U.S. Trucking Company

Situation Located in Atlanta, GA, the Company primarily provided over-the-road trucking services throughout the United States. At the time of GGG’s initial engagement in 2017, the Company employed approximately 160 people. Despite significant growth in earlier years, the Company had struggled more recently to stay ahead of larger competitor carriers that, due to size, allowed for more favorable freight rates and the attraction of better drivers. The Company began incurring significant losses and made the decision to leverage its balance sheet to fund growing losses. In addition, the Company relied significantly on broker services in its sales mix. Often as much as 70% of freight was sourced by brokers that [...]

2019-08-29T19:53:25+00:00 Trucking, Turnaround|

Private Systems Integration Company

Situation The Company began operating in 2001 and experienced significant growth through the provision of both systems integration and professional services to customers across the Southeastern United States. However, two natural disasters in 2017 significantly altered the trajectory of the Company. Firstly, Hurricane Harvey devastated the Company’s primary supplier assembly facilitiy in Texas, causing a litany of problems that were largely beyond the immediate control of management. Shortly afterwards, Hurricane Maria swept through Puerto Rico and handicapped the supplier’s global logistics facility. The Company worked quickly to identify and utilize alternative supply sources, but the integration of such systems in a time efficient manner proved to be a challenging effort. [...]

USA Dry Van

Situation USA had grown rapidly from 2 trucks to almost 600 trucks and roughly $100M in revenue in less than 10 years without the appropriate infrastructure and controls to support a larger business. Prior to GGG’s involvement, USA had sustained significant losses due to: Significant debt burden buying new tractors and trailers it did not need Unexpected fuel spikes Competitive pressure to decrease rates with customers Highly leveraged balance sheet across many lenders Other management issues including significant non-essential spending USA had made multiple attempts to restructure existing debt payments, refinance equipment, and bring in investors to help fund the business. In difficult times during the trucking industry, the Company appeared to be holding [...]

Mosaica Education, Inc

Situation Mosaica Education, Inc. operated charter schools in multiple states and overseas with more than 8,500 students actively enrolled in 24 local schools. After several years of supporting unprofitable schools and investing in international ventures Mosaica found itself unable to meet its debt service obligations to its principal secured creditor and was seriously delinquent in paying withholding tax obligations to federal, state and local governments. The IRS alone was owed over $1.0 million. In addition to problems at the Mosaica level, many of the independent charter schools had significant liquidity and debt problems, compounding the severity of the situation. Action GGG was appointed as Federal Receiver of Mosaica by the United States District Court for the Northern District of [...]

2017-11-25T16:56:04+00:00 Education, Receiver, Sale|

The Cliff Communities

Situation In 2010 The Cliff Communities (“Cliffs”) obtained $64 million of financing from its members under a secured note offering.  In early 2012, Cliffs was a conglomerate including six premier residential golf and country club developments situated in upstate South Carolina and southwestern North Carolina.  Two additional communities were under development.  The master plan included 23,000 acres and over 9,000 residences. By early 2012 CCHG had been in default of the indenture governing its senior secured notes for several months and was in discussions with buyers to sell itself through a Chapter 11 plan process. Action GGG Partners took the role of Chief Restructuring Officer (“CRO”) along with supporting interim CFO functions to bring the Cliffs through the [...]

Verilink Corporation

Situation Verilink Corporation (NASDAQ: VRLK} offers a suite of products that provide access, multiplexing and transport of voice and data services that extend legacy networks; the company also offers next generation converged access solutions that deliver voice, data and video to business customers.  Their solutions are supported by a strong revenue generating professional services team that offers turn-key provisioning, installation, turn-up and ongoing maintenance and support services.  By rolling up various legacy and ‘end of life’ hardware companies, Verilink management expanded its business model.  This expansion required a great deal of additional capital that was acquired by leveraging its acquisitions and incurring debt.  Due to heavy debt service, the company [...]

2017-11-25T16:22:09+00:00 Bankruptcy, Technology|

Trendset, Inc

Situation Trendset Incorporated (Inc.) was a major provider of freight audit and payment services located in Greenville, South Carolina. It provided bill payment services and by 2013 had invoices with a value of around $10.75 billion. Trendset was caught up in an embezzlement scandal that cost the company $68 million in lost earnings and owed $70 million in unsecured claims. GGG were engaged as trustees to follow through on a Chapter 11 Bankruptcy in May 2014. At the time, the Company had just $40,000 in unrestricted cash and $150,000 owed in Payroll due just 10 days after the engagement. Action GGG immediately implemented customer surcharge measures in order to supplement [...]

2017-11-25T16:27:24+00:00 Bankruptcy, Financial, Sale, Trustee|

Summitt Trucking

Situation Summitt Trucking LLC (Summitt) is a privately owned and operated asset-based Transportation and Logistics Company.  Located in Clarksville, IN, they service an array of nationally-recognized shippers in both the refrigerated and dry van commodities. Prior to GGG’s involvement, Summitt was operating under chapter 11 bankruptcy and facing financial and operational distress. Action In early 2011 Summitt engaged GGG to restructure the business to enable them to emerge from Bankruptcy.   Due to GGG’s hands-on involvement, the company was able to rebuild lender confidence in financial controls and forecasting, as well as prove that there was a viable business that would be able to provide creditors with a better recovery over [...]

Southern Regional Health Systems

Situation Southern  Regional Health Systems, Inc. (SRHS) is a community hospital serving the citizens of Clayton County in Georgia.  Like many community hospitals in the United States, SRHS had run into several years of financial deficits due to a high level of indigent care, poor payer mix, and more profitable procedures going to other facilities.  Despite additional capital infusions and restructuring efforts by other professionals, by mid 2015, SRHS was left with no other option but to file for Chapter 11 Bankruptcy protection in the hopes of being able to sell the hospital as a going concern.. Action In July 2015, SRHS engaged GGG to be its financial advisors through [...]

2017-11-25T16:28:36+00:00 Bankruptcy, Healthcare, Sale|

Signal International, Inc

Situation Signal International, Inc. and affiliated entities (Signal) is engaged in the business of offshore drilling rig overhaul, repair, upgrade, and conversion, as well as new shipbuilding construction.  Its operations are in Mobile, Alabama and Pascagoula, Mississippi.   Signal had liquidity constraints due in large part to a decline in oil and gas prices, resulting in a slowdown of drilling operations in the Gulf region.  In addition, Signal had incurred significant legal fees and expenses defending several pending litigations in New York, Texas and Louisiana. Signal filed for protection under Chapter 11 of the bankruptcy code in July 2015 in the hopes of being able to sell substantially all of the [...]