TRANSACTIONS

Past performance speaks for itself

Restructuring

Company Client Transaction Revenues (approximate)
Tier One Automotive Supplier 1st Lien Lenders Out-of-court Restructuring $1,800 MM Details
Business Notable Accomplishments
Large auto parts manufacturer Successfully completed cross-border out of court restructuring for company with operations in over 50 countries and approximately $1.3 billion in debt in the midst of the auto industry meltdown.
Debtor 363 Sale $28 MM Details
Business Notable Accomplishments
Manufacturer of back of the line semi-conductor chip inspection equipment Closed transaction despite existence of IP claim on core technology used by the Company.
Debtor Chapter 11 Reorganization $24 MM Details
Business Notable Accomplishments
Satellite broadband Successfully confirmed plan of reorganization involving over $500 million in debt and equity claims following complete operational restructuring achieved during Chapter 11 proceeding. Company was burning over $2 million per month when it filed for Chapter 11.
Debtor 363 Sale $25 MM Details
Business Notable Accomplishments
Manufacturer of general machine vision systems and 3-D barcode readers Closed on stalking horse bid that was over 2 times the unannounced cover bid.
American Paper Group, Inc. Debtor 363 Sale $32 MM Details
Business Notable Accomplishments
Envelope manufacturer Helped Company obtain time and capital from senior lenders to complete technological transformation of Company and obtain significant recovery on lenders’ impaired debt.
Debtor 363 Sale $1 MM Details
Business Notable Accomplishments
Fixed Wireless Took over the transaction following a 20 month failed sale process. Ran a complete bankruptcy sale process in less than 65 days and increased projected returns from approximately $0.12 for creditors based on results of Worldcom spectrum auction held several months earlier, to a complete recovery for creditors and over $2.50 per share for the equity holders (which was trading at less than $.05 per share when the Company filed). Nextel won the auction. Other active bidders were SBC Telecommunications and Craig McCaw.
Equity Committee 363 Sale $100 MM Details
Business Notable Accomplishments
Manufacturer of metro edge servers for large telecommunication companies Validated pre-petition sales process run by another investment bank. Improved price by $40 million, as well as terms, over those contained in stalking horse bid at the bankruptcy auction held within 3 weeks of our retention. Lucent was the winning bidder; Ericsson was the other active bidder.
Buyer 363 Buyside $1,000 MM Details
Business Notable Accomplishments
Government consulting Advised Deloitte in their successful efforts to replace pre-negotiated plan of reorganization with a 363 stalking horse bid: the ultimate winner for Bearing Point’s public services unit. IOI submitted within 3 weeks of being engaged (Feb 2008), all diligence completed, internal approvals obtained, and stalking horse APA executed by March 30. Secondary auction process and sale approval complete by April 17. Transaction won Deal of the Year Award from M&A Advisor.
Debtor Chapter 11 Reorganization $370 MM Details
Business Notable Accomplishments
Fabric specialty retail chain Due largely to closing 174 of 450 existing stores, roll-out of new store design, corporate and operational cost reduction efforts, chain went from losing -$26 million in EBITDA in 2006 (the year we were retained) to making over $8 million in EBITDA in 2008 (year Company emerged from bankruptcy); creditors were paid 100 percent (with interest) in cash at the Effective Date and equity rode through un-impaired with shares trading at $1.84 on the Effective Date. Transaction received both aTurnaround Atlas Award and Middle Market Financing of the Year by M&A Advisor.
Debtor 363 Sale $170 MM Details
Business Notable Accomplishments
Restaurant/ Games Took over the transaction which had been in the market for over 16 months. Final auction bids were over 170% of stalking horse bids and produced almost complete recovery for secured creditor and partial return for unsecured creditors.
Company Out-of- court restructuring Details
Business Notable Accomplishments
Small defense conglomerate Restructured toxic PIPE for small public company allowing them to sell and/or restructure American and European operating companies. Supervised M&A sale processes for VSK, a European security products and installation firm, GMS, an American based manufacturer of satellite antennae and transmission systems, and Titan, a US manufacturer of pyrotechnic devices for the U.S. military.
Debtor 363 Sale $75 MM Details
Business Notable Accomplishments
Sunglass distribution Found buyer for bank debt despite severely declining operational and financial performance. The debt buyer ultimately purchased business in a 363 sale.
Pacific USA Debtor Chapter 11 Reorganization n/a Details
Business Notable Accomplishments
U.S. holding Company of Major Taiwanese parent company Helped achieve recovery of over 40% for most of US creditors despite a lack of substantial remaining US based businesses and assets.
Company Out-of-court restructuring $250 MM Details
Business Notable Accomplishments
Expedited delivery services Restructured bonds and found replacement financing for senior secured lender.
Project Pork Producer Senior Lenders Out-of court restructuring $450 MM Details
Business Notable Accomplishments
5th largest integrated producer of pork in the United States Successfully restructured approximately $400 million in debt resulting in likely par recovery for the bank group. Following 2 years of losses totaling over $200 million, helped agent and bank group evaluate real strategic alternatives, and then raise required interim financing that allowed commodity markets time to recover and return Company to profitability.

Mergers & Acquisitions

Company Client Transaction Revenues (approximate)
Project Mountain Company M&A $400 MM Details
Business Notable Accomplishments
Off-price retailing Ongoing
Company M&A $500 MM Details
Business Notable Accomplishments
Stainless steel producer Successfully closed a sale transaction on behalf of a major French steel producer despite significant labor, environmental, pension and OPEB issues.
Company M&A $77 MM Details
Business Notable Accomplishments
Manufacturer and distributor of copper and brass strip Sold to Sun Capital despite large required working capital position.
Company Minority Investment/Joint Venture n/a Details
Business Notable Accomplishments
Telecommunications and electric co-operative Structured initial transaction for a for-profit joint venture between two not-for-profit cooperatives.
Project Gold Company M&A $100 MM Details
Business Notable Accomplishments
Manufacturer of precious metal jewelry findings & writing instrument parts Sold to strategic buyer at transaction valued at over 20 times recast trailing EBITDA plus assumption/funding of approximately $80 million in loans supporting gold inventory.
Company M&A $50 MM Details
Business Notable Accomplishments
Restaurant Sold to Sun Capital despite ongoing operational and franchisee issues.
Government/Defense M&A $20 MM Details
Business Notable Accomplishments
Software/IT Deal team members were given co-investment rights for 8% of equity.

Capital Raising

Company Client Transaction Revenues (approximate)
Debtor Capital Raise $370 MM Details
Business Notable Accomplishments
Fabric specialty retail chain Raised required DIP financing and also $120 million in exit financing from GE.
Company Capital Raise $250 MM Details
Business Notable Accomplishments
Expedited Delivery Services Obtained $12 million senior secured revolving credit facility with Burdale Capital Finance, Inc.
Project Home Company Capital Raise n/a Details
Business Notable Accomplishments
Residential builder / developer Debt and Equity totaling $130 million. Pending.

Others

Company Client Transaction Revenues (approximate)
Company Negotiated Fairness involving sale of minority position n/a Details
Business Notable Accomplishments
Satellite Closed voluntary buy-out at reasonable price despite lack of traditional minority investor protection mechanisms.
Project Vest Board Board Advisory n/a Details
Business Notable Accomplishments
Defense Manufacturer