The Company is a leading manufacturer of HVAC systems for for large capacity vehicles (e.g., school buses, RVs).

The Company had engaged G2 previously to advise it on an operational turnaround, but struggled thorugh the self-managed implementation of that plan. They were in breach of loan covenants and faced rapidly dimishing liquidity. The Company's equity sponsor agreed to provide funding only if it could be senior to the substantial loan facility. Stakeholders reached an impasse.

The lender engaged G2 initially to conduct a liquidation analysis of its assets--inventory and accounts receivable--and advise it on weighing that path against the low-ball buyout offers parties were submitting for those assets. G2's assessment pointed to a far higher recovery through a managed liquidation. Meanwhile, the Company's board surprised everyone with a Chapter 7 bankruptcy filing. The lender in turn sought and was granted relief from the automatic stay, enabling it to take possession of its collateral. The lender then engaged G2 to execute the liquidation. With hundreds of customer accounts and a vast amount of inventory in large warehouses across five locations, the task would require considerable coordination and resources.