Performance improvement through lease workouts & balance sheet restructuring for a parking company​

Picture this...

You’re the largest operator of parking garages in the metropolitan New York area, operating more than 250 garages with both long-term leased and managed locations. The COVID-19 pandemic has a significant negative impact on your revenue due to stay-at-home mandates and reductions in travel to metropolitan New York. ​

You turn to Accordion.

We come in as interim CFO and assist in management and financial advisory services. We help manage your accounting, finance, tax, and financial planning functions, as well as present on operations and restructuring plans to the Board of Directors. Additionally, we develop: ​

• Short-term cash flow forecasts and monitor actual results compared to the forecast.​
• A lease digest to track more than 225 leased locations and significant amendments thereto, including the proposed restructuring of a large portion of those leases. ​
• A four-year financial projection and business plan based on the core garage properties and costs relating to lease terminations for non-core garage properties. ​

Your value is enhanced.

Those tools help develop an operational and balance sheet restructuring that includes securing rent reductions, abatements, and deferrals to improve cash flow, as well as negotiating the forbearance of agreements and additional capital from equity sponsors and debt providers. Your cash flow and performance improve substantially as you recover to pre-pandemic levels of utilization.​