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For a $30 Million Steel Service Center:
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Provided client with professional services and specific direction that enabled the client management to stabilize the company, including eliminating unprofitable short runs and scheduling bottlenecks. Further, we negotiated stand still with all unsecured trade vendors (creditors) and out-of-court consensual agreement over a multi-year period. Eighteen months later, our firm negotiated a successful sale with a competitor, including a consensual compromised settlement with certain creditor constituencies. |
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For a $40 Million Refrigeration Equipment Manufacturer:
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We represented the client in successfully confirming a Plan in Chapter 11 by planning and managing the sale of non-productive assets, downsizing the scope of operations, and reducing labor cost which included negotiations with the union leadership. We analyzed and subsequently reduced the product line from an unmanageable 3000 variations to a profitable and competitive 50 variations. This included negotiations with several unions and significant de-commissioning of various equipment lines. Finally, our firm managed the sale of various plant lines and paint lines associated with unprofitable products which the client ceased manufacturing. |
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For a $70 Million Contract Manufacturer of precision metal parts
(stamping, deep draw, roll forming, welding and assembly):
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Worked with client to restructure the business and successfully Confirm a Plan of Reorganization. In addition to providing operational input to the bankruptcy court on behalf of our client, our focus was on strengthening the manufacturing operations and sales/marketing organization. We thereby established an effective management process, including an outside board of directors, upgrading facilities and equipment maintenance practices and improving the effectiveness of purchasing, including production planning and scheduling. |
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For a five Bank Consortium owed over $100 Million:
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Provided on-site facilities management to secure repayment for existing credit facility. Managed borrower's business in connection with a lock-down, and consolidated inventory from seven locations to three. Further, our firm contacted major manufacturers (vendors) of product to negotiate sale of underlying bank collateral back to them. To further enhance the return to the various parties our firm collected national and international accounts receivable owed to the borrower. Performed partial forensic analyses to determine existence of additional entities potentially holding cash collateral. Effectively moth balled manufacturing facility, including management of potentially hazardous waste and refrigerants. Ensured proper maintenance was performed to preserve capital equipment for an extended period of time including decommissioning various paint and coating lines. |
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For a $32 million International Intellectual Property
and Biotech Law Firm:
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Our firm assisted management in establishing new liquidity goals to properly manage entire law practice. We then developed compensation standards for various classes of shareholders and further assisted the management committee in evaluating professional services, which were unprofitable for the firm. Next, we negotiated restructured repayment with various trade creditors and landlords in specific locations. Additionally, we revamped the docketing systems associated with the nuances of the law practice. Finally, we renegotiated lines of credit to provide ongoing financial stability. |
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For a $14 Billion Subsidiary of a $55 Billion Parent
(fourth largest company in Germany):
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Managed the transition of business lines for this commodity-trading firm into new entities. Created critical path programs and daily/weekly operating budgets to provide the client a solid projection of realization for all commodity positions liquidated. Managed the dissolution of other commodities for which the client no longer desired to maintain a commercial presence, including the consolidation of over 115 global inventory locations. Provided on site management presence at all times. Negotiated settlements with various parties-in-interest as deemed appropriate. Met with division of parent to provide an understanding of the repayment of their $110 million credit facility previously extended to the division. Provided daily / weekly status reports regarding engagement progress. |
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For a group of four Psychiatric Hospitals:
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Assisted the client in regaining credibility with its lender. Determined what medical services provided contribution to Corporate and methodology for discontinuing various medical services. Assisted client in filing cost reports for Medicare / Medicaid reimbursements in arrears. Developed daily and other management reports providing the client with useful information such as cash flow re-payment of various medical services, claims processing and ALOS (average length of stay) periods. Provided daily on-site support at all times as required. Developed re-payment plans for downsizing and debt re-payment. |
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For a $75 Million Mechanical, Janitorial
and Fleet Wash Service Company:
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Provided direction to management and company employees to effectuate the stabilizing process. Provided constant on-site facilities management services. Created budgets to assist with liquidity plans and satisfy secured lenders requirements. Negotiated re-payment programs directly with vendors and communicated with sub-debt holders to properly manage expectations. Prepared a descriptive memorandum to facilitate sale and allow current management to partner with a larger competitor in order to compete in highly technical arenas. |
