Performed Chapter 11 restructuring support to this manufacturer of iron castings, forged and machined components composed of six, distinct operating companies.
- Company over-leveraged after a series of acquisitions and a downturn in the economy.
- Company needed assistance in recapitalization.
- As debtor’s senior advisor, advised in the development of a “prepackaged” Chapter 11 Plan, built around bondholders’ agreement to exchange $285 million in senior subordinated notes for $100 million in new notes, 50 percent of newly issued common stock, and $30 million in cash.
- Led senior management and financial advisors in preparation of a “rationalized” operating business plan for presentation to lenders.