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Tier-one and Tier-two Automotive Parts Suppliers
Harney Partners was engaged in a variety of advisory roles from 2007 to 2014 during a very tenuous time for this aluminum die casting company, helping them navigate the 2008 recession and the unprecedented automotive downturn. When Harney was engaged, the company had a 95% customer concentration in the automotive sector and were experiencing a 50% decline in sales volume as overall automotive volumes experienced a similar reduction.
Lutheran Social Services of Illinois (LSSI) is one of the largest social services organizations in the state of Illinois. Due to the state’s inability to pass a budget to pay for its contracted services, LSSI was incurring cash losses of $5MM per year.
The state of Illinois substantially reduced contracted senior services at an important west Chicago-area senior service center which threatened the operation of the organization and its services to the community.
100-year-old commercial catalog printer, the third largest in the U.S., with revenues exceeding $80MM and pre-petition loan and lease obligations of $50MM. The company ran into setbacks related to the recent acquisition of a second production facility. Additionally, the company had high debt levels, an unfavorable facility lease and significant funding obligations with two declining multi-employer pension plans. At the time of Harney Partners’ engagement, the company was in default of its senior loan borrowing base and financial covenants.
A religiously affiliated organization developed and built a 53-story high-rise continuing care retirement facility with 248 living units in an urban location. However, due to market economics, it was only able to fill 82 units resulting in a default on the bonds and a draw on the letter of credit. The facility was built on land leased from an affiliate of the religious organization that complicated alternative use options.
In 2016, 80% of a centrifuge manufacturer was acquired by a Chinese firm with a put option given to the seller for the remaining 20%. In 2018 the put option was exercised and demand was made of the Chinese parent to purchase the remaining 20%. However, the Chinese parent was unable to raise the funds and defaulted on the demand. Litigation ensued and the matter came to ahead in early 2020. As the 80% shareholder, the Chinese parent looked to put the Company into Chapter 11 to resolve the dispute. With the guidance of Harney, the parties ultimately resolved their differences and reached agreement on a restructuring and the purchase of the 20% interest.
Retained as financial advisor by the secured lending group of consulting firm to assist in negotiations of an out-of-court restructuring
This custom packaging company was experiencing declining financial performance. This, combined with an unwieldy ownership and management structure and an overreliance on a single customer, created uncertainty with its senior lender. After a covenant default, the senior lender requested that the company find alternative financing.
A manufacturer of pulp, paper and related products was struggling as they navigated increased competition and falling paper prices