Études de cas
J.S. Held fait l'acquisition de GLI Advisors, renforçant ainsi ses services d'assistance aux projets de construction dans l'ouest des États-Unis et à Hawaï.
En savoir plusThe client owned and operated 25 restaurant franchises across several Mid-Atlantic states, with aggregate annual revenue exceeding $35 million.
Significant losses, a poorly conceived capital structure, and considerable corporate governance challenges had led the Company into a default with its secured lender and franchisor. When our experts were hired, loan and franchise payments were more than a year in arrears. In addition, a seller note had recently gone into default. Each member of the Board of Directors had personally guaranteed some portion of the debt. There was no consensus as to who was actually on the Board or when the Board had last met, as two separate groups each believed they comprised the Board of the Company. In addition, various members of the Board were threatening to sue one another. A seasoned restaurant executive was hired by the Company, but the secured lender was becoming increasingly concerned about what appeared to be a free-fall.
Our team was appointed Chief Restructuring Officer and immediately provided direction and leadership to the Company. After the CFO's termination, the Board also appointed us as CFO. The workload of stabilizing the restaurant was divided between the interim CEO and our experts. The CEO took responsibility for addressing day-to-day restaurant responsibilities, and we took responsibility for all financial functions, creditor interface, and the Company's capital structure. We led negotiations with all parties, resulting in a consensual bankruptcy filing that gave our experts time to develop a plan to maximize creditor recoveries while minimizing each guarantor's exposure. We negotiated with the Company's franchisor to purchase the Company at a generous bid that allowed the franchisor to protect its market share while maximizing recovery for all constituents.
Brian F. Gleason, Expert certifié en redressement d'entreprises
Directeur général principal
Cabinet de conseil stratégique
+1 610 659 8118
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