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October 2013

Turnaround Management
Vol. 11 No. 7
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FEATURES

Anatomy of a Turnaround — The Successful Revival of ‘Storied’ Manufacturer Milacron - In April 2012, storied but struggling manufacturer Milacron was sold to CCMP Capital. In February 2013, Milacron announced the acquisition of Mold-Masters for $975 million. Contributing to Milacron's successful turnaround were a strong portfolio of products and recognized industrial brand names and a comprehensive strategy to exploit its offerings and to engage talented management to execute the plan.
Technology Turnarounds… Where Moore’s Law Meets Less Cash-Flow - Technological change and shifting customer preference can occur rapidly. Huron Financial's Ray Anderson and Stuart Walker present a framework for situational analysis, turnaround strategies and tactics to address the financial challenges involving technology companies.
Embracing Change… The Foundation for Successful Turnarounds - For an underperforming company, embracing change is vital to completing a successful turnaround. By recognizing the value in doing things differently, these companies can create a more solid foundation and effectively prepare for a rewarding future.
The Turnaround Team — Understanding Advisors’ Roles in a Distressed Transaction - As the length of the turnaround process shrinks, the ability of a team of advisors to work in concert under sub-optimal conditions is a necessity. While few stakeholders in a distressed situation can bring a holistic view of the solution, the collective experience and expertise of key players can lead to a positive outcome in a distressed situation.
Strategic Orderly Liquidations… Maintaining Value While Exiting Troubled Loans - There are times when a forced liquidation seems to be the only way for asset-based lenders to recuperate outstanding loan balances. However, Bob Maroney of the Gordon Brothers Group explains how his experience has shown that asset-based lenders frequently have more options than they realize in dealing with distressed scenarios, and the temptation to move too quickly to a forced liquidation can result in significant — and, moreover, avoidable — destruction of value.
4th Annual Turnaround Managers’ Survey: Despite Concerns About Lender Behavior, Turnaround Managers Generally Upbeat - In this year's Turnaround Managers' Survey, respondents provided a sense of their collective outlook for the coming year with optimism showing up in new opportunity forecasts and a domestic boost anticipated as a result of emerging European economies.

COMPANY/EXECUTIVE PROFILE: NEW ON THE SCENE

‘It’s the Little Things’… TCF Capital Funding Stresses Customer Service - ABF Journal spends time with Joseph Gaffigan to discuss how he is building TCF Bank's national commercial finance business by focusing on the lower middle market, developing a strong portfolio and supporting clients' growth by stressing responsiveness and customer service.

FROM ALL FACETS

TURNAROUND CORNER

A Unique Vision… Not Thinking Small By Any Means - In an exclusive interview with ABF Journal, Ken Yager talks about why he launched Newpoint Advisors Corporation to help companies in the small to lower mid-market by employing a unique business model dedicated to delivering responsive, personal and cost-effective services to businesses experiencing financial distress.

SPECIALTY LENDING SHOP

Finding Opportunity in ‘Sub-Servicing’— Gateway Commercial Finance Launches Sentinel Portfolio Solutions - As many companies turn to outsourcing in order to improve processes and reduce expenses, Gateway Commercial Finance expanded its sub-servicing reach by launching Sentinel Portfolio Solutions.

BANKRUPTCY UPDATE

New Chapter 11 Fee Guidelines… Will They Really Help to Contain Attorney’s Fees? - Recently the Office of the U.S. Trustee issued new guidelines for the payment of attorneys’ fees and expenses in Chapter 11 cases with $50 million or more in assets and $50 million or more in liabilities. According to K&L Gates' Trey Monsour, compliance will be subjective and likely expensive for attorneys in large Chapter 11 cases, with the debtor ultimately bearing the additional costs.

LEGAL EYES

‘Good Faith’ in Commercial Transactions — Toward a Uniform Standard - Varying definitions under different UCC Articles can conceivably cause a party to be governed by a different “good faith” standard in the same relationship. As Paul Shur explains, an awareness of these issues and the benefits of a uniform standard should be goals of practitioners and legislators.

FINAL CUT

FinalCut: GE Capital Breaks New Ground in Japanese ABL Market - ABF Journal illustrator Jerry Gonzalez provides his take on GE Capital's agreement to provide a $20 million revolver to Imation in Japan, where asset-based lending is a relatively new form of corporate funding.

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