Accumyn Turnaround Restructuring
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Accumyn Turnaround Restructuring

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Interim CFO, Chief Restructuring Officer

Interim CFO, Chief Restructuring Officer

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Accumyn Turnaround Restructuring Presentation Transcript

  • 1. Corporate Restructuring & Financial Advisory Services EXPERIENCED PROFESSIONALS | CREATIVE SOLUTIONS | LASTING VALUE -1- Corporate Restructuring & Financial Advisory 4635 Southwest Freeway, Suite 425 | Houston, Texas 77027
  • 2. Overview PAGE THE FIRM 3 RESTRUCTURING & FINANCIAL ADVISORY Debtor Services 7 Lender and Creditor Services 11 SELECT ENGAGEMENTS AND PAST TRANSACTIONS 15 BIOGRAPHIES 20 CONTACT INFO 24 -2- Corporate Restructuring & Financial Advisory
  • 3. The Firm -3- Corporate Restructuring & Financial Advisory
  • 4. The Firm Over 30 consultants, both highly credentialed and seasoned, providing strategic advisory services, independent analysis, and expert testimony. - Certified Financial Forensics (CFF) - Certified Public Accountants (CPA) - Juris Doctor (JD) - Accredited in Business Valuation (ABV) - Certified Computer Forensics (CCF) - Certified Valuation Analyst (CVA) Diverse practice area scope: - Claim Services - Corporate Turnaround & Restructuring - Digital Forensics - Transaction Advisory Services - Energy Economics - Financial and Economic Damages - Intellectual Property - Valuation Services - Capital Project Management - Forensic Accounting Experience to product results: - Leadership and Depth ~ executives with years of hands-on financial and operational experience - Solutions and Value ~ partnering to provide credible and executable outcomes - Speed of Action ~ focused on achieving both short and long-term objectives -4- Corporate Restructuring & Financial Advisory
  • 5. Restructuring and Advisory Services -5- Corporate Restructuring & Financial Advisory
  • 6. Debtor Services Overview Merger/Sale Restructuring Transaction Forensic Accounting and Investigations Credible CLIENT Turnaround Litigation NEEDS Initiatives Resolutions and Plans Valuations and Solvency Analysis Operational Refinance/ Improvements Recapitalize -6- Corporate Restructuring & Financial Advisory
  • 7. Debtor Services Functional Expertise Accumyn’s core turnaround and restructuring program CASH FLOW CREDITOR BALANCE SHEET GENERATION NEGOTIATIONS RESTRUCTURING Understand business Provides trust, Deep understanding cash flow drivers credibility and and experience in the solutions capital markets Rebuild and reconfigure cash Experience in creating Experience in all monitoring processes solutions for both tranches of the capital secured and unsecured structure Create financial and creditors internal control Experience providing programs to conserve Bring in new capital workable solutions to cash-flow when required both secured and unsecured creditors Manage short and long-term liquidity Allows management to focus on operations -7- Corporate Restructuring & Financial Advisory
  • 8. Debtor Services Functional Expertise Accumyn’s additional value-added capabilities INTERIM OPERATIONAL ASSET MANAGEMENT TURNAROUND REALIZATION Seasoned financial and Experience in a wide Understands how to operational executives array of industries value and analyze w/ C-level experience business operations Brings to the table Can assume CRO decades of experience Provide analytical responsibilities in corporate strategic, driven approach to financial, and product, asset, Have operated both in operational planning operational divestiture and outside of bankruptcy Proven performer in Focused on applying change monetizing value to Re-establish corporate management solutions the Company priorities Relationships in the Morale boosting market place to effect presence smooth transactions -8- Corporate Restructuring & Financial Advisory
  • 9. Debtor Services Assisting Under Performing Companies Strategic assessments and operational review Management assessment Business and financial modeling Cash flow turnaround management and enhancement Creditor restructuring assistance Crisis and interim management Distressed asset acquisition analysis Restructuring plan design and negotiation Collateral reviews Exit strategy implementation and value maximization -9- Corporate Restructuring & Financial Advisory
  • 10. Debtor Services Insolvency Services Pre-bankruptcy planning DIP financing/cash collateral budgets Bankruptcy accounting and reporting Collateral valuations Liquidation analyses Lease/contract evaluation Retention/severance plan development Reorganization plan development Disclosure statement assistance Feasibility analyses Negotiation with parties-in- interest Claims management Avoidance actions -10- Corporate Restructuring & Financial Advisory
