Pivot Points Newsletter: September 2022

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    Receive and explore monthly insights from our Restructuring & Dispute Resolution team.


    Is non-traditional debt financing right for you?

    A stressed or distressed company must maintain the liquidity it needs to continue running the business while positioning itself to satisfy its debts. This is where non-traditional debt financing can be helpful. However, it’s first important to identify whether non-traditional financing is right for you. If you’ve determined this type of financing is right for you, then we’ve laid out five steps to take to help you get a loan that best meets your needs.

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    Q&A: The debt financing market

    In this Q&A, David Weinstein, Southeast Practice Leader for Debt Advisory, of the Restructuring and Dispute Resolution practice at CohnReznick, talks about trends impacting growth in the debt financing market as well as the benefits and advantages that come with debt financing.

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    Case Studies

    Retail Chain

    Background: Specialty retailer and consumer lender needed support related to an acquisition and needed to raise a debt facility to finance the buyout. 

    Our Role: Lead Acquisition Advisor


    • Finalized the structure of the sourced capital and connected the buyer with a provider who funded the capital required to acquire and operate the post-close store
    • Helped buyer achieve a 30% increase in financial performance through revenue improvements and lean operation initiatives, including beneficial lease modifications

    Parts Distributor 

    Background: An international family-owned business providing aftermarket replacement parts needed to rationalize a current business model for an existing lender and needed to source replacement working capital. 

    Our Role: Debt Advisor


    • Successfully placed a new working capital facility supported by accounts receivable and inventory
    • Designed a covenant package that allowed the company to meet liquidity and reporting requirements 

    Dealer, Restoration, and Auctioneer of Antique and Collectible Automobiles

    Background: Multi-generational family business – specializing in collecting, dealing, and restoring rare and unique automobiles – undergoing bankruptcy needed a new capital source.

    Our Role: Expert Witness and Debt Advisor 


    • Connected company with a new senior working capital lender
    •  Sourced secondary lender through an inter-creditor agreement to provide an over-advance facility for certain collections 

    Upcoming Events

     TMA NYC Annual Golf & Tennis Outing (Oct. 11) – Attending

    SFNet South Florida Fall Sunset Cruise on the Fort Lauderdale Waterways (Oct. 13) – Attending

    ABS East (Oct. 17-19) – Speaking/Attending

    IWIRC 29th Annual Fall Conference (Oct. 18) – Attending

    NCBJ 96th Annual Conference (Oct. 19-22) – Attending

    ABI Health Care Program (Oct. 27-28) – Attending

    IMN 11th Annual Bank Special Assets & Credit Officer’s Forum (Midwest) (Oct. 27-28) – Attending

    TMA Annual Conference (Nov. 1-4) – Speaking/Attending

    GICLI 8th Annual Meeting (Nov. 7-9) – Speaking/Attending

    SFNet 78th Annual Convention (Nov. 9-11) – Speaking/Attending

    AIRA 21st Annual Advance Restructuring & POR Conference (Nov. 14) – Speaking/Attending

    TMA DFW/SFNet Southwest/The Finance Forum Holiday Party & Toy Drive (Nov. 17) – Attending

    Annual TMA-SFNet Holiday Extravaganza at Lauderdale Yacht Club (Dec. 1) – Attending

    ACG South Florida 8th Annual Private Equity Wine Tasting & Holiday Party (Dec. 7) – Attending

    ABI Annual Winter Leadership Conference (Dec. 8-10) – Attending

    Recent Engagements

    Junior Debt Holder

    Our role: Improved a junior debt holder’s collateral position in the bankruptcy of an international cosmetics company as well as performed financial and collateral analysis relative to the debt structure and provided expert witness testimony in the court proceeding

    Real Estate

    Our role: Advised an international private equity firm on the complex restructuring of its Fannie Mae loan secured by the firm’s significant multifamily investment

    International Group Purchasing Organization

    Our role: Conducted a forensic analysis of volume rebates and other purchase incentives for an international procurement service provider

    Litigation Finance

    Our role: Performed case file due diligence and analytical procedures regarding the financial condition and reporting capabilities of the funded entity

    Best Practices

    Our role: Provided an expert report in a private antitrust matter regarding best practices to mitigate anti-competitive activity and barriers to entry

    RMBS Litigation

    Our role: Provided an expert report regarding industry custom and practice regarding the administration of timely put-back claims.

    Global Industrial Equipment Manufacturer

    Our role: Built a fully integrated treasury management tool to track and manage cash flow across 150 countries 

    Bioscience R&D Firm

    Our role: Assisted in the development of a five-year forecast and associated DCF valuation with multiple funding structures to enable the client to monetize its product line

    Concrete and Aggregate Supplier

    Our role: Developed a business assessment model and valuation tool to allow our client to quickly assess and filter potential acquisitions for an aggressive growth strategy

    Nursing Home Company

    Our role: Advised on restructuring and repositioning of the business; devised an out of court strategy for debt reduction/repayment and implemented day-to-day cash management and vendor strategy

    Subject matter expertise

    • kevin clancy
      Contact Kevin Kevin+Clancy kevin.clancy@cohnreznick.com
      Kevin Clancy

      CPA, JD, CIRA, CFF, CTP, Global Director, Restructuring and Dispute Resolution Practice

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    Meet the Restructuring & Dispute Resolution Team

    Mergers & Acquisitions

    This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.