Unicord retained Greif & Co. with the lenders’ approval to conduct an organized sale process. Recognizing the need to maintain a strong rapport with the creditors who were agitating for a sale and stave off a premature bankruptcy filing that might further harm the business, Greif & Co. first built credibility and trust with the creditors, then set about identifying the strategic parties most likely to pay the highest price for Bumble Bee.  As time was of the essence―with the Company’s financial condition deteriorating with each passing day―Greif & Co. conducted an auction on an accelerated timetable, soliciting bids from a variety of strategic parties, both competitive and complementary. Simultaneously, Greif & Co. laid the groundwork for a negotiated compromise between the senior and subordinated debt holders and Unicord, using the leverage of Unicord’s cooperation in the process to gain a speedy resolution with something for all stakeholders.

Greif & Co. closed the sale of the Company for $205 million in cash (a two-thirds premium to the offer the Company received prior to retaining Greif & Co.) to International Home Foods, a platform company of multi-billion-dollar buyout fund Hicks, Muse, Tate & Furst. To optimize the capital structure, the sale was accomplished through a consensual, pre-packaged bankruptcy filing with the senior debt holder agreeing in advance of the filing to get 90 cents on the dollar, the subordinated note holder receiving 50 cents and Unicord obtaining $33 million plus a multi-year tuna supply contract with the buyer. International Home Foods, owner of such dry grocery stalwarts as Dennison Chili and Pam Cooking Spray, went public on the strength of adding Bumble Bee Tuna to its stable.