A long-established oil field manufacturing company experienced rapid sales decline during the energy downturn in 2015-2017.
Manufacturer could not service debt and experienced daily operational liquidity constraints.
Existing inventory valuation and borrowing base reserves were irregular.
High-level accounting (CFO) capabilities did not exist.
Performed a workout on behalf of the secured creditor of $15 million in revolving and term loans.
Developed and advised on procedures to improve daily borrowing base reporting.
Successfully negotiated eased terms on the revolving line of credit that allowed the company to borrow against more of its inventory and monthly loan amortization was reduced.
The company’s liquidity improved significantly.
Principal payments were restored upward toward the original monthly amortization level and the revolver availability was reduced.
Over a three-year period the financial condition improved sufficiently to pay off the term loan in full and refinance the revolving line at market levels.
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores. Nam libero tempore, nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda sed do eiusmod tempor incididunt ut labore et nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores.
Similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores.
Nam libero tempore, nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda sed do eiusmod tempor incididunt ut labore et nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores.
Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores qui dolorem ipsum quia dolor sit amet, consectetur.
Quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda.
Aut rerum necessitatibus saepe eveniet ut et voluptates repudiandae sint et molestiae non recusandae. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus.
Consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commod.
Use Builder Contact addon to add a contact form below.
