Vertical’s experienced restructuring team can assist debtors and creditors, adding substantial expertise in numerous capacities across a variety of scenarios.

Out-of-court restructuring, placement of junior capital and distressed M&A:

• Refinance senior debt
• Place junior capital with alternative capital providers
• Restructure existing debt to match payment maturities with internal cash flow
• Deleverage balance sheet through debt for equity exchange offers
• Sell-side advisory for businesses not viable on stand-alone basis
• Buy-side advisory for acquisitions of insolvent targets

In-court bankruptcy 363 sales:

• Market business as going concern where stakeholders have concluded that the business may not be viable on a stand-alone basis, or that the expected sale value exceeds longer-term going concern value on stand-alone basis, or that sufficient capital is not available to finance the process of confirming a stand-alone plan of reorganization
• Sign up stalking horse buyer(s) for assets
• Conduct auction to achieve highest price for business

Stand-alone plans of reorganization in bankruptcy:

• Arrange DIP financing, if necessary
• Establish estimated enterprise value for business
• Formulate stand-alone plan of reorganization subject to restructured balance sheet
• Arrange exit financing to facilitate emergence of reorganized entity from bankruptcy
• Provide financial backstop for equity rights offerings

Creditor representation:

• Disposition of fixed income instruments to alternative capital providers
• Analyze viability of business on stand-alone basis
• Establish estimated enterprise value of business
• Evaluate pro-forma recoveries under various reorganization alternatives

Fairness and solvency opinions:

• Structure transactions to avoid fraudulent conveyances
• Provide fairness and solvency opinions in various contexts, including tax-free spin-offs of subsidiaries