Large Northeast Health System

Situation Engaged by a large Northeastern Health System operating five hospitals and related entities, to provide financial and operational advisory services The health system had experienced a turnover of its senior management team and was seeing inconsistent financial results and flawed supporting business processes Widening unexplained losses from operations Undocumented policies and procedures Over reliance […]

Quick-Service Restaurant Franchisee

Situation Advised the senior lender syndicate of a major quick-service restaurant franchisee with $250 million of senior debt Operating costs had increased dramatically, primarily driven by rent expense The Franchisor had introduced a new branding scheme, which also increased capital expenditure projections The Company was unable to make its scheduled interest and principal payments to […]

National Health Club Chain

Situation Advised a private equity firm on operational performance improvement recommendations for a major national health club chain with over $1 billion in annual revenue The client had recently purchase the Company in a section 363 bankruptcy asset sale process The Company had experienced significant changes in management and leadership positions The CEO role remained […]

International Chemicals Manufacturer

Situation Advised an international chemicals manufacturer to address critical liquidity issues A spike in the price of materials had significantly increased short-term working capital needs Decreases in overall revenues resulting from the economic slowdown had hampered the Company’s ability to fully absorb manufacturing costs Execution and Results Worked with management to develop and implement a […]

New York Based Not-for-Profit Hospital

Situation This New York-based hospital was a 300-bed not-for-profit hospital that was part of a larger New York-based hospital system The hospital was experiencing increasing operating losses driven by declining revenues, operating inefficiencies and large medical malpractice claims Operating losses were being funded by deferring medical malpractice premium payments to its insurance captive The hospital […]

Large Southeast University Health System

Situation Engaged by a large Southeastern health system to develop a turnaround plan identifying steps that would maximize value of a potential acquisition of an underperforming international hospital Lack of confidence in local management team Limited due diligence documentation available Target hospital suffering from severe liquidity constraints Execution and Results Evaluated the local industry characteristics […]

National Home Building Materials Distributor

Situation Advised the senior secured lender group of a national home building materials distributor and contractor with $550 million of debt Significant reduction in revenues due to financial crisis in sub-prime home building market Widening unexplained losses from operations Over $115 million in letters of credit at risk of default Growing accounts receivable collateral Execution […]

Saint Vincent Catholic Medical Centers

Situation Engaged to guide the historic Saint Vincent Catholic Medical Centers of New York through restructuring and subsequent Chapter 11 bankruptcy The health system’s financial management did not adapt to the institution’s growth. The medical system first went into bankruptcy in 2005, only to emerge in 2007 saddled with debt that would ultimately force the […]

Wadley Health System

Situation Engaged by a 350-bed not-for-profit hospital in financial crisis Hospital out of cash and fighting to keep its doors open Lender pressuring hospital to restructure or close Execution and Results Mark Toney and his team developed a 13-week cash flow forecast, provided management oversight of cash, and built a cash cushion to provide capital […]

Interfaith Medical Center

Situation After years of financial difficulty, including the inheritance of substantial legacy debt, on December 2, 2012, Interfaith Medical Center (“IMC”) filed a voluntary petition in the United States Bankruptcy Court for the Eastern District of New York commencing a Chapter 11 bankruptcy case. IMC’s financial difficulties continued during the Chapter 11 case and in […]