Financial Advisor to a Structural Steel Contractor
Inglewood was retained by the principal of this family-owned business after its lender had given the Company the choice of immediate repayment or a date-specific foreclosure/liquidation. Despite the owner shoring up the business with a number of cash infusions, the bank was fatigued by the Company's several years of losses. Inglewood immediately negotiated a short-term forbearance agreement and initiated a refinancing process, while improving communication and frayed relationship between the Company and lender. Inglewood identified a short-term lender willing to invest in the business, and assisted in negotiating a successful purchase of the original lender's debt. In the meantime, Inglewood provided advice to the Company as to how to improve cash flows and business controls. Subsequently, Inglewood assisted the business owner in closing a transaction that paid the interim lender in full and on time, leaving the Company debt-free. This will enable the owner to right-size the business' facility and operate without the pressure of the original debt load.