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.

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.

Key Contact

For additional information about the engagement or to learn more about our services, contact:

Our Experts