Case Study 1 — Distressed Multi-Location Healthcare Provider (Urgent Care Roll-Up)

Industry: Healthcare Services (Urgent Care)
Revenue: $18M
Locations: 9 centers across the Southeast
Crisis: Vendor lawsuits, payroll arrears, MCA pressure, bank default

Situation

A private-equity backed urgent care platform expanded too quickly post-COVID. Reimbursements slowed, payroll ballooned, and the company relied on high-cost MCA advances to bridge cash gaps. The senior lender issued a default notice. Vendors began legal action. Two locations were at risk of closure within 30 days.

Intervention

The restructuring firm was retained as independent advisor to management and lender group.

Actions Taken

• 13-week cash flow model built in 72 hours

• Immediate standstill negotiated with MCA funders

• Payroll funding bridge arranged with senior lender

• Closed 3 underperforming centers

• Renegotiated lab, staffing, and medical supply contracts

• Prepared CIM and ran a fast asset/equity sale process

Outcome (90 Days)

• Avoided Chapter 11

• Stabilized payroll and vendor relations

• Sold 6 profitable centers to a regional operator

• Senior lender paid in full

• Equity holders recovered 22% vs. projected zero in liquidation

Key Value: Speed, lender credibility, and controlled asset sale preserved going-concern value.

 

Case Study 2 — Manufacturing Company with Bank Workout (Family-Owned, 40 Years Old)

Industry: Industrial Manufacturing
Revenue: $32M
Employees: 110
Crisis: Covenant breach, inventory bloat, declining margins

Situation

A second-generation manufacturer lost two major customers and breached bank covenants. The bank transferred the relationship to Special Assets and demanded a turnaround plan within 30 days or face foreclosure.

Intervention

The restructuring firm stepped in as Chief Restructuring Advisor.

Actions Taken

• Forensic margin analysis by product line

• Identified 38% of SKUs were unprofitable

• Reduced inventory by $4.2M in 10 weeks

• Negotiated covenant reset with bank tied to performance milestones

• Implemented weekly cash dominion reporting

• Introduced new pricing model and cut two loss-making divisions

Outcome (6 Months)

• Returned to covenant compliance

• Restored EBITDA from negative to $3.8M run-rate

• Bank relationship normalized

• Ownership retained 100% equity

• Company later refinanced at better terms

Key Value: Bank confidence restored through disciplined financial visibility and operational correction.

 

Case Study 3 — Technology Services Firm Overleveraged with MCA and Revenue Based Financing

Industry: IT & Cloud Services MSP
Revenue: $9M
Crisis: 7 MCA positions, daily ACH withdrawals, cash collapse

Situation

A fast-growing MSP used MCA and revenue-based financing to fund growth. Daily ACH withdrawals exceeded gross margin. Despite strong recurring revenue, the company was weeks from missing payroll.

Intervention

The restructuring firm represented the company in negotiations with funders and prepared a recapitalization.

Actions Taken

• Consolidated MCA positions into a negotiated settlement at 54 cents on the dollar

• Built lender presentation showing contracted MRR value

• Secured new ABL facility based on receivables

• Installed weekly cash controls and reporting discipline

• Introduced fractional CFO oversight

Outcome (75 Days)

• Reduced daily cash outflow by 68%

• Restored positive operating cash flow

• Preserved all 42 jobs

• Ownership maintained control

• Company positioned for strategic sale 12 months later

Key Value: Understanding MCA dynamics and converting toxic debt into bankable structure.

 

Case Study 4 — Professional Services Firm Facing Partner Dispute and Insolvency Risk

Industry: Engineering & Design Consultancy
Revenue: $14M
Partners: 6 equity partners
Crisis: Partner litigation, client attrition, payroll risk

Situation

A partner dispute escalated into litigation, freezing bank access and frightening clients. Billing slowed and A/R aged past 120 days. The firm risked implosion despite a strong project backlog.

Intervention

The restructuring firm acted as independent stabilizer for the partnership and lender.

Actions Taken

• Established controlled cash management protocol

• Negotiated partner standstill and mediation framework

• Accelerated A/R collections ($3.1M in 45 days)

• Communicated stability plan to top 20 clients

• Structured partner buyout financed through future receivables

Outcome (120 Days)

• Litigation settled

• Clients retained

• Payroll stabilized

• Bank credit line preserved

• Firm returned to profitability within two quarters

Key Value: Financial restructuring combined with stakeholder diplomacy.

 

How These Case Studies Position a Boutique Firm

These examples demonstrate capabilities in:

• Lender & Special Assets negotiations

• MCA / high-cost debt restructuring

• Cash flow crisis management

• Asset and equity sale processes

• Operational turnaround

• Stakeholder mediation

• Avoidance of Chapter 11 while preserving value