June 4, 2010 – Focus Management Group, a nationwide business restructuring firm, has been appointed as financial advisor to Gems TV (USA) Limited (“Gems TV USA”) under an order entered by the United States Bankruptcy Court for the District of Delaware. The company voluntarily filed for Chapter 11 bankruptcy protection on April 5, 2010.
Gems TV USA was a leading television home shopping retailer of gemstone jewelry products, offering interactive reverse auction programs which were broadcast to more than 40 million subscribers in the United States. The company launched its US operations in November 2006 and its shopping channel was available through Direct TV, Dish Network and several cable providers. Gems TV USA filed for bankruptcy protection after its ultimate parent company, Singapore Exchange Main Board – listed Gems TV Holdings Limited, announced on March 8, 2010 that it was ceasing operations of Gems TV USA.
Focus Management Group is providing Gems TV USA with advisory services and consultation related to winding down the company’s operations as well as administering and executing the sale of remaining assets under Section 363 of the United States Bankruptcy Code.
Robert Riiska, Managing Director and head of Focus Management Group’s West Coast practice, is leading the Focus team overseeing the project. He has more than 20 years of turnaround and crisis-management experience, and has performed numerous consulting assignments serving in interim senior financial management capacities and in diverse court appointed roles. Riiska’s consulting assignments have included the preparation of budgets used to obtain DIP financing, due diligence reviews, cash management for companies operating in Chapter 11, business plan assessments and viability analyses.
Riiska is based out of Focus Management Group’s Los Angeles office and can be reached at (310) 255-8871 or via e-mail at r.riiska@focusmg.com.
About Focus Management Group
Focus Management Group provides nationwide professional services in turnaround management, insolvency proceedings, business restructuring and operational improvement with a senior-level team of 130 professionals. Headquartered in Tampa, FL, with offices in Atlanta, Chicago, Cleveland, Columbus, Dallas, Los Angeles and Philadelphia, the firm provides a full portfolio of services to distressed companies and their stakeholders, including secured lenders and equity sponsors.
For additional information about Focus Management Group, visit www.focusmg.com or call 800-528-8985.