examples of involved parties included GATX, Dell, Cisco, Oracle, Lucent, Steelcase and Herman Miller.
Developed enterprise scheduling software to sell. Farlega negotiated a 50% reduction in payables, even though company was able to fully fund payables at 100%.
Internet Service provider and developer of software for coordination of software development team. Funding ended and Farlega was asked to close the company through an Assignment for the Benefit of Creditors
Hardware and software provider for interactive television industry. The assets were greater than the liabilities, but the business model did not work. The Board voted to return money to the investors and Farlega closed the company through a managed liquidation.