Specialty Glass Manufacturer
Industry:Manufacturing & Processing
Company:A $120MM Specialty Molded Glass Container Manufacturer
A specialty molded glass container manufacturer filed Chapter 11 and continued to operate its business as debtor-in-possession. The Company had a negative EBITDA, no available cash and most of its vendors, including energy providers, were on the verge of shutting off services and delivery of materials.
Focus Management Group was retained to assist in all aspects of the 363 bankruptcy process and lead negotiations with potential buyers of the business.
- Analyzed operations, identified cost improvement opportunities and initiated reorganization plans
- Identified and rectified a major problem with automatic inspection equipment, which was rejecting significant percent of acceptable containers
- Developed and implemented daily reporting format for all company facilities to provide management with improved information on plant performances
- Prepared week by week projections of cash flow and DIP loan balances and weekly reports
- Initiated and prepared detailed multi-year financial projections
- Assisted in prioritization of capital improvement projects
- Provided daily on site management of cash receipts and disbursements
- Over 1400 jobs were saved.
- The plants continue to operate with strong strategic owners.
- The secured lender, providing $40M of debtor in possession financing, was paid in full.