Case Studies

Interim Management Bridges Company to 363 Sale

J.S. Held Acquires Shechter & Everett to Expand Forensic Accounting Capabilities for Family Law Disputes in Florida

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Home·Interim Management Bridges Company to 363 Sale

The Situation

A $40 million cut-and-sew garment manufacturer primarily focused on military clothing. $9 million debt.

  • Stabilize operations as the CRO of a Company experiencing a power struggle between secured lender, equity owner, and management; the Company previously had a different CRO, a Receiver, and two CEO’s prior to our experts being appointed CRO.
  • Restart a challenging sales process to facilitate a going-concern sale of the Company’s assets.
  • Manage an unplanned bankruptcy.
  • Guide the Company through the impact of Hurricane Maria, which occurred in the middle of the sales process; the hurricane caused widespread damage to Puerto Rico and created numerous operational difficulties for the Company’s only manufacturing facility in Puerto Rico, including a lack of power, a scattered workforce, and an inability to ship goods to or from the facility.

How We Advised

  • Effectively assert control over operations and ensure consistent communication with employees, suppliers, and creditors occurs.
  • Push through a sales process to auction and closing despite the impact of Hurricane Maria.
  • Manage disaster recovery response to ultimately restart Puerto Rican operations after a month-long shutdown, and then close the sale transaction.
  • Sold substantially all assets in less than 4 months after the start of bankruptcy.
  • Managed the Company through the impact of two hurricanes, including Hurricane Maria, which had a devastating impact on Puerto Rico.
  • Maintained employment for the majority of production workers in Puerto Rico.

Key Contact

Dan F. Dooley, CTP 
Senior Managing Director 
Strategic Advisory Practice 
+1 603 660 8952 
[email protected] 

Related Practice Areas

> Chief Restructuring Officer (CRO) and Interim Management Services 
Our experienced C-suite interim executives advise and support companies in financial distress, experiencing hypergrowth, or that are challenged by critical vacancies among senior leadership. Whether the leadership void results from operating challenges, a recent officer resignation, the need for added support during busy periods, or during an extended job search for the right permanent hire, our experienced executives provide immediate relief and value. 

 

> Turnaround and Restructuring Services 
Navigating the many challenges confronting a company in transition requires an operationally focused approach that looks beyond the balance sheet to minimize further degradation and build a path to sustainable growth. Drawing upon decades of experience in the turnaround space, we help companies in transition identify practical strategies to improve profitability and liquidity for immediate relief, while concurrently developing and executing a comprehensive turnaround plan for long-term, sustainable value creation. 

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