Send the Light

Situation With the emergence of Amazon, this Christian book wholesaler found a lot of its customers, independent Christian bookstores, going out of business. The debt holder wanted GGG to go in as the Receiver, in the hope that it would get 50% of its money back. Also, there were some personal guarantees on equipment purchases that needed to be addressed on behalf of the business owners. Action As the receiver, GGG took the following steps: Developed a plan for the liquidation of the inventory including when and how to implement discounts and negotiate bulk sales with other wholesalers. Designed and implemented a staff reduction and retention strategy to ensure costs [...]

2020-09-16T11:45:26+00:00Receiver, Retail|

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+00:00Education, Receiver, Sale|

Laidlaw Environmental, Inc. New York

Situation Laidlaw was a co-generation plant that supplied power to the New York power grid and operated a kiln drying facility.  GGG was engaged to assess the company due to a default on its secured bonds. Action Post assessment, GGG was appointed as Receiver for the business.  As Receiver, GGG renegotiated with creditors and former owners to reduce debt service and negotiated a forbearance agreement between the bondholders and the company.  Due to mounting losses, the kiln business was closed and the power plant was renovated and rebuilt. Results Bonds were sold to another energy company, resulting in the successful conclusion of the Receivership.

2017-11-25T16:26:14+00:00Receiver, Utilities|
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