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
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.
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.
‘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.
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.