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Selected Engagements Concrete Products Manufacturer, Telecommunications Company (CLEC), Home Shopping Channel, Restaurants, Meat Grinder Manufacturer, Organic Fertilizer Manufacturing, Vacuum Molded Packaging, Power Tools Manufacturer, Jewelry Store Chain. |
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Concrete Products Manufacturer: Retained as turnaround consultants by the Board of Directors of the parent company to evaluate and recommend remedial actions to turnaround underperforming subsidiary. Evaluated and recommended remedial actions for a $120 million manufacturer of pre-cast concrete and fiberglass enclosures for the communication industry that was facing a severe liquidity crisis. Through discontinuation of unprofitable divisions, re-vamping of cost accounting systems to assure accurate and profitable bidding and billing, and improved accounts receivable collections, the company is now cash flow positive and significantly profitable.
Telecommunications Company (CLEC): Retained as financial advisors to perform business strategy, valuation, and restructuring services. This Company had extensive long haul and other network assets and $1.2 billion in long-term debt. The company filed for Chapter 11 bankruptcy protection due to a severe cash flow crisis caused by large network construction, low utilization of related network assets, an ill conceived strategy coupled with poor execution, anemic management and adverse market conditions within this industry. This large-scale project involved an assessment of the company’s business plan, recommendations on changes in strategy and analysis of restructuring alternatives which culminated in a recommendation to sell the company. Assisted the company in coordinating the due diligence activities with over 30 interested buyers, providing detailed analysis on network assets, fiber costs (lit vs. unlit), revenue projections, provisioning, valuation scenarios, and customer data. Prepared contingency business plans in the event the sale fell through and the company had to proceed with an internal reorganization. The project culminated in a sale of the company for $690 million, well in excess of the initial $450 million bid.
Home Shopping Channel: Engaged as financial consultants on an emergency basis to help navigate this $50 million company through the reorganization process. Instrumental in assisting this client prevail through extreme liquidity crises and in the face of a hostile creditor group which was attempting to destroy this company’s ability to proceed on an underlying lawsuit. Provided cash flow management techniques to navigate the liquidity crisis and behind the scenes negotiation advice.
Restaurants: Restructuring consultant on over 30 assignments relating to Bojangles, Burger King, Checkers, Denny’s, Hardee’s, KFC, Pizza Hut, Rally’s, Taco Bell and Wendy’s restaurants. Included evaluation of operations, forensic investigations into suspected cash and inventory diversions, preparation of realistic and reliable financial projections and negotiations to restructure debt.
Meat Grinder Manufacturer: Forensic accounting investigation on behalf of the Chapter 7 Trustee of this well known meat grinder manufacturer. The investigation was instrumental in providing compelling evidence of profit diversion to the owner/operators. The resultant expert witness report led to a confidential settlement between the shareholders and the Trustee in what would otherwise have been an administratively insolvent estate.
Organic Fertilizer Manufacturing: Financial consultant to the Chapter 11 trustee and assistant to the trustee. Performed all trustee, operations, financial and crisis management functions in this operating Chapter 11 with annualized revenues of $10 million. Responsible for subsequently selling this company to third party with significant benefit to the unsecured creditor body.
Vacuum Molded Packaging: Financial consultants to the unsecured creditors' committee and de-facto financial consultant to the Debtor. Involvement with determination of best strategy, preparation of company package and pre-screening and qualifying buyers during the sale process, evaluation of offers, negotiations on price and eventual sale of the $30 million company on behalf of the debtor and creditors.
Power Tools Manufacturer: Interim CFO for six months in this significant under performing overseas subsidiary of a well-known Japanese manufacturer of electrical goods. This $100 million company had significant inventory control, order fulfillment and accounting problems. Instrumental in the recommendation of effective and efficient management changes, reorganization of information and management reporting systems and implementation of effective inventory and fiscal controls. Achieved a reduction of overhead expenditure. The result was an organization that was able to improve profitability and was capable of meeting market challenges and surpassing the parent company’s performance expectations at the end of the six month period.
Jewelry Store Chain: As financial consultant to the unsecured creditors committee, advised on all aspects, including liquidation analysis and plan of reorganization for a $15 million in revenues retail jewelry chain.
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