  • 11. Lender and Creditor Services Functional Expertise Accumyn’s core lender & creditor advisory capabilities Debtor Oversight Asset Recovery Cash Flow Monitoring Loan Recovery Troubled Credit Alternatives Asset and Enterprise Sales Court Appointed Services Liquidations Financial Advisor to Creditor Committee Due Diligence Assessment Receivership Underwriting Expert Witness Testimony -11- Corporate Restructuring & Financial Advisory
  • 12. Lender and Creditor Services Functional Expertise DEBTOR CASH FLOW TROUBLED CREDIT OVERSIGHT PERFORMANCE ALTERNATIVES Negotiating Understand business Assess options forbearance / covenant cash flow drivers creditors of distressed waivers credits Rebuild and Focused on protecting reconfigure cash Craft alternatives to investments monitoring processes meet stakeholder expectations Experienced at Expand working analyzing debtor’s capital base Quickly provide risk challenges and management and Manage short and presenting solutions mitigation strategies long-term liquidity Recommend continued Provide reliable and funding / exit accurate forecasts strategies -12- Corporate Restructuring & Financial Advisory
  • 13. Lender and Creditor Services Functional Expertise RECEIVERSHIP COURT APPOINTED FINANCIAL ADVISOR SERVICES TO CREDITOR COMM. Experienced in serving Assess situation Skilled in safeguarding in an interim- surrounding debtor third-party interests management capacity Challenge and validate Ability to oversee o CRO debtor company interests of all strategies and participating stake- o CEO projections holders o CFO Provide practical risk Can turn short-term Experienced with both management and crises into long term Chapter and 7 and 11 mitigation advice viable recovery plans -13- Corporate Restructuring & Financial Advisory
  • 14. Lender and Creditor Services Functional Expertise EXPERT TESTIMONY ASSET DUE DILIGENCE WITNESS RECOVERY ASSESSMENT Can provide testimony Can navigate thru Experienced in making for reliability of competing, rights, operational, financial, information to interests and claims and HR assessments achievability of for funding projects Effect cooperative forecasts solutions, maximizing Determine market Possess financial and value for the firm’s positioning, execution technical expertise to clients capabilities, business understand the unique plan attainability and Experienced in loan complexities of various success of cash flow recovery, asset and situations enterprise sales, and Focused on earnings liquidations quality and debt service capabilities -14- Corporate Restructuring & Financial Advisory
  • 15. Select Engagements & Past Transactions -15- Corporate Restructuring & Financial Advisory
  • 16. Past Engagements Principal Bankruptcy & Restructuring Experience Southland Corporation Seitel, Inc. Principal Financial Group (Retained as Financial Advisor) (Financial Advisor to Secured Lenders) (Retained as Financial Advisor) Represented a large-cap company Represented the senior lending group for a Represented agent bank in performing due (worldwide operator of 7-Eleven stores) in $300mm public company in their efforts to diligence related to its $500mm senior its Chapter 11 restructuring efforts. restructure debt and continued representation revolving credit facility. throughout the Chapter 11 process. Work included the development of a Work included review of various classes of turnaround plan, which called for the sale of Work performed on behalf of the lenders assets, including an in-depth analysis of the significant divisions of the company, included asset due diligence related to the valuation of residual interests resulting from focusing operations on the core business DIP financing facility, assessment of the Company's securitization activity. unit. operational turnaround strategy, development Developed a successful restructuring plan of recapitalization plan, and on-going Efforts resulted in significant enhancement that resulted in full payment to the senior monitoring of operating results. to shareholder value. lenders under 15 months. Wick n Sticks & Wallpapers to Go Al Copeland Enterprises Memorex Telex (Retained as Financial Advisor) (Advisor to Unsecured Creditors Committee) (Retained as Financial Advisor) Restructuring Advisor to unsecured Restructuring Advisor to a pioneer and leader Retained as Financial Advisor to prepare creditors committee of public restaurant in high performance