• The Company had been generating losses for numerous years with losses being funded by the sale of operating assets and additional borrowings
• The Company had over $100 million in senior debt and was below 1.0x Debt Service Coverage.
• The CEO had recently resigned resulting in turnover within the Company and tension amongst the family board members.
• Fort Dearborn provided strategic direction to the new CEO and a plan to bring the Company to profitability within three years.
• Fort Dearborn provided assistance in deleveraging the Company’s balance sheet by $75 million and negotiated a new working capital line of credit with the Company’s lender.
• Fort Dearborn facilitated the transition of the Board of Directors from family members to non-family professionals.