Études de cas
J.S. Held acquiert Element Forensic Engineering, renforçant ainsi ses capacités dans le domaine de l'assurance pour les pertes matérielles importantes et les sinistres touchant les entreprises de taille moyenne partout au Canada
En savoir plusA long-standing Hardee's franchisee operating 145 restaurants faced significant operational and financial challenges. Approximately 50 locations were losing money, while the Hardee's brand was experiencing negative same-store sales performance. Adding further pressure, the franchisor was requiring remodel investments across most of the portfolio, creating substantial capital expenditure demands. The owners had decided to exit the franchise operation.
Complicating matters, the franchisor opposed the closure of underperforming restaurants, limiting management's ability to address persistent losses and improve profitability. At the same time, the secured lender faced the prospect of virtually no recovery on its $22 million debt position. While the owners also operated a separate and legally distinct 100-restaurant Hardee's franchise business that remained profitable, the challenged portfolio required a restructuring strategy to preserve value and support an orderly sale process.
Our team was engaged to help develop and execute a strategy to improve operating performance and optimize value prior to a sale. Our experts entered negotiations with the franchisor regarding both restaurant closures and the potential disposition of the franchise business.
To support the restructuring effort, the team engaged a real estate consultant to pursue rent reductions where appropriate and an investment banker to market the business to prospective buyers. Through difficult negotiations with the franchisor, which we, as outside consultants, led, approval was ultimately obtained to close more than 40 underperforming restaurants. These closures improved EBITDA by approximately $4 million and helped strengthen the overall business prior to the sale.
The real estate consultant secured rent savings through negotiations, while the investment banker identified and secured a stalking horse bidder. The company subsequently filed for Chapter 11 with the goal of selling the business and completed a sale transaction. As a result, the secured lender recovered more than 70% of its debt exposure, representing an improvement of approximately $16 million over the baseline recovery expectation. The owners were also able to continue operating their separate profitable Hardee's franchise business.
> Conseil en termes de faillite
Faire face à une faillite est particulièrement compliqué, car celle-ci implique souvent des entreprises en difficulté, des litiges, des documents financiers incomplets ou inexacts, des risques de fraude et d'autres défis, en plus de procédures strictes ordonnées par les tribunaux. Notre équipe expérimentée d'experts en redressement et en restructuration guide les clients tout au long du processus dans le but d'optimiser les résultats pour les prêteurs, les créanciers, les actionnaires et les employés.
> Services de redressement et de restructuration
Pour relever les nombreux défis auxquels sont confrontées les entreprises en transition, il est nécessaire d'adopter une approche opérationnelle allant au-delà du simple bilan, afin de minimiser les dégradations et d'ouvrir la voie à une croissance durable. Nous nous appuyons sur des décennies d'expérience dans le domaine du redressement économique, afin d'aider les entreprises en transition à identifier des stratégies pratiques dans le but d'améliorer au plus vite leur rentabilité et leurs liquidités, tout en développant et en exécutant un plan de relance complet, favorisant ainsi la création de valeur à long terme et de manière durable.
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