audio. turnaround plan and confirmation plan of chain. large public franchisor. Implemented broad cost reduction initiatives The company completed a Chapter 11 generating millions in cost savings. Secured Plan was confirmed and reconstituted restructuring that provided the company incremental financing, and negotiated a pre- company emerged from Bankruptcy in less with the time to develop and begin the arranged bankruptcy restructuring. than one year. execution of a turnaround plan, and obtain Allowed the company to emerge from the additional liquidity required to finance bankruptcy in approximately six months with the road to recovery. a right sized cost structure, significantly reduced leverage, while enabling the company the flexibility to pursue new growth opportunities. -16- Corporate Restructuring & Financial Advisory
  • 17. Past Engagements Principal Bankruptcy & Restructuring Experience (cont.) Long Term Credit Bank of Japan Schwinn Corporation Advent Communciations (Retained as Financial Advisor) (Retained as Restructuring Advisor) (Retained as Turnaround Manager) Restructuring Advisor for manufacturing Worked with the senior management team for Represented the senior lending group of a division of a global company. this consulting and software group which regional supermarket chain. operated in multiple markets in the Southern Completed a fast track restructuring in less Work included an in-depth review of the United States. than 15 months. company's operations and, based on Assisted the company with the establishment forecasted operations, assisted the lenders Successfully implemented over $9 million in of liquidity forecasting tools and budgeting in negotiations with the company and operational EBITDA improvement initiatives, processes, significantly enhancing the quality bondholders on a complex wind-down while shedding non-core assets. and accuracy of the budgeting and recovery. forecasting process Generated over $75 million in proceeds. Assets were liquidated with lenders and bondholders receiving full recovery. National Commercial Grower Electro-Mechanical Industries CompuData (Retained as Financial Advisor) (Retained as Financial Advisor) (Retained as Financial Advisor) Represented a mid-cap company in Evaluated the solvency of EMI at its counsel’s Retained as Financial Advisor to a top three restructuring efforts. Assisted the company request in light of the bankruptcy plan of national commercial grower of specialty in the development of a business reorganization and certain contingent plants. restructuring plan and in negotiating a new liabilities. Facilitated the workout of a $20 million credit facility which was supported by the Provided report regarding solvency. senior credit facility and the workout of $5 Company’s plan. million in trade payables. Led the Company in maneuvering through Arranged for new senior lender to be the bankruptcy process and provided critical brought in upon workout of previous facility. testimony and affidavits in support of various motions in the bankruptcy court. -17- Corporate Restructuring & Financial Advisory
  • 18. Past Engagements Principal Bankruptcy & Restructuring Experience (cont.) Private Retail REIT Auto Part Distribution Co. Biotechnology Company (Retained as Financial Advisor) (Retained as Financial Advisor) (Retained as Financial Advisor) Retained as Financial Advisor for a regional Retained by unsecured creditors of a publicly Retained by a national private REIT to auto after market part distribution company. traded bio-technology company. manage liquidation of distressed joint- venture acreage in Texas and California. Facilitated workout of $6 million over Structured and implemented out of court advance on a $13 million asset based credit creditor $6 million settlement plan to facilitate Provided analysis of 250 retail property facility. Restructured operations, negotiated the company’s merger with a private acquirer. portfolio and provided risk management unsecured creditor workout and arranged recommendations. for new purchase order financing. -18- Corporate Restructuring & Financial Advisory
