DESCRIPTION |
SITUATION |
RESULT |
Manufacturer of powder metal and plastic components for major OEMs. |
Company had defaulted on its loan agreements and was in need of an immediate cash infusion. |
Initially engaged to find new equity or financing for the Company. After exhausting all possible
sources, identified a potential acquirer who made a working capital bridge investment to ensure maintenance of the enterprise value. After extensive due diligence the acquirer decided to purchase the Company under
section 363 of the US Bankruptcy Code. I was appointed Chief Restructure Office for the Company leading it to a successful auction and sale, resulting in nearly a 50% premium over the initial offer price. |
Manufacturer of copper and bronze rod. |
Company had ceased operation and its ABL lender was preparing to foreclose and liquidate company.
|
Negotiated a forbearance agreement with the lender to stay foreclosure actions predicated on
refinancing the Company. Implemented a purchase order finance arrangement allowing the Company to commence operation and generate cash. Arranged a new credit facility to pay down the ABL lender in full. Concurrently
negotiated settlement and payout agreements with Company's largest unsecured creditors. |
Modular office & class room fabricator & installer. |
Debtor was out of covenants and lender had concerns over collateral. |
After assessment of work processes and collateral basis lender successfully renegotiated facility
into new term and revolver with additional collateral requirements. |
Fabricator and installer of high-end stone and ceramic interiors. |
Company was in default of its loan agreements and hemorrhaging cash. |
Working with management and outside counsel to develop a plan of action to reduce cost and increase
revenue so as to generate cash flow and pay down outside loan balance. Worked with lender to develop a forbearance agreement to allow sufficient time for Company to effectuate a workout. |
Defense contractor and manufacturer of hydrogen and oxygen generating systems. |
Company was in default of term and revolving credit facilities due to losses on a major Iraq
contract. |
Working with management and the lender stabilized the situation so as to facilitate the Company's
being awarded a major new contract with the Navy, while allowing time to work out the deficiencies with current lender. Ultimately leading to a successful refinancing with a new lender to fund the businesses future
capital requirements for growth. |
Northeast Developer & Contractor of high-end commercial and residential projects. |
Company needed money to expand and for work capital requirements for larger projects. |
Arranged for a SBA loan to finance building, machinery and working capital requirements to expand
business to the next level. Working with management, developed a marketing plan to transition company from a residential developer to commercial developer in spite of an overall decline in new construction projects in
the northeast. |
National consumer goods manufacturer as advisor to private equity. |
Private equity and mezzanine investors were concerned over the failure of the Company to meet plan
expectations. |
Performed a general business assessment and valuation of the Company including marketing, operations,
sales, administration, finance and logistics. Identified key bottlenecks and impediments to the company achieving growth expectations. Based on implementation of recommendations addressing the identified shortcomings
the Company growth expectations are expected to meet. |
National frozen food processor as advisor to lender. |
Mezzanine lender was being asked to accept a server discount in order to facilitate refinancing the
Company. |
Performed an assessment to determine the projected payout to the mezzanine lender under a net orderly
liquidation and 363 sales as well as what was the estimated net present and fair market values of the Company as a going concern under the proposed debt structure. As a result the mezzanine lender was able to negotiate
an increased payout. |
Northeast retail furniture store chain as advisor to unsecured creditors. |
Company was attempting an out of court liquidation. |
Retained by the unsecured creditors committee to conduct a forensic review of disbursements for
possible preference and inappropriate disbursements. Based on finds unsecured creditors' counsel was able to secure an increase payout. |
Startup pharmaceutical Company as advisor to venture capital. |
Venture Capital investor was concerned the Company did not have sufficient case to complete phase II
trials. |
Assessed current cash burn rate and developed a point of no return should the Company fail to raise
extra capital. Determined amount of cash reserves necessary to conduct an orderly liquidation. The Company through an addition of new capital tied to a series of cost containment measures was able to complete its
phase II trials. |
Aerospace components manufacturer as advisor to the debtor. |
Debtor was out of covenant, over line with negative cash flow |
Working with management I implement a cash flow planning and control system enabling the business to
meet operating obligations while paying down the over line. The Company successfully entered into a forbearance agreement with the lender enabling renegotiation of a new three year agreement. |
Large Northeast redevelopment project as advisor to lender. |
Project had significant cost overruns and had look to lender to provide new subordinated funding.
|
Performed an initial assessment, which pointed out significant weaknesses in project management and
control, resulting in the appointment of new project management and finance directors. I was then retained to review and approve all future requisitions for funds from the lender and to oversee project management and
control. |
Nursing home as advisor to lender. |
Debtor was in receivership and being sold through an auction process. |
As advisor to the lender who was assessing as to whether to credit bid or accept a third party offer
to purchase, I performed a business valuation of the business based on the net present value of the going concern on a normalized basis, which formed the basis of the lender's decision to accept the current offer to
purchase. |
Pharmaceutical packaging company as advisor to debtor. |
Debtor was out of covenant, over line and losing money. |
After working the debtor's management I implement several measures to improve cash flow include the
development of a thirteen-week cash flow model and replacement of the company's controller. Negotiated a forbearance agreement with the existing lender which allowed the debtor with my assistance to successfully
refinance with a new lender allowing full pay down of existing lender's obligations. |
Flight training and aircraft leasing business as advisor to lender. |
Debtor was in default on term loan secured by aircraft |
After an assessment of the net orderly liquidation value of the underlying collateral and ability of
free cash flow to meet future loan payments recommended that the lender liquidated the debtor's collateral. Lender was subsequently successful in securing full repayment of all outstanding obligations of the debtor.
|
Paper products manufacturer as advisor to lender. |
Debtor failed to make payment commitments against purchase order financing. |
After an assessment that the debtor's business would in all likelihood fail if there was not an
infusion of equity and change in management the lender was able to exit the business and paid in full. |
Northeast site and excavating contractor as advisor to lender. |
Debtor was out of covenants and lender had concerns over collateral |
After an assessment of the company's management and collateral basis lender successfully negotiated a
work out of the outstanding debt tie to accomplishment of specific milestones on the part of borrower per my recommendations. |
Glazing contractor as advisor to lender |
Debtor was out of covenants and lender had concerns over collateral. |
After assessment of work processes and collateral basis lender successfully renegotiated facility
into new term and revolver with additional collateral requirements. |
Synthetic textile greige goods manufacturer and finisher as advisor to lender and debtor. |
Lender required a follow on assessment to after initially granting of credit facility. |
Based on my assessment of businesses' continued improved performance and overall condition of
collateral, lender agreed to increase facility and expand borrowing base. Subsequently I was retained by the debtor and successfully arranged a $15 million replacement credit facility. |
Healthcare staffing business as advisor to debtor. |
Debtor had defaulted due to accounting anomalies relating to accounts receivable used in determining
the borrowing base. |
After assessment of internal accounting controls, management and work process, recommended the
secured creditor agree to grant a forbearance thereby allowing the Company to refinance with a new lender. |
Fire suppression and protection contractor as advisor to debtor. |
Debtor was in default on credit facility and wanted to do an out of court liquidation and restart as
new business. |
Successfully negotiated a standstill with secured creditor to allow debtor to start new business
through transfer of the assets for consideration of assuming the old secured debt and certain unsecured debts. |
Electrical contractor as advisor to lender. |
Debtor was out of covenants and repeatedly in overdraft. |
After assessment of management, work processes, projects' cost to complete and collateral,
recommended that lender obtain additional security or request the debtor refinance with new lender. Business was successful refinanced. |
Mechanical contractor as advisor to debtor. |
Business was in position of default on a number of bonded projects for which shareholders had
personal guarantees. |
Successfully wound business down out of court and completed bonded projects within contract balances.
|
Security and answering services business as advisor to trustee. |
Sudden death of owner uncovered a severe liquidity crisis resulting in a court appoint trustee. |
Gain control of operations and cash flows to stabilize the business long enough to conduct a
successful 363 sale of the business resulting in full pay down of secured lenders. |
Not for profit foster care provider as advisor to debtor. |
Cutbacks in state and city funding jeopardized the viability of business. |
Worked with the debtor to arrange a standstill with lender in order to allow time to sale real
property to pay down debt. |
Fencing fabricator and erector as advisor to lender. |
Company was in default on its loan obligations and lender was requiring an out of court liquidation
|
Secured and confirmed lender's collateral from inventory, receivables and equipment. Uncovered
potential of fraudulent transfers by the owner. |
Textile finisher and greige goods weaver as liquidator. |
After 363 process failure due to lack of market interest lender forced the company into chapter 7 and
then retained the lender to liquidate inventory, receivables and real property. |
Secured all lender collateral and collected eighty per cent of outstanding receivables, liquidated
inventory and arranged for auction of real property. |
Synthetic textile greige goods weaver and finisher as advisor to lender. |
Current provider of revolver demanded to be refinanced. Retained by prospective lender to assess
viability. |
Based on assessment of the management, work processes and market prospective the lender extended a
new $10 million replacement facility. |
Textile finisher and greige goods weaver as CRO for the debtor. |
Late stage failure with cash and business crisis. Significantly over line and out of covenants. |
After initial assessment recommend that business file for chapter 11 and proceed with 363 sales
processes. Appointed by court as responsible person to approve all administrative expenditures. Instituted cost cutting measures to achieve cash natural position during reorganization process to allow sufficient time
for 363 process. |
B2B internet service provider as chief restructuring officer. |
.com bust of 1999/2001 compounded by 9-11 events resulted in collapse of B funding round. |
Developed turnaround plan that resulted in business self-sufficiency, negotiated standby LOC and
extension with major creditors. Actively pursuing a buyer for the business. |
Manufacturer of electric motors, blowers and gear motors as chief executive office. |
Failure of vendor supplied component lead to product recall for over 400K defective blowers with a
potential cost of $40 million |
Contained final cost to $10 million which was fully recovered from supplier of defective component,
without losing goodwill or a single customer. |
Motion control company as chief restructuring officer. |
Company had loss money for past five years. |
Planned and executed the turnaround of a $1.5 million loss to a pretax profit exceeding 15% of sales
then orchestrated sale of business for at 2.5 times book value. |
Systems integrator and components manufacturer as CRO. |
Late stage financial crisis, company facing closure and pending, market meltdown. |
Sold company to sole competitor and negotiated transfer of exclusive license with DEC that was
heretofore not transferable. |
