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Case Study: Integrated Steel Mill
Workout Consulting, Liquidation Management
Company: $700 million integrated steel mill selling to regional customers requiring hot rolled and plate steel.
Situation / Tasks Performed: The Company was an old-line, integrated steel mill operating in Alabama. TRG was initially called in
to work on behalf of one of the secured creditors. This work involved monitoring the collateral position of the creditor. After two
weeks it was apparent that a wind-down was imminent unless additional funding could be secured by subordinated creditors or potential
buyers. TRG was subsequently hired by the Company to advise them on the wind-down and sale process. TRG took actions to immediately
stabilize cash flow, negotiate with trade vendors and to develop and implement a Chapter 11 operating wind-down and liquidation plan.
Results: The secured lender was paid-in-full with excess operating cash flow available for the Company's other creditors.
Nature of Assignment:
Primary: Workout Consulting
Secondary: Liquidation Management
Industry: Metallurgical Processing
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