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Exchange Listed Environmental Services Company The Challenge This environmental services corporation had become burdened with over $16.0MM of high-interest debt and negative-cash-flow. The challenge was to immediately stop the bleeding of cash while reorganizing to prevent Chapter 7 liquidation. The Method A Devonshire Holdings manager took over as CEO and arranged for Devonshire to act as the Company's investment banker. Overhead was reduced, non-performing assets were divested, and margin improvements were made within continuing operations. The crisis management team then proceeded to reorganize the Company through Chapter 11 of the Federal Bankruptcy Code. The process of raising outside capital as well as finding potential merger candidates was initiated in parallel. The Results Within 90 days, the Company had positive-cash-flow and successfully emerged from Chapter 11 proceedings, having reduced its secured and unsecured debt from $16.0MM to $2.0MM. The Company continued to operate until July 1998 when operations were merged. |
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Case Histories | |||
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 Selected Case Histories |
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| California Data Base Management Company | |||
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| Multinational Consumer Products Company | |||
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| Canadian Waste Recycle Company | |||
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| Diversified Industrial and Environmental Company | |||
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 | Exchange Listed Environmental Services Company |
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© 2005 Devonshire Holdings, Inc. | |
