Case Studies

Winner of 2011 TMA “Turnaround of the Year - Small Company” award
Industry: Business Services
Analytics, Inc.

Winner of 2011 TMA “Turnaround of the Year - Small Company” award

MorrisAnderson partnered with Company management to develop a consolidated business plan creating one unified company out of the three operating units, improving EBITDA 40% from $3.0 million in 2009 to $4.2 million in 2010.

Gaming Company Successfully Winds-Downs Assets
Industry: Other Industries
Indianapolis Downs LLC

Gaming Company Successfully Winds-Downs Assets

MorrisAnderson was hired by an Indiana-based gaming company to engage as liquidating trustee for a casino and race track south of Indianapolis just prior to closing $500 million 363 sale of all business assets.

Healthcare Company
Industry: Healthcare
120 location, 6,400 bed Assisted Living Center

Healthcare Company

Based in Illinois

Successfully restored profitability and improved forecast accuracy

MorrisAnderson created a comprehensive restructuring plan in six weeks that would restore the Company to profitability. The plan required significant changes at all levels to achieve a 10% further reduction of its cost structure. Assisted with implementation of Phase 1 of the plan.

Bank exposure reduced from $25 million to $5 million as part of refinancing

MorrisAnderson was hired by bank group to review collateral situation and assess the company’s management and their plans to address issues.To ensure compliance with covenants and to identify ongoing operational issues, MorrisAnderson continues to provide quarterly monitoring for bank group.

Working Closely with Senior Lenders and Company Management
Industry: Construction
YESCO (Young Electric Sign Company)

Working Closely with Senior Lenders and Company Management

MorrisAnderson worked closely with YESCO’s senior management team to review prior restructuring initiatives, vet current business plan assumptions and assist Company in assembling a comprehensive restructuring plan to present to the lenders.

Successful implementation of a restructuring plan
Industry: Construction
General Crane

Successful implementation of a restructuring plan

MorrisAnderson engaged as financial advisor to guide this crane leasing company, located in Florida, through the bankruptcy process.

Leveraging our network of lenders buys time and secures new financing
Industry: Transportation
Wayne Moving & Storage

Leveraging our network of lenders buys time and secures new financing

MorrisAnderson was hired as Financial Advisor and Investment Banker to this $25 million in revenue, West Chester, PA moving & storage company. By identifying areas for immediate improvement which saved $2 million, we had more time to leverage our network of lenders and find new financing for the company.

Adding Value as Plan Administrator
Industry: Other Industries
Deltak (part of Global Power Equipment Chapter 11)

Adding Value as Plan Administrator

MorrisAnderson was hired as Post-Confirmation Plan Administrator. Our team improved the recovery of unsecured creditors from 21% to 81% and negotiated $150 million of claims to be resolved versus $32 million of cash available.

Margin Pressure on a Family-Owned Business
Industry: Other Industries
KingKutter Inc.

Margin Pressure on a Family-Owned Business

This $50M, family-owned manufacturer of rotary mowers and farm equipment lost almost 20% of its revenue as a result of the economic recession (2008-2010). MorrisAnderson was engaged as Financial Advisor to address cash flow and ownership issues, as well as lender fatigue.

Winner of 2010 TMA Atlanta Chapter “Turnaround of the Year” Award

MorrisAnderson served as CRO and interim CEO for this $70 million dollar cosmetics company. MA was subsequently honored with the 2010 TMA Atlanta Chapter "Turnaround of the Year" award for achieving impressive financial results, negotiating a successful sale, and saving 400 jobs.

Assessing and reducing risk for senior lenders
Industry: Transportation
K-Sea

Assessing and reducing risk for senior lenders

MorrisAnderson was engaged as financial advisor to the senior lenders to assess the business plan and macro-economic factors impacting this $150 million, US provider of marine transportation, distribution and logistics services for refined petroleum products.

Industry: Food & Beverage
Large Poultry Producer

Operating and Cash Flow Loss Due to Commodity Cost Volatility

MorrisAnderson was engaged as Financial Advisor to the lender group (10 lenders) for this vertically integrated poultry producer and processor with $600 million in annual sales. The Company was experiencing large cash flow losses due to steep increases in corn feed costs, coupled with decline in chicken prices due to industry over-capacity.

Industry: Food & Beverage
Snack food manufacturer and distributor

Performance Improvement for a Family Business

MorrisAnderson was engaged as financial and operations advisor to this consumer snack food manufacturer and distributor.

Winner of 2007 TMA Chicago/Midwest Chapter “Turnaround of the Year” Award

MorrisAnderson was engaged as Financial Advisor to this third generation, family-owned seller of religious gift-ware and collectibles.

Mitigating loss through creative solutions
Industry: Food & Beverage
Dairy Farmers of America

Mitigating loss through creative solutions

MorrisAnderson was engaged as Financial Advisor to this $300 million cheese producing facility.

