Restructuring & Special Situations
When a middle-market credit stresses, four questions decide the outcome: how much runway is real, which resolution maximizes recovery, who runs the company through it, and how the exit gets executed. We answer all four — as one senior team, engaged per situation, gone when the credit resolves.
Deep experience in industrial businesses: manufacturing, construction and restoration, distribution.
Lender-side or company-side — one side per credit, never both. Conflicts cleared in writing before work starts.
Who we serve
Three audiences, one team
Private credit funds & lender groups
A workout function, rented by the credit
For platforms that scaled origination without building resolution infrastructure — and surge capacity, licensed sale execution, and independent opinions for desks that exist. Monitoring-first: weekly cash visibility and quarterly mark review put us inside the information before anything escalates.
Sponsors & companies
The operating seat, held by operators
CRO and interim CFO leadership, the 13-week cash flow both sides of the table can argue from, turnaround execution, and a sale process run by the team that stabilized the business. We have sat in the chair, not advised it from across the room.
Banks & credit committees
Special assets, examiner-ready
Special assets support, borrowing-base and collateral integrity, and workout advisory built for regulated institutions, connected to our examiner and regulatory readiness practice.
Capabilities
Three seats, one team
Each group serves a seat at the client, and each opens with a recurring monitoring tier, so we are inside the information before anything escalates.
The Operating Seat
serves the CEO / CFO · Financial Leadership practice
FL-1
13-Week Cash Flow & Liquidity Monitoring
The direct-method model and Friday variance cycle every workout runs on
FL-2
Lender-Side Workout Advisory
Position assessment, amendment and forbearance terms, negotiation support
FL-3
CRO & Interim CFO Leadership
Cash control in 48 hours, a stabilization plan in 30 days
FL-4
Turnaround Execution
Operating diagnostics and a 90-day sprint cadence with owners and dates
The Investment Seat
serves the CIO / investment committee · Valuation practice
VC-1
Independent Mark Review
Quarterly, auditor-ready and LPAC-ready review of private credit marks
VC-2
Recovery & Options Analysis
Every exit path priced: forbear, amend, Article 9, ABC, receivership, 363, sale
VC-5
Distressed M&A & Capital Solutions
Sale, recap, and financing execution — FINRA Series 79, via sponsoring broker-dealer
The Risk Seat
serves the Chief Risk Officer / board · Risk & Governance practice
RG-1
Stressed-Credit Governance Review
Quarterly review of watch-list governance, escalation discipline, and documentation
RG-2
Workout Readiness Playbook
Trigger inventory, escalation map, and a war-gamed default tabletop
RG-3
Collateral & Borrowing-Base Integrity
Field-exam-grade verification of what actually secures the loan
Monitor first, escalate on events.
Quarterly mark and governance reviews before the event; the weekly 13-week variance program at the live credit. Everything beyond the monitoring tier is event-driven, reached through the monitoring relationship rather than a cold procurement.
Where a resolution turns into a transaction, the earnings and preparation work sits in our valuation practice: Quality of Earnings and Exit Readiness & Succession. Where reporting suggests diversion or misrepresentation, it moves to Forensic & Fraud Examination.
Industrial credits fail differently
Recovery lives in tooling, inventory, WIP, and customer concentration, not in a multiple on recurring revenue. Pricing an industrial recovery means understanding BOM inflation, tariff pass-through, surety and lien dynamics, supplier concentration, and what a machine is worth on Tuesday versus at auction. We have run these companies, not just modeled them.
~$800M health system sale
CRO and investment banker on the same engagement
Manufacturing Firm
Restructuring and operator
Mitigation and Restoration Firm
Fractional CFO and Article 9 restructuring
$300M capital raise
Confidential manufacturer
20-site DSO in forbearance
CRO and banker for the private credit fund
PSI Manufacturing
Fractional CFO
Related reading: Hormuz disruption and the manufacturing supply chain →
How we engage
Senior-only, by design
The partner does the work
No leverage model, no juniors learning on your credit.
Engaged per situation
A scoped letter, or a standing master agreement signed in peacetime.
Borrower-funded, typically
On lender-side work, fees usually run under standard credit-agreement expense provisions.
One side per credit
Never both. Success fees only through a sponsoring broker-dealer.
