SteadyServ Eyes Quick Chapter 11 Rebound

Posted: Updated:
SteadyServ is headquartered in Fishers' IoT Lab. SteadyServ is headquartered in Fishers' IoT Lab.
FISHERS -

A Fishers-based data analytics company for the beverage industry says it looks to emerge from Chapter 11 bankruptcy "promptly" as it continues the transition from beer waste reporting to total beverage management solutions for retailers and suppliers. Co-founder and Chief Executive Officer Steve Hershberger says the company has a "good plan and best-in-class product," and believes SteadyServ will exit in a stronger position to move forward in what he calls a challenging retail food and beverage marketplace.

SteadyServ was founded in Carmel in 2012 and moved to Fishers in 2016. It is headquartered in the city's IoT Lab. Hershberger says migrating beyond draft to a total beverage management platform has required significant time, capital and energy, but believes that it is an "absolute requirement" for the company's success.

In a statement provided to Inside INdiana Business, Hershberger says Chapter 11 will allow SteadyServ to reorganize, restructure its debt and recapitalize. He says the company has negotiated and expects to obtain a debtor-in-possession line of credit to fund ongoing operations.

SteadyServ's big-name clients have included Its big-name clients include AT&T Stadium in Texas, Applebee's and Tilted Kilt. Hershberger says the company maintains a more than 96 percent customer retention rate, which he believes shows the platform's value to those that use it.

Hershberger discussed the platform during a 2016 interview on Inside INdiana Business With Gerry Dick.

 

  • Perspectives

    • What’s Your Biggest Waste of Money?

      Americans are in the age of reducing waste. There’s a big push to purchase sustainable products, reduce our usage of plastics, and recycle. But has this trend carried over to our personal finances?  Not really.  In a study by The Ascent, the financial expertise arm of The Motley Fool, more than 60 percent of respondents felt they have wasteful financial tendencies. Why is that?

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • The IU School of Informatics, Computing and Engineering will now be named for Fred Luddy for his $60M gift. (photo courtesy James Brosher/IU)

      $60M Gift to Fund AI Center

      An Indiana University alumnus who founded the information technology firm, ServiceNow, has given his alma mater $60 million to establish an artificial intelligence center. The university says the gift from cloud-computing pioneer Fred Luddy is the second largest in the history of the IU.

    • (Image of downtown Shelbyville courtesy of Mainstreet Shelbyville Inc.)

      Shelbyville Unveils Major Downtown Redevelopment

      The city of Shelbyville is announcing what it calls a major downtown redevelopment project to boost overall quality of life. The project plans feature green spaces, increased parking, market-rate housing, and infrastructure for public entertainment and community events. 

    • (photo courtesy Purdue University)

      Purdue Professor Pleads Guilty to $1.3M Fraud Case

      A Purdue University professor and his wife have pleaded guilty last week to using more than $1 million in federal research funds for their own personal expenses. Federal prosecutors say Qingyou Han of West Lafayette and his wife Lu Shao of Lakewood, Ohio pleaded guilty to a felony wire fraud charge in federal court in Hammond. 

    • POET ethanol co. announced in Aug 2019 it was closing the plant in Cloverdale. (photo courtesy: POET)

      Cloverdale Ethanol Plant Closes

      South Dakota-based POET LLC, the nation’s largest biofuels producer, is moving forward with a plan to shut down its biorefining plant in Cloverdale, leaving 50 Hoosiers without jobs effective Friday. The company tells Inside INdiana Business that it is not making any changes to the plans announced two months ago. 

    • The plant manufactured parts for the assembly of Ball Mason jars and other preserving containers. (photo courtesy WTHR-TV)

      Muncie Manufacturing Plant to Close

      A historic part of Muncie will soon be closing its doors. Our partners at WTHR-TV report New Jersey-based Newell Brands Inc. (NYSE: NWL) has decided to close its manufacturing facility in the Delaware County city, which produces parts for the assembly of Ball Mason jars.