Originally published in ABF Journal.
Second Wind Consultants worked with Chase Bank to reorganize a consumer construction supply company through an Article 9 restructuring that resulted in a $2 million recovery for the bank.
Prior to the restructuring, Chase Bank faced a $1.8 million deficiency on a $2.8 million senior note. The resulting recovery from the restructuring represented twice the value of the company’s $1 million liquidated asset valuation and reduced the anticipated efficiency balance from $1.8 million to $800,000.