Advised a second lien lender in a new-money, pre-arranged, Chapter 11 restructuring plan. Led the vetting of the business plan, turnaround strategy, proposed covenant package and liquidity position of the company. Assisted the second lien lenders in sizing, negotiating and structuring a $70M new-money investment that would fund the bankruptcy case and provide the company with the adequate capital to execute its post-emergence strategic initiatives. Successfully built consensus throughout the capital structure that enabled the company to emerge from bankruptcy on an expedited 25-day proceeding.

Advised and assisted management and the board of directors in developing strategic alternatives including a comprehensive restructuring plan to address the company’s over-levered balance sheet. Evaluated and modeled future cash flows that were used to develop an excess cash flow sweep mechanism to service junior noteholders. Led all modeling of the proposed transaction, sensitized debt covenant calculations, negotiated forbearance agreements and created detailed materials used to solicit the company’s stakeholders. During the restructuring process the senior debt was traded and the company pivoted to monetize its assets through an in-court sales process. Coordinated and all aspects of a fulsome §363 sales process and successfully sold the business to a strategic competitor.

Advised the project financing lenders after a power plant located in Juarez, Mexico defaulted on its power purchase agreement and its exiting sponsor’s parent filed for bankruptcy and swept the project level cash. Negotiated a memorandum of understanding with the existing sponsor and a forbearance with the Federal Electricity Commission that included strict milestone. Oversaw all facets of the sale process including the drafting of marketing materials, preparation of long-term projections and coordinated buyer outreach. Successfully, sourced a new financial sponsor and engineering and construction firm and assisted in the negotiation and structuring of the transaction, lender reinvestment into the project and long-term project financing support.

Advised the company on a $165M dividend recapitalization, leading all aspects of the refinancing process. Responsibilities included preparing marketing materials, analyzing long-term financial projections, negotiating the covenant package, and serving as the primary contact for potential lenders. Successfully refinanced the existing capital structure, sourced a new term loan lender, and negotiated favorable terms that enabled equity holders to receive a closing dividend and ongoing annual dividends without a personal guarantee.

Advised the senior lenders on strategic alternatives after the company defaulted on its credit facility following operational issues in its skin care segment and delays associated with a new product launch. Led the evaluation of the company’s brand portfolio, customers and end markets, new product initiatives, liquidity prospects, business turnaround strategy and strategic alternatives. Provided comprehensive advisory services through the Chapter 11 §363 sale process including the sizing and structuring of a $40M DIP facility, monitored the sales process and liquidity position throughout the case and identified the ultimate buyer of the hair and skin care business segment.