Case Study

Underground Construction

Underground and infrastructure construction of underground utilities and oil & gas pipelines for municipalities and energy businesses.


$250 million



Services Provided

Turnaround & Business Restructuring, Secured & Mezzanine Lender Services


Private equity investor-financed acquisition and roll-up of three regional construction companies with bank and bond debt. Company was unable to service debt and had limited capital expenditure availability to update and maintain equipment. After several missed budget projections and liquidity crisis, debt holders wanted an outside review and to provide ongoing guidance to Company, or determination to liquidate business and take immediate loss.


  • Developed working capital management tools including detailed sales funnel and detailed cash receipts planning schedule and disbursements management.
  • Negotiated allocation of monies for equipment upgrades with debtholders to improve workflow efficiencies and to improve value recovery options.
  • Established workable detailed budgets to support longer-term recovery for debt holders, including equity interest in sale of business.
  • Provided oversight on downsizing of operations and wind-down of unprofitable division.