MorrisAnderson Fixing Environmental Issues Leads to Going Concern Sale


Annual Sales


in Debt

OGM - Clean Water Ltd., Columbus Ohio


3 Waste Water Treatment facilities. $25 million Revenue. $10 million Secured Debt. Environmental and Liquidity Issues. Ohio State Court Receivership.

  • Waste water treatment company that removed impact oil and other material from water and through other treatment methods
  • Reclaimed oil sales, a byproduct of treatment, was effected by falling oil prices
  • Numerous potential environmental issues and regulatory violations that needed immediate attention
  • Lack of liquidity and concerns by the secured lender caused the company to enter into a state receivership proceeding
  • Customers were exiting because of the receivership
  • Critical safety equipment and environmental barriers where failing


  • MorrisAnderson stabilized the company through cost cutting, elimination of oil operations and other selective sales efforts
  • Stabilized exit of customers and maintained consistent revenue through the entire 2 years of receivership
  • Negotiated and resolved all active violations and implemented corrective actions for environmental regulators including the EPA, RCRA and local agencies
  • Replaced environmental equipment deficiencies and implemented capital improvements to correct failing critical safety equipment
  • Conducted a sales process and brought three potential strategic buyers to the secured lender


  • Secured lender purchased the company with a credit bid
  • The company was sold with no outstanding environmental violations
  • Avoided potential costly environmental remediation and facility shut down risk for the buyer/lender