• Chief Restructuring Officer of Gaspari Nutrition, Inc., a premier, multi-national Sports Nutrition Company (Chapter 11, New Jersey), specializing in the development, manufacture, marketing and distribution of Sports Nutrition supplements.  HBM worked with the Company prior to and during its tenure in Chapter 11 bankruptcy, running the Company on a day-to-day basis, working with the management team to implement cost-cutting and revenue enhancement measures. HBM coordinated with the investment banking team to market the Company as a going concern, including the preparation of full-scale, variable assumption, operating models for potential investors.  The Company was sold to a strategic investor group that partnered with the owner.  HBM worked with case professionals to develop the Bankruptcy Plan, which was confirmed by the Court. The sale of the Company resulted in a 100% recovery for the Secured Lender and a significant recovery to unsecured creditors.

• CEO/Court-appointed Chief Restructuring Officer for 112-year-old consumer and institutional cleaning tools manufacturer Harper Brush Works, Inc., located in Fairfield, Iowa (Chapter 11, Southern District of Iowa). HBM was engaged to run the Company shortly before its Chapter 11 bankruptcy filing and managed the Company on a day-to-day basis prior to and through its tenure in bankruptcy, until substantially all assets were sold to a strategic investor. The sale resulted in a significant return to secured parties, the continued employment of substantially all employees and sustained business relationships with substantially all creditor constituents.  

• Interim CFO/COO of a $50 million Specialty Supply Distributor located in the Northeast. Upon commencement of the assignment, HBM implemented immediate cost savings under a loan agreement and effectuated a refinancing and restructuring of bank fees, saving the Company approximately $100,000 per annum. HBM enhanced a customer bidding system and renegotiated payment terms with vendors for immediate one-time cash-flow savings of approximately $1.5 million. 

• Interim CFO of a $70 million Sports Marketing and Production Company.  Prior to HBM’s arrival, the Company had net losses of $5 million over the previous two-year period. HBM was successful in refinancing and restructuring two tranches of debt, found sources of untapped revenue, and streamlined and enforced operating budgets by attaining buy-in from group heads. The Company was able to recover prior losses. Later HBM was instrumental in implementing a merger of the Company into a larger organization.

• Financial Advisor to the Chapter 11 Operating Trustee of Agriprocessors, Inc., a kosher poultry and meat harvester and processor based in Postville, Iowa (Chapter 11, Northern District of Iowa). On this engagement, HBM professionals acted as the Chief Operating Officer and Chief Financial Officer of the Debtor.  At the inception of this engagement, the Company was shut down.  HBM and staff effectuated the re-start of the Company and oversaw all aspects of the day-to-day operations including re-hiring over 600 employees, instituting a new corporate insurance program, providing employee benefits, establishing new credit with critical vendors, and maintenance of USDA and OSHA compliance.  HBM led a management team consisting of 11 senior staff members and oversaw improvement programs including, but not limited to, maintenance directives, human resource management, development of management reporting packages, increasing livestock yields, and reducing production and other operating costs.  HBM also participated in efforts to sell the Company and ran the Company for eight months up to the sale of substantially all assets to a successor company. Subsequent to the sale, HBM worked with the Trustee, including providing expert testimony, to recover over $6 million for the Estate.

• Interim CFO of a $60 million trade exhibition company. HBM was retained shortly after a Private Equity Sponsor marketed the Company for sale and the company lost its two senior financial executives. HBM worked with the Investment Banking Team and CEO on various management presentations to investment groups. The Company was ultimately sold and HBM was retained by the Buyer during a six-month transition phase.

• Plan Administrator in Shaw Family Archives (Chapter 11, Southern District of New York). The Plan provided for a six-year payout to Secured and Unsecured Creditors. HBM ensured full Plan payouts to all creditor groups over the same period. Also, an HBM professional served as a member of the Company’s Board of Directors.

• Creditor Trustee in Travel Services, Inc. (Chapter 11, Southern District of New York). The Plan provided for a 5% to 15% payout to unsecured creditors. Through consensual negotiations, HBM was able to attain a 38% payout to the group.

• Consultant to two Steel Service Centers located in the Midwest and Southern United States with combined revenues of $40 million. HBM negotiated a forbearance agreement with their lender and unsecured creditors and managed an orderly wind-down of both Centers. The Companies’ lender received a 100% recovery and HBM worked with the Companies and its legal counsel to facilitate an out-of-court settlement with over 200 unsecured creditors.

• Consultant to a $35 million manufacturing company located in the Northeast involved in a facility relocation.  HBM assisted in completing the move, effected longer production runs, fulfilled open management positions, identified IT issues, and implemented policies and procedures necessary to improve operations to service the Company’s clientele. HBM was also integral in arranging a $7.5 million working capital facility.

• Court-appointed Receiver for Hicklin Inc., a $35 million manufacturer of Dynamometers in the Midwest.  HBM facilitated the sale of substantially all assets of the Company to a third party, assisted in the transition of operations to the buyer and maximized the recovery to the Secured creditor, well over and above original estimates made prior to HBM’s appointment. 

• Chief Restructuring Officer (pre-petition) and Consultant/Chief Operating Officer (post-petition) to The Fuller Brush Company, a $30 million Kansas-based manufacturer of consumer and commercial household products and custom brushes.  HBM professionals were responsible for the day-to-day operations of this 106-year-old company and subsequent to a planned Chapter 11 filing, stayed on as a consultant until a new CEO was hired. Ultimately, a majority of the Company’s assets were sold to a local investor group as a going concern, resulting in significant returns to creditors. HBM professionals implemented a SKU and customer rationalization program designed reduce the Company’s product offerings, improve manufacturing efficiencies, and maximize the margins earned on the Company’s products. 

• Consultant to Trustee (Chapter 11, Northern District of Iowa) for a $28 million utilities contractor, Gaylord Construction, Inc., in Fort Madison, Iowa. HBM ran the day-to-day operations of the Company on behalf of the Trustee. Duties included day-to-day management of open jobs through project completion, liquidating excess equipment, negotiations with insurance providers, and management of cash flows through the completion of open jobs until a sale of substantially all remaining assets occurred. HBM continued to work with the Trustee and his professionals to pursue recoveries on behalf of the unsecured creditors.

• Financial Advisor to a $35 million Janitorial Maintenance and Security Service provider located in the New York Metropolitan area, USI Services Group, and its affiliates (Chapter 11, New Jersey). At the time HBM was engaged, the Companies had no lender.  HBM negotiated with lenders to provide DIP financing and prepared the Companies for a bankruptcy filing. During the bankruptcy, HBM worked with the Companies’ legal counsel and its investment bankers to facilitate the sale of the Companies’ assets/operations to an unrelated third party.