Financial Advisor to the SEC
Industry: Business Services
Northshore Asset Management

Financial Advisor to the SEC

MorrisAnderson was engaged to review the books and records and assist the SEC appointed receiver in his investigation.

Avoiding forced bankruptcy with an aggressive and successful turnaround
Industry: Automotive
Tier II Automotive Supplier

Avoiding forced bankruptcy with an aggressive and successful turnaround

MorrisAnderson led the aggressive wind-down of under-performing facilities, including the restructuring and consolidation of profitable Mexican operations.

$24 million EBITDA improvement and a successful refinancing

MorrisAnderson was brought in as financial advisor to review the company’s forecast and develop a viable business plan.

A successful automotive turnaround
Industry: Automotive
Consolidated Manufacturing, Inc.

A successful automotive turnaround

MorrisAnderson was engaged to explore turnaround options and help return the company to profitability after their line of credit was frozen by the bank.

Negotiations lead to $5 million in new equity
Industry: Business Services
Encore Legal Solutions

Negotiations lead to $5 million in new equity

MorrisAnderson was brought in by the equity sponsors to evaluate the next tranche of investment opportunities and to negotiate with the mezzanine lender.

Saving money through a UCC Article 9 sale
Industry: Automotive
Whitehall Industries

Saving money through a UCC Article 9 sale

MorrisAnderson was hired to market the company through a planned Chapter 11 sale process under §363, but to control costs, the company was sold through a UCC Article 9 sale.

Successful §363 sale following involuntary bankruptcy
Industry: Construction
Ridgewood Corp.

Successful §363 sale following involuntary bankruptcy

MorrisAnderson was engaged initially as financial advisor, then transitioned to interim management and investment banker for this $25 million plumbing supply company and HVAC distributor.

Practical solutions amidst heightened emotions
Industry: Other Industries
Burr Oak Cemetery

Practical solutions amidst heightened emotions

This historic African American cemetery found itself amidst Chicago media and government outrage over allegations of grave desecration. MorrisAnderson was appointed Chief Operating Officer by Bankruptcy Court as a neutral party acceptable to government and owners to properly reopen the cemetery.

Inventory management and sale means reduced risk for the lender
Industry: Construction
Midway Supply, Inc.

Inventory management and sale means reduced risk for the lender

MorrisAnderson was installed as CRO to assist in the implementation of a market-oriented inventory management system, which helped increase the pay-down amount to the lender by approximately $3 million.

Out-of-court liquidation creates positive outcomes for lenders and unsecured creditors

MorrisAnderson was engaged to develop a liquidation plan that would be supported by Southline’s lenders and maximize the value of existing inventory.

Successful auction and sale of assets in 45 days
Industry: Business Services
Direct Marketing Services, Inc.

Successful auction and sale of assets in 45 days

MorrisAnderson was hired by the Board of Directors as Assignee in an Assignment for the Benefit of Creditors (ABC) as a strategic move to push the sale process forward.

Interim Management results in additional funding for growth
Industry: Franchise
Restaurants America

Interim Management results in additional funding for growth

MorrisAnderson was engaged to assist in refinancing efforts for this 65 location, $120 million in annual sales, restaurant group. One of our consultants acted as interim CFO and attracted $5 million in debt, helping to alleviate liquidity issues.

Cost cutting and a sale helps create working capital

MorrisAnderson was engaged by Private Equity to assess the viability of the business and determine options to create value. By selling an unprofitable division and identifying additional cost cutting opportunities, our team helped create $5 million in working capital and facilitate a renewed relationship between the lender and company.

Reviving profitability with operational efficiency
Industry: Construction
Hirschfeld Industries

Reviving profitability with operational efficiency

MorrisAnderson was engaged to help maintain profitability in spite of increased commodity steel prices coupled with a lender unwilling to advance funds during a crisis.

Addressing lender fatigue by successfully sourcing new financing

MorrisAnderson ran the refinance process and worked to source a new asset based and non-traditional financing partner. Wallace met its 2010 financial plan and is well-positioned with a strong financing partner.

A successful “out of court” bankruptcy
Industry: Automotive
DriveSol Worldwide

A successful “out of court” bankruptcy

MorrisAnderson was engaged by Private Equity to manage this liquidation and maximize value. By engineering an "out of court" bankruptcy, enough value was created to pay the secured lender 100% and recover $10 million in net value.

Financial advisor to “America’s Drive- In”

MorrisAnderson created a comprehensive financial forecast and reorganization plan for a major franchisee with 92 locations. The company avoided bankruptcy and was able to save 87 locations and 2,200 jobs.

Three Businesses, Three Bankruptcies
Industry: Other Industries
Renova Energy

Three Businesses, Three Bankruptcies

MorrisAnderson was engaged as Chief Restructuring Officer to manage the bankruptcy process.

A textbook example of “Maximizing Enterprise Value”
Industry: Plastics
Victor Plastics

A textbook example of “Maximizing Enterprise Value”

MorrisAnderson assisted with the liquidation, helped create positive cash flow and led the company to a successful §363 sale.