Case Studies
Full-Service Drilling Fluids Company
Role: Chief Restructuring Officer
The Challenge: Annual revenues plummeted from $165 million to $36 million due to a decline in drilling activity.
- Operational Turnaround: Developed and implemented a plan that reduced costs by closing operations in three states and reducing headcount by 300+, returning the company to profitability.
- Debt Reduction: Managed relationships with senior and mezzanine lenders to pay down $30 million in debt in nine months, eliminating an over-advanced credit position.
- Financial Reporting: Established a rolling 13-week cash flow projection model required by lenders.
- Vendor Management: Stabilized and managed critical vendor relationships during the transition.
Texas Skilled Nursing Operator
Role: Restructuring Advisor
The Challenge: The largest operator in Texas ($270 million revenue) had experienced three consecutive years of losses.
- Profitability Restoration: Implemented new operational processes that boosted revenue and cut costs, swinging an annual $6 million loss to a $4 million profit.
- Lender Compliance: Successfully brought the company back into covenant compliance with its lenders.
- Forecasting: Developed a comprehensive cash flow model at both the facility and consolidated levels to analyze and review loan performance.
Precast Concrete Manufacturer
Role: Chief Restructuring Officer
The Challenge: A $110 million manufacturer had lost money for four years and was in default on an $18 million credit line.
- Process Optimization: Identified production bottlenecks and reduced cycles, cutting Work-in-Process (WIP) inventory by 50% and restoring profitability.
- Supply Chain Negotiation: Converted large supplier balances into long-term notes while securing extended 60-day terms for ongoing supplies.
- Refinancing Success: Negotiated a six-month forbearance extension and added collateral to the borrowing base. This provided the time needed to secure competing bids from four lenders, ultimately replacing the existing debt with a new $20 million credit line.