CVF Securities, Inc.

Since 1989

 

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Restructuring Services

Millburn Capital provides a full range of restructuring services from initial operational review to raising new capital.

Millburn Capital works closely with its clients to stabilize or enhance enterprise value.

The degree of involvement of our management team is driven by the needs of our client:

  • Absent serious concerns about underlying business performance, we limit the involvement to a review of the business and standing in its industry.
  • In situations requiring restructuring, we work more closely with our clients to assist in the development of a restructuring plan and to lend third party credibility to management’s plan.

In all assignments, we believe that a lasting capital structure is driven by a company's true operating performance, industry/customer standing, and management retention. In order to achieve a successful restructuring we typically:

  •  

 Assign dedicated teams of senior level Millburn Capital executives to partner with our clients 
  •  
 Examine both the operations and finances of our clients
  •  
 Develop a comprehensive understanding of the industry  in which our client operates and its competitive position within that industry
  •  
 Approach each restructuring as a unique assignment
  •  
 Assist management and the Board of Directors with the design of a capital structure that fits the company's current operating performance and implement this structure across a broad range of constituencies including:
  • Banks
  • Bondholders
  • Employees
  • Vendors
  • Preferred Equity Holders
  • Common Equity Holders
  •  
 Analyze the need for, negotiate and implement the following actions taking into account the fiduciary obligations of the Board and senior management:
  • Amendments or modifications to credit agreements
  • Bondholder consents
  • Changes to  the amount of outstanding debt amortization
  • Debt to equity conversions
  • Consensual restructurings involving bankruptcy proceedings
  • Cost reduction programs
  • Consolidation of operations
  • Management retention plans
  •  
 Determine the need for new capital
  •  
 If necessary, raise new capital utilizing our extensive network of financial sources providing capital to distressed situations
  •  
 Determine the need to sell or a portion of the company
  •  
 If necessary, represent the company in a divestiture utilizing our experience in running sell-side M&A assignments

 

Credit Quality Impact on Restructuring

 

  •  
 Improvement in the valuation of the underlying business (V) or reduction of liabilities drive improvements in credit quality.
  •  
 While the terms of a company’s liabilities can often be improved, reductions come about only through a restructuring.
A Valuation improves and liabilities fall with maximum improvement in credit quality
B Decrease in liabilities but no change in valuation
C Same valuation and same liabilities

 

 
CVF Securities, Inc.
343 Millburn Avenue, Millburn NJ 07041
973 564-5600