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.
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 to the assignment was the sale of assets and the refinancing of remaining core assets while the board embarked on the search for a new president.
Within 18 months Life University’s cash flow was stabilized, accreditation was granted and the bond debt was refinanced. As part of the long-term plan, the school retained a President and Chief Financial Officer from a competing school.
TMA Turnaround of the Year Award
GGG Received the NON-PROFIT TURNAROUND OF THE YEAR AWARD in 2004 from the Atlanta Chapter of the TURNAROUND MANAGEMENT ASSOCIATION (TMA) for its work with Life University.