Project Description


  • Business model challenged by increasingly digital world resulting in significantly shrinking market opportunity
  • Declining stock price and employee layoffs resulting in morale issues
  • High legacy costs with proprietary manufacturing
  • Highly leveraged balance sheet with liquidity crises


  • Provided realistic assessment of prospects to board
  • Began contingency planning
  • Provided effective and actionable advice to board
  • Negotiated with creditors and new bankers
  • Raised cash through sale of assets and businesses and by greatly expanding technology brand licensing
  • Dramatically reduced operating costs
  • Effectively managed bankruptcy process

Result — Executive Management

  • Positioned company for efficient restructuring
  • Guided company through Chapter 11 bankruptcy proceedings
  • Exited Chapter 11 in a timely manner with sale to private equity buyer