Although ALSC had a history of strong revenue growth and positive EBITDA, the recent global economic downturn had a significant impact on the Company's financial performance. With the sluggish economy, customers were less inclined to spend on the discretionary services and products that ALSC offers. In addition, the Company had several missteps with marketing and service pricing. As a result, the Company's financial performance was negatively impacted, its market share decreased and liquidity was strained causing a default under its secured loan facility. In order to sell its assets, the Company filed for Chapter 11 protection under the U. S. Bankruptcy Code in the District of Delaware on December 8, 2011. Versa, which acquired the senior debt of ALSC in mid-2011, agreed to provide the DIP financing and serve as the stalking horse bidder for substantially all of ALSC's assets.