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Case Study: Collector of Defaulted Student Loans |
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Case Study: Collector of Defaulted Student Loans
Due Diligence, Receiver
Company: Collector of defaulted student loans
Situation / Tasks Performed: TRG was originally engaged by the Bank to review the Company's operations and
discovered numerous issues and deficiencies that were not being successfully addressed by management. TRG's
role expanded when management announced its intention to close the Company after being unable to make payroll.
The Company was reopened with a skeletal staff and TRG was appointed the Special Receiver. TRG successfully
operated the Company for eight months while a buyer was sought. TRG worked closely with the Bank, the remaining
Company management team and critical vendors during this period.
Results: The Company was able to operate effectively with minimal setbacks under the Receivership. The court
approved the sale of substantially all of the assets of the Company resulting in a higher recovery than had the
Company ceased operations. In addition, 87 employees were able to continue working for the purchaser.
Nature of Assignment:
Primary: Due Diligence
Secondary: Receiver
Industry: Financial Services
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