Florida Marine Group

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Summary

Chief Restructuring Officer

Mandeville, LA

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.

The Company faced covenant violations, lender exits, and near-zero liquidity at the time of Carl Marks Advisors (CMA) engagement. CMA developed a 13-week cash forecast, long-term liquidity projection, and a restructuring plan to preserve operations.

Key achievements included negotiating a payment holiday and deferred debt amortization with lenders, optimizing the cash management system, and advising on a key contract negotiation that saved tens of millions in working capital. CMA successfully executed a complex restructuring, consolidating lenders and securing refinancing at a lower blended interest rate.

Key Challenges
Cyclical Downturn
Low Liquidity
Covenant Violations

Engagement Highlights

  • 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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