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 [...]

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 [...]

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 [...]

Private U.S. Trucking Company

Situation A private trucking company heavily entrenched in the automotive industry wanted to diversify to the general commodities business as the automotive industry started to deteriorate. Although they were making progress towards diversification, rumors of the impending GM bankruptcy were making the owners and their lenders nervous. The Company had revenues in excess of $100 million prior to its restructuring and was funding millions of dollars of losses. Company lenders were long-term partners, who leant based on general lines of credit that became over advanced as the Company become more leveraged over the years.  These lenders were seeking to place the Company in an asset based line with stricter covenants, to [...]

2017-11-25T16:23:49+00:00 Trucking, Turnaround|

Life University

Situation Founded in 1974, Life University set the standard of excellence in contemporary health for its chiropractic undergraduate and masters degree programs; the school had obtained an all-time high enrollment and was embarking on an expansion program.  Unfortunately, Life University was then challenged with a loss of accreditation and defaulted on $35 million in secured bond debt. Action GGG was retained as Director of Refinancing to prepare and implement a budget based on declining attendance and to negotiate a forbearance agreement with the Trustee and Bondholders.  Shortly thereafter, GGG also assumed the role of Chief Financial Officer, a position that was vacated when the CFO suffered an untimely heart attack.  Integral [...]

Highway Construction

Situation A heavy highway construction company focused on a shrinking residential housing market wanted to reposition itself into the public bid utilities market in order to survive.  Since the company’s strategies, operations management approach and financials did not support the shift into the desired market, they hired GGG as consultants. Action GGG provided a combination of operational, strategic and financial consulting services to guide the restructure of the company and meet its desired new market goals.  The actions taken included selling excess equipment, restructuring debt agreements and management reporting, as well as introducing new metrics to insure the success of the company. Results With the help of GGG, Highway Construction [...]

2017-11-25T16:29:38+00:00 Construction, Turnaround|

Charter School of Arts and Sciences

Situation The Charter School of Arts and Sciences, one of the largest in the U.S., was experiencing severe losses. As a result, the school’s authorization was at risk.  In addition, expansion had been financed with $30 million in secured tax-free bond financing. Action GGG was retained as Director of Organization. GGG worked closely with management and educators to re-engineer the cost structure of the school.  In short order, the financial terms of numerous vendor contracts were reduced and payment plans were negotiated.  Additionally, GGG, working intimately with the school’s CFO, bondholders and counsel, negotiating modified terms and forbearance of the bond issue. Results The school’s profitability, positive Fund Balance,  was [...]

2017-11-25T16:21:41+00:00 Education, Turnaround|

C&C Technologies, Inc

Situation C&C Technologies (C&C) was the world’s largest privately owned Global Oil Sub-Sea Survey Services Company. Headquartered in Lafayette, LA, C&C serviced drilling operations across the globe, both on land and offshore. However, C&C’s expansion strained its infrastructure and working capital. Further growth in an asset-heavy environment, with complex projects located in increasingly remote locations, would require increased support. Action C&C engaged GGG to assess their business model and financial operations, with an eye toward restructuring and continued growth in the global market. With GGG’s support, the company developed a series of options regarding the future of its business. The company commenced a parallel restructuring effort while considering an offer [...]

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 [...]