Creditor Rights Advisory Services
Navigant Capital Advisors supports creditor groups with varying interests in companies engaged in complex in-court and out-of-court restructuring and distressed situations. Our professionals provide a broad spectrum of creditor advisory services enabling lender groups, bondholders and other stakeholders to mitigate risks and maximize opportunities associated with a company’s restructuring plan. NCA provides innovative solutions to prevent further deterioration of creditors’ positions and maximize recovery.
Creditor Rights Advisory Services include:
- Operational and financial assessment of the debtor
- Review of short-term liquidity and cash flow projections
- Analysis of cash conservation efforts and procedures
- Analysis of business plan, including strengths, weaknesses, opportunities and threats
- Identification of non-core assets that may be sold to generate cash
- Valuation of collateral packages, on both a going concern or liquidation basis
- Negotiation of amendment and forbearance agreements
- Review and assessment of restructuring alternatives
- Performance monitoring following business plan implementation
NCA was retained by GMAC-RFC as financial and restructuring advisor in connection with the bankruptcy of Neumann Homes, Inc., a major regional builder based in Chicago, IL. An NCA professional is currently serving as Chairman of the Neumann Homes, Inc. Creditors Committee.
Mediq Incorporated is the nation’s leading provider of moveable medical equipment on a daily rental basis to individual and institutional consumers. NCA professionals represented Mediq’s secured creditors in a successful Chapter 11 reorganization pursuant to which such lenders equatized their debt to take control of the Company. Upon engagement, NCA professionals undertook a review of the Mediq’s financial and operating performance and then developed and negotiated the reorganization plan on behalf of its client. Post-bankruptcy, an NCA professional served as Executive Chairman of the Mediq Board and oversaw the continuing operating restructuring focused on branch rationalization, overhead reductions, and renegotiation of key vendor and franchisee relationships. The operating restructuring led by NCA professionals increased EBITDA from $45 million to $60 million over a 12 month period. NCA professionals were also retained as as the company’s sell side advisor and negotiated the sale of Mediq to Hill-Rom, Inc. (a division of Hillenbrand) as well as the sale of ACS (a division of Mediq) to Invacare Corporation. The sale resulted in a full recovery to the pre-petition holders of the “fulcrum” bankruptcy claims.
BLI Holdings Corp. is a $110 million contract manufacturer for the personal care industry with divisions in California and New Jersey. NCA was engaged by the equity sponsor to effectuate a capital and operational turnaround. Our professionals structured and negotiated the successful consummation of an out‐of‐court reorganization, simultaneous with the execution of a competitive sale process of the restructured debt in the secondary market. NCA served as stakeholder representative, providing oversight to the newly appointed Board of Directors, driving a successful operating restructuring and positioning of the company for an exit sale transaction. NCA served as sell‐side advisor during the successful sale of Bocchi Laboratories, as well as the sale of the assets of Medicia Corp. to Joshua Partners, LLC.