Originally posted in ABFJournal | Written by Phil Neuffer
Second Wind Consultants restructured a client of Emigrant Bank so it could avoid formal liquidation. The client is a telecommunications infrastructure company with annual revenues of $20 million. Through the restructuring, Second Wind Consultants increased Emigrant Bank’s recovery from $800,000 in asset valuation to $2 million while preserving the business and the funding relationship.
In order to maximize the bank’s recovery, Second Wind Consultants structured a global settlement across 10 creditors within a 30-day period in order to preserve the viability of the going concern and the performance of Emigrant Bank’s restructured senior note.