Chief Restructuring Officer

Indianapolis, IN

Medtech is a for-profit medical education provider which at the time operated 10 campuses in 6 states. In total, the school offered 33 short- and long-term programs to approximately 4,000 students.

At the time of hire the Company was projecting a multi-million funding need over the subsequent 13 weeks, dealing with accreditor issues and a deteriorating relationship with Senior Lenders.

Key Challenges
Tight Liquidity
Declining Enrollment
Burdensome Real Estate Leases

Engagement Highlights

  • Managed the liquidity of the business, including approving all vendor payments, negotiating payment plans extending the liquidity 5+ months beyond what was projected by the Company prior to our hire.
  • Prioritized and executed upon a series of liquidity improvement initiatives which created valuable cash to fund the business, including;
    • Rent concessions from Landlords
    • Collection of Past Due Title IV Funds & Past Due Student Debt
    • Expense reductions
  • Advised the Board of Directors on the possible strategic options, including assessing the funding required and the potential financial and regulatory risk. 
  • CMA developed a multi-year financial restructuring strategy, including sensitized financial projections to determine a range for potential liquidity needs.

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