News

Middle Market Business Assessments and Restructuring in the New Normal

Re-Opening BusinessIndustries are slowly opening for business again after an unwanted hiatus to deal with the pandemic. Healthy companies are facing liquidity risks, business plans prepared Q4 2019 and Q1 2020 are obsolete. Companies that were having issues prior to Covid are in survival mode and may be losing the battle. To help preserve borrower’s

Protecting Viability for the Balance of 2020

Most companies are currently either shutdown or operating on a very limited basis. Once business is restarted, demand for product or service is unknown, the ability for suppliers to provide timely product is a question mark and will all the employees return? In other words, there are a mountain of risks and the question for

Receivership Strategy When Risk is Long and Time is Short

Lenders are faced with difficult circumstances when a borrower’s business and the bank’s collateral is deteriorating.  The downward spiral often includes declining or negative earnings, insufficient cash flow, declining enterprise value, escalating trade debt and “tripped” financial covenants.  Further, management has not been able to reverse these negative trends and worse, have likely not been

Supply Chain Risk Is A Rising Tide

By Michael Boudreau CPA, CTP, CFF – November 2019 The auto industry moves the needle in many different geographic markets and it often trickles down to other commercial industries. Stress cracks at the OEM level often create shock waves down the supply chain which increases risk factors at the Tier I, II and III suppliers.

Beef Is Getting Pricier and You Can Blame Asia for That

By Kirk Maltais – Updated Oct. 17, 2019 1:09 am ET Cattle prices in the U.S. have risen since September, as a protein shortage in Asia drives bets that livestock will be in increasingly high demand. Live cattle futures on the CME are up 14% from the start of a rally on Sept. 10 to nearly $1.14 a

Pity the Poor Consignor: Term Loan Lender Prevails

July 2019 – Stephen Selbst In TSA Stores, Inc. v. Sport Dimension, Inc., the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) recently held that a term lender with a junior lien on the debtor’s inventory prevailed over a consignor that had failed to perfect its security interest under the Uniform Commercial

A Restaurant Chain Went Looking for Fast Service

With the spurt in the number of distressed companies, it follows that many turnaround and merger and acquisition professionals are spending more time trying to sell underperforming and troubled companies.  Because today’s market clearly favors buyers, the real challenge of course, given the typical seller viability and liquidity issues, is to maximize value.  Morris·Anderson faced

Tales from the Trenches

M·A&A was recently referred to an automation equipment manufacturer in the Midwest by a major middle-market lender.  The Company had a small $2 million Line and we were the second turnaround firm who had been retained to help.  The first firm was a big name who had charged $75,000 for a very nice “accounting type” report

Healthcare Insolvency: Is it ObamaCare, TrumpCare, or WhoCares?

To understand healthcare insolvency, one must understand the difference between the health care system plans in the United States. This presentation contains an explanation of the United States’s healthcare system: spending, health consolidations, repeals, statistics and more.

Morris Anderson Executives Recognized As Top Turnaround Professionals

CHICAGO, July 17, 2017 — MorrisAnderson’s Chief Executive Officer Dan Dooley and Director Mark Briden were recently honored with top industry accolades: Dooley was recognized as a Top 100 Corporate Restructuring Dealmaker by Global M&A Network, and Briden earned an Emerging Leader Award in the Service Provider category by The M&A Advisor. Headquartered in Chicago,

MA Successfully Completes Complex Chapter 11 Exit And Turnaround For ITC

MA led a 16-month bankruptcy process which resulted in a consensual Plan of Reorganization, accounting department upgrade, dispute resolution between the owner and his ex-partner, and $33 million of new exit financing. Headquartered in Phoenix, ITC is a steel wire shelving and wire racking systems manufacturer, primarily for commercial and industrial warehouse racking systems. As

Should A Director Of A Company In Crisis Resign?

Written By: Sarah M. Olson James L. Baillie Fredrikson & Byron, P.A. (Minneapolis, Minnesota) Recently, Fredrikson & Byron sponsored a seminar in Minneapolis for clients and friends of the firm on “DIRECTOR & OFFICER DUTIES BEFORE AND DURING CRISES: What Directors and Officers Need to Know to Plan For and Manage Insolvency and Other Company

MorrisAnderson Honored As An Outstanding Turnaround Firm By Turnarounds & Workouts 2016

The recognition honors firms that are routinely retained in the most complex and sophisticated restructuring transactions. MorrisAnderson was specifically recognized for the following outstanding achievements: Chapter 11s – Developed plans of reorganization for International Technical Coatings (ITC) and Delta Mechanical Financial advisors to UCC of Fansteel ($90 million), and a $150 million multi-location hospital Within

A Foundation For Lending To The Construction Industry

Mark Briden, Director MorrisAnderson As the real estate market continues to revive from the 2008 downturn, construction contractors are becoming busy again. Defaults on commercial real estate loans have now hit an all-time low of less than 1%, according to the Federal Reserve report for Q1 2016, down from 8.75% in 2010. So, what’s to

7 Reasons Why The Insolvency Business Has Fundamentally Changed

By Dan Dooley, CEO MorrisAnderson Has the insolvency business fundamentally changed? I am asked this question all the time. My answer is ABSOLUTELY!! Here are seven reasons why, and their implications for our industry: 1. The Stigma is Gone From Financial Distress and Bankruptcy Owners and executives now actually seek input and opinions from trusted

Food Suppliers Must Meet Strict Standards To Remain Healthy

Originally published in the Journal for Corporate Renewal By Steven Agran, MorrisAnderson and Keith Dehaan, Food & Livestock Planning Inc. In December 2003, mad cow disease was identified in the North American market, and the Japanese government immediately banned imports of U.S. beef for two years. The 2014-15 avian flu epidemic resulted in 17 percent

DELAWARE’S LONG-FORM DISSOLUTION STATUTE: AN UNDERUTILIZED ALTERNATIVE

By Russell C. Silberglied, Director & Nathaniel J. Stuhlmiller, Associate, Richards, Layton & Finger, P.A. Introduction Many companies are “too broke to go bankrupt.” As the “ABI Commission to Study the Reform of Chapter 11”[1] notes, “anecdotal evidence suggests that Chapter 11 has become too expensive (particularly for small and medium size enterprises),” and more