Select Staffing looks to employ financial adviser, investment banker

By Kali Hays

New York, April 9 - Select Staffing requested approval to employ Oberon Securities, LLC as its financial adviser and investment banker, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company asked that the hiring be retroactive to April 1.

The company has used Oberon's services since 2009 and the company said the firm has "developed invaluable expertise and an unparalleled level of familiarity with the debtors' businesses, financial condition, and industry" and are "therefore necessary to ensure the expeditious consummation of the plan and the restructuring embodied therein," according to the filing.

Oberon will continue to examine company strategy regarding liquidity restraints, assist in negotiations with potential lenders and creditors and general negotiations related to the restructuring.

The firm will be paid a monthly fee of $25,000, a fee of $2.25 million plus 1.5% of the value for the successful closing of any transaction, and upon consummation of equity financing the firm will be paid 1.5% of the value along with a warrant to purchase 2% of common stock.

Select Staffing, a Santa Barbara, Calif.-based temporary staffing services provider, filed for bankruptcy April 1. The Chapter 11 case number is 14-10717.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.