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Turnaround Allows for Refinancing

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The Situation

7th largest commercial receivables-based financing company in the US. $600 million in annual purchases. $60 million average portfolio size. $10 million annual sales. $50 million debt.

  • The Company was the 7th-largest commercial receivables-based financing company in the USA, providing over $600 million in purchases per year and managing a $60 million receivables portfolio.
  • After an external fraud wiped out the Company’s equity, the company’s lenders entered into a forbearance agreement which required (1) a Chief Restructuring Officer to run operations, (2) an infusion of outside capital, and (3) refinancing of the existing credit facility.
  • The company also required a third-party review of its internal underwriting and credit policy procedures and fixed costs.

How We Advised

  • Ownership engaged our experts as CRO and as investment bankers to refinance senior secured debt, raise equity capital, and/or sell the business.
  • We implemented an employee reduction program of 25%, a concurrent quality improvement plan in certain key positions, a portfolio review and cleanup, a complete revamp of the credit process, and a selective client portfolio optimization.
  • Challenges included lenders with differing interests, two lenders at full value, and a third at a substantial discount, as well as management that opposed the recapitalization and resisted the process despite the business operating profitably.
  • The Company returned to operating profitably within 90 days.
  • We secured a $50 million three-year credit facility and a change of control infusion of $8 million of new equity capital.
  • Prior ownership remained in executive management, with an ongoing share of future profitability.
  • The company is now called Greystone Commercial Services, LP.

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. 

 

> Debt Restructuring Services 
When a company is in financial distress, our Strategic Advisory experts design and implement debt restructuring and refinancing strategies tailored to the company’s unique circumstances. We help middle-market businesses stabilize operations, improve liquidity, and optimize their capital structures. 

Key Contact

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

Mark J. Welch
View Bio
Mark J. Welch
Senior Managing Director
Mobile: +1 412 498 8258
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J.S. Held

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50 Jericho Quadrangle
Suite 117
Jericho, N.Y. 11753
+1 516 621 2900
[email protected]

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© 2025 J.S. Held LLC.  

All Rights Reserved.

J.S. Held, its affiliates and subsidiaries are not certified public accounting firm(s) and do not provide audit, attest, or any other public accounting services. J.S. Held is not a law firm and does not provide legal advice. Securities offered through PM Securities, LLC, d/b/a Phoenix IB or Ocean Tomo Investments, a part of J.S. Held, member FINRA/SIPC. All rights reserved.
J.S. Held

Headquarters

50 Jericho Quadrangle
Suite 117
Jericho, N.Y. 11753
+1 516 621 2900
[email protected]

J.S. Held, its affiliates and subsidiaries are not certified public accounting firm(s) and do not provide audit, attest, or any other public accounting services. J.S. Held is not a law firm and does not provide legal advice. Securities offered through PM Securities, LLC, d/b/a Phoenix IB or Ocean Tomo Investments, a part of J.S. Held, member FINRA/SIPC. All rights reserved.
Markets Served

Geographies

Industries

Media Relations

[email protected]

 

© 2025 J.S. Held LLC.  

All Rights Reserved.

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