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.