Bankruptcy Advisory

At CR3, our professionals provide management teams a third-party, objective point of view supported by our decades of experience with insolvency. Knowing when a restructuring or turnaround is best accomplished by filing for bankruptcy protection or other court-supervised process is critical to our clients’ decision-making process.

We guide and support clients through every stage of the bankruptcy process.

While bankruptcy protection and similar legal avenues are generally perceived as a last resort, there is sometimes no other way to combat cash seizures by the bank, forestall default action by a lender or landlord, stay a significant creditor judgment, or get ahead of a supplier interruption. Often the complex restructuring of a business, its capital structure, or its contracts cannot be negotiated out of court.

We provide guidance throughout the insolvency process as CRO or Financial Advisor, including:

  • Communication plans for internal and external stakeholders
  • Development of bankruptcy reporting, including schedules, statements of financial affairs, and monthly operating reports
  • Assembly of data and exhibits for first-day motions
  • Sizing, sourcing, and negotiation of debtor-in-possession financing
  • Assistance and participation in hearings and testimony
  • Preparation assistance for disclosure statement and the Plan of Reorganization (POR)
  • Managing the bankruptcy or restructuring process so organizations can get back to business

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Pilgrim's Pride

Pilgrim's Pride

The company was the largest integrated chicken producer in North America with 25% of the market share and over 45,000 employees. With over $2.5B in debt and after lost $300MM of EBITDAR, CR3 professionals served as CRO and assisted led the company through numerous operational efficiency initiatives.
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CoServ Electric

CoServ Electric

The company was an electric cooperative in North Texas that supplied electric services to rural communities. The company had $1B+ of debt on a $150MM service product with additional services generating approximately $30MM.
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New England Orthotic & Prosthetic Systems

New England Orthotic & Prosthetic Systems

The client was a private equity-sponsored provider of durable medical equipment and related services. Faced with revenue declines and liquidity impairment, the company engaged CR3 Partners to perform an assessment of operations.
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Al Jazeera Media Network

Al Jazeera Media Network

The client was a television news channel that employed over 900 people across more than 20 geographic locations. The CR3 team assisted the client in exploring strategic alternatives and ultimately developed and implemented a course of action that enabled the company's managed exit from the market.
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Revel Atlantic City

Revel Atlantic City

An Atlantic City hotel and casino went through a prepackaged Chapter 11 bankruptcy one year after opening. Although the bankruptcy reorganized its capital structure, it did not cure the property's underlying operational deficiencies and the company continued to perform poorly.
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Channel Technologies

Channel Technologies

The company was a private equity-owned designer and manufacturer of piezoelectric materials, transducers, turnkey integrated systems, and optical-solution technologies that supported mission-critical applications for military and commercial customers.
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Valuepart

Valuepart

The family-owned company provided high-quality replacement parts for off-road earthmoving equipment. The company's prior management team had mismanaged operations and perpetrated a fraud, which created significant liquidity issues and drove significant legal expenses.
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Northstar Offshore Group

Northstar Offshore Group

The offshore producer of oil and gas filed Chapter 11 as a result of a severe liquidity shortfall and negotiated a DIP facility which allowed for several capital projects designed to increase production and profitability.
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Japanese Restaurant Chain

Japanese Restaurant Chain

The company is a well-known Japanese fusion style restaurant chain. A weakened economy exposed operational issues and profits, EBITDA, stock, and image all declined significantly. Management lost focus and a new CEO was hired.
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Electronics Wholesaler & Retailer

Electronics Wholesaler & Retailer

The wholesaler and online retailer offered general hobby products to 1,500+ independent retailers and direct to thousands of consumers internationally. The financial strain came from multiple angles and CR3 was engaged as CRO to revitalize the restructuring.
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