PhotoMedex, Inc. (NasdaqGS:PHMD) is a global skin health company providing integrated disease management and aesthetic solutions to dermatologists, professional aestheticians and consumers.
In June 2014, as a result of declining EBITDA, PhotoMedex violated covenants under its US$85 million senior secured credit facility. In August 2014, PhotoMedex entered into a forbearance agreement and hired CGI to evaluate strategic alternatives. CGI contacted strategic and financial parties to solicit interest in refi-nancing PhotoMedex’s outstanding indebtedness and/or acquiring one or more of PhotoMedex’s business segments. The process yielded multiple actionable proposals culminating in the sale of two business units.
The transactions enabled PhotoMedex to preserve substantially all jobs, preserve equity value for share-holders, repay in full its senior secured lenders within one year of the initial default and refocus on its core consumer business.
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