Chapter 11 Restructuring Advisor Top Tier Private Homebuilder
Total Debt: $325,000,000

Situation

Due to the economic and real estate downturns that began in 2007, many homebuilders struggled to meet bank and bond debt obligations
Plummeting residential real estate values and absorptions forced many builders to file for bankruptcy and subsequently liquidate
Formerly strong markets such as Florida, California, Nevada and Arizona were acutely impacted by the downturn

Acted as Financial advisor to the company and eventual debtor with large building operations in Florida
Presented a number of restructuring alternatives to the client including both out of court and in court restructuring plans
Restructured a number of "land affiliates" or land holding and development companies funded by insider capital which purchased and developed land into finished lots for sale to the client's homebuilding operations
Provided ongoing advice with regard to the debtor’s restructuring strategy
Represented the company in discussions with private equity suitors regarding a potential equity infusion or an outright sale
Created a financial model for use in the restructuring process which was later adapted as the company's operating model
Served as the debtor's valuation expert in connection with its Chapter 11 restructuring by providing court testimony regarding company valuation

Successfully guided the client through one of the only successful Chapter 11 restructurings of a large U.S. homebuilder to date
Restructured client's debt into four distinct debt facilities comprising $140 million in total debt
Eliminated interest expense on $110 million of debt resulting in $20 million in savings over term of debt
Crafted restructuring plan that allowed insiders and former owners to retain control of the company