Debtor Advisory
TAG provides trusted financial counsel in Chapter 11 cases. When you evaluate your options to restructure or reorganize your company, it may be in your best interest to place your entity or entities into Chapter 11. In making and carrying out this decision, it is important to bring together a team of advisors. The “quarterback” of this team is bankruptcy counsel. This is a “make or break” decision in the life of your company. We, as your financial advisor, look to be part of this team and work at your direction and that of bankruptcy counsel. John Tittle has worked in numerous Chapter 11 cases as part of a Debtor’s team of advisors. His work has included everything from preparing the company to file for bankruptcy, such as he did in leading a team at American Airlines in 2003 while serving as a Partner with Deloitte, to working with bankruptcy counsel to assist Lucky Lady Oil Company in resolving certain financial issues in order for the Debtor to successfully exit Chapter 11.
Debtor Advisory Representative Projects:
GasMart USA, Inc., et al. – Chief Executive Officer of GasMart USA, Inc. and related entities. Conducted operational and financial turnaround of the Company’s 44 gasoline/convenience stores after sale of its 19 Kansas City Area locations to TravelCenters of America. Our revitalized management team changed the culture, stabilized the company, mended vendor relations, re-stocked the shelves and filled the tanks, repaired car washes, and began work on turnaround initiatives including enhanced food programs and video gaming. However, the Company was dogged by cash flow issues and required significant capital expenditures as a result of the lack of re-investment in the chain by prior management, among other missteps. With DIP Financing assisting with the cash flow issues, to some extent, our team guided the company through Chapter 11 to a “soft landing” through certain 363 sales.
Crescent Oil Company, et al. – Financial Advisor involving sale of approximately 300 gasoline station/convenience store and fuel distribution locations in Kansas, Oklahoma, Missouri, Arkansas, Texas, and Louisiana. A highly successful 363 sale process was performed and obtained a substantial recovery to the creditors.
PNG Ventures, Inc. – Financial Advisor to an LNG producer primarily involving the preparation of valuations of the Debtor as of the Petition Date and Confirmation Date for negotiation purposes with various parties-in-interest and to prepare for a contested Confirmation Hearing. The matters were resolved without Mr. Tittle’s testimony. The Debtor successfully reorganized.
Food Fast Holdings, Ltd. – Accountants, Reorganization Consultants, and Financial Advisors to an 80-location gasoline/convenience store chain in its Chapter 11 case. Supported the Debtor, with business rationalization issues, negotiations with parties-in-interest, budget and projections, accounting issues, and the Plan of Reorganization. The Debtor successfully reorganized.
Lucky Lady Oil Company – Accountants, Reorganization Consultants and Financial Advisors to a Wholesale Fuel Distributor/Jobber in its Chapter 11 case. Assisted the Debtor with budgets and projections, disclosure statement issues, fuel tax issues, cash collateral budgets and extensions, accounting issues, DIP facility matters, flash reports and long term business plan issues. Mr. Tittle testified in Bankruptcy Court relative to cash collateral issues. The Debtor successfully reorganized.
Panaco, Inc. – Accountants, Reorganization Consultants and Financial Advisors to Offshore Oil Exploration and Production Company in its Chapter 11 case. Supported the Debtor in marketing certain of the assets, restructuring its secured and unsecured debt, developing a Plan of Reorganization, and in general corporate bankruptcy matters.
