Financial Advisor to a Structural Ceramic Tile Manufacturer
This family owned company had been in operation for over 100 years and represented one of the last two major structural ceramic tile manufacturers in the US. The company was suffering from rapidly increasing energy costs, a continuously declining market and a long-term lack of reinvestment in the business. The company's accounting system was largely home grown, based on outdated technology and had not been updated for over a decade. Management indicated that they were unable to pull information from the system that was critically needed to evaluate the viability of the business. Inglewood was able to identify the core data base program for the accounting system and devised a way to dump the data into a newer database that could then be analyzed to obtain the necessary operating data. While much progress had been made to obtain the secured and unsecured lenders' support for various plans of reorganization, it ultimately became apparent that the business was not viable and a liquidating trustee was appointed.