Case Studies
J.S. Held Acquires GLI Advisors, Strengthening Our Construction Project Support Services in the Western US and Hawaii
Read MoreIndustry: Retail, Restaurants & Hospitality
Primary Services: Restaurant
The Company was a $365 million publicly traded retail cafeteria chain operating 205 stores in 16 Southeastern and Mid-Atlantic states.
The Company was facing a liquidity crisis — sales had dropped for the past five years, it was paying high interest rates on its debt, and its pension plan was underfunded by $40 million.
We were hired by the Board of Directors to assess the Company’s situation and to develop a plan to save the Company.
Our experts assumed the roles of CEO, CRO, and Treasurer in conjunction with the objective of exploring all available strategic options. We ultimately recommended and implemented the Company’s pre-planned bankruptcy filing and subsequent sale and reorganization.
We conducted a 363 sale that generated $80 million for the Company’s assets, $26 million greater than the stalking horse bid of $54 million. Secured creditors were paid in full, and the unsecured creditors’ recovery was enhanced 850% (from 3 cents under the original offer to more than 43 cents).
Brian F. Gleason, CTP
Senior Managing Director
Strategic Advisory Practice
+1 610 659 8118
[email protected]
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