Company in Default and Running Out of Options

· Represented $100MM home heating oil dealer who was in default with bank
  lenders and institutional subordinated debt, and needed additional liquidity:
- The Company had run out of options and retained bankruptcy counsel
- We stepped-in to undertake a complete analysis of situation and negotiate
  a temporary waiver with the senior and subordinated lenders

· Completed a $45MM refinancing on favorable terms that provided sufficient
  increased liquidity:
- Developed several alternative funding sources
- Found a new asset-based senior lender to replace part of the bank debt
  on competitive terms
- Accessed the hedge-fund market to obtain an aggressive term loan
  secured by the company's client list that no bank or asset based lender
  was willing to offer
- Coordinated the negotiations with the subordinated debt lender to
  restructure their note

Key Takeway: By thinking creatively and accessing different financial markets (finding the best lender), a "disaster" can be averted.