Conway MacKenzie provided financial advisory services, interim management and board directorship to a furniture retailer.
Conway MacKenzie evaluated restructuring options and developed a course of action that would allow the company to survive. After months of negotiation with the company’s secured lenders, suppliers and landlords, an out-of-court workout strategy was put into action.
Through this process the secured debt was satisfied, a major creditor agreed to forgive its debt and fulfill outstanding orders, a license was sold to another operator and unsecured creditors recovered significantly more than they would in a bankruptcy. Most importantly, the family was able to retain the company’s intellectual property and continue operating its heritage brand from its historical location. Ultimately $60 million of debt was resolved through an out-of-court workout. Due to the involvement of Conway MacKenzie, creditors were pleased with the outcome as they realized results exceeded all other alternatives. The company was able to continue operating as a furniture store and the community retained one of its longest operating companies.