Turnaround Allows for Refinancing of Trucking Company


Annual Sales


in Debt

Wayne Moving & Storage, West Chester Pennsylvania


Trucking, Moving, and Storage. $25 million annual revenue. $12 million in debt ($8 million in RE and $4 million Line of Credit). Shareholders owed additional $9 million on land purchased for development.

  • Company had experienced a 20% decline in Revenue, but business was rebounding 2 years later, causing a working capital squeeze
  • Owners were paying the debt of the Real Estate company directly from Moving & Storage company
  • Secured lender concerned with decreasing availability and high debt secured by Real Estate
  • Loan moved to work-out group that did not have history with company


  • Morris Anderson prepared an assessment of the company identifying payments made to RE Company, but indicating that cash flow was adequate to cover debt service
  • Morris Anderson worked with company to identify $2 million of EBITDA improvements
  • Morris Anderson negotiated with lender to provide adequate time to refinance
  • Morris Anderson reached out to over 50 lenders to refinance loans


  • Company refinanced debt with new lender
  • Amortization of debt extended to 20 years from 8 years
  • Company improved cash flow by $150K per month
  • Bank repaid 100% of loan