Case Studies
J.S. Held Acquires Shechter & Everett to Expand Forensic Accounting Capabilities for Family Law Disputes in Florida
Read MoreThe Company was a $30 million Mechanical Contractor based in Philadelphia, PA.
Due to aggressive growth and a series of poorly estimated and unprofitable projects, The Company defaulted on its loan, owed $1 million in back taxes, stopped paying vendors, and threatened to stop paying its union workforce’s salaries and pensions. The Company was forced into bankruptcy by its secured lenders. Litigation was commenced on various fronts that threatened to undermine the secured lenders’ security position. The situation was headed toward a long, drawn-out legal fight, which would have likely resulted in significant legal fees and substantial losses for all parties.
Our experts were engaged to manage this complicated bankruptcy. Our team of professionals negotiated with all parties and eventually brokered a settlement in which all parties agreed to take less than what they considered the likely outcome in exchange for greater certainty of recovery. The Company emerged from bankruptcy with the assistance of the unions, lenders, vendors, and bonding companies. An emergency loan was extended to the Company by a long-term industry participant who regarded the Company’s continued existence as a benefit to the entire industry.
Brian F. Gleason, CTP
Senior Managing Director
Strategic Advisory Practice
+1 610 659 8118
[email protected]
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Navigating bankruptcy is inherently complex, often involving struggling businesses, litigation, incomplete or inaccurate financial records, potential fraud, and other challenges, in addition to strict court-mandated processes. Our experienced team of turnaround and restructuring experts seamlessly guides clients throughout the process to optimize outcomes for lenders, creditors, shareholders, and employees.
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