Estudios de caso

Asesoramiento en bancarrotas y recuperación operativa de empresa de soluciones de red

J.S. Held adquiere GLI Advisors para fortalecer sus servicios de apoyo a proyectos de construcción en el oeste de EE. UU. y Hawái

LEER MÁS cerrar Creado con Sketch.

La situación

Reseller of voice and data services to the middle market. $130 million in annual sales. $48 million bank debt.

  • The Company was insolvent and losing $(6) million of EBITDA.
  • Over $300 million in total secured and unsecured liabilities.
  • Declining revenues of $120 million and burning cash at an alarming rate.
  • Excess industry capacity is squeezing profit margins.
  • Bank debt is clearly impaired, with Senior Lenders pressuring the Company to sell out to a major vendor via a 363 sale.
  • Lenders are prepared to provide DIP financing in exchange for the sale.

Nuestro asesoramiento

Our team was retained as CRO and, after an independent assessment, determined that this transaction was not in the best interest of all stakeholders as it did not maximize their potential value. Additionally, we determined that there was a high risk that the potential stalking-horse bidder would be unable to close the deal.

  • Presented a turnaround plan to secure bank lenders whereby a slight increase in new capital would allow them to lower their losses, per projections, vs. what the stalking horse bidder was likely to do in lieu of executing a sale.
  • The bank debt was approximately $48 million, and after reviewing the Turnaround Plan, the Lenders agreed to increase it to $60 million.
  • Filed a planned and consensual Chapter 11 with DIP financing from the secured pre-petition bank lenders and no stalking horse bidder.
  • Changed the business model to focus on higher profit services and to eliminate millions in cost structure.
  • Developed and negotiated a Plan of Reorganization that ended up compromising non-productive liabilities such that the controlling shareholder maintained his pre-petition equity ownership post confirmation without additional capital investment.
  • Secured lenders provided the exit financing and recovered all their investment, plus significant fees, about 15 months post-confirmation, a result that the bank lenders and pre-petition equity had not anticipated.

Contacto clave:

Dan F. Dooley, CTP 
Director ejecutivo sénior
Práctica de Asesoría Estratégica
+1 603 660 8952 
[email protected] 

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Navegar un proceso de bancarrota es inherentemente complejo, ya que suele involucrar empresas en dificultades, litigios, registros financieros incompletos o inexactos, posibles fraudes y otros desafíos, además de estrictos procesos impuestos por los tribunales. Nuestro equipo experimentado de expertos en reestructuración y recuperación orienta a los clientes de manera fluida a lo largo de todo el proceso para optimizar los resultados para prestamistas, acreedores, accionistas y empleados.

 

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