Case Study:
Long and Short Haul Trucking Company
Helped long haul and short haul trucking company address operating deficits and increase profitability of struggling areas of business.
$90MM long haul and short haul trucking company operating in seven Midwestern States with 5 transfer terminals suffered operating deficits and was behind in loan payments as well as employee and employer statutory withholding taxes. Competitors were taking over the short-haul business and changes were occurring regarding interstate freight rates making the long-haul business less profitable.
The Solution
Evaluated position of the company within its markets, to inform turnaround strategy.
Developed 13-week cash flow forecast and applied best practices to cash management.
Advised on relative benefits of a Chapter 11 filling to achieve the restructuring objectives and assisted with the filing.
Stabilized a volatile situation, providing time for the company to take necessary restructuring steps.
Supplied key analysis and information throughout the restructuring process.
The Results
Closed unprofitable short haul business and sold assets.
Negotiated settlement with IRS on withholding taxes.
Revised the long-haul business to focus on profitable work and to hire drivers on an as-needed basis.
Services & Roles
Turnaround and Restructuring
Restructuring Advisor
Financial Advisor
*Some engagements may have been performed by team prior to joining Harney Partners.