Common questions
Straight answers
Do you work for the lender or the company?
Either — never both on the same credit. On lender-side engagements our client is the fund or lender group. On company-side engagements our client is the company, typically with reporting rights to the lender group written into the engagement letter from day one.
What size situations do you take?
Middle-market credits — typically $10M to $300M facilities, companies from roughly $3M to $50M of EBITDA, healthy or stressed. Larger situations by conflict check.
Do you replace our workout team or our counsel?
Neither. We supply the operating, analytical, and transaction capacity around your team and alongside restructuring counsel. Where no workout function exists, we are the function — rented per credit rather than hired.
The engagements
Ten ways we are brought into a stressed credit.
RG-3 · THE RISK SEAT
Collateral & Borrowing-Base Integrity
The borrowing base is where stressed credits hide their problems first — aged receivables re-dated, ineligibles miscoded, inventory that exists on the certificate and not on the floor. We verify what actually secures the loan: field-exam-grade testing, fraud-aware (CFE-led), built for the moment when trust in the borrower's reporting is exactly the question.
FL-3 · THE OPERATING SEAT
CRO & Interim CFO Leadership
When the situation needs an operator in the building, we take the seat. Cash control within 48 hours. A stabilization plan inside 30 days. Weekly reporting the board and the lender group can run on. We have held this chair through forbearances, an Article 9 restructuring, and sale processes — not observed it from an advisory letter.
VC-5 · THE INVESTMENT SEAT
Distressed M&A & Capital Solutions
When the resolution is a transaction, the usual move is to hire a banker who will spend six to eight weeks learning the business — on the company's runway and your recovery. Our difference: the team that stabilized the company runs the process. Licensed (FINRA Series 79), already fluent in the cash, the customers, and the story. \[Securities transactions executed through (sponsoring broker-dealer) — BD to confirm required disclosure language before publish\]
VC-1 · THE INVESTMENT SEATMonitoring
Independent Mark Review
“Who reviews your marks?” is now a standard operational due diligence question — and “the deal team stands behind them” is not an answer an LPAC accepts twice. We provide quarterly sample-and-exception testing of private credit marks with an independent range per position and a report written for your auditor, your LP advisory committee, and the DDQs already in your inbox.
FL-2 · THE OPERATING SEAT
Lender-Side Workout Advisory
The workout function, rented by the credit. For funds that never built a restructuring desk — and for desks that just caught three credits in one quarter — we supply position assessment, amendment and forbearance structuring, negotiation support, and execution oversight. Senior people, engaged at the first signs of stress, gone at resolution.
VC-2 · THE INVESTMENT SEAT
Recovery & Options Analysis
Forbear, amend, enforce, or sell — without recovery ranges on each path, the committee debate runs on conviction, and recovery decays roughly a point a month while it does. We deliver one memo: every available path, priced with ranges and timelines, in a form your committee can act on within thirty days.
RG-1 · THE RISK SEATMonitoring
Stressed-Credit Governance Review
The risk seat's recurring monitoring tier. Each quarter we review how your watch-list actually governs itself — whether escalation triggers fire when they should, whether the committee record would survive an LP or examiner read, and whether the documentation on your stressed names matches what your credit agreement assumes. Findings in a one-hour readout, before any of it becomes an event.
FL-1 · THE OPERATING SEATMonitoring
13-Week Cash Flow & Liquidity
Every workout decision — fund or sweep, forbear or enforce, amend or sell — is a bet on runway. We build the direct-method 13-week model both sides of the table can argue from, in two weeks, and maintain it on a Friday cadence for the life of the situation.
FL-4 · THE OPERATING SEAT
Turnaround Execution
When the answer is “fix it,” a diagnostic deck is not a plan. We build an initiative portfolio with owners, dates, and dollar values, run it on a 90-day sprint cadence, and report progress in a format your lender's monitoring can track. Built for industrial businesses, where the turnaround lives on the shop floor and in the backlog — not in a spreadsheet.
RG-2 · THE RISK SEAT
Workout Readiness Playbook
Nobody who raised after 2015 has been through a full default cycle — a fact about the calendar, not a criticism of any team. The playbook closes the gap in advance: what your documents actually permit, who does what when a credit slips, and a half-day tabletop where your team runs a simulated default end-to-end.