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For a five Bank Consortium owed $48 Million:
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Provided on-site financial and operational analysis to determine achievability of the borrower's Plan for this $200 million trucking and logistics company. Including operational analysis, financial feasibility analysis, lane analysis, operational management analysis including exposure to bank groups based on outstanding letters-of-credit. We further provided weekly status reports and assisted the lending group in understanding the level of support required for a successful resolution. |
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For a 200 Person Law Firm Specializing in Litigation:
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Our firm managed the law firm dissolution including management of all shareholder meetings. Secured dismissal from involuntary Bankruptcy Petition filed by the landlord. Negotiated landlord settlement (original claim of $10 million settled for $1 million) and negotiated consensual settlement with all other 150-trade creditors. Collected outstanding accounts receivable and conducted private sales of fixed assets. Managed formal liquidation committee consisting of former shareholders and provided a distribution back to the shareholders. |
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For a $20 Million Manufacturer of Dry Blended Food Products:
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We assisted and directed management in recognizing market competitiveness and in attaining a better understanding of their customer composition to achieve profitability. This included identifying key business indicators required for successful financial and operational management and implementation of corrective measures. Quantified all changes in financial projection plans which included weekly management of liquidity to ensure vendor and operating obligations were satisfied. Secured new financing adequate for proper growth. |
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For a $12 Million Manufacturer of Plastic-Based
Shelf Management Systems for the Retail Industry:
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We assisted management in restructuring the operations of the company. Significantly reduced excess corporate overhead, outsourced entire manufacturing processes to lower cost to third parties while maintaining high quality standards. Next, we relocated the distribution facility, conducted meetings with the company’s significant customers to alleviate any concerns regarding the continuity of shipments. Additionally, we successfully completed an out-of-court consensual arrangement with the company’s trade vendors, restructured its two largest leases and hired a new sales management team. Finally, we successfully obtained new secured financing for client and represented them in their potential sale. Our firm continues to serve in an advisory capacity with the client in order to help them manage their growth. |
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For a $55 Million Custom Plastics Sheet and Film Extruder:
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We assisted management in restructuring its sales and manufacturing areas that restored the company to profitability. We then analyzed costs and product pricing structure that led to both pricing changes that allowed the client to significantly increase sales on its most profitable product lines while highlighting the need to divest several unprofitable business segments. We implemented a price/cost model that was used by the client's customer service department to quote pricing on custom orders on an individual customer basis interactively. Also, we restructured the manufacturing processes by consolidating its three facilities into a single location. Lastly, we recommended changes in production processes that led to greater focus on lower cost conversion rather than extrusion for the fulfillment of custom orders. Finally, we assisted management in the sale of the company to a strategic industry purchaser. Facilitated both obtaining the desired selling price and the timing of the sale by completing the majority of the due diligence for the purchaser as part of the negotiating process. |
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For a $105 Million Publicly Traded Circuit Board Manufacturer:
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We represented the company in an effort to stabilize operations and liquidity. Later, our firm was appointed as Trustee to sell California Divisions and liquidate accounts receivable. We operated the company for seven months to properly build out existing orders and sell inventories while collecting accounts receivable simultaneously. Then, we liquidated plants including real estate with machinery and equipment and finally assisted with the rigging of equipment to ensure no damage to the facilities. |
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For a multi-billion $$ Secured Lender:
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On-site representative of a secured lender mired in an adversarial, Chapter 11 bankruptcy case. The firm conducted daily monitoring and oversight of the Debtor’s financial reports and operational progress throughout the critical, early stages of the bankruptcy in order to provide the lender with assurances necessary to continue allowing the Debtor to use cash collateral in its reorganization efforts. The firm also reviewed and validated operational and financial progress on key projects against which the lender had provided high-risk project financing. The constant pressure of the firm’s intensive, on-site monitoring activities, combined with the lender’s consistent legal pressure exercising its legal rights and remedies throughout the case, eventually compelled the Debtor to re-finance the lender’s outstanding revolver and term loans before drafting a Plan of Reorganization and submitting it to creditors for review. This removed the lender entirely from the court proceeding, and resulted in 100% recovery of all outstanding principal, interest, professional fees, and other expenses. |
