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. At the direction of the private equity sponsor, the company engaged CR3 professionals to explore strategic alternatives and advise on ways to achieve the best recovery for financial stakeholders. It became apparent that a bankruptcy process was the best option so the team took on the CRO role. The company completed production of several critical products for key customers, including U.S. Navy, due to the preservation of 30% of the work force’s jobs. CR3 successfully sold all of the company's assets and ultimately wound down the business. Although creditors initially expected virtually no recovery from a sale, 100% was returned to the secured lender and 10% to unsecured creditors.