Featured Case Study
![paper manufacturer](https://harneypartners.com/wp-content/uploads/2021/07/Harney_CaseStudies_Printing.jpg)
Manufacturing & Distribution
Case Study:
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.