Major Engagements
Chief Restructuring Officer
Major electrical contractor in Bellingham, WA
Initially retained as outside consultant to assist in restructure and then converted to Chief Restructuring Officer as company filed Chapter 11 Bankruptcy. Operations of the company continued during the bankruptcy until the company was sold to a third party via private sale, approved by the Bankruptcy Court. During the bankruptcy the company completed two major projects and the estate completed a final project in conjunction with the buyer of the company.
Receiver
Assisted living facility located on the Long Beach peninsula
Receiver requested by major national bank when the borrowers abandoned the facility creating a crisis mode for the operation. Receiver negotiated time to obtain approval for a qualified management company with the State of Washington Department of Social and Health Services. That approval was granted and the facility was operated without disruption to the residents. Receiver operated the facility utilizing the approved management company restoring profitability and stabilizing the daily operations so that the facility could be sold. Facility sold to a third party with court approval.
Consultant
Major fish processing and fish products company in Northwest Washington
Retained after company filed for Chapter 11 Bankruptcy and counsel for the debtor was advised to seek additional professional advice. Worked with management of the company to determine cash flows, projections and more accurately report financial status to both its lenders and to the Bankruptcy Court. Negotiated with the lenders to obtain their cooperation for the use of cash collateral, and for the time necessary to facilitate the restructure of the company. Company filed a Chapter 11 Plan or Reorganization with the court which was approved and subsequently confirmed by a 100% vote of the creditors.
Chief Restructuring Officer
StairMaster Sports/Medical Products, Inc.
Chief Restructuring Officer StairMaster Sports/Medical Products, Inc. Engaged to provide management oversight and facilitate a sale of assets as part of a Chapter 11 Bankruptcy. While coordinating sale of assets increased sales from pre-filing periods, decreased expenses, improved cash flows to positive levels, and reduced inventory of parts, work in progress, and finished goods. Borrowings under debtor in possession financing were less than 25% of budgeted amounts. Following sale appointed as Disbursement Agent for residual estate responsible for closing out business and disbursement of sale proceeds according to plan approved by court.
Consultant
Two family owned fruit packing and orchard operations in eastern Washington
Worked with both companies to restructure debt. Assisted with cash flows and other financial projections to obtain use of cash collateral and term loans necessary to implement plan of reorganization
Receiver
Plywood mill in Vancouver, WA
Responsible for marshaling assets for sale, reports to the court for budgets and recoveries for lenders. Assets sold via private sale providing maximum return to creditors.
Trustee
Walt's Radiator and Muffler, Inc.
Engaged by creditor's committee and debtor to facilitate sale of assets as a competing plan alternative to debtor's plan of reorganization. In less than eight weeks located potential buyers and conducted auction sale of the assets. Appointed by Bankruptcy Court as Trustee for disbursement of sale proceeds to creditors as provided in Plan of Reorganization, filing tax returns, and closing residual estate.
Farm Management
An international insurance company
Engaged initially as consultant on agricultural issues and debtor plans for restructuring. Later retained by lender to provide daily oversight of farm management company including budgets, daily operations, sales, staffing, and equipment. Operation included multiple orchards in Eastern Washington and budgets exceeding $3 million.
Outside Loan Examiners
Retained by $300 million regional bank with multiple branches in Washington and Oregon.
Completed a comprehensive loan review of portfolio identifying specific loan deficiencies as well as portfolio trends and problems. Report to Board of Directors provided to regulators to show bank's commitment to properly monitoring loan quality and proper risk grading of assets.
Outside Workout Consultant
Retained by two regional banks with multiple branches to provide workout expertise on classified credits.
Dealt directly with bank clients to determine the nature of the default and determine practical solutions for resumption of payments, alternative financing, or liquidation of assets to retire debt.
Consultant
Award winning major winery and vineyard operation in Eastern Washington.
Worked with management to properly structure financial reporting and then worked with two lenders to provide additional time for the company to stabilize operations. Time allowed issues between shareholders to be resolved as the assets were sold.