• Fort Dearborn was engaged to assess the Company’s short term liquidity needs and long term viability.
• Fort Dearborn quickly prepared a short term cash flow forecast and determined that the Company was facing a serious liquidity crisis.
• In response to the liquidity crisis, Fort Dearborn assisted management in identifying short term measures to improve liquidity, including the sale of non-core assets.
• Fort Dearborn’s viability assessment indicated that the Company’s best strategic alternative was to pursue the sale of the Company.
• Fort Dearborn advised the Board of Directors with respect to the sale process and identified key potential buyers.
• Working with management, Fort Dearborn prepared an operating plan to return the Company to profitability. Initiatives included: replacing plant management, reducing expenses, implementing lean manufacturing and an outsourcing program.
• Based on Fort Dearborn’s analyses and operating plan, the Company’s lender afforded the Company the liquidity and time to pursue the sale strategy.