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SELECTED ASSIGNMENTS
TURNAROUND/CHAPTER 11
Vertically integrated, employee-owned specialty paper company, comprised of 2 paper mills and one converting operation, with over 200 employees and $50 million in annual revenues. All three facilities were unionized. This was a full-time assignment lasting 8 months. Managed financial and human resources aspects of closing 1 mill. Reduced trade accounts payable from $4 million to $3 million. Drove significant improvements in MIS and Product Costing systems. Negotiated forbearance agreement extension with secured bank lender; transitioned company through sale of bank loans to a finance company; negotiated additional forbearance agreement with finance company. Prepared for and initiated a Chapter 11 filing. Negotiated a term sheet with the finance company for presentation to the Bankruptcy Court. This agreement provided for significant debt reduction in exchange for 100% of the equity, reasonable treatment of unsecured creditor groups, and transition to permanent management team. The Company has since emerged from Chapter 11 and is currently operating under a Plan of Reorganization.
Small, family owned soft goods manufacturer, with co-located retail outlet. Prepared cash flow projections prior to Bankruptcy filing. Assisted debtor with Bankruptcy filing documents, U.S. Trustee Reports, negotiations with secured lender and negotiations with unsecured creditors in post-petition environment. Strengthened internal controls and implemented improvements to the accounting system. Assisted in preparation of financial projections for Plan of Reorganization.
Family owned and operated debtor had annual sales of $25 million, secured debt of $6 million (2 lenders) and prepetition unsecured debt of $5 million. Case involved significant governance issues. Unsecured Creditors appointed 2 of 7 members to a reconstituted Board of Directors. Negotiated a consensual Plan of Reorganization, which provided for 100% payment to Unsecured Creditors, over a 5-year period, with interest.
Debtor had annual sales of $5 million, secured debt of $2.4 million (6 lenders) and prepetition unsecured debt of $1.3 million. Company had sustained significant losses over several years and had a very complex debt structure, but had a well recognized product line and loyal customer base. Negotiated an additional working capital loan, which allowed the debtor to continue operating while a bulk sale of the company was negotiated.
Debtor had annual sales of $20 million, secured debt of $3 million (2 lenders) and unsecured debt of $2.5 million. Company had sustained significant losses over several years, had recently acquired the assets of a company with a complementary product line, and was involved in several significant disputes with vendors. Resolved vendor disputes, negotiated forbearance agreements with secured lenders, negotiated additional subordinated loans of $300K and negotiated deferred payments on $1 million of unsecured debt. INTERIM MANAGEMENT
CONSULTING Manufacturer of Blackpowder Firearms Accessories Evaluated company’s operating and financing difficulties; developed a series of recommendations for cost reductions, operating improvements and upgrading the IT and Accounting systems. Developed financial projections and a short term Business Plan. Managed preparation of a loan request package; negotiated a $500,000 low interest rate Economic Recovery Loan, which helped retire some high interest secured debt and provided critical working capital. Live Greyhound Racing / Off Track Betting Facility Assisted company in search for, and transition to, new Controller. Implemented significant improvements in budgeting and cash planning for this highly seasonal business. Designed and implemented new chart of accounts and financial reports, with emphasis on cost and revenue matching to achieve profit center analysis. Catalog Retailer Performed evaluation of internal controls and processes. Testified as expert witness in employment contract dispute with incumbent Controller. Seafood Processor Assisted in development of Business Plan for new venture. Plan sought $3 million in equity financing, $4.5 million in permanent secured financing, a $1.5 million standby working capital line of credit and $300K of subordinated debt. Durable Goods Manufacturer Performed evaluation of internal controls and processes. Assisted in analysis of significant inventory devaluation. Evaluated replacement Controller cadidates. Managed major manufacturing software system selection and implementation project. Seafood Processor/Distributor |
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