Serving as CRO, COO, and CFO and Supporting a Bankruptcy and §363 Sale
A leading developer and operator of luxury vacation ownership properties across four western US states and the Mexico/Baja peninsula, was facing the largest financial crisis since its founding in 2008. The Company’s assets and debts were under significant financial distress, including declining sales, property asset values and EBITDA – resulting in covenant breaches on its $275MM loan portfolio.
- Structured the Company’s forbearance agreement and streamlined construction, finance, and portfolio management operations – improving efficiency and profitability which resulted in $30M of savings.
- Stabilized the Company’s $275MM loan portfolio, however, due to significant debt obligations, a decision was reached to restore value to stakeholders via a bankruptcy filing and §363 asset sale.
- Worked closely with the primary secured lender (RFA), Houlihan Lokey, and legal counsel to enter into Chapter 11 proceedings while pursuing potential buyers.
As financial advisors, CRO, COO and CFO, our team was able to stabilize the Company’s loan portfolio and capitalization and spearhead the successful sale of assets to Diamond Resorts International.