Focus Management Group

Manufacturing Industry Experience

Specialty Glass Manufacturer

Service:

363 Sale

Company:

A $120MM Specialty Molded Glass Container Manufacturer

Situation:

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 Scope:

Focus Management Group was retained to assist in all aspects of the 363 bankruptcy process and lead negotiations with potential buyers of the business.

Tasks Performed:

  • 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

Results:

  • 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.
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