Laidlaw Environmental, Inc. New York

Situation Laidlaw was a co-generation plant that supplied power to the New York power grid and operated a kiln drying facility.  GGG was engaged to assess the company due to a default on its secured bonds. Action Post assessment, GGG was appointed as Receiver for the business.  As Receiver, GGG renegotiated with creditors and former owners to reduce debt service and negotiated a forbearance agreement between the bondholders and the company.  Due to mounting losses, the kiln business was closed and the power plant was renovated and rebuilt. Results Bonds were sold to another energy company, resulting in the successful conclusion of the Receivership.

2017-11-25T16:26:14+00:00 Receiver, Utilities|

Benton-GA, Inc

Situation Benton-GA, Inc., a utility contractor, experienced a booming business when the economy was expanding.  However, after many years of profitability, unprofitable long-term contracts with major customers resulted in severe declines in cash flow and ultimately the business overall.  The company’s position meant that it was unsustainable, and this put the operations of the utility company’s customers in jeopardy. Action Working closely with the owners of the company, GGG fulfilled roles as an advisor and CFO. This allowed GGG and Benton-GA to work through, or abandon, unprofitable contracts and ultimately reengineered the cost structure to accommodate prevailing economic conditions.  Product lines were eliminated, vendor debt was renegotiated, a forbearance agreement with the [...]