  • 19. Past Engagements Principal Financial Advisory Transactions Laser Power, Inc. The Writer Company Networks Electronics, Inc. (Retained as Financial Advisor) (Retained as Financial Advisor) (Retained as Financial Advisor) Retained as financial advisor to publicly Retained to assist in the sale of a publicly Appointed by probate court to sell deceased traded laser-optic dome manufacturer. traded regional home builder. founder’s publicly traded shares held in trust. Implemented shareholder defense process Conducted auction, structured transaction, (poison pill), conducted auction to sell the and provided fairness opinion to Board of Conducted sale process, structured company. Directors on $55 million sale to a national transaction, and provided fairness opinion competitor. on the $13 million sale of the company to a Transaction concluded with a $36 million UK based industrial conglomerate. cash/equity sale to a public competitor. Provided fairness opinion to the Board of Directors. PDS Gaming, Inc. (Retained as Financial Advisor) Retained by publicly traded gaming equipment provider on its exchange of $11.4 million in Senior Subordinated Notes. -19- Corporate Restructuring & Financial Advisory
  • 20. Bios -20- Corporate Restructuring & Financial Advisory
  • 21. Restructuring & Advisory Team David N. Eliff, CPA T: 713.430.6895 E: deliff@accumyn.com Mr. Eliff, a Managing Director, has 25 years of professional and executive management experience, including seven years as the CFO of publicly traded firms. As a management advisory consultant, Mr. Eliff has been engaged by numerous firms as interim CFO or in a lead financial advisory role and has led the development and implementation of numerous turnaround and restructuring plans. Mr. Eliff has advised a wide consortium of companies in many industries. He has had leadership roles in small and medium sized companies and led equity and creditor teams on many large capitalization bankruptcies and out-of-court workouts. He is skilled in cash forecasting, cash management and liquidity monitoring, and has designed turnaround and refinancing plans for large, medium and small capitalization companies. He has advised on issues such as business disposals or acquisitions, factory closures, business planning, crisis stabilization/cash flow management, operational & financial restructuring and re-financing. Additionally, he has assisted in developing exit strategies for unprofitable business units. Moreover, Mr. Eliff has acted as an advisor to a number of boards in diverse sectors including oil and gas, beverage, engineering, and financial services and aided in the development of plans to facilitate ongoing creditor support, financial and operational restructuring. Mr. Eliff’s in-depth experience in investment banking, general management, strategy consulting, securities analysis, and turnaround management has enabled him to develop or customize business restructuring programs that create sustainable value. He has provided assistance to companies either in distress themselves or affected by insolvent entities, and addressed the comprehensive scope of restructuring from front-end assessment to effective decision-making support, and transaction solutions. His past engagements have enabled him to recognize opportunities for creating value through restructuring, including changes in technology or manufacturing, heightened marketplace competition, regulatory requirements, taxes, shifts in interest rates, or shifts in business practice, efficiency and performance. Previously Mr. Eliff has held management positions at LECG, LLC and in the restructuring group at PriceWaterhouse, and he has served as the CFO for a publicly-traded software firm and an energy services firm. He earned his B.B.A. degree in accounting from Texas Tech University and is a Certified Public Accountant*, a candidate to become certified as a Certified Financial Analyst, and a member of the American Institute of Certified Public Accountants and Turnaround Management Association. -21- *Accumyn is not a CPA firm. Corporate Restructuring & Financial Advisory
  • 22. Restructuring & Advisory Team Scott A. Bayley, CPA/ABV, CFE, CVA T: 713.417.4620 E: sbayley@accumyn.com Mr. Bayley, a Managing Director, is the founder of Accumyn. He has served public and private businesses, governmental entities, and law firms with auditing, accounting, financial, and economic consulting services for over twenty years. A primary focus of his practice is analysis of damages, fraud and forensic accounting examinations, preparation of expert reports and expert testimony regarding accounting disputes, financial and economic claims, and valuation analysis. His dispute consulting experience includes assisting in matters such as breach of contract, lost profits, intellectual property infringement (patent, copyright, trademark, and trade dress infringement), misappropriation of trade secrets, antitrust/anti-competitive analysis, business interference/interruption, shareholder and partner disputes, lender liability, wrongful termination and employment disputes, fraud and misrepresentation, funds tracing, and forensic accounting investigations. Mr. Bayley has provided expert testimony in matters involving financial disclosures, generally accepted accounting principles, securities fraud, shareholder disputes, broker/dealer actions, breach of fiduciary duty, failed mergers/acquisitions, intellectual property disputes, professional malpractice, directors and officers claims, insurance fraud, and valuation of securities and derivatives. Most recently, Mr. Bayley was a Managing Director for the expert services firm LECG in Houston. Previous positions include Partner- in-Charge of financial advisory services at BDO Seidman, Managing Director with responsibilities for litigation consulting, forensic accounting and valuation at KPMG, Senior Manager in dispute analysis and corporate recovery services at Price Waterhouse, and Manager in audit and business advisory services for Arthur Andersen. Mr. Bayley holds a BBA degree in Accounting from The University of Texas at Austin. He is a Certified Public Accountant (CPA)* and Accredited in Business Valuation by the American Institute of CPAs (ABV). He is also a Certified Fraud Examiner (CFE) and a Certified Valuation Analyst (CFE). Professional affiliations and memberships include the American Institute of Certified Public Accountants, the Texas Society of Certified Public Accountants, the Association of Certified Fraud Examiners, the National Association of Certified Valuation Analysts, and the Licensing Executive Society. -22- *Accumyn is not a CPA firm. Corporate Restructuring & Financial Advisory
  • 23. Restructuring & Advisory Team Cyrus P. Commissariat, MBA T: 713.385.9101 E: ccommissariat@accumyn.com Mr. Commissariat, specializes in the development and execution of operational and financial strategies for the firm’s corporate turnaround and bankruptcy restructuring clients. Over the course of his career, Mr. Commissariat has served in a senior capacity as turnaround and restructuring advisor, CFO, and investment banker and has executed over $500 million in corporate finance advisory engagements including secured and unsecured debt restructurings, asset dispositions, mergers and acquisitions, fairness opinions, stock repurchases, shareholder rights plans, and placements of debt and equity with both public and private companies. Mr. Commissariat specializes in working with client management teams on turnaround and restructuring plans including implementing cash stabilization and recovery strategies, determining product and service line contribution, and communicates with both secured and unsecured creditors on stabilization and recovery plans. He has served as advisor and as interim executive on numerous assignments across a wide array of industries including natural resources, restaurant, retail, gaming, real estate, aerospace and defense, home building, software, semi-conductor, and media and entertainment. He is experienced in successfully negotiating and managing creditor and equity shareholder groups in distressed situations – including primary lenders, trade payables, landlords, and investors. As CFO of a $100 million multi-state hospitality focused company, he led the implementation of a strategic restructuring and turnaround plan advising on issues such as business disposals and acquisitions, operating unit business planning and budgeting, crisis stabilization and cash flow management, and operational and financial restructuring. As a turnaround and restructuring advisor, Mr. Commissariat has restructured operations to enhance profitability and cash flow, facilitated the workout of senior credit facilities, restructured unsecured trade payables, served as advisor on the sale of non-core business units, renegotiated leases, and sourced new sources of capital. Previously, Mr. Commissariat was with a west coast based boutique turnaround and restructuring firm, and prior to that served as an investment banker with both The Seidler Companies, Inc. and Roth Capital Partners. He received his Bachelors of Science in Accounting from the University of Southern California’s Leventhal School of Accounting and obtained his MBA in Finance and Accounting from Rice University. He is a member of the Turnaround Management Association. -23- Corporate Restructuring & Financial Advisory
  • 24. Contact Information -24- Corporate Restructuring & Financial Advisory
  • 25. Contact Information David N. Eliff Cyrus P. Commissariat Managing Director Director T: 713.430.6895 T: 713.385.9101 E: deliff@accumyn.com E: ccommissariat@accumyn.com 4635 Southwest Freeway Suite 425 Houston, Texas 77027 Fax: 713.621.4321 -25- Corporate Restructuring & Financial Advisory