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Case Studies Real Estate & Home Building

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Weighing All Options and Building a Course of Action

The Engagement

Conway MacKenzie was engaged by a bank group to evaluate its options related to a Midwest homebuilder with almost $75 million in term and line of credit debt.

Our Role

Conway MacKenzie helped structure a short-term plan that ultimately provided for $20 million of debt reduction leading up to the company’s bankruptcy filing.

The Result

After the company filed for bankruptcy, Conway MacKenzie testified on cash collateral on several occasions, minimizing the use of cash collateral, and then again as an expert witness in the plan confirmation proceedings, successfully defending the debtor’s proposed cram-down plan.

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From Troubles to Triumphs

The Engagement

Conway MacKenzie was engaged by a bank group related to its $85 million of loan exposure to one of the largest private homebuilders in the country.

Our Role

Conway MacKenzie prepared various analyses on cash flow and recovery estimates, and helped structure the orderly liquidation plan that would ultimately be executed on an out-of-court basis.

The Result

The lenders’ recovery was greatly maximized.

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Executing a Plan to Build a Healthy Foundation for the Future

The Engagement

Conway MacKenzie represented a large homebuilder during the peak of the housing crisis.

Our Role

With over $140 million in debt across 13 separate lenders, Conway MacKenzie helped the company manage its cash flow, maintain positive liquidity and prepare a comprehensive restructuring plan for each of the lenders.

The Result

After achieving buy-in from all of the lenders on a short-term plan, Conway MacKenzie assisted the company with a two-pronged restructuring plan, which involved an orderly liquidation of various assets, and a competitive capital raise process which ultimately resulted in three letters of intent and successful transactions, enabling the company to restructure and continue operations.

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