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Check out examples of our work as a trusted partner to companies and stakeholders across many industries.
Lutheran Social Services

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.

Senior Services Center

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.​

Arandell

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.​

Bank Group – Continuing Care Retirement Communities​

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. ​

​Centrifuge Manufacturer

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.

Consulting Firm

Retained as financial advisor by the secured lending group of consulting firm to assist in negotiations of an out-of-court restructuring​

Custom Packaging Company

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.​

Flambeau River Papers LLC

A manufacturer of pulp, paper and related products was struggling as they navigated increased competition and falling paper prices​