NATURE OF ASSIGNMENT:
Primary:Company Services / Financial Advisor to Debtor
Primary Industry: Manufacturing & Processing
Company: A $120M specialty molded glass container manufacturer
Situation: The Company filed Chapter 11 and continued to operate its business as debtor-in-possession. They had a negative EBITDA, no available cash and most of its vendors, including energy providers, were on the verge of shutting off services and delivery of materials. Focus was retained to assist in all aspects of the bankruptcy process and lead negotiations with potential buyers of the business.
Focus Scope: Focus Management Group was retained to assist in all aspects of the bankruptcy process and lead negotiations with potential buyers of the business.
Tasks Performed: The Focus team initiated and complete a number of key actions simultaneously. These included, playing a lead role in the final negotiations with the lender for debtor-in-possession (“DIP”) including loan covenants, analyzing the company’s operations, identified cost improvement opportunities and initiated drafting reorganization plans, Preparing detailed week-by-week projections of cash flow and DIP loan balances and Preparing all weekly reports required by the DIP lender.
Results: As a direct result of FMG’s communication plan and discussions with key vendors, the Company did not experience any slowdown in the timely receipt of materials and services needed for production.