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|

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|

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|