The Florida Marine Group (“FMT”) is a leading operator of marine transportation. services for petroleum, liquid petrochemical, and chemical products along the U.S. Inland Waterways System, primarily the Gulf Intercoastal Waterway and Mississippi River System.
At the time of hire the Company was in violation of their covenants; multiple lenders wanted to exit the credit; and the Company’s liquidity was almost zero.
Developed 13-week cash forecast, a long-range liquidity projection and a comprehensive restructuring proposal to preserve the Company as a going concern.
Negotiated a payment holiday and deferred debt amortization with Lenders to help the Company through a liquidity hole.
Ensured cash management system was organized and structured to maximize cash flow.
Advised the Company throughout their contract negotiations with a confidential Key New Account, saving the Company tens of millions of dollars in working capital.
Successfully completed a complex restructuring, including a substantial refinancing which consolidated Lenders at an overall lower blended interest rate.
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