NorthStar

Summary

Chief Restructuring Officer

New York, NY

NorthStar provided demolition, remediation, and disaster recovery services across the United States and Puerto Rico. Its offerings include asbestos abatement, concrete cutting, core drilling, and specialized contracting for commercial, industrial, and infrastructure projects.

Faced with over-leverage, liquidity issues, and business challenges, NorthStar engaged Carl Marks Advisors (CMA) to improve financial visibility and develop strategic solutions. CMA conducted a cash forecast, built financial models, prepared a DIP budget, and analyzed creditor recoveries, ultimately facilitating an out-of-court asset sale to a strategic buyer, avoiding bankruptcy, and maximizing stakeholder value.

Key Challenges

Industry Challenges

Out-of-Court Distressed Support

Liquidity Management

Potential 363 Sale; Sale of Assets

Engagement Highlights

CMA was initially engaged to perform a 13-week cash forecast exercise to help the Company’s lenders gain visibility to the liquidity situation to bridge to sale.
CMA also analyzed the Company’s business and built multi-year financial models to project performance and financial position under different operating assumptions and sale terms.
CMA was further engaged to provide a DIP budget and analyze creditor recoveries in the event of a liquidation.
CMA was able to assist the Company with a strategy that enabled an out-of-court sale of assets to a strategic buyer, avoiding bankruptcy and maximizing value to stakeholders.

NorthStar

Summary

Chief Restructuring Officer

Key Challenges

Engagement Highlights

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