Eat Here Brands

Situation After trying to open too many restaurants at once, Eat Here Brands found itself with mounting debt and several closed locations. However, it still had six performing locations as well as a seventh location under construction with a favorable lease in a desirable area. The Board and debt holders brought in GGG to assess the situation and determined that filing for protection under Chapter 11 of the Bankruptcy Code would be the best course of action. Action GGG worked with the company and persuaded the current debt holder to provide a Debtor-in-Possession loan. GGG developed an aggressive plan and budget to sell the remaining restaurants within 13 weeks. GGG [...]

2020-09-16T11:37:18+00:00Bankruptcy, Restaurants|
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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+00:00Bankruptcy, Technology|
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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+00:00Bankruptcy, Financial, Sale, Trustee|
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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+00:00Bankruptcy, Healthcare, Sale|
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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 [...]

2017-11-25T16:20:09+00:00Atlas Award, Bankruptcy, Industrial, Oil & Gas|
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Plymarts, Inc

Situation Plymarts, Inc. was a 350 million dollar forest product business located in Atlanta, Georgia. The company had three subsidiaries including lumber yards, a custom stair business, and a specialty design and installation business.  Swept into the perfect financial storm of 2008, Plymarts had 50% of its builder receivables deemed uncollectable, which resulted in their default on both asset-based and real estate loans. Action GGG was appointed as Director of Reorganization and subsequently became the Federal Receiver in oder to oversee the sale of the company’s assets.  Successfully selling certain business segments, GGG closed 11 lumber yards, consolidated and sold inventory, and collected receivables Results Due to the swift actions [...]

2017-11-25T16:24:10+00:00Bankruptcy, Construction|
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Pinnacle Towers, Inc

Situation Pinnacle Towers, Inc. (NASDAQ: BIGT), a 200 million dollar revenue provider of wireless communications space, was planning to file for Chapter 11 under the Bankruptcy Code to restructure their balance sheet. Action GGG worked with Pinnacle as their internal advisor in preparation for, and during, the pre-arranged bankruptcy proceedings to maximize returns to all parties. Results The syndicate of senior lenders received a full pay out as part of the plan reorganization approved by the Bankruptcy Court.

2017-11-25T16:24:36+00:00Bankruptcy, Telecommunications|
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NETBANK, Inc

Situation NetBank, Inc. (NASDAQ;  NTBK) was a bank holding company that owned several entities, including a thrift.  Due to heavy NetBank, Inc. losses in consumer financing and mortgage lending, the FDIC, in one of the first in a large wave of FDIC take-downs, took possession of the bank thrift in 2007. Action When the company filed for protection under Chapter 11 of the Bankruptcy Code, GGG assumed the role of Chief Restructuring Officer, working closely with the FDIC as Receiver for NetBank’s bank assets. Results GGG successfully sold the majority of the assets of the company, including the commutation of six mortgage reinsurance companies.  Working closely with a Creditor Committee [...]

2017-11-25T16:17:55+00:00Bankruptcy, Financial|
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Lynx Chemical

Situation Lynx Chemical, a specialty chemical manufacturer, had one plant devoted to the carpeting industry and another to small batch specialty manufacturing for an assortment of other chemical companies.  As the result of selling a separate plant at a loss, coupled with changing economic conditions, the company feel into conflict with its lender and became considerably out of covenant on its ABI. Action In this case, GGG acted as both Director of Reorganization and Interim CFO.  However, due to mounting losses and a defaulted bank loan with a lender fatigued bank, Lynx filed for Chapter 11 under the U.S. Bankruptcy Code.  With GGG intervention, the lender and court approved a [...]

2017-11-25T16:25:00+00:00Bankruptcy, Industrial|
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Jocks and Jills

Situation The Board of Jocks and Jills, a popular sports bar, was forced to file for protection under Chapter 11 of the Bankruptcy Code following a large legal judgment and the firing of its President. Action GGG worked with the company to secure a Debtor-in-Possession loan and advised Jocks and Jills regarding the closing of unprofitable locations. In addition, GGG streamlined corporate staff and the entire bankruptcy process.  GGG was engaged to sell the company in a ‘363’ auction sale. Results After nine months the company had reduced the number of locations to a core group of profitable bars.  The subsequent auction of the company resulted in several competing bids [...]

2017-11-25T16:19:12+00:00Bankruptcy, Hospitality|
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