KCP Advisory Group Secures New Capital for Suncoast Furniture

Furniture Manufacturer Reduces Debt and Successfully Emerges from Bankruptcy

BOSTON, MA – December 7, 2011 – KCP Advisory Group, a provider of financial advisory, corporate restructuring and business advisory services, is pleased to announce the successful debt refinancing for Suncoast Aluminum Furniture Inc., a privately owned and operated manufacturer of high quality outdoor furniture. This refinancing of secured debt provided the necessary working capital support for the company to continue to serve its customers and for its successful emergence from Chapter 11 bankruptcy.

On December 3, 2010, Suncoast filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida in order to consummate a balance sheet restructuring while providing significant recoveries to its suppliers and vendors. On October 20, 2011, the Company received confirmation of its Plan of Reorganization from the U.S. Bankruptcy Court for the Middle District of Florida.

“We are pleased to have emerged from Bankruptcy in less than twelve months after filing,” said Rajiv Varshney, President of Suncoast. “The great support of our strong workforce, customers and vendor community was a critical aspect to finalizing a plan which allows Suncoast to provide the best outcome possible to all parties and maintain our solid reputation for quality going forward.”

Suncoast was advised through its bankruptcy by Stichter Riedel Blain & Prosser P.A. as its lead counsel and KCP Advisory Group as financial advisor. As a major component of the company’s restructuring, KCP assisted Suncoast in the refinancing of its secured debt, providing the Company with a significantly improved balance sheet and working capital to operate.

“Mr. Varshney and his management team were committed to saving their company, not only to survive and keep jobs, but also to emerge stronger and well-positioned for future success. They have done a great job,” comments Jacen Dinoff of KCP Advisory Group.

About Suncoast Aluminum Furniture, Inc.

Suncoast Aluminum Furniture, Inc. is a leading manufacturer of quality, affordable outdoor furniture for the furniture retailing, lodging, housing and hospitality industries. Suncoast is known for manufacturing, distributing and marketing excellence by maintaining a vital commitment to customer satisfaction. Additional information about Suncoast is available on the company’s website at www.suncoastfurniture.com.

About KCP Advisory Group

Formed by some of the most respected and innovative leaders in lending, investing, turnaround consulting and business advisory services, KCP Advisory Group (KCP) provides financial advisory, corporate restructuring and business performance improvement services to lender, investor, legal and corporate stakeholders. With decades of proven experience in all aspects of corporate transactions and reorganizations, the professionals at KCP provide unique insight and complete business solutions for companies in transition or reorganization, or seeking to improve operational efficiency and profitability. Through quick and careful analysis of a situation, the professionals at KCP Advisory Group will identify solutions and execute a plan of action with a sense of urgency and dedication to achieving optimal results. 

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