Case Studies

Interim Management Facilitates a 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 Facilitates a 363 Sale

The Situation

27 restaurant locations (Southern US). $60 million annual revenues. $15 million debt.

  • Location expansion built extensively on build-to-suit leases.
  • Sharply declining revenues resulted in several locations operating with negative cash flow.
  • Company enters bankruptcy while management struggles with reporting and timely financials and projections.

How We Advised

  • Our experts were engaged as CRO to assist in the implementation of improved financial reporting and projections.
  • Budget delay due to weekly operating losses of $100,000 required immediate resolution.
  • Sale plan implemented quickly to achieve an expedited 363 sale.
  • J.S Held negotiated sale agreement with stalking horse bidder.
  • Cash constraints led to court approval of limited marketing campaign.
  • J.S Held contacted 80 prospective buyers, receiving seven confidentiality agreements and two offers within two weeks.
  • Majority of operating assets and all equipment sold as part of 363 process.
  • Expedited 363 sale process completed within 40 days.
  • Including assumed debt, the Company sold for over $70 million resulting in full pay-out of secured claims totaling $12 million.

Key Contact

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

How We Advised

> 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.

 

> Bankruptcy Advisory
Navigating bankruptcy is inherently complex, often involving struggling businesses, litigation, incomplete or inaccurate financial records, potential fraud, and other challenges, in addition to strict court-mandated processes. Our experienced team of turnaround and restructuring experts seamlessly guides clients throughout the process to optimize outcomes for lenders, creditors, shareholders, and employees.

Our Experts