Bankruptcies

Selected Interim Management Assignments
– Bankruptcy Cases

$1.5 Billion Conglomerate  

  • Assumed Board control and executive management in a Chapter 11 Reorganization on behalf of Senior Lenders. Project included disengaging from extensive high cost, administrative, services provided by former corporate parent; effecting going concern sales of diverse businesses and winddown/liquidation of unprofitable operations.
  • Effected Plan of Reorganization under which the largest subsidiary emerged as a public company and other standalone businesses were sold in fourteen separate transactions. Resolved large, complex, liability exposures and sold 60 surplus commercial and industrial real estate properties.

European controlled Manufacturer of Industrial Electronics products  

  • Retained by management of publicly held company with plants in U.S. and France to (1) install credible cash management systems in preparation for the need to secure D-I-P financing in a Chapter 11 filing and (2) provide an Interim VP-Mfg to correct production problems.
  • Quickly identified potential operational meltdown in bankruptcy due to need for single source, long lead time, parts sourced in Asia. Convinced secured lenders to advance new funds outside bankruptcy while production was stabilized and a pre-packaged financial restructuring negotiated.

Sports Trading Cards and Specialty Printing

  • Retained by Company upon demand of secured lenders to assess request for immediate cash infusion and monitor cash usage. Quickly identified accounting irregularities, lack of controls and serious omissions re: forecasts of critical cash requirements.
  • Assumed management control; minimized cash requirements; planned and executed Chapter 11 filing. Solicited bids and managed active competitive court auctions of trading card and printing businesses.

Designer and importer of Electronic Games and Toys 

  • Installed as Interim CEO with concurrence of secured creditors after Chapter 11 filing; objective was maximization of proceeds from sale/liquidation of business assets.
  • Disposed of excess inventories; resolved major receivables disputes; maintained ongoing relationships with Far Eastern suppliers and customers in order to continue operations through the following Christmas season; developed reorganization plan involving sale of business as an ongoing entity.

Leading Manufacturer of Metal Buildings

  • Retained by equity sponsor of highly leveraged buyout to provide Interim CFO, review operational strategy and manage cashflow during a liquidity crisis following payments defaults on secured debt.
  • Major cost reductions were effected, including the closure of two manufacturing plants. Chapter 11 bankruptcy proceedings were initiated to control off-balance sheet liabilities and the business was sold to a Japanese buyer wishing to enter U.S. markets.

Manufacturer / Processor & Importer of Cheese Products

  • Engaged to replace CEO by board of directors upon demand of secured lenders; triggered by an operational meltdown related to Federal and State fraud investigations.
  • Preliminary investigation and assessment confirmed serious fraud and massive misstatement of assets. Prepared and implemented an immediate Chapter 11 bankruptcy filing. Managed liquidation of perishable assets and operational shutdown. Upon conversion of the case to Chapter 7, coordinated transfer of information and remaining assets to Trustee for pursuit of fraud claims and litigation.

Manufacturer of Specialty Chemicals and Pharmaceuticals

  • Retained by company in Chapter 11 to (1) develop an operational restructuring plan to provide basis for Plan of Reorganization and (2) sell surplus and non-core assets as appropriate.
  • Non-core businesses and product lines were sold in a series of seven separate transactions. Dramatic profitability improvements were achieved in the core businesses retained and the reorganized debtor paid all creditors in full.