Bulk Materials, Inc.

Bulk Materials, Inc. logo

Summary

Interim Management

Cleveland, OH

Bulk Materials, Inc. (BMI) specialized in the production and distribution of raw materials, including sand, gravel, and other aggregates, primarily for the construction and industrial sectors. The company provided materials used in infrastructure projects, commercial construction, and manufacturing processes, focusing on efficient delivery and supply chain management to meet customer demands.

Carl Marks Advisors (CMA) served as Chief Restructuring Officer (CRO) and Chief Financial Officer (CFO), successfully guiding the company through a Chapter 11 bankruptcy. CMA achieved a reorganization plan, conducted extensive financial and operational diligence, managed a 13-week cash flow plan, and oversaw equipment and inventory dispositions. CMA also prepared divisions for sale, identified buyers, coordinated due diligence, and facilitated sales. Additionally, CMA secured new financing from ITT and Barclays, providing BMI with the liquidity and working capital needed for continued operations and growth.

Key Challenges
Chapter 11 Bankruptcy

Engagement Highlights

  • During the engagement, CMA conducted extensive diligence into the Company to gain detailed knowledge of the Company’s financial and operational performance, created and monitored the 13-week cash flow, actively managed the cash position, managed the equipment and inventory through dispositions and constantly worked with the lenders throughout the bankruptcy process
  • Additionally, CMA organized and prepared multiple divisions for sale
    • CMA professionals identified and contacted potential buyers, coordinated due diligence, aided in the negotiation of terms and sold multiple divisions
  • CMA additionally aided in the raising of new bank financing facilities provided by ITT and Barclays
  • The exit financing supplied BMI with ample liquidity and working capital to operate and to grow

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