Participated in negotiations related to DIP Financing Facilities provided to the Debtor.
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MicroFinancial, Inc.
Micro-ticket leasing company facing liquidity pressure in difficult leasing and lending environment.
- Retained by Management/Board of Directors.
- Negotiate forbearance agreement with a member bank group; interact with workout personnel and consultants.
- Prepare information memorandum for prospective lenders/investors; create process to attract new investment in the Company.
- Negotiate detailed terms of new capital.
Provide Board of Directors with strategic alternatives and potential options for each alternative.
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Photocircuits
The largest privately held manufacturer of printed circuits boards in North America with $200m revenues sought a quick sale in Chapter 11.
- Retained to sell the company on a tight time frame.
- Ran the auction process in 60 days and obtained 6 bids exceeding stakeholders expectations by 100%.
- Completed entire process in 120 days.
- Management retained position and acquired equity.
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S&P Cellular
Advised S&P Cellular, a cellular and satellite provider, which failed in an attempt to build a fiber network in the Gulf of Mexico. Revised corporate structure to separate cellular and fiber businesses. Re-financed core business while maintaining ability to develop fiber assets.
- Retained by Board of Directors to implement financial recapitalization.
- Worked with management to develop a substantially revised business plan.
- Raised $22.5 million in senior debt financing.
- Negotiated term sheet and credit documents.
- Negotiated with fiber web vendors and repaid $22 million in claims for $3.7 million.
- Converted subordinated debt and preferred stock claims into common equity and redeemed existing common equity.
- Raised $3 million in additional equity from current investors.
- Advised on corporate structure and tax issues.
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OnSite Access
- A provider of high-speed Internet access and voice services failed to raise operating capital and filed for Chapter 11.
- Retained by Lucent, Verizon, Cablevision and other members of Creditors Committee to sell or restructure operations in 10 geographic markets.
- Prepared cash forecasts and controlled DIP facility.
Developed “stand-alone” operating plan.
- Increased value of assets by 50%.
- Provided assurances to senior creditors and equipment vendors that Company was being adequately marketed.
- Assisted with various operational tasks including collection of accounts receivable and liquidation of equipment.
- Identified key management personnel.
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Intellisec, Inc.
An integrated national provider of fire, life safety and security systems for commercial customers.
- Retained by major private equity group and secured creditor to evaluate business operations and collect accounts receivable.
- Promoted to Chief Restructuring Officer and retained as Financial Advisors.
- Developed cash forecasts and reporting system.
- Prepared operational and financial restructuring plan.
- Negotiated vendor agreements and restructured liabilities.
- Responsible for installation and conversion of Timberline accounting system and job costing program.
- Marketed and sold several business units.
- Confirmed plan of reorganization.
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ValuePage, Inc.
A paging company serving over 50,000 subscribers in the southeastern United States facing a difficult industry environment.
- Appointed as Chief Restructuring Officer and Financial Advisor by the Board of Directors.
- Responsible for management of all daily operations, preparation of cash reports for Board/lender, implementation of standard accounting processes and expense controls, and management of capital requirements.
- Downsized organization to align headcount with the revenue base.
- Transitioned markets to function independently.
- Implemented inventory controls.
- Evaluated and streamlined network architecture to reduce cost structure.
- Restructuring vendor liabilities.
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Custom Food Products
A major meat-processing facility was forced to close one of its subsidiaries due to mismanagement and poor inventory control.
- Retained to perform operational review for bondholders and creditors committee.
- Made operational changes which dramatically improved cash flow and stabilized business.
- Retained to improve management’s bid for the company.
- Company successfully reorganized in less than 18 months.
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One to One Interactive
An interactive marketing company providing services to major national accounts lost a litigation to a former shareholder and filed for Chapter 11.
- Retained by Company and creditors to run sales process
- Raised interim capital necessary for Company to effectuate move and create immediate value.
- Successfully conducted sale process in 120 days.
- Management and equity was able to retain significant equity post-sale.
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Naturopathic Labs
A Long Island, NY Manufacturer of over the counter consumer products with national distribution.
- Raised over $4 million in equity.
- Developed and refined business plan.
- Recruited new exective talent.
- Attracted additional products to manage.
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Spirituality and Health Magazine
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Trimax Building Products formerally known as US Plastic Lumber
A publically traded manufacturer of plastic lumber faced mounting losses and capital constraints.
- Raised over $10 million of capital.
- Retained as Financial and Operational Advisor to manage the business.
- Developed modified operational budget and achieved profitability within six months.
- Consolidated operations and conducted auction for sale of plant.
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Publicard, Inc.
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Vanguarde Media
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HMG Worldwide Corporation
A publicly traded retail-based marketing concern with $130 million in revenues filed Chapter 11 due to mismanagement and poor inventory control.
- Retained to perform forensic review for creditors committee.
- Made operational changes.
- Negotiated sale of Toronto and Chicago divisions and handled liquidation of business.
- Monetized trade receivables.
- Testified before Bankruptcy Court as expert witness.
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NPI Wireless
A rural wireless provider with 35,000 subscribers faced an over-levered balance sheet and substantial capital spending requirements.
- Retained as Chief Restructuring Officer to manage business.
- Negotiated roaming agreements which increased cash flow and provided leverage in negotiating an ultimate transaction.
- Restructured marketing and sales effort to maximize efficient use of available funds
- Performed detailed analysis of technical needs from a system perspective and in response to regulatory requirements.
- Conducted intensive sale/financing process and generated interest in Company.
- Signed Asset Purchase Agreement to sell NPI to Dobson Communications on December 21, 2003 which closed June 15, 2004
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Orion Telecommunications Corporation
One of the largest providers of international and domestic prepaid calling cards in the U.S. providing access from the U.S. to more than 200 countries. Built relationship with over 1,00 sales agents providing presence in 30 of the largest markets in the country; cards were sold in over 60,000 retail stores nationwide
- Retained as Chief Restructuring Officer to manage the business during a Chapter 11 proceeding.
- Reviewed and validated Debtor’s cash flow forecasts and related processes
- Assisted Debtor in implementing controls and restructuring its business.
- Evaluated the Debtor’s business plan, including its plans for business, location, and product line closings, and integrated into Debtor’s reorganization and restructuring plans.
- Assumed the leadership role for the design and implementation of new effective management and financial reporting methodologies appropriate for the Debtor’s business. Provided meaningful reporting of business activities to constituents
- Assisted in the Debtor’s investment banking processes and ultimate sale of the business as a going concern.
- Performed forensic analysis on Debtor’s transactions.
- Assumed the leadership role for the Debtor’s communications with, negotiations with and presentations to vendors, creditors, and other key constituents.
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Financial