Company, Trustee Projects
Mr. Tittle brings real world experience to his engagements. In addition to establishing and running his own businesses, he has taken a company public and served as its Chief Financial Officer for a three year period. He has been management. In out-of-court restructurings, he has served in the role of Chief Executive Officer (CEO), Chief Restructuring Officer (CRO), Chief Financial Officer (CFO), Trustee, Liquidating Trustee, and Keeper/Receiver. Some of these projects remain confidential. In one of the engagements mentioned below, he and his team were able to turn a $1.5 million per month EBITDA loss to break-even in four months. In another engagement, working with counsel, he successfully wound-down a company and administered a creditor trust with a very positive result to the beneficiaries of the trust.
Representative Projects
Company Confidential – Chief Restructuring Officer for company with three business segments: (i) oil field services; (ii) agricultural sales and service; and (iii) retail construction and agricultural equipment dealership. Assisted the company by: (a) securing a 45% increase in the line of credit with the existing asset-based lender; (b) conducting sales processes of the assets of the business segments in an attempt to restructure/reorganize; (c) managing cash; (d) developing and implementing a turnaround plan, including the closure of one location and the consolidation of two others; (e) helping in the bank’s imposed wind-down.
Financial Advisor to GasMart USA, Inc. et al., an operator of 63 locations in seven states. We have assisted the Company in the sale process involving a significant number of locations and negotiations with secured and unsecured creditors as well as landlords. The sale process we conducted led to a successful sale to TravelCenters of America in the amount of $27 million or approximately 100% of appraised value.
M & M Drying, et al. (Commercial Alloys Corporation) – Financial Advisors and Turnaround Consultants to scrap metal recycler, processor, and provider of aluminum and aluminum alloy products. Mr. Tittle and his team assisted the Company to achieve sustained improvement in EBITDA through consulting on receiving, procurement, and melting processes and procedures as well as negotiations with its Secured Lenders on various forbearance agreements.
Trustee of Pasadena Paper Creditor Trust – Wound down the affairs of the company, monetized remaining assets, negotiated claims, dealt with outstanding litigation, and distributed proceeds to the beneficiaries of the Trust. The proceeds to the unsecured creditors, about 25% on their claims, were more than anticipated.
Keeper/Receiver of Certain Assets of Secured Lender – Acted as Keeper/Receiver of gasoline station/convenience store collateral of Secured Lender pending foreclosure; assets seized with the Federal Marshals Service.
Trustee of a Liquidating Trust – Operated, managed, turnaround, and disposed of a convenience store chain in the Southeastern United States.
The Leather Factory, Inc., now known as Tandy Leather Factory (NASDAQ: TLF) – Served as Interim Chief Financial Officer for one year. In this turnaround period, Mr. Tittle completed a financial restructuring of its senior and subordinated debt. Structured and obtained a $9 million senior debt facility from asset-based lender to liquidate the Company’s maturing senior and subordinated debt. With this senior debt facility, the Company was able to eliminate the need for subordinated debt.
