Crisis and Interim Management

RE-ALT staff provides a comprehensive approach to companies dealing with immediate liquidity concerns and time constraints due to demands from creditors and other stakeholders. By identifying problems, not symptoms, and re-establishing corporate priorities, RE-ALT staff quickly develop and implement operational and financial turnaround plans which minimize short term damages and maximize ultimate recovery values.

With extensive experience in corporate restructurings, performed for companies both in-court and out-of-court, our role often is to:

• manage the workout process, working with the debtor, lenders, trade creditors, staff, investors and other parties-in-interest
• analyze the profitability and viability of different business segments
• develop and implement operational turnaround plans
• conceptualize financial restructuring alternatives and negotiate with interested parties to restructure debt and equity interests
• identify excess assets and assist in their sale or disposition
• facilitate the sale of certain divisions or the entire company

Mental Health Organization

This mental health organization had nine locations, 60,000 annual patient visits and was forced into bankruptcy due to substantial operating losses, a shortage of working capital, and a contentious union relationship. The RE-ALT Group was appointed by the U.S. Bankruptcy Court to provide strategic, operational and financial management support as the Chief Executive Officer and the Chief Financial Officer were terminated. Operations were stabilized and then RE-ALT staff successfully lead the process to sell all patient operations to five not-for-profit organizations, obtaining approvals from New York State and New York City mental health regulatory officials and the bankruptcy court.

Liquified Petroleum Gas (LPG) Storage Facility

Facility located in upstate New York that stores LPG products for large refineries. Mr. Ryniker was appointed President of this underperforming facility. During his 15 month tenure as President, Mr. Ryniker signed a Consent Order with the New York State Department of Environmental Conservation to resolve operational issues at the facility, obtained approval for a new State Pollution Discharge Elimination System (SPDES) permit, expanded operations and turned around financial performance from a net loss in the prior year to an operating profit exceeding $3 million. Mr. Ryniker then successfully facilitated the sale of the facility to Inergy, L.P for $31 million.

Law Firm

RE-ALT staff was appointed by the equity partners to manage the orderly liquidation of the law firm. The services provided included: working with current and former partners to maximize collections on outstanding receivables; managing the disposition and storage of client records; negotiating with secured and unsecured creditors including equipment leases; and staff terminations.

Computer Hardware and Maintenance Company

With the support of the secured creditor, the creditors’ committee and management, was appointed by bankruptcy court to implement a turnaround plan at this distressed company that had recently $82 million in revenues. Consolidated offices, reduced staff, and lowered operating assets. Ultimately sold the Company’s assets to the management group under Section 363 sale of the U.S. Federal Bankruptcy Code.