March 23, 2017 11:31 PM ET

Food Products

Company Overview of Monogram Appetizers, LLC

Company Overview

Monogram Appetizers, LLC produces frozen appetizers. As a result of acquisition of Golden County Foods, Inc. by Monogram Food Solutions, LLC, Golden County Foods, Inc.'s name was changed. The company was founded in 1991 and is based in Plover, Wisconsin. As of July 15, 2015, Monogram Appetizers, LLC operates as a subsidiary of Monogram Food Solutions, LLC.

300 Moore Road

Plover, WI 54467

United States

Founded in 1991

Phone:

715-341-3191

Fax:

715-341-0669

Key Executives for Monogram Appetizers, LLC

President and Chief Operating Officer
Age: 63
Compensation as of Fiscal Year 2016.

Monogram Appetizers, LLC Key Developments

Motion for Asset Sale Approved for Golden County Foods, Inc.

The US Bankruptcy Court gave an order approving the sale of substantially all the assets of Golden County Foods, Inc. on July 2, 2015. The debtor has been authorized to sell substantially all its assets to Monogram Appetizers, LLC the winning bidder at the auction, for a purchase price of $37.2 million in cash plus certain assumed liabilities. Pursuant to asset purchase agreement dated July 2, 2015, the sale shall close on July 14, 2015, provided however that buyer may elect to postpone the closing to July 16, 2015, and buyer and seller may mutually agree upon an alternative date for closing. Patrick Neligan of Neligan Foley LLP acted as legal advisor for debtor and Jackie G. Prester of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC acted as legal advisor for winning bidder Monogram Appetizers, LLC.

Final DIP Financing Approved for Golden County Foods, Inc.

The US Bankruptcy Court gave an order to Golden County Foods, Inc. to obtain DIP financing on final basis on June 22, 2015. As per the order, the debtor has been authorized to obtain a revolving credit facility and roll-up of the pre-petition first out term loan in the amount of $12.75 million from lenders parties with PNC Bank acting as the administrative agent for itself and others. The DIP loan would carry an interest rate of base rate plus 3.25%, along with an additional 2% p.a. interest in the event of default. Interest on the post-petition First Out Term Loan will accrue at the same rate applicable to the pre-petition First Out Term Loan. As per the terms of the DIP agreement, the loan carries a commitment fee of $75,000 and facility fee of 0.375% p.a. on the amount by which maximum DIP revolving advance amount exceeds average daily unpaid balance. Debtor will pay agent a collateral monitoring fee of $2,000 per month commencing on the first day of the month following the Closing Date. Debtor will also pay collateral evaluation fee of $850 plus a per examination manager review fee of $1,300. The DIP facility would mature earliest of 60 days after the petition date, effective date of the plan, closing date of sale of substantially all the assets. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $1 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. Michelle W. Suarez of Holland & Knight LLP acted as legal counsel for PNC Bank.

Bidding Procedure Approved for Golden County Foods, Inc.

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Golden County Foods, Inc. on June 17, 2015. The Court approved the asset purchase agreement between the debtor and Monogram Appetizers, LLC, the stalking horse bidder, for the sale of substantially all its assets for a purchase price of $22 million in cash plus assumption of liabilities pursuant to the asset purchase agreement. The debtor’s assets include deposits, equipment, purchased intellectual property, contracts, inventory and goodwill. To qualify as a qualified bidder, interested parties should submit their bids by June 29, 2015. The initial minimum overbid should be at least $0.8 million more than the initial purchase price. The debtor has scheduled an auction on July 1, 2015. At the auction, the subsequent bids would be in increments of $0.1 million. Each qualified bidder must make a deposit of $0.5 million. The stalking horse bidder would be entitled to a break-up fee of $0.5 million and expense reimbursement of $0.15 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for July 2, 